Performance Trust Total Return Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Performance Trust Total Return Bond Fund held 1,836 positions with $10.36B in net assets. Its ten largest holdings made up 9.5% of the fund. The PTIAX share class costs 0.75% a year. Over the 12 months to May 2026, PTIAX returned 6.0%, with dividends reinvested. In 2026 Q2 it added 158 new positions and exited 132.
The investment objective of the Performance Trust Total Return Bond Fund (the Total Return Bond Fund or the Fund) is to purchase undervalued fixed-income assets and achieve investment returns through interest income and potential capital appreciation.
The fund uses a value-oriented approach to select undervalued fixed-income securities across government bonds, corporates, mortgage-backed securities, asset-backed securities, municipal debt, high-yield bonds, and related instruments, projecting forward value based on interest rate movements, yield curve shifts, and credit risk. The fund maintains a target weighted average duration between one and ten years. Because security selection depends on the adviser's forward projections of value and credit assessments, portfolio performance will diverge from any benchmark based on the accuracy of those judgments.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
US TREASURY N/B 4.75% · due 2045-02-15 | 1.88% | $194.50M | — |
US TREASURY N/B 4.38% · due 2043-08-15 | 1.76% | $182.35M | — |
US TREASURY N/B 4.63% · due 2046-02-15 | 1.29% | $133.51M | — |
First American Government Obli | 0.89% | $91.92M | — |
STRIP PRINC 0.00% · due 2042-05-15 | 0.66% | $68.33M | — |
STRIP PRINC 0.00% · due 2042-08-15 | 0.65% | $67.28M | — |
STRIP PRINC 0.00% · due 2043-02-15 | 0.63% | $65.23M | — |
STRIP PRINC 0.00% · due 2044-11-15 | 0.60% | $62.11M | — |
STRIP PRINC 0.00% · due 2044-02-15 | 0.59% | $61.51M | — |
STRIP PRINC 0.00% · due 2044-05-15 | 0.58% | $60.67M | — |
The 200 largest of 1,836 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 | 55.48% |
| Securitized | 43.05% |
| Cash & short-term | 0.89% |
| Stocks | 0.20% |
How it has done
PTIAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.87%. Past returns are a record, not a forecast.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.75% | +5.96% | +16.47% | +5.82% | -3.63% | |
| 1.00% | +5.74% | +15.61% | +4.53% | -3.69% | |
| 1.75% | +4.96% | +13.08% | +0.68% | -3.83% |
These classes hold the same portfolio, so the 5.14pp spread over 5 years is the cost difference between them — roughly 1.03pp a year — not a difference in what they own.
Fees & fund details
Performance Trust 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
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.75% – 1.75%· PTIAX 0.75%
- Portfolio turnover
- 29.00% 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.
158 new· the largest 8
132 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 | 66.4% |
| Floating rate | 33.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.4% |
| 1-3y | 4.0% |
| 3-5y | 8.7% |
| 5-10y | 18.9% |
| 10y+ | 68.0% |
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 nearly 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 | 56% |
| Credit spreads | 44% |
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 | +5.09 yr |
| High yield | +0.46 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 | 0.27 yr | 4% |
| 1 yr | 0.39 yr | 6% |
| 5 yr | 1.09 yr | 16% |
| 10 yr | 2.73 yr | 39% |
| 30 yr | 2.49 yr | 36% |
| 3 mo | 0.51 yr | 9% |
| 1 yr | 0.45 yr | 8% |
| 5 yr | 1.09 yr | 20% |
| 10 yr | 1.71 yr | 31% |
| 30 yr | 1.80 yr | 32% |
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 | +0.27 | +0.27 | +0.24 | $283.5k | $244.5k |
| 1 yr | +0.39 | +0.36 | +0.09 | $370.3k | $91.9k |
| 5 yr | +1.09 | +1.00 | +0.09 | $1.03m | $96.5k |
| 10 yr | +2.73 | +1.67 | +0.03 | $1.73m | $35.5k |
| 30 yr | +2.49 | +1.79 | +0.01 | $1.85m | $8.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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