HOTIX — Holbrook Total Return Fund

HOTIX Fund Overview

HOTIX — Holbrook Total Return Fund is a US mutual fund managed by Two Roads Shared Trust, categorised as Intermediate 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: Intermediate Total / Aggregate Bond
• Assets under management: $26.86M
• 1-year return: 5.9%
• Ticker: HOTIX
• SEC CIK: 0001552947
• SEC series ID: S000091919
• Share class ID: C000259794

HOTIX Investment Objective and Strategy

Holbrook Total Return 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 Total Return Fund (the ?Fund?) seeks to provide current income and the opportunity for capital appreciation to produce a total return. There is no guarantee that the Fund will meet its investment objective.

Principal investment strategy

The Fund seeks to achieve its investment objective by under normal circumstances, investing at least 80% of its net assets (including the amount of any borrowings for investment purposes) in fixed income investments, including bonds, notes and other debt instruments, and derivatives relating to such investments. The Fund may invest in debt instruments issued by U.S. and non-U.S. governments, their agencies, authorities or instrumentalities, U.S. and non-U.S. corporate or other non-governmental entities, as well as in mortgage and other asset-backed securities. Specific types of investments may include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S.

government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency residential and commercial mortgage-backed securities, mortgage-related securities, other asset-backed securities (including those backed by credit card receivables, student loans, automobile loans and residential and commercial real estate), loans, participations in and assignments of bank and bridge loans, zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities) certain preferred securities and step-up securities (such as step-up bonds). The Fund may invest in securities that pay fixed or floating (or variable) rates of interest, including adjustable rate securities.

Holbrook Holdings, Inc. (the ?Adviser?) monitors the duration of the Fund?s portfolio securities to seek to assess and, in its discretion, adjust the Fund?s exposure to interest rate risk. The Adviser may seek to manage the dollar-weighted average effective duration of the Fund?s portfolio through the use of derivative instruments and other investments (including, among others, inverse floaters, futures contracts, U.S. Treasury swaps, interest rate swaps, total return swaps and options, including options on swap agreements). The Fund incurs costs in implementing duration management strategies, and there can be no assurance that the Fund will engage in duration management strategies or that any duration management strategy employed by the Fund will be successful. In managing the Fund?s investments, under normal market conditions, the portfolio managers intend to seek to construct an investment portfolio with a dollar-weighted average effective duration of no less than one year and no more than eight years.

Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security?s price to changes in interest rates. Effective duration is a measure of the Fund?s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. The effective duration of the Fund?s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund?s investment portfolio will always be within its target range. The Fund may invest a substantial portion of its portfolio in mortgage related securities of any maturity or type including (i) ?agency? residential mortgage-backed securities (?RMBS?) and commercial mortgage-backed securities (?CMBS?) created by one of three quasi- governmental agencies (Government National Mortgage Association (?Ginnie Mae?), Federal National Mortgage (?Fannie Mae?), and Federal Home Loan Mortgage Corp.

(?Freddie Mac?)), including those guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities or sponsored corporations; and (ii) ?non-agency? RMBS and CMBS issued by private financial institutions and entities, which do not benefit from U.S. Government backing. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (?CMOs?) (agency and non-agency), stripped mortgage-backed securities, inverse floaters, commercial and government mortgage-backed securities, multiclass and private mortgage pass-through securities. These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may also invest in collateralized debt obligations (?CDOs?) (which include collateralized bond obligations, collateralized loan obligations (?CLOs?) and other similarly structured instruments), preferred stock and convertible securities.

The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such securities may include mortgage-backed securities acquired or sold in the ?to be announced? (TBA) market and those in a dollar roll transaction. RMBS and CMBS are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. Non-agency RMBS and CMBS generally have one or more types of credit enhancement to ensure timely receipt of payments and to protect against default. The Fund may invest a substantial portion of its portfolio in RMBS and CMBS and U.S. Treasury obligations rated at the time of investment Aa3 or higher by Moody?s Investors Service, Inc. (?Moody?s?) or AA- or higher by S&P Global Ratings (?S&P?) or the equivalent by any other nationally recognized statistical rating organization or unrated securities that are determined by the Adviser to be of comparable quality.

