Composite CEF Strategy tear sheet.xlsx

DISCOUNTED CLOSED-END FUND STRATEGY
MATISSE COMPOSITE
PORTFOLIO MANAGERS
Bryn Torkelson
President and Chief
Investment Officer
Eric Boughton, CFA
Investment Objective: Growth and Income: The Strategy's investment objective is to
produce superior risk-adjusted returns by purchasing income-producing closed-end funds
at significant and unwarranted discounts to NAV. We scrutinize the entire universe of US
closed-end funds daily, using our proprietary statistical model to select CEFs best positioned
for both capital gains and income. We build a diversified, globally balanced portfolio using
closed-end funds.
The Strategy's Indicated Annualized Cash Distribution Yield is 6.5% – The Strategy's Sharpe Ratio since inception is 0.61
Since Inception 1/1/06
Total Return
Performance Analysis
3 Yr
5 Yr
Beta
Alpha
Discounted Closed-End Fund
120.8%
9.3%
12.2%
11.1%
11.1%
—
—
—
S&P 500 Total Return
100.2%
8.1%
16.9%
20.9%
16.0%
0.73
3.39%
0.63
75.6%
66.2%
6.5%
5.9%
10.7%
8.4%
10.2%
11.6%
8.7%
9.5%
0.89
1.07
3.30%
3.24%
0.89
0.68
S-Network Composite CEF Index
S&P Target Risk Growth Index*
Annlzd
12 Mo
R2
*A multi-asset class index corresponding to a fixed targeted risk level (avg 70/30) via ETFs
(Returns presented AFTER a presumed 1% annual fee. All returns longer than 1 year are annualized unless noted)
Risk vs. Return
Growth of $1,000
Discounted CEF Strategy
S&P 500
Discounted CEF Strategy
S&P 500
S-Network CEF Index
S&P Target Risk Growth Index
S&P Target Risk Growth Index
S-Network CEF Index
$2,400
$2,100
9%
$1,800
8%
18%
Nov14
16%
Dec13
14%
ANNUALIZED STANDARD DEVIATION
Dec12
12%
Dec11
$600
Dec10
5%
10%
Dec09
$900
Dec08
6%
Dec07
$1,200
Dec06
$1,500
7%
Dec05
ANNUALIZED RETURN
10%
Discounted Closed-End Fund Strategy Monthly Performance (%) after a presumed 1% annual management fee
Year
Jan
2014
-1.53%
Feb
Mar
Apr
May
Jul
2.25% -1.38%
Aug
Sep
5.53%
0.24%
2.21%
2013
5.53% -0.55%
1.66%
0.83% -1.31% -3.19%
2012
6.68%
3.39%
0.81% -0.49% -5.80%
2011
-0.03%
1.97%
0.56%
2010
0.38%
2.29%
3.77%
2.46% -6.50% -1.50%
6.12% -0.28%
8.13%
2009
3.52% -9.90%
4.65%
9.17%
9.49%
7.62%
2008
0.28% -1.26% -2.63%
2.04%
3.19%
Jun
3.68%
1.58% -3.64%
Oct
0.27%
Nov
0.75%
0.17% -2.14%
3.09%
2.24%
2.70% -0.12% -1.03%
1.78%
0.76% -0.26% -2.00% -3.91% -6.63%
Dec
2.25% -1.18%
Year
9.55%
2.46%
7.54%
1.51% 15.88%
5.95% -1.15%
0.43% -2.81%
3.00%
0.49%
3.46% 23.19%
6.19% -1.84%
3.87%
3.55% 51.78%
4.91%
3.56% -4.90% -3.30% -0.98% -14.93% -8.90% -15.03%
9.09% -31.48%
2.78%
1.33% -1.61% -2.91%
2007
-0.25%
0.63%
1.24%
2006
3.18%
1.63%
0.23% -0.96% -0.80%
3.87%
2.11%
3.32%
3.82%
0.04%
2.69%
1.20% -1.96%
1.23%
4.05%
1.87%
3.36%
2.24% 24.51%
2.04%
4.33%
Performance cited represents a composite of all Deschutes-advised accounts employing our discounted closed-end fund strategy, net of all commissions, and
net of a presumed 1% management fee. For details of the performance calculation method, please see our separate audited report. All performance figures for
the strategy (except cash distribution yield) are total returns net of actual commissions incurred, and net of a presumed 1% annual management fee.
Benchmark returns, by contrast, do not reflect a deduction for fees. You can not invest directly in an index. Performance comparisons are for illustrative
purposes only and are not a forecast of future returns. Alpha, beta and R2 are annualized since inception. Please contact us if you would like to receive a copy
of the performance audit from Ashland Partners. Although the above data is derived from sources deemed to be accurate, Deschutes and Matisse do not
guarantee its accuracy.
For More Information
MATISSE FUNDS
tel 503-210-3001
Deschutes Portfolio Strategies
toll free at 855-210-3001
4949 Meadows Road, Suite 200
email [email protected]
Lake Oswego, OR 97035

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