Performance Trust Total Return Bond Fund
Trust for Professional Managers · Series S000029835 · 3 share classes
data updated 2026-08-17
Fund profile
As filed in the prospectus · 2025 Q4
The investment objective of the Performance Trust Total Return Bond Fund (the Total Return Bond Fund or the Fund) is to purchase undervalued fixed-income assets and achieve investment returns through interest income and potential capital appreciation.
The fund uses a value-oriented approach to select undervalued fixed-income securities across government bonds, corporates, mortgage-backed securities, asset-backed securities, municipal debt, high-yield bonds, and related instruments, projecting forward value based on interest rate movements, yield curve shifts, and credit risk. The fund maintains a target weighted average duration between one and ten years. Because security selection depends on the adviser's forward projections of value and credit assessments, portfolio performance will diverge from any benchmark based on the accuracy of those judgments.
| Share class | Expense ratio |
|---|---|
| PTIAX | 0.75% |
| PTAOX | 1.00% |
| PTCOX | 1.75% |
Portfolio turnover 29.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 56.51% |
| Securitized | 40.94% |
| Cash & short-term | 1.87% |
| Stocks | 0.20% |
Latest quarter
What changed since the fund's previous filing
Largest new: NEW JERSEY ST TRANSPRTN TRUST, UNIV OF ALABAMA AL UNIV GEN RE, UNIV OF MASSACHUSETTS MA BLDG, TEXAS ST PRIV ACTIVITY BOND SU, Magnetite CLO Ltd, SPRING BRANCH TX INDEP SCH DIS, SAN JOAQUIN HILLS CA TRANSPRTN, SUMMA HEALTH
Largest exited: MET GOVT NASHVILLE & DAVIDSON, SAN ANTONIO TX ELEC & GAS REVE ×2, Octagon 66 Ltd, NEW JERSEY ST TRANSPRTN TRUST, OHIO ST UNIV, BARCLAYS PLC, Sculptor CLO Ltd
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-02-28
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 68.1% |
| Floating rate | 31.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 4.3% |
| 3-5y | 8.9% |
| 5-10y | 17.3% |
| 10y+ | 69.3% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 56% |
| Credit spreads | 44% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.31 yr |
| High yield | +0.39 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.26 yr | 4% |
| 1 yr | 0.35 yr | 5% |
| 5 yr | 1.14 yr | 16% |
| 10 yr | 2.89 yr | 40% |
| 30 yr | 2.62 yr | 36% |
| 3 mo | 0.49 yr | 9% |
| 1 yr | 0.40 yr | 7% |
| 5 yr | 1.15 yr | 20% |
| 10 yr | 1.80 yr | 32% |
| 30 yr | 1.87 yr | 33% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.26 | +0.27 | +0.22 | $282.2k | $229.9k |
| 1 yr | +0.35 | +0.32 | +0.07 | $340.4k | $77.6k |
| 5 yr | +1.14 | +1.08 | +0.06 | $1.14m | $65.8k |
| 10 yr | +2.89 | +1.77 | +0.03 | $1.86m | $33.5k |
| 30 yr | +2.62 | +1.86 | +0.01 | $1.95m | $6.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | US TREASURY N/B4.75% · due 2045-02-15 | 2.44% | $256.38M | — |
| — | First American Government Obli | 1.87% | $196.50M | — |
| — | US TREASURY N/B4.38% · due 2043-08-15 | 1.83% | $191.92M | — |
| — | STRIP PRINC0.00% · due 2042-05-15 | 0.69% | $72.03M | — |
| — | STRIP PRINC0.00% · due 2042-08-15 | 0.68% | $70.98M | — |
| — | STRIP PRINC0.00% · due 2043-02-15 | 0.66% | $68.91M | — |
| — | STRIP PRINC0.00% · due 2044-11-15 | 0.63% | $66.01M | — |
| — | STRIP PRINC0.00% · due 2044-02-15 | 0.62% | $65.22M | — |
| — | STRIP PRINC0.00% · due 2044-05-15 | 0.61% | $64.38M | — |
| — | STRIP PRINC0.00% · due 2044-08-15 | 0.60% | $63.48M | — |
Top 10 positions are 10.63% of net assets, top 25 16.58%, across 608 issuers.
See more of this fund's book
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