Holbrook Income Fund
Actively managed global bond fund
As of its 2026 Q2 report, Holbrook Income Fund held 296 positions with $3.71B in net assets. Its ten largest holdings made up 21.2% of the fund. The HOBIX share class costs 1.05% a year. Over the 12 months to May 2026, HOBIX returned 6.6%, with dividends reinvested. In 2026 Q3 it added 28 new positions and exited 65.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.63% · due 2030-04-15 | 3.09% | $114.71M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.13% · due 2030-01-15 | 2.97% | $110.13M | — |
BRC GROUP HOLDINGS INC 8.00% · due 2028-01-01 | 2.22% | $82.32M | — |
UIRC-GSA INTERNATIONAL LLC 7.00% · due 2030-03-31 | 2.16% | $80.00M | — |
PENNANTPARK INVESTMENT CORP 7.00% · due 2029-02-01 | 2.04% | $75.67M | — |
AMERICAN COASTAL INSURANCE CORP 6.25% · due 2027-12-15 | 1.88% | $69.75M | — |
FIRST AMERICAN FUNDS INC | 1.86% | $69.08M | — |
SBL HOLDINGS INC 5.90% · due 2028-09-26 | 1.77% | $65.78M | — |
BABCOCK & WILCOX ENTERPRISES INC 8.75% · due 2030-06-30 | 1.65% | $61.22M | — |
HORIZON TECHNOLOGY FINANCE CORP 7.00% · due 2028-12-15 | 1.56% | $58.04M | — |
The 200 largest of 296 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 | 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.
How it has done
HOBIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.53%. 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 |
|---|---|---|---|---|---|
| 1.05% | +6.58% | +24.46% | +25.57% | -0.74% | |
| 1.55% | +6.05% | +22.58% | +22.46% | -0.77% | |
| 1.31% | +6.30% | +23.47% | — | -0.76% |
These classes hold the same portfolio, so the 1.88pp spread over 3 years is the cost difference between them — roughly 0.63pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 1.05% – 1.55%· HOBIX 1.05%
- Portfolio turnover
- 68.00% a year · as of 2025 Q3
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.
28 new· the largest 7
65 exited· the largest 8
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.
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.
Understand how this fund fits with the rest.
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