Regan Total Return Income Fund
Advisor Managed Portfolios · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Regan Total Return 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
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q1
The Regan Total Return Income Fund (the Total Return Fund or the Fund) seeks to provide a high level of risk-adjusted current income and capital appreciation.
The fund invests at least 80% of its net assets in mortgage-backed securities, primarily non-agency residential MBS selected through bottom-up analysis of collateral and capital structure to identify deep value and trading opportunities, overlaid with top-down macro analysis of economic outlook, interest rates, and real estate fundamentals. The fund may also hold commercial MBS, asset-backed securities, and investment-grade or below-investment-grade fixed-income securities, with portfolio duration typically under 5 years. The fund may use leverage through repurchase agreements or borrowing and may hedge interest rate risk through derivatives including swaps, futures, and options. Because the fund's returns depend on security selection and active trading decisions rather than a defined benchmark, performance will diverge from any passive index.
| Share class | Gross | Net |
|---|---|---|
| RCTRX | 1.31% | 1.24% |
| RCIRX | 1.05% | 0.99% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 28.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 77.83% |
| Bonds | 21.76% |
| Cash & short-term | 0.65% |
Latest quarter
What changed since the fund's previous filing
Largest new: TSY INFL IX N/B ×2, US TREASURY FRN, STRIPS, COLT Funding LLC ×2, Argent Securities Inc., TREASURY BILL
Largest exited: US TREASURY FRN ×3, TREASURY BILL ×2, Freddie Mac, Onslow Bay Financial LLC, Fannie Mae
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 |
|---|---|---|---|---|---|
| +6.09% | — | — | 1.78% | — | |
| +6.39% | — | — | 1.86% | — |
These classes hold the same portfolio, so the 0.31pp spread over 1 year is the cost difference between them — roughly 0.31pp a year — not a difference in what they own.
May 2026 and Jun 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.
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.
| Floating rate | 68.6% |
| Fixed rate | 31.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 10.6% |
| 1-3y | 7.2% |
| 3-5y | 1.0% |
| 5-10y | 16.1% |
| 10y+ | 65.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | TSY INFL IX N/B0.13% · due 2027-04-15 | 7.36% | $174.32M | — |
| — | Freddie Mac4.33% floating · due 2052-09-25 | 2.29% | $54.12M | — |
| — | US TREASURY FRN3.81% floating · due 2027-10-31 | 2.12% | $50.08M | — |
| — | US TREASURY FRN3.84% floating · due 2028-04-30 | 1.80% | $42.71M | — |
| — | TSY INFL IX N/B0.13% · due 2026-10-15 | 1.69% | $40.00M | — |
| — | Government National Mortgage A4.26% floating · due 2052-09-20 | 1.41% | $33.43M | — |
| — | US TREASURY FRN3.78% floating · due 2027-07-31 | 1.18% | $28.03M | — |
| — | TREASURY BILL0.00% · due 2026-07-30 | 1.07% | $25.43M | — |
| — | US TREASURY FRN3.72% floating · due 2028-01-31 | 1.01% | $24.01M | — |
| — | Barclays Mortgage Loan Trust5.64% floating · due 2065-05-25 | 1.00% | $23.61M | — |
Top 10 positions are 20.93% of net assets, top 25 30.60%, across 219 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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