Holbrook Income Fund
Two Roads Shared Trust · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Holbrook Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Short duration
- Features
- Fund of funds
Fund profile
As filed in the prospectus · 2025 Q3
The Holbrook Income Fund (the ?Fund?) seeks to provide current income,
The fund invests at least 80% of its net assets in fixed income securities, either directly or through closed-end investment companies, exchange-traded funds, and open-end investment companies that invest primarily in income-producing securities. The adviser uses macroeconomic projections, fundamental and technical analysis to allocate across corporate bonds, preferred securities, convertible securities, TIPS, CLOs, and high-yield securities rated below investment grade, typically targeting approximately 70% in investment grade fixed income. The fund may invest up to 50% of assets in high-yield securities and up to 50% in common and preferred stock of underlying funds, with no limit on U.S. or foreign dollar-denominated securities including emerging markets. Because the fund's returns depend on the adviser's security selection and tactical positioning decisions, performance will diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| HOBIX | 1.05% |
| HOBEX | 1.55% |
| C000228717 | 1.31% |
Portfolio turnover 68.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 50.73% |
| Securitized | 40.61% |
| Stocks | 6.80% |
| Cash & short-term | 1.86% |
| Derivatives | 0.06% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 40.6% |
| Other | 38.5% |
| Government | 6.6% |
| Financials | 4.9% |
| 8 smaller | 9.5% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: UIRC-GSA INTERNATIONAL LLC, BCP INVESTMENT CORP, PENNANTPARK FLOATING RATE CAPITAL LTD, CURALEAF HOLDINGS INC, CONCENTRIX CORP, DELPHOS SECURITIES SARL, KYNDRYL HOLDINGS INC, UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT
Largest exited: Pennantpark Floating Rate Capital Ltd., Saratoga Investment Corp., Fortress Credit Bsl VI Ltd., KKR Financial Clo 2007-1 Ltd., Curaleaf Holdings Inc, Investcorp CR Mgmt BDC Inc, TRINITAS CLO XV LTD, Nexpoint Real Estate Finance Inc
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 |
|---|---|---|---|---|---|
| +7.15% | +23.96% | +25.38% | 0.71% | -0.74% | |
| +6.61% | +22.20% | +22.40% | 0.66% | -0.77% | |
| +6.88% | +23.09% | — | 0.60% | -0.76% |
These classes hold the same portfolio, so the 1.76pp spread over 3 years is the cost difference between them — roughly 0.59pp 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 | 53.8% |
| Floating rate | 46.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 6.6% |
| 1-3y | 30.0% |
| 3-5y | 39.9% |
| 5-10y | 19.7% |
| 10y+ | 3.8% |
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
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.
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 | 51% |
| Interest rates | 49% |
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 | +1.43 yr |
| High yield | +0.49 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 | 0.02 yr | 1% |
| 1 yr | 0.54 yr | 29% |
| 5 yr | 1.15 yr | 63% |
| 10 yr | 0.06 yr | 3% |
| 30 yr | 0.07 yr | 4% |
| 3 mo | 0.04 yr | 2% |
| 1 yr | 0.66 yr | 35% |
| 5 yr | 1.02 yr | 53% |
| 10 yr | 0.09 yr | 5% |
| 30 yr | 0.10 yr | 5% |
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 | +0.02 | +0.04 | +0.00 | $14.1k | $1.7k |
| 1 yr | +0.54 | +0.45 | +0.21 | $166.9k | $78.3k |
| 5 yr | +1.15 | +0.88 | +0.13 | $326.8k | $49.7k |
| 10 yr | +0.06 | +0.06 | +0.04 | $21.1k | $14.1k |
| 30 yr | +0.07 | +0.00 | +0.10 | $479 | $36.8k |
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 1.83 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 |
|---|---|---|---|---|
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT1.63% · due 2030-04-15 | 3.09% | $114.71M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.13% · due 2030-01-15 | 2.97% | $110.13M | — |
| — | BRC GROUP HOLDINGS INC8.00% · due 2028-01-01 | 2.22% | $82.32M | — |
| — | UIRC-GSA INTERNATIONAL LLC7.00% · due 2030-03-31 | 2.16% | $80.00M | — |
| — | PENNANTPARK INVESTMENT CORP7.00% · due 2029-02-01 | 2.04% | $75.67M | — |
| — | AMERICAN COASTAL INSURANCE CORP6.25% · due 2027-12-15 | 1.88% | $69.75M | — |
| — | FIRST AMERICAN FUNDS INC | 1.86% | $69.08M | — |
| — | SBL HOLDINGS INC5.90% · due 2028-09-26 | 1.77% | $65.78M | — |
| — | BABCOCK & WILCOX ENTERPRISES INC8.75% · due 2030-06-30 | 1.65% | $61.22M | — |
| — | HORIZON TECHNOLOGY FINANCE CORP7.00% · due 2028-12-15 | 1.56% | $58.04M | — |
Top 10 positions are 21.21% of net assets, top 25 39.92%, across 232 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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