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Mutual Funds

Hilton Tactical Income Fund

The Hilton Tactical Income Fund primarily seeks income with a secondary investment objective of capital appreciation consistent with the preservation of capital.

HCYAX

NAV (Net Asset Value)$17.32As of Mar 18, 2024
1 Day NAV change$+0.03(+0.17%)As of Mar 18, 2024

HCYIX

NAV (Net Asset Value)$17.36As of Mar 18, 2024
1 Day NAV change$+0.03(+0.17%)As of Mar 18, 2024
HCYAXHilton Tactical Income Fund (INV)
Daily NAV
$17.32
Expense Ratio
(gross/net %)
1.49 / 1.21*
Security Identifier
254939176
Inception Date
Sep 16, 2013
HCYIXHilton Tactical Income Fund (INST)
Daily NAV
$17.36
Expense Ratio
(gross/net %)
1.24 / 0.96*
Security Identifier
254939168
Inception Date
Sep 16, 2013

Documents & Downloads

  • Hilton Fact Sheet (pdf)
  • Prospectus

Pricing & Performance

NAV and Market Price information as of 03/18/2024.

HCYAX Hilton Tactical Income Fund (INV)
Net Asset Value (NAV)
$17.32Nav
$+0.03Change
+0.17%Change
HCYIX Hilton Tactical Income Fund (INST)
Net Asset Value (NAV)
$17.36Nav
$+0.03Change
+0.17%Change
1M3MYTD1Y3Y5Y10YSince
Inception
Expense Ratio*
(Gross / Net%)
Inception
Date
HCYAX NAV
1.60
5.33
2.76
10.68
3.91
3.95
4.38
4.67
1.49 / 1.21*
09/16/2013
HCYIX NAV
1.62
5.44
2.86
11.00
4.17
4.22
4.65
4.95
1.24 / 0.96*
09/16/2013

As of February 29, 2024

Performance information shown for periods prior to the close of business on December 5, 2014 is that of the Hilton Yield Plus Fund, a series of Managed Portfolio Series, which reorganized into the Fund on that date. Performance information from December 5, 2014 to June 1, 2015 reflects the performance of the Fund’s Investor Class Shares. Effective June 1, 2015, the Investor Class Shares converted to Class A Shares, and the performance information from June 1, 2015 to December 31, 2017 reflects the performance of the Fund’s Class A Shares. During the calendar year ended December 31, 2017, the Investor Class Shares were Class A Shares. Effective at the close of business on June 30, 2018, the Fund’s Class A Shares converted to Investor Class Shares.

The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 1.12% for Investor Shares and 0.87% for Institutional Shares. The Fund’s adviser, Rafferty Asset Management, LLC (“Rafferty”) has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses) through September 1, 2025, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 1.12% for Investor Class Shares and 0.87% for Institutional Class Shares of average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the expense ratio would be higher.

The performance data quoted represents past performance net of annual expenses and any sales charge. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance for one year and under are cumulative, not annualized. Past performance does not guarantee future results. For most recent month end performance information please visit direxion.com or call 877-437-9363.

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus.

Investment Philosophy & Management

Hilton’s Investment Philosophy

Hilton Capital Management follows a distinctive investment process that principally focuses on yield while attempting to mitigate market risk. The manager aims to invest in high quality companies that may offer an attractive level of risk adjusted returns. When a potential position is evaluated for inclusion, Hilton’s management team examines the company across their capital structure to determine where the investment opportunity offers the best risk adjusted return potential. They seek to limit the volatility in the portfolio and generate solid returns without taking on undue risk. The managers believe, through the use of tactical asset allocation amongst cash, equities, and fixed-income; they can generate attractive returns while reducing Fund volatility over market cycles.

Investment Management

Hilton Capital Management, LLC, an affiliate of Rafferty Holdings, LLC, was founded in 2001 and is a privately held firm based in Garden City, NY. As of 12/31/2023, the firm had over $2.4 billion in client assets.

  • William J. Garvey, Co-Chief Investment Officer
    Mr. Garvey, with over 30 years of industry experience is the founder and Chief Investment Officer of Hilton Capital. Mr. Garvey has developed a distinctive investment process that serves as the core of the firm’s investment philosophy.
  • C. Craig O’Neill, Chief Executive Officer
    Mr. O’Neill, with over 30 years in the industry is the Chief Executive Officer of Hilton Capital. Mr. O’Neill is a member of the investment committee as well as a co-portfolio manager.
  • Alexander D. Oxenham, CFA, Partner & Co-Chief Investment Officer
    Mr. Oxenham, with over 20 years of industry experience, participates in the active management of the Hilton Capital investment strategy. Mr. Oxenham is a CFA charterholder and a standing member of the CFA Institute.

