HOBAX — Holbrook Income Fund

HOBAX Fund Overview

HOBAX — Holbrook Income Fund is a US mutual fund managed by Two Roads Shared Trust, categorised as Short Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Two Roads Shared Trust
• Category: Short Total / Aggregate Bond
• Assets under management: $4.10B
• 1-year return: 6.9%
• Ticker: HOBAX
• SEC CIK: 0001552947
• SEC series ID: S000054226
• Share class ID: C000228717

HOBAX Investment Objective and Strategy

Holbrook Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Two Roads Shared Trust.

Investment objective

The Holbrook Income Fund (the Fund) seeks to provide current income

Principal investment strategy

The Fund normally invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. In seeking to achieve its investment objective, the Fund will allocate up to 100% of its portfolio in fixed income securities through direct investments or through the purchase of closed end investment companies and exchange-traded funds (together, the Underlying Funds) that invest primarily in income producing securities. In managing the Funds portfolio, the Adviser seeks to protect principal in a rising interest rate environment. Using a top down asset allocation model, the Fund may invest all or a portion of its assets in fixed-income securities such as corporate bonds, preferred securities, convertible securities, treasury inflation protected securities (TIPS) and collateralized loan obligations (CLOs).

The Fund may also invest in senior notes issued by business development companies (also known as baby bonds). The Adviser may also allocate up to 50% of the Funds assets in the common and preferred stock of Underlying Funds. The Fund may invest directly or indirectly in fixed income securities of any maturity or quality, including investing up to 50% of the Funds assets in securities rated below investment grade (securities rated below BBB by Standard & Poors (S&P) and Baa3 by Moodys Investor Services, Inc. (Moodys) and are often referred to as high yield or junk bonds). The Fund may invest without limit in U.S. and non-U.S. dollar denominated securities of U.S. and foreign issuers, including issuers located in emerging market countries. The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates.

The Adviser uses macro-economic projections, fundamental company and industry analysis, and technical analysis of individual issuers to strategically position the Fund, making tactical adjustments as investing conditions change. The Fund seeks target allocations in multiple sectors, and will typically hold approximately 70% of its assets in investment grade fixed income securities, although the amount may be higher or lower depending on market conditions. When selecting underlying securities, the Adviser considers a number of factors, including fundamental and technical analysis to assess the relative risk and reward potential. The Adviser will invest in closed end funds to take advantage of pricing discrepancies in the closed end fund market. The Adviser performs both a quantitative and qualitative analysis of closed end funds prior to any closed end fund being added to the Funds portfolio.

This analysis and the Advisers proprietary computer trading programs help determine when to buy and sell the closed end funds in the Funds portfolio. The Fund will sell a portfolio holding when the security no longer meets its investment criteria or when a more attractive investment is available. The Fund may, when market signals warrant, go defensive, investing all or a substantial portion of Fund assets in cash and/or cash equivalents. The Fund may also, at times, use derivatives, including but not limited to futures, options, credit default swaps, total return swaps and repurchase agreements, as a substitute for making direct investments in underlying investments, to reduce certain exposure or to hedge against market volatility and other risks.

HOBAX Holdings

Top 10 holdings of Holbrook Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all HOBAX holdings

HOBAX Portfolio Allocation

Asset-class allocation of Holbrook Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

HOBAX Performance

Total returns for HOBAX (as of 2026-10-01), from SEC filings.

HOBAX Risk Information

Risk metrics for HOBAX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 0.6%

HOBAX Costs and Fees

HOBAX costs about $130 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.30%
• Gross expense ratio: 1.30%
• Portfolio turnover: 49%
• Brokerage commissions: 2.36 bps of average net assets (SEC N-CEN)

HOBAX Cashflows

Over the 12 months to 2026-04, Holbrook Income Fund had net inflows of $1.53B, from monthly SEC N-PORT filings.

HOBAX Debt Constituents

Largest debt holdings of Holbrook Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

HOBAX Prospectus and SEC Filings

Official Holbrook Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-08-28
• Prospectus (485BPOS) — filed 2025-08-29
• Prospectus supplement (497) — filed 2024-09-25
• Portfolio holdings (N-PORT) — filed 2026-09-25
• Portfolio holdings (N-PORT) — filed 2026-06-25
• Portfolio holdings (N-PORT) — filed 2026-04-01
• Annual census (N-CEN) — filed 2025-07-11
• Annual census (N-CEN) — filed 2024-07-12

Related Funds

Other Short Total / Aggregate Bond funds tracked on ABC INVEST:

• Dfa Five-Year Global Fixed Income Portfolio (DFGBX)
• Vanguard Institutional Short-Term Bond Fund (VISTX)
• Eaton Vance Emerging Markets Debt Opportunities Fund (EELDX)
• iShares Short Maturity Bond ETF (NEAR)
• Fidelity Short-Term Bond Fund (FSHBX)

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.