FMFIX Performance — Free Market Fixed Income Fund, Institutional Class
Data updated: 2026-07-28
FMFIX returned +1.01% year to date and +3.61% over one year to May 2026. Annualised returns are +4.38% over 3 years and +1.57% over 5 years. The fund trailed its Core Bond category average: $100 invested three years ago grew to $114, against $121 for the category, and to $104 over one year, against $108. Volatility over the past three years was 1.91% a year. In the 12 months to May 2026 the fund took in a net $473.1M, and assets reached $3.33B.
FMFIX Growth of $100
What $100 invested in Free Market Fixed Income Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Core Bond category average over the same months.
| Period | FMFIX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $104 | $108 |
| 3 years (Jun 2023 – May 2026) | $114 | $121 |
| 5 years (Jun 2021 – May 2026) | $108 | $112 |
| Since data start (Sep 2019 – May 2026) | $111 | $124 |
FMFIX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.01% |
| 1 year | +3.61% |
| 3 years (annualised) | +4.38% |
| 5 years (annualised) | +1.57% |
FMFIX Annual Returns
Calendar-year total returns of Free Market Fixed Income Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.01% |
| 2025 | +4.89% |
| 2024 | +3.92% |
| 2023 | +5.44% |
| 2022 | −6.50% |
| 2021 | −1.05% |
| 2020 | +3.28% |
| 2019 (Sep–Dec) | +0.22% |
FMFIX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.4% | +0.7% | −0.7% | +0.3% | +0.3% | — | — | — | — | — | — | — |
| 2025 | +0.5% | +0.8% | +0.1% | +0.6% | +0.2% | +0.6% | +0.1% | +0.7% | +0.4% | +0.4% | +0.3% | +0.1% |
| 2024 | +0.2% | −0.2% | +0.6% | −0.5% | +0.7% | +0.5% | +1.2% | +0.8% | +0.8% | −0.6% | +0.6% | −0.2% |
| 2023 | +1.4% | −0.9% | +1.5% | +0.4% | −0.2% | −0.1% | +0.3% | +0.2% | −0.5% | −0.1% | +1.8% | +1.6% |
| 2022 | −1.1% | −0.6% | −1.8% | −1.4% | +0.3% | −1.1% | +1.4% | −1.6% | −2.0% | +0.1% | +1.5% | −0.4% |
| 2021 | −0.2% | −0.6% | −0.3% | +0.2% | +0.2% | +0.1% | +0.5% | −0.1% | −0.5% | −0.3% | +0.1% | −0.2% |
| 2020 | +0.9% | +0.6% | −1.6% | +1.5% | +0.6% | +0.4% | +0.6% | −0.1% | −0.1% | 0.0% | +0.4% | +0.2% |
| 2019 | — | — | — | — | — | — | — | — | −0.1% | +0.2% | 0.0% | +0.1% |
FMFIX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 1.91%
- 3-year Sharpe ratio: -0.06 (vs 4.5% risk-free rate)
- Best month: +1.85% (Nov 2023)
- Worst month: −0.69% (Mar 2026)
FMFIX Fund Flows
Monthly money in and out of Free Market Fixed Income Fund, from SEC Form N-PORT.
- 12-month net flow: $473.1M
- 12-month gross sales (incl. reinvestments): $794.5M
- Sales ÷ redemptions: 2.47×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $43.5M | $24.8M | $18.7M |
| Apr 2026 | $82.0M | $27.1M | $54.9M |
| Mar 2026 | $63.8M | $34.2M | $29.6M |
| Feb 2026 | $63.2M | $23.9M | $39.4M |
| Jan 2026 | $107.4M | $22.6M | $84.8M |
| Dec 2025 | $94.2M | $24.4M | $69.7M |
| Nov 2025 | $27.9M | $27.5M | $454K |
| Oct 2025 | $127.0M | $32.0M | $95.1M |
| Sep 2025 | $43.3M | $20.9M | $22.4M |
| Aug 2025 | $36.3M | $28.0M | $8.3M |
| Jul 2025 | $52.6M | $28.3M | $24.3M |
| Jun 2025 | $53.4M | $27.9M | $25.4M |
FMFIX Assets Under Management
Net assets of Free Market Fixed Income Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $3.33B |
| 2026-02-28 | $3.24B |
| 2025-11-30 | $3.06B |
| 2025-08-31 | $2.95B |
| 2025-05-31 | $2.86B |
| 2025-02-28 | $2.89B |
| 2024-11-30 | $2.89B |
| 2024-08-31 | $2.89B |
| 2024-05-31 | $2.80B |
| 2024-02-29 | $2.77B |
| 2023-11-30 | $2.74B |
| 2023-08-31 | $2.79B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.