The Fund may also invest in RMBS in the prime, subprime and ?Alt-A? first lien mortgage sectors, and traditional and interest-only CMBS. Subprime mortgage loans are made to borrowers who display poor credit histories and other characteristics that correlate with a higher default risk. The risk profile of Alt-A mortgages falls between prime and subprime. The Fund?s investments in mortgage-related securities may include instruments, the underlying assets of which allow for balloon payments (where a substantial portion of a mortgage loan balance is paid at maturity, which can shorten the average life of the mortgage-backed instrument) or negative amortization payments (where as a result of a payment cap, payments on a mortgage loan are less than the amount of principal and interest owed, with excess amounts added to the outstanding principal balance, which can extend the average life of the mortgage-backed instrument).

The Fund may invest up to 33 1/3% of its net assets in high-yield securities (commonly referred to as ??below investment grade?? or ??junk?? bonds), including loans that are rated below investment-grade (commonly referred to as ?leveraged loans?). High-yield securities are debt instruments that are rated BB/Ba or lower by an independent rating agency, or are unrated but determined by the Adviser to be of comparable quality. The Adviser does not consider the term high-yield securities to include any mortgage-backed securities or any other asset-backed securities, regardless of their credit rating or credit quality, and accordingly may invest without limit in such investments. The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions.

The Fund ordinarily acquires and holds securities for investment rather than for realization of gains by short-term trading on market fluctuations. The Adviser uses macro-economic projections, fundamental company and industry analysis to strategically position the Fund, making tactical adjustments as investing conditions change. 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 Fund will sell a portfolio holding when the security no longer meets its investment criteria or when a more attractive investment is available. In addition to being used in connection with duration management, the Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes, to gain, or reduce, long or short exposure to one or more asset classes or issuers, speculation, to pursue the Fund?s investment objective, or as substitutes for securities in which the Fund can invest.

The Fund may use derivatives transactions with the purpose or effect of creating investment leverage. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, securities, currencies, or other indicators of value. The Fund may also engage in short sales or take short positions, either to adjust its duration or for other investment purposes.

The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. The Fund may, when market signals warrant, go defensive, investing all or a substantial portion of Fund assets in cash and/or cash equivalents (including, without limitation, through investments in money market funds).

HOTIX Holdings

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

View all HOTIX holdings

HOTIX Portfolio Allocation

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

HOTIX Performance

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

HOTIX Risk Information

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

• 1-year volatility (annualised): 2.1%

HOTIX Costs and Fees

HOTIX costs about $115 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.15%
• Gross expense ratio: 2.30%
• Portfolio turnover: 20%

HOTIX Cashflows

Over the 12 months to 2026-04, Holbrook Total Return Fund had net inflows of $21.89M, from monthly SEC N-PORT filings.

HOTIX Debt Constituents

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

HOTIX Prospectus and SEC Filings

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

• Prospectus (485BPOS) — filed 2026-08-28
• Prospectus (485BPOS) — filed 2025-08-29
• Prospectus (485BPOS) — filed 2025-04-30
• Portfolio holdings (N-PORT) — filed 2026-09-25
• Portfolio holdings (N-PORT) — filed 2026-06-25
• Portfolio holdings (N-PORT) — filed 2026-04-01

Related Funds

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

• Vanguard Total Bond Market Index Fund (VBMFX)
• Vanguard Total Bond Market II Index Fund (VTBIX)
• Vanguard Total International Bond II Index Fund (VTIIX)
• iShares Core U.S. Aggregate Bond ETF (AGG)
• Vanguard Total International Bond Index Fund (VTIBX)

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.