Fixed Income SHares: Series C
Actively managed U.S. bond fund
As of its 2026 Q2 report, Fixed Income SHares: Series C held 528 positions with $2.01B in net assets. Its ten largest holdings made up 53.7% of the fund. The FXICX share class costs 0.1% a year. Over the 12 months to May 2026, FXICX returned 8.7%, with dividends reinvested. In 2026 Q2 it added 289 new positions and exited 201.
The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.
The fund invests at least 80% of assets in a broad range of fixed income instruments including corporate debt, government and agency securities, mortgage-backed and asset-backed securities, and derivatives, with duration and credit positioning adjusted based on the manager's interest rate and credit forecasts. The fund may allocate up to 50% to high yield securities rated B or higher and employs derivatives without limit for hedging, risk management, and leverage. Because security selection and positioning depend on the manager's forecasts, results will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UMBS, TBA 6.00% · due 2056-09-01 | 10.19% | $204.66M | — |
UMBS, TBA 5.50% · due 2056-08-01 | 8.40% | $168.71M | — |
United States Treasury 1.75% · due 2034-01-15 | 6.38% | $128.19M | — |
United States Treasury 2.13% · due 2035-01-15 | 5.05% | $101.38M | — |
Government National Mortgage Association 6.00% · due 2056-08-20 | 5.02% | $100.91M | — |
UMBS, TBA 4.50% · due 2056-08-01 | 4.53% | $90.94M | — |
United States Treasury 4.63% · due 2046-02-15 | 3.86% | $77.48M | — |
UMBS, TBA 5.00% · due 2056-08-01 | 3.75% | $75.29M | — |
Government National Mortgage Association 2.50% · due 2056-08-20 | 3.29% | $66.06M | — |
United States Treasury 0.50% · due 2028-01-15 | 3.27% | $65.78M | — |
The 200 largest of 528 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 | 70.73% |
| Bonds | 68.45% |
| Cash & short-term | 1.62% |
| Derivatives | 1.15% |
| Loans | 0.89% |
These positions come to 142.84% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 49.2%
- Government
- 20.1%
- Other
- 11.0%
- Financials
- 7.8%
- 9 other sectors
- 11.9%
- Securitized
- 49.2%
- Government
- 20.1%
- Other
- 11.0%
- Financials
- 7.8%
- International
- 5.4%
- Utilities
- 2.7%
- Cash
- 1.5%
- Real Estate
- 0.8%
- Industrials
- 0.5%
- Information Technology
- 0.4%
- Consumer Discretionary
- 0.3%
- Consumer Staples
- 0.1%
- Health Care
- 0.1%
How it has done
FXICX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.69%. Past returns are a record, not a forecast.
Jun 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.
Fees & fund details
Fixed Income SHares: Series C is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.10%· FXICX 0.10%
- Portfolio turnover
- 584.00% a year · as of 2026 Q2
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.
289 new· the largest 3
201 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 88.6% |
| Floating rate | 11.3% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.2% |
| 1-3y | 7.1% |
| 3-5y | 6.2% |
| 5-10y | 28.8% |
| 10y+ | 56.8% |
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.
This fund's 2026Q2 interest-rate duration was flagged for a possible filing data-quality anomaly; the value shown is from its most recent clean filing (2026Q1).
This fund's 2026Q2 credit-spread duration was flagged for a possible filing data-quality anomaly; the value shown is from its most recent clean filing (2026Q1).
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.
| Credit spreads | 58% |
| Interest rates | 42% |
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.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — FXICX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”