Axonic Strategic Income Fund
AXONIC FUNDS
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net | As of |
|---|---|---|---|
| C000216959 | 1.43% | 1.44% | 2025 Q1 |
| C000216960 | 1.03% | 1.05% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 63.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: Chicago Board of Trade, Rco Mortgage Llc, Vista Point Securitization Trust, Pretium Mortgage Credit Partners Llc, Mlti Trust, Flexential Issuer, Llc, Bx Trust, A&d Mortgage Trust
Largest exited: Chicago Board of Trade, Hltn Commercial Mortgage Trust 2024-dplo, Gs Mortgage-backed Securities Trust, Toorak Mortgage Corp., Tlwnd 2019-1, Bx Trust, Mfra Trust, Santander Mortgage Asset Receivable Trust
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | First American Government Obligations Fund | 10.10% | $403.47M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.88% · due 2034-08-15 | 6.08% | $242.64M | — |
| — | Chicago Board of Trade | 3.54% | $141.21M | — |
| — | Us Treasury N/b4.63% · due 2035-02-15 | 2.56% | $102.13M | — |
| — | Rco Mortgage Llc5.42% floating · due 2028-10-25 | 1.03% | $41.02M | — |
| — | Us Treasury N/b4.25% · due 2035-05-15 | 0.84% | $33.75M | — |
| — | Rco Mortgage Llc5.31% floating · due 2028-10-25 | 0.84% | $33.52M | — |
| — | Center Street Lending Resi-investor Abs Trust5.38% · due 2028-07-25 | 0.81% | $32.31M | — |
| — | Intown Mortgage Trust6.53% floating · due 2027-03-15 | 0.70% | $28.00M | — |
| — | Mcr Mortgage Trust8.72% · due 2027-06-12 | 0.65% | $25.86M | — |
Top 10 positions are 27.14% of net assets, top 25 35.69%, across 198 issuers.
See more of this fund's book
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