Optimum Fixed Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Optimum Fixed Income Fund held 1,330 positions with $2.67B in net assets. Its ten largest holdings made up 42.7% of the fund. The OAFIX share class costs 1.04% a year. Over the 12 months to May 2026, OAFIX returned 5.3%, with dividends reinvested. In 2026 Q2 it added 221 new positions and exited 275.
Optimum Fixed Income Fund seeks a high level of income. The Fund may also seek growth of capital.
The fund invests at least 80% of assets in fixed income securities selected by Pacific Investment Management Company LLC (PIMCO), which serves as sub-advisor responsible for day-to-day management of the portion allocated to it, while the Manager retains discretion over the remainder and allocates across US investment grade, US high yield, international developed, and emerging markets sectors based on economic and market conditions. PIMCO employs both top-down analysis of global bond markets and bottom-up security selection, using proprietary software to identify undervalued sectors and individual securities across governments, corporates, mortgages, and asset-backed categories. The fund invests primarily in investment-grade securities but may also hold high yield securities, bank loans, foreign currency-denominated debt, preferred stocks, and derivatives. Because security selection depends on PIMCO's and the Manager's assessments of relative value and economic outlook, results are not guaranteed to match any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
J.P. MORGAN SECURITIES LLC | 10.36% | $276.90M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.50% · due 2056-08-15 | 7.29% | $194.78M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.50% · due 2056-08-15 | 6.59% | $176.12M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.50% · due 2056-08-15 | 5.34% | $142.65M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.38% · due 2036-05-15 | 3.87% | $103.44M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.00% · due 2056-08-15 | 2.92% | $77.93M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.00% · due 2056-09-15 | 2.46% | $65.82M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.88% · due 2041-02-15 | 1.37% | $36.65M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.00% · due 2056-06-15 | 1.24% | $33.05M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.00% · due 2056-07-15 | 1.24% | $33.02M | — |
The 200 largest of 1,330 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 | 55.67% |
| Bonds | 54.15% |
| Cash & short-term | 13.62% |
| Derivatives | 0.78% |
| 2 smaller | 0.51% |
These positions come to 124.73% 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
- 45.1%
- Other
- 16.5%
- Government
- 15.4%
- International
- 7.3%
- 12 other sectors
- 15.8%
- Securitized
- 45.1%
- Other
- 16.5%
- Government
- 15.4%
- International
- 7.3%
- Financials
- 7.0%
- Cash
- 2.6%
- Utilities
- 1.3%
- Information Technology
- 0.9%
- Health Care
- 0.9%
- Industrials
- 0.9%
- Communication Services
- 0.6%
- Consumer Discretionary
- 0.5%
- Materials
- 0.4%
- Real Estate
- 0.4%
- Energy
- 0.2%
- Consumer Staples
- 0.1%
How it has done
OAFIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.56%. 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.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.04% | +5.33% | +12.61% | -1.16% | -5.37% | |
| 1.79% | +4.50% | +9.90% | -4.84% | -5.74% | |
| 0.79% | +5.63% | +13.39% | +0.11% | -5.37% |
These classes hold the same portfolio, so the 4.95pp spread over 5 years is the cost difference between them — roughly 0.99pp a year — not a difference in what they own.
Fees & fund details
Optimum Fixed Income 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
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.79% – 1.79%· OAFIX 1.04%
- Portfolio turnover
- 387.00% 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.
221 new· the largest 3
275 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 | 87.9% |
| Floating rate | 10.8% |
| Zero-coupon or unclassified | 1.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.8% |
| 1-3y | 7.6% |
| 3-5y | 10.6% |
| 5-10y | 20.2% |
| 10y+ | 58.2% |
| Unknown | 0.6% |
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 | 63% |
| Credit spreads | 37% |
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 | +3.60 yr |
| High yield | +0.26 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 | 0.04 yr | 1% |
| 1 yr | 0.75 yr | 12% |
| 5 yr | 1.97 yr | 30% |
| 10 yr | 2.70 yr | 42% |
| 30 yr | 1.01 yr | 16% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.50 yr | 13% |
| 5 yr | 2.57 yr | 65% |
| 10 yr | 0.83 yr | 21% |
30 yr is NEGATIVE (-0.08 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
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 | +0.04 | +0.04 | +0.00 | $10.7k | $210 |
| 1 yr | +0.75 | +0.45 | +0.05 | $119.1k | $14.1k |
| 5 yr | +1.97 | +2.41 | +0.16 | $644.7k | $43.4k |
| 10 yr | +2.70 | +0.78 | +0.05 | $208.7k | $12.4k |
| 30 yr | +1.01 | -0.08 | +0.00 | -$20.5k | $353 |
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 6.47 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.
Understand how this fund fits with the rest.
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