Axonic Strategic Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Axonic Strategic Income Fund held 545 positions with $3.99B in net assets. Its ten largest holdings made up 27.1% of the fund. Its share classes cost 1.05%–1.44% a year. Over the 12 months to May 2026, it returned 5.2%, with dividends reinvested. In 2026 Q3 it added 99 new positions and exited 53.
The investment objective of Axonic Strategic Income Fund (the Fund) is to seek to maximize total return, through a combination of current income and capital appreciation.
The fund seeks total return by investing primarily in income-producing instruments including mortgage-backed securities, asset-backed securities, structured credit, corporate bonds, and loans, with concentrated exposure (at least 25% of assets) to mortgage-related securities. The adviser employs top-down and bottom-up analysis to identify mispriced credit risk and structural opportunities across these complex instruments, which may include unrated or below-investment-grade securities, private placements, and equity tranches with no limit on junior or residual positions. The fund may use leverage financed through bank lines, margin, short positions, derivatives, and reverse repurchase arrangements, and may invest up to 15% of assets in illiquid securities. Because returns depend on the adviser's security selection and valuation judgments applied to heterogeneous, structurally complex instruments, performance will diverge materially from broad credit benchmarks.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
First American Government Obligations Fund | 10.10% | $403.47M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2034-08-15 | 6.08% | $242.64M | — |
Chicago Board of Trade | 3.54% | $141.21M | — |
Us Treasury N/b 4.63% · due 2035-02-15 | 2.56% | $102.13M | — |
Rco Mortgage Llc 5.42% floating · due 2028-10-25 | 1.03% | $41.02M | — |
Us Treasury N/b 4.25% · due 2035-05-15 | 0.84% | $33.75M | — |
Rco Mortgage Llc 5.31% floating · due 2028-10-25 | 0.84% | $33.52M | — |
Center Street Lending Resi-investor Abs Trust 5.38% · due 2028-07-25 | 0.81% | $32.31M | — |
Intown Mortgage Trust 6.53% floating · due 2027-03-15 | 0.70% | $28.00M | — |
Mcr Mortgage Trust 8.72% · due 2027-06-12 | 0.65% | $25.86M | — |
The 200 largest of 545 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 80.63% |
| Bonds | 9.90% |
| Cash & short-term | 7.65% |
| Derivatives | 3.48% |
| 2 smaller | 2.55% |
Derivatives are shown at market value, not notional exposure.
How it has done
C000216959 share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.47%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
Axonic Strategic Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Short duration
- Features
- Non-diversified
- Expense ratio, by class
- 1.05% – 1.44%
- Portfolio turnover
- 63.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
99 new· the largest 8
53 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 69.0% |
| Fixed rate | 30.2% |
| Zero-coupon or unclassified | 0.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 11.5% |
| 1-3y | 26.9% |
| 3-5y | 17.1% |
| 5-10y | 19.1% |
| 10y+ | 25.4% |
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 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half 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 | 68% |
| Credit spreads | 32% |
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 | +0.66 yr |
| High yield | +0.22 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.25 yr | 14% |
| 1 yr | 0.28 yr | 15% |
| 5 yr | 0.55 yr | 30% |
| 10 yr | 0.73 yr | 39% |
| 30 yr | 0.03 yr | 2% |
| 3 mo | 0.02 yr | 3% |
| 1 yr | 0.16 yr | 18% |
| 5 yr | 0.37 yr | 42% |
| 10 yr | 0.31 yr | 35% |
| 30 yr | 0.02 yr | 2% |
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 | +0.25 | +0.02 | +0.01 | $6.7k | $2.1k |
| 1 yr | +0.28 | +0.11 | +0.04 | $45.7k | $17.7k |
| 5 yr | +0.55 | +0.28 | +0.09 | $112.3k | $34.0k |
| 10 yr | +0.73 | +0.23 | +0.08 | $92.2k | $30.6k |
| 30 yr | +0.03 | +0.01 | +0.01 | $4.9k | $2.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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