Strategy & Benefits

Principal Investment Strategy

  • The Fund is managed to employ a disciplined approach to balancing fixed income investments with historically higher income producing equity securities, with a focus on minimizing absolute risk and volatility but still taking advantage of short term opportunities.
  • In addition to targeting a consistent level of income for shareholders the Fund is also focused on creating a portfolio that offers the potential for both capital appreciation and preservation.
  • This actively managed Fund will invest in a diversified variety of income producing assets and provides monthly income distributions.
  • The Fund utilizes a collaborative team-based research and portfolio management process to ensure consistency surrounding portfolio construction coupled with diverse research views.

Key Strategy Benefits

  • Multi-sector equity and fixed-income approach which seeks to generate income and manage risk.
  • Needs-based security focus designed to seek higher dividends with lower cyclicality across market cycles.
  • Tactical management style aiming to avoid undue risk while taking advantage of short to medium term opportunities.
  • Income distributions occur monthly.

Diversification does not protect against a loss or ensure a gain. There is no guarantee the fund will achieve its investment objective.

 

Fund Holdings & Weightings

Top 10 Equity Holdings %

JPMorgan Nasdaq Equity Premium Income ETF 4.09
Communication Services Select Sector SPDR Fund 3.84
Microsoft Corp. 2.86
Apple, Inc. 2.05
Energy Select Sector SPDR Fund 1.72
AstraZeneca PLC (United Kingdom) 1.22
Republic Services, Inc. 1.06
McDonald’s Corp. 1.03
The TJX Companies, Inc. 1.02
Accenture PLC (Ireland) 0.99

Top 10 Fixed Income Holdings %

United States Treasury Note/Bond 8.12
United States Treasury Note/Bond 7.93
United States Treasury Note/Bond 6.39
Janus Henderson AAA CLO ETF 4.38
United States Treasury Note/Bond 3.43
iShares Preferred & Income Securities ETF 3.33
SPDR Blackstone Senior Loan ETF 2.62
Vanguard Short-Term Corporate Bond ETF 0.86
Apple, Inc. 0.74
Amazon.com, Inc. 0.74

All holdings and sector weightings are as of 12/31/2023 and are subject to change. Diversification does not protect against a loss or ensure a gain. There is no guarantee the fund will achieve its investment objective.

 

Distributions

HCYAX Hilton Tactical Income Fund (INV)

