Regan Total Return Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Regan Total Return Income Fund held 2,263 positions with $2.37B in net assets. Its ten largest holdings made up 20.9% of the fund. The RCTRX share class costs 1.24% a year. Over the 12 months to May 2026, RCTRX returned 5.7%, with dividends reinvested. In 2026 Q2 it added 236 new positions and exited 81.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TSY INFL IX N/B 0.13% · due 2027-04-15 | 7.36% | $174.32M | — |
Freddie Mac 4.33% floating · due 2052-09-25 | 2.29% | $54.12M | — |
US TREASURY FRN 3.81% floating · due 2027-10-31 | 2.12% | $50.08M | — |
US TREASURY FRN 3.84% floating · due 2028-04-30 | 1.80% | $42.71M | — |
TSY INFL IX N/B 0.13% · due 2026-10-15 | 1.69% | $40.00M | — |
Government National Mortgage A 4.26% floating · due 2052-09-20 | 1.41% | $33.43M | — |
US TREASURY FRN 3.78% floating · due 2027-07-31 | 1.18% | $28.03M | — |
TREASURY BILL 0.00% · due 2026-07-30 | 1.07% | $25.43M | — |
US TREASURY FRN 3.72% floating · due 2028-01-31 | 1.01% | $24.01M | — |
Barclays Mortgage Loan Trust 5.64% floating · due 2065-05-25 | 1.00% | $23.61M | — |
The 200 largest of 2,263 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 | 77.83% |
| Bonds | 21.76% |
| Cash & short-term | 0.65% |
How it has done
RCTRX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.78%. 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 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.24% | +5.71% | — | — | — | |
| 0.99% | +6.01% | — | — | — |
These classes hold the same portfolio, so the 0.30pp spread over 1 year is the cost difference between them — roughly 0.30pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.99% – 1.24%· RCTRX 1.24%
- Portfolio turnover
- 28.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
236 new· the largest 6
81 exited· the largest 5
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
Understand how this fund fits with the rest.
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