Frost Total Return Bond Fund
Frost Family of Funds · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Expense ratio |
|---|---|
| FAJEX | 0.81% |
| FIJEX | 0.46% |
| FATRX | 0.71% |
Portfolio turnover 66.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 76.07% |
| Securitized | 21.24% |
| Stocks | 1.62% |
| Cash & short-term | 0.04% |
Latest quarter
What changed since the fund's previous filing
Largest new: Government National Mortgage Association ×4, AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST, United States of America ×2, KYNDRYL HOLDINGS, INC.
Largest exited: GREYSTONE COMMERCIAL REAL ESTATE NOTES LTD, COREVEST AMERICAN FINANCE, SONOCO PRODUCTS COMPANY., DROP MORTGAGE TRUST, COMERICA INCORPORATED, PACIFIC GAS AND ELECTRIC COMPANY, CHOICE HOTELS INTERNATIONAL, INC., AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST
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 |
|---|---|---|---|---|---|
| -23.44% | -52.53% | -74.39% | 2.86% | -52.53% | |
| +4.25% | +19.58% | +19.20% | 2.94% | -2.21% | |
| +4.00% | +18.82% | +17.84% | 2.97% | -2.17% |
These classes hold the same portfolio, so the 93.60pp spread over 5 years is the cost difference between them — roughly 18.72pp a year — not a difference in what they own.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | United States of America4.63% · due 2044-11-15 | 5.84% | — | $239.74M | — |
| — | United States of America4.25% · due 2035-05-15 | 3.02% | — | $124.07M | — |
| — | United States of America4.13% · due 2044-08-15 | 2.52% | — | $103.39M | — |
| — | United States of America4.38% · due 2032-01-31 | 2.47% | — | $101.35M | — |
| — | United States of America4.75% · due 2043-11-15 | 2.39% | — | $97.91M | — |
| — | Government National Mortgage Association4.50% · due 2068-01-16 | 2.33% | — | $95.80M | — |
| — | Government National Mortgage Association4.75% · due 2066-12-16 | 2.25% | — | $92.51M | — |
| — | Government National Mortgage Association 25.00% · due 2054-10-20 | 2.13% | — | $87.19M | — |
| — | United States of America4.88% · due 2045-08-15 | 1.80% | — | $74.07M | — |
| — | Paratus Energy Services Ltd. | 1.62% | $5.55 | $66.58M | 12.0M |
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.
Top 10 positions are 26.39% of net assets, top 25 44.12%, across 178 issuers.
See more of this fund's book
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