Performance Trust Total Return Bond Fund
Trust for Professional Managers · Series S000029835 · 3 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Expense ratio |
|---|---|
| PTIAX | 0.75% |
| PTAOX | 1.00% |
| PTCOX | 1.75% |
Portfolio turnover 29.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 55.48% |
| Securitized | 43.05% |
| Cash & short-term | 0.89% |
| Stocks | 0.20% |
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B, Bain Capital Credit CLO, Limit, Trinitas CLO Ltd, Santander Drive Auto Receivabl, SAN DIEGO CNTY CA REGL ARPT AU, Palmer Square Loan Funding Ltd, Bethpage Park CLO LTD, CPS Auto Trust
Largest exited: US TREASURY N/B ×2, EAST BAY CA MUNI UTILITY DIST, UNIV OF MASSACHUSETTS MA BLDG, KING CNTY WA HSG AUTH, GoldenTree Loan Management US, American Credit Acceptance Rec, Citigroup Commercial Mortgage
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 |
|---|---|---|---|---|---|
| +4.95% | +14.94% | +5.99% | 4.02% | -4.40% | |
| +4.68% | +14.08% | +4.65% | 4.04% | -4.52% | |
| +3.90% | +11.56% | +0.78% | 4.07% | -4.83% |
These classes hold the same portfolio, so the 5.20pp spread over 5 years is the cost difference between them — roughly 1.04pp a year — not a difference in what they own.
May 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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | US TREASURY N/B4.75% · due 2045-02-15 | 1.88% | $194.50M | — |
| — | US TREASURY N/B4.38% · due 2043-08-15 | 1.76% | $182.35M | — |
| — | US TREASURY N/B4.63% · due 2046-02-15 | 1.29% | $133.51M | — |
| — | First American Government Obli | 0.89% | $91.92M | — |
| — | STRIP PRINC0.00% · due 2042-05-15 | 0.66% | $68.33M | — |
| — | STRIP PRINC0.00% · due 2042-08-15 | 0.65% | $67.28M | — |
| — | STRIP PRINC0.00% · due 2043-02-15 | 0.63% | $65.23M | — |
| — | STRIP PRINC0.00% · due 2044-11-15 | 0.60% | $62.11M | — |
| — | STRIP PRINC0.00% · due 2044-02-15 | 0.59% | $61.51M | — |
| — | STRIP PRINC0.00% · due 2044-05-15 | 0.58% | $60.67M | — |
Top 10 positions are 9.53% of net assets, top 25 15.57%, across 602 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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