Catalyst/SMH High Income Fund Cl I
HIIIX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- Mutual Fund Series Trust(Catalyst) OH United States of America
- IPO Date
- Jul 1, 2013
- CIK
- 0001355064
- Website
- catalystmf.com
- Similar Companies
- Business
- Catalyst/SMH High Income Fund Class I (HIIIX) is a mutual fund that seeks a high level of current income with capital appreciation as a secondary objective by investing primarily in non-investment grade high yield corporate bonds, convertible securities, preferred stock, asset-backed securities, and other investment companies. The fund employs a disciplined bottom-up value investment process emphasizing balance sheet analysis to reduce credit and market risk while maximizing return for the risk assumed; securities are selected only if tangible assets cover the fund's cost basis in the bonds, resulting in a focused portfolio of 20-40 holdings from a universe of over 2,000 high yield securities. Share classes include Class A (HIIFX, inception May 21, 2008), Class C (HIICX, inception May 21, 2008), and Class I (HIIIX, inception July 1, 2013), with net expense ratios capped at 1.49%, 2.24%, and 1.24% respectively through October 31, 2026 via contractual fee waivers by the investment advisor. The fund is managed by Catalyst Capital Advisors LLC as investment advisor and SMH Capital Advisors LLC as sub-advisor, with Dwayne Moyers serving as President and Chief Investment Officer since inception and Lisa Haley as Vice President and COO since November 2023; it operates from Huntington, New York, targeting institutional and individual investors seeking high yield exposure in the U.S. market. Sector allocations as of September 30, 2025, include financials (15.2%), consumer discretionary (9.6%), and energy (5.2%), with top holdings such as SPDR High Yield Bond ETF (10.47%), Pagaya US Holding Co convertible notes (5.04%), and Atlanticus Holdings Corp convertible notes (4.97%); the portfolio maintains a modified duration reflecting interest rate sensitivity and Moody's ratings predominantly in B and Caa categories. Available primarily in the United States, the fund has delivered a 30-day SEC yield of 5.45% (subsidized) for Class I as of September 30, 2025, with monthly distributions paid consistently through 2025. Recent developments include sustained 5-star Morningstar ratings across 3-, 5-, and 10-year periods ending September 30, 2025, out of 586 funds in the High Yield Bond category, reflecting strong risk-adjusted performance amid volatile markets; the expense limitation agreement was extended through October 31, 2026, supporting competitive net expenses. Portfolio composition shows evolution with increased exposure to technology and financial convertible securities like CoreWeave Inc and Nebius Group NV notes in 2025 top holdings, alongside ongoing emphasis on energy and transportation sectors such as Transocean Inc convertibles. No major acquisitions, partnerships, or strategic shifts for the fund or its advisors have been announced in the last 1-2 years, with operations remaining focused on U.S. high yield markets.