Record DateEx DatePay DateIncome DividendShort-Term Capital GainLong-Term Capital Gain
02/29/202403/01/202403/01/20240.04250
01/31/202402/01/202402/01/20240.04250
12/29/202301/02/202401/02/20240.04250
11/30/202312/01/202312/01/20230.04250
10/31/202311/01/202311/01/20230.04250
09/29/202310/02/202310/02/20230.04050
08/31/202309/01/202309/01/20230.04050
07/31/202308/01/202308/01/20230.04050
06/30/202307/03/202307/03/20230.04050
05/31/202306/01/202306/01/20230.04050
04/28/202305/01/202305/01/20230.03760
03/31/202304/03/202304/03/20230.03760
02/28/202303/01/202303/01/20230.03760
01/31/202302/01/202302/01/20230.03760
12/30/202201/03/202301/03/20230.03760
11/30/202212/01/202212/01/20220.03760
10/31/202211/01/202211/01/20220.03760
09/30/202210/03/202210/03/20220.03760
08/31/202209/01/202209/01/20220.001860.03574
07/29/202208/01/202208/01/20220.001860.03574
06/30/202207/01/202207/01/20220.001860.03574
05/31/202206/01/202206/01/20220.001860.03574
04/29/202205/02/202205/02/20220.001860.03574
03/31/202204/01/202204/01/20220.001860.03574
Record Date02/29/2024
Ex Date03/01/2024
Pay Date03/01/2024
Income Dividend0.04250
Short-Term Capital Gain
Long-Term Capital Gain
Record Date01/31/2024
Ex Date02/01/2024
Pay Date02/01/2024
Income Dividend0.04250
Short-Term Capital Gain
Long-Term Capital Gain
Record Date12/29/2023
Ex Date01/02/2024
Pay Date01/02/2024
Income Dividend0.04250
Short-Term Capital Gain
Long-Term Capital Gain
Record Date11/30/2023
Ex Date12/01/2023
Pay Date12/01/2023
Income Dividend0.04250
Short-Term Capital Gain
Long-Term Capital Gain
Record Date10/31/2023
Ex Date11/01/2023
Pay Date11/01/2023
Income Dividend0.04250
Short-Term Capital Gain
Long-Term Capital Gain
Record Date09/29/2023
Ex Date10/02/2023
Pay Date10/02/2023
Income Dividend0.04050
Short-Term Capital Gain
Long-Term Capital Gain
Record Date08/31/2023
Ex Date09/01/2023
Pay Date09/01/2023
Income Dividend0.04050
Short-Term Capital Gain
Long-Term Capital Gain
Record Date07/31/2023
Ex Date08/01/2023
Pay Date08/01/2023
Income Dividend0.04050
Short-Term Capital Gain
Long-Term Capital Gain
Record Date06/30/2023
Ex Date07/03/2023
Pay Date07/03/2023
Income Dividend0.04050
Short-Term Capital Gain
Long-Term Capital Gain
Record Date05/31/2023
Ex Date06/01/2023
Pay Date06/01/2023
Income Dividend0.04050
Short-Term Capital Gain
Long-Term Capital Gain
Record Date04/28/2023
Ex Date05/01/2023
Pay Date05/01/2023
Income Dividend0.03760
Short-Term Capital Gain
Long-Term Capital Gain
Record Date03/31/2023
Ex Date04/03/2023
Pay Date04/03/2023
Income Dividend0.03760
Short-Term Capital Gain
Long-Term Capital Gain
Record Date02/28/2023
Ex Date03/01/2023
Pay Date03/01/2023
Income Dividend0.03760
Short-Term Capital Gain
Long-Term Capital Gain
Record Date01/31/2023
Ex Date02/01/2023
Pay Date02/01/2023
Income Dividend0.03760
Short-Term Capital Gain
Long-Term Capital Gain
Record Date12/30/2022
Ex Date01/03/2023
Pay Date01/03/2023
Income Dividend0.03760
Short-Term Capital Gain
Long-Term Capital Gain
Record Date11/30/2022
Ex Date12/01/2022
Pay Date12/01/2022
Income Dividend0.03760
Short-Term Capital Gain
Long-Term Capital Gain
Record Date10/31/2022
Ex Date11/01/2022
Pay Date11/01/2022
Income Dividend0.03760
Short-Term Capital Gain
Long-Term Capital Gain
Record Date09/30/2022
Ex Date10/03/2022
Pay Date10/03/2022
Income Dividend0.03760
Short-Term Capital Gain
Long-Term Capital Gain
Record Date08/31/2022
Ex Date09/01/2022
Pay Date09/01/2022
Income Dividend0.00186
Short-Term Capital Gain
Long-Term Capital Gain0.03574
Record Date07/29/2022
Ex Date08/01/2022
Pay Date08/01/2022
Income Dividend0.00186
Short-Term Capital Gain
Long-Term Capital Gain0.03574
Record Date06/30/2022
Ex Date07/01/2022
Pay Date07/01/2022
Income Dividend0.00186
Short-Term Capital Gain
Long-Term Capital Gain0.03574
Record Date05/31/2022
Ex Date06/01/2022
Pay Date06/01/2022
Income Dividend0.00186
Short-Term Capital Gain
Long-Term Capital Gain0.03574
Record Date04/29/2022
Ex Date05/02/2022
Pay Date05/02/2022
Income Dividend0.00186
Short-Term Capital Gain
Long-Term Capital Gain0.03574
Record Date03/31/2022
Ex Date04/01/2022
Pay Date04/01/2022
Income Dividend0.00186
Short-Term Capital Gain
Long-Term Capital Gain0.03574

HCYIX Hilton Tactical Income Fund (INST)

