Frost Total Return Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Frost Total Return Bond Fund held 357 positions with $4.10B in net assets. Its ten largest holdings made up 26.4% of the fund. The FAJEX share class costs 0.81% a year. Over the 12 months to May 2026, FAJEX returned 2.7%, with dividends reinvested. In 2026 Q3 it added 47 new positions and exited 74.
The fund actively manages a fixed income portfolio anchored to the Bloomberg U.S. Aggregate Bond Index, targeting a duration within plus or minus four years of the benchmark and employing five primary strategies: duration targeting, asset allocation, sector selection by credit rating, relative value assessment, and individual security selection. The fund invests at least 80% of assets in U.S. dollar-denominated fixed income securities including Treasuries, corporate debt, mortgage-backed securities, and asset-backed securities, with a focus on investment-grade ratings but allowance for below-investment-grade and unrated securities. Because portfolio construction depends on the Adviser's economic forecasts and relative value judgments rather than mechanical index replication, the fund's returns and duration may diverge from its benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
United States of America 4.63% · due 2044-11-15 | 5.84% | $239.74M | — | — |
United States of America 4.25% · due 2035-05-15 | 3.02% | $124.07M | — | — |
United States of America 4.13% · due 2044-08-15 | 2.52% | $103.39M | — | — |
United States of America 4.38% · due 2032-01-31 | 2.47% | $101.35M | — | — |
United States of America 4.75% · due 2043-11-15 | 2.39% | $97.91M | — | — |
Government National Mortgage Association 4.50% · due 2068-01-16 | 2.33% | $95.80M | — | — |
Government National Mortgage Association 4.75% · due 2066-12-16 | 2.25% | $92.51M | — | — |
Government National Mortgage Association 2 5.00% · due 2054-10-20 | 2.13% | $87.19M | — | — |
United States of America 4.88% · due 2045-08-15 | 1.80% | $74.07M | — | — |
Paratus Energy Services Ltd. | 1.62% | $66.58M | 12.0M | $5.55 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 357 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%.
| Bonds | 76.07% |
| Securitized | 21.24% |
| Stocks | 1.62% |
| Cash & short-term | 0.04% |
How it has done
FAJEX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.23%. 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.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.81% | +2.72% | +16.05% | +15.03% | -2.23% | |
| 0.46% | +3.27% | +17.59% | +17.37% | -2.21% | |
| 0.71% | +2.91% | +16.71% | +15.80% | -2.17% |
These classes hold the same portfolio, so the 2.35pp spread over 5 years is the cost difference between them — roughly 0.47pp a year — not a difference in what they own.
Fees & fund details
Frost Total Return Bond 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
- Intermediate duration
- Expense ratio, by class
- 0.46% – 0.81%· FAJEX 0.81%
- Portfolio turnover
- 66.00% a year · as of 2025 Q4
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.
47 new· the largest 4
74 exited· the largest 7
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.
| Fixed rate | 76.1% |
| Floating rate | 18.8% |
| Zero-coupon or unclassified | 5.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.0% |
| 1-3y | 1.4% |
| 3-5y | 5.9% |
| 5-10y | 15.1% |
| 10y+ | 74.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
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 | 62% |
| Credit spreads | 38% |
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 | +1.62 yr |
| High yield | +1.37 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 | 0.03 yr | 1% |
| 1 yr | 0.48 yr | 10% |
| 5 yr | 1.25 yr | 25% |
| 10 yr | 2.28 yr | 46% |
| 30 yr | 0.94 yr | 19% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.45 yr | 15% |
| 5 yr | 0.99 yr | 33% |
| 10 yr | 1.08 yr | 36% |
| 30 yr | 0.43 yr | 14% |
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 | +0.03 | +0.01 | +0.02 | $5.8k | $9.2k |
| 1 yr | +0.48 | +0.21 | +0.24 | $85.5k | $98.9k |
| 5 yr | +1.25 | +0.47 | +0.53 | $191.3k | $216.4k |
| 10 yr | +2.28 | +0.59 | +0.49 | $242.8k | $200.8k |
| 30 yr | +0.94 | +0.34 | +0.09 | $139.1k | $38.2k |
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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