Regan Total Return Income Fund
Data updated: 2024-02-29
C000222149 — Regan Total Return Income Fund. Long Securitized (MBS/ABS/CMBS) Bond · $541.57M AUM. Holdings, fees, performance and SEC filings.
C000222149 Fund Overview
Regan Total Return Income Fund is a US mutual fund managed by Trust for Advised Portfolios, categorised as Long Securitized (MBS/ABS/CMBS) Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Trust for Advised Portfolios
- Category: Long Securitized (MBS/ABS/CMBS) Bond
- Assets under management: $541.57M
- 1-year return: 7.6%
- SEC CIK: 0001261788
- SEC series ID: S000069657
- Share class ID: C000222149
C000222149 Investment Objective and Strategy
Regan Total Return Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Trust for Advised Portfolios.
Investment objective
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.
Principal investment strategy
Under normal circumstances, the Fund aims to invest at least 80% of its net assets in mortgage-backed securities (MBS). MBS includes residential MBS (RMBS), which are securities issued, secured, or collateralized by government sponsored entities (agency MBS) or private entities (non-agency MBS) and backed by residential mortgages. In seeking to meet its objective, the Fund will primarily invest in RMBS that is non-agency MBS. Non-agency MBS are issued by non-governmental issuers such as commercial banks, savings and loan institutions, mortgage bankers, and private mortgage insurance companies. Some of the agency MBS that the Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by Fannie Mae and Freddie Mac. The Fund seeks to invest its assets in investment grade securities, but may invest without limit in fixed-income products that are rated below investment grade (i.e., high yield or junk ratings).
The weighted average life of the Funds MBS investments will generally range from between 0 and 10 years. Weighted average life is a measure of the average amount of time that unpaid principal on a loan, mortgage, or bond remains outstanding. Typically, the duration of the Funds portfolio is less than 5 years. Duration is a measure of the sensitivity of a fixed-income security to a change in interest rate. For every 1% change in interest rates, a bonds price will change by 1% for every year of duration. The Fund may invest in other fixed-income securities, including commercial MBS (CMBS), asset-backed securities (including securities backed by consumer credit, auto loans, and aircraft leases), senior tranche collateralized loan obligations (CLOs), and securities of other fixed-income investment companies (including closed-end funds (CEFs) and exchange traded funds (ETFs)).
To the extent the Fund holds positions that are sensitive to interest rate volatility, the Fund may engage in hedging techniques to manage its exposure to interest rate risk such as by investing in exchange-traded and over-the-counter derivatives, including futures, options and swaps, such as interest rate swaps, credit default swaps, total return swaps, and swaptions, and to-be-announced (TBA) securities. The Fund may engage in leverage through the use of repurchase agreements or borrowing (subject to the limits of the Investment Company Act of 1940). In selecting portfolio securities, the Adviser undertakes a bottom-up analysis on collateral characteristics and capital structure to find both deep value investments and trading opportunities. The Advisers bottom-up analysis focuses on individual security selection.
In seeking deep value investments, the Adviser seeks securities whose market price is significantly lower than the Advisers estimate of the securitys true value. The Adviser will overlay this analysis with a top-down macro qualitative analysis, which contains but is not limited to key factors, such as economic outlook, interest rates and real estate fundamentals. The Adviser regularly analyzes portfolio positions and actively sells investments that it believes are not optimal for the portfolio. The Adviser seeks to achieve a risk-adjusted return by continuously evaluating Fund assets against current risk-free rates of return of available bonds in the market, typically treasuries and other government-backed securities. A risk-adjusted return measures an investments profit after taking into account the degree of risk that was taken to achieve it.
For example, if two or more investments have the same return over a given time period, the one that has the lowest risk will have a better risk-adjusted return. The risk is measured in comparison to that of a virtually risk-free investment such as Treasuries. Due to this method of determining which portfolio positions to buy and sell and the Advisers active trading, portfolio turnover will generally be 100% or greater.
C000222149 Holdings
Top 10 holdings of Regan Total Return Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Treasury Bill | 3.50% |
| Tsy Infl Ix N/b | 1.83% |
| Treasury Bill | 1.81% |
| Treasury Bill | 1.80% |
| US Treasury N/b | 1.63% |
| Treasury Bill | 1.47% |
| American Home Mortgage Investm | 1.12% |
| Fannie Mae | 1.09% |
| Fannie Mae | 0.96% |
| US Treasury N/b | 0.93% |
C000222149 Portfolio Allocation
Asset-class allocation of Regan Total Return Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Securitized | 79.8% |
| Fixed Income | 19.3% |
| Cash & Equivalents | 0.3% |
C000222149 Performance
Total returns for C000222149 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.6% |
| 3 years (annualised) | 4.2% |
C000222149 Risk Information
Risk metrics for C000222149, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.0%
C000222149 Costs and Fees
C000222149 costs about $131 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.31%
- Gross expense ratio: 1.41%
- Portfolio turnover: 63%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000222149 Cashflows
Over the 12 months to 2023-12, Regan Total Return Income Fund had net inflows of $565.96M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-12 | $84.44M |
| 2023-11 | $72.44M |
| 2023-10 | $57.68M |
| 2023-09 | $34.27M |
| 2023-08 | $30.11M |
| 2023-07 | $19.64M |
C000222149 Debt Constituents
Largest debt holdings of Regan Total Return Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Treasury Bill | 3.50% |
| Tsy Infl Ix N/b | 1.83% |
| Treasury Bill | 1.81% |
| Treasury Bill | 1.80% |
| US Treasury N/b | 1.63% |
| Treasury Bill | 1.47% |
| US Treasury N/b | 0.93% |
| Treasury Bill | 0.92% |
| Treasury Bill | 0.91% |
| Treasury Bill | 0.91% |
C000222149 Prospectus and SEC Filings
Official Regan Total Return Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-01-27
- Prospectus (485BPOS) — filed 2022-01-28
- Prospectus (485BPOS) — filed 2020-09-29
- Portfolio holdings (N-PORT) — filed 2024-02-29
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Portfolio holdings (N-PORT) — filed 2023-08-28
- Annual census (N-CEN) — filed 2023-12-14
- Annual census (N-CEN) — filed 2022-12-13
Related Funds
Other Long Securitized (MBS/ABS/CMBS) Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.