Record DateEx DatePay DateIncome DividendShort-Term Capital GainLong-Term Capital Gain
02/29/202403/01/202403/01/20240.04600
01/31/202402/01/202402/01/20240.04600
12/29/202301/02/202401/02/20240.04600
11/30/202312/01/202312/01/20230.04600
10/31/202311/01/202311/01/20230.04600
09/29/202310/02/202310/02/20230.04400
08/31/202309/01/202309/01/20230.04400
07/31/202308/01/202308/01/20230.04400
06/30/202307/03/202307/03/20230.04400
05/31/202306/01/202306/01/20230.04400
04/28/202305/01/202305/01/20230.04100
03/31/202304/03/202304/03/20230.04100
02/28/202303/01/202303/01/20230.04100
01/31/202302/01/202302/01/20230.04100
12/30/202201/03/202301/03/20230.04100
11/30/202212/01/202212/01/20220.04100
10/31/202211/01/202211/01/20220.04100
09/30/202210/03/202210/03/20220.04100
08/31/202209/01/202209/01/20220.002020.03898
07/29/202208/01/202208/01/20220.002020.03898
06/30/202207/01/202207/01/20220.002020.03898
05/31/202206/01/202206/01/20220.002020.03898
04/29/202205/02/202205/02/20220.002020.03898
03/31/202204/01/202204/01/20220.002020.03898
Record Date02/29/2024
Ex Date03/01/2024
Pay Date03/01/2024
Income Dividend0.04600
Short-Term Capital Gain
Long-Term Capital Gain
Record Date01/31/2024
Ex Date02/01/2024
Pay Date02/01/2024
Income Dividend0.04600
Short-Term Capital Gain
Long-Term Capital Gain
Record Date12/29/2023
Ex Date01/02/2024
Pay Date01/02/2024
Income Dividend0.04600
Short-Term Capital Gain
Long-Term Capital Gain
Record Date11/30/2023
Ex Date12/01/2023
Pay Date12/01/2023
Income Dividend0.04600
Short-Term Capital Gain
Long-Term Capital Gain
Record Date10/31/2023
Ex Date11/01/2023
Pay Date11/01/2023
Income Dividend0.04600
Short-Term Capital Gain
Long-Term Capital Gain
Record Date09/29/2023
Ex Date10/02/2023
Pay Date10/02/2023
Income Dividend0.04400
Short-Term Capital Gain
Long-Term Capital Gain
Record Date08/31/2023
Ex Date09/01/2023
Pay Date09/01/2023
Income Dividend0.04400
Short-Term Capital Gain
Long-Term Capital Gain
Record Date07/31/2023
Ex Date08/01/2023
Pay Date08/01/2023
Income Dividend0.04400
Short-Term Capital Gain
Long-Term Capital Gain
Record Date06/30/2023
Ex Date07/03/2023
Pay Date07/03/2023
Income Dividend0.04400
Short-Term Capital Gain
Long-Term Capital Gain
Record Date05/31/2023
Ex Date06/01/2023
Pay Date06/01/2023
Income Dividend0.04400
Short-Term Capital Gain
Long-Term Capital Gain
Record Date04/28/2023
Ex Date05/01/2023
Pay Date05/01/2023
Income Dividend0.04100
Short-Term Capital Gain
Long-Term Capital Gain
Record Date03/31/2023
Ex Date04/03/2023
Pay Date04/03/2023
Income Dividend0.04100
Short-Term Capital Gain
Long-Term Capital Gain
Record Date02/28/2023
Ex Date03/01/2023
Pay Date03/01/2023
Income Dividend0.04100
Short-Term Capital Gain
Long-Term Capital Gain
Record Date01/31/2023
Ex Date02/01/2023
Pay Date02/01/2023
Income Dividend0.04100
Short-Term Capital Gain
Long-Term Capital Gain
Record Date12/30/2022
Ex Date01/03/2023
Pay Date01/03/2023
Income Dividend0.04100
Short-Term Capital Gain
Long-Term Capital Gain
Record Date11/30/2022
Ex Date12/01/2022
Pay Date12/01/2022
Income Dividend0.04100
Short-Term Capital Gain
Long-Term Capital Gain
Record Date10/31/2022
Ex Date11/01/2022
Pay Date11/01/2022
Income Dividend0.04100
Short-Term Capital Gain
Long-Term Capital Gain
Record Date09/30/2022
Ex Date10/03/2022
Pay Date10/03/2022
Income Dividend0.04100
Short-Term Capital Gain
Long-Term Capital Gain
Record Date08/31/2022
Ex Date09/01/2022
Pay Date09/01/2022
Income Dividend0.00202
Short-Term Capital Gain
Long-Term Capital Gain0.03898
Record Date07/29/2022
Ex Date08/01/2022
Pay Date08/01/2022
Income Dividend0.00202
Short-Term Capital Gain
Long-Term Capital Gain0.03898
Record Date06/30/2022
Ex Date07/01/2022
Pay Date07/01/2022
Income Dividend0.00202
Short-Term Capital Gain
Long-Term Capital Gain0.03898
Record Date05/31/2022
Ex Date06/01/2022
Pay Date06/01/2022
Income Dividend0.00202
Short-Term Capital Gain
Long-Term Capital Gain0.03898
Record Date04/29/2022
Ex Date05/02/2022
Pay Date05/02/2022
Income Dividend0.00202
Short-Term Capital Gain
Long-Term Capital Gain0.03898
Record Date03/31/2022
Ex Date04/01/2022
Pay Date04/01/2022
Income Dividend0.00202
Short-Term Capital Gain
Long-Term Capital Gain0.03898

Documents

Tax Documents

Download the following Tax Reporting Documents

Section 19 Notices
(2024 1)
(2023 10| 9|8|7|5|3|1)
(2022 9)
(2021 10)
(2019 11|10|9|8|7|5|4|2|1)
(2018 11|10|9|6|3|2)
(2017 12|11|8|6|3|2)
(2016 12|10|9|8|6|5|4|3|2)

Form 8937

(2023 HCYAX | HCYIX)
(2021 HCYAX | HCYIX)
(2016 HCYAX|HCYCX|HCYIX)
(2015 HCYAX|HCYCX|HCYIX)

Ordinary Income from U.S. Government Obligations
(2023) (2022) (2021) (2020) (2018) (2017) (2016)

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