Campbell Systematic Macro Fund
RBB Fund, Inc. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Campbell Systematic Macro 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
- Investment grade
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the Campbell Systematic Macro Fund (the Fund) is to seek capital appreciation over the medium to long-term.
The fund employs over 100 systematic trading models across global futures, forwards, options and swaps to identify price trends and exploit asset mispricing through three combined strategies: momentum (40%), quantitative macro (35%), and short-term mean reversion (25%). Up to 25% of assets are allocated to a wholly-owned Cayman Islands subsidiary to obtain commodity and futures exposure in a tax-efficient manner, with the remainder invested in investment-grade securities for cash management. The fund is non-diversified under the 1940 Act and may concentrate its holdings in fewer securities than a diversified fund. Because the fund's returns depend on the performance of its systematic models and daily signal evaluation, divergence from its capital appreciation objective may occur if the models fail to identify profitable opportunities or if market conditions render the identified trends unprofitable.
| Share class | Gross | Net | As of |
|---|---|---|---|
| EBSAX | 2.10% | 2.00% | 2026 Q2 |
| EBSIX | 1.85% | 1.75% | 2026 Q2 |
| EBSCX | 2.85% | 2.75% | 2026 Q2 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 0.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 70.02% |
| Cash & short-term | 16.48% |
| Derivatives | -0.30% |
These positions come to 86.20% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: TREASURY BILL ×3
Largest exited: TREASURY BILL ×3
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.93% | +14.02% | +55.45% | 6.44% | -7.26% | |
| +5.25% | +14.80% | +57.38% | 6.50% | -7.22% | |
| +4.24% | +11.49% | +49.93% | 6.46% | -7.48% |
These classes hold the same portfolio, so the 7.45pp spread over 5 years is the cost difference between them — roughly 1.49pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.16 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 5 yr | 0.02 yr | 100% |
3 mo and 1 yr are NEGATIVE (-0.23 yr, -0.05 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 3 mo | 0.18 yr | 91% |
| 5 yr | 0.02 yr | 9% |
1 yr is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
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 | -0.23 | +0.18 | +0.00 | $38.1k | $0 |
| 1 yr | -0.05 | -0.03 | +0.00 | -$7.3k | $0 |
| 5 yr | +0.02 | +0.02 | +0.00 | $3.9k | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's -0.26 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | TREASURY BILL0.00% · due 2026-08-06 | 14.08% | $298.02M | — |
| — | TREASURY BILL0.00% · due 2026-10-08 | 13.99% | $296.12M | — |
| — | TREASURY BILL0.00% · due 2026-11-12 | 11.62% | $245.87M | — |
| — | U.S. Bank Money Market Deposit Account | 11.15% | $235.93M | — |
| — | TREASURY BILL0.00% · due 2026-06-04 | 10.63% | $224.93M | — |
| — | TREASURY BILL0.00% · due 2026-07-09 | 10.35% | $219.16M | — |
| — | TREASURY BILL0.00% · due 2026-09-03 | 9.36% | $198.13M | — |
| TSTXX | BlackRock Liquidity Funds T-FuTSTXX | 5.34% | $112.96M | — |
| — | N/A | 0.78% | $16.47M | — |
| — | N/A | 0.46% | $9.82M | — |
Top 10 positions are 87.75% of net assets, top 25 90.38%, across 4 issuers.
See more of this fund's book
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