PKPIX — PPM Core Plus Fixed Income Fund
Data updated: 2024-11-26
PKPIX — PPM Core Plus Fixed Income Fund. Long Total / Aggregate Bond · $37.92M AUM · 0.45% expense ratio. Holdings, fees, performance and SEC filings.
PKPIX Fund Overview
PKPIX — PPM Core Plus Fixed Income Fund is a US mutual fund managed by PPM Funds, categorised as Long 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: PPM Funds
- Category: Long Total / Aggregate Bond
- Assets under management: $37.92M
- 1-year return: 13.2%
- Ticker: PKPIX
- SEC CIK: 0001722478
- SEC series ID: S000061235
- Share class ID: C000198333
PKPIX Investment Objective and Strategy
PPM Core Plus Fixed Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by PPM Funds.
Investment objective
The Fund seeks to realize maximum total return, consistent with the preservation of capital and prudent investment management.
Principal investment strategy
The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a diversified portfolio of debt securities of US and foreign issuers such as government, corporate, mortgage-backed securities and other asset-backed securities and cash equivalents. The Funds average portfolio duration will normally vary within two years (plus or minus) of the duration of the Bloomberg Barclays US Aggregate Bond Index. Duration is a measure of a bond prices sensitivity to a change in interest rates. Generally, the longer a bonds duration, the greater its price sensitivity to a change in interest rates. For example, portfolio duration of two years means that if interest rates increased by one percent, the value of the portfolio would decrease by approximately two percent.
The Fund seeks to manage duration versus the duration of the benchmark as a reflection of its expectation for future changes in interest rates. The Fund may invest up to 20% in securities rated below investment grade (sometimes referred to as high yield securities or junk bonds), including floating rate loans and securities of distressed companies. High yield or junk bonds are bonds rated below BBB- by S&P Global Ratings (S&P) or that have an equivalent rating by a nationally recognized statistical rating organization (NRSRO), or, if unrated, determined by PPM to be of comparable quality. Below investment grade securities offer a higher yield, but generally carry more risks than higher rated securities with similar maturities. As a result, an investment in below investment grade securities is considered speculative.
The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies of which up to 15% may include securities of issuers based in emerging markets. Emerging market countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging market country by the International Monetary Fund, MSCI, Inc. or Standard & Poors Corporation or recognized to be a developing country by the United Nations. The Fund, may invest without limit in US dollar-denominated securities of foreign issuers. The Fund will generally seek to hedge foreign currency exposure (from non-US dollar-denominated securities or currencies) such that foreign currency exposure will normally be limited to 10% of the Funds total assets.
For purposes of satisfying the 80% requirement, the Fund may also invest in derivative instruments that have economic characteristics similar to the fixed income instruments mentioned above such as options, futures contracts or swap agreements. Specifically, the Fund may use futures to hedge duration or to increase the Funds exposure to interest rate or yield curve risk. The Fund may also use credit default swaps or credit default swap indices (CDX) to increase or decrease the Funds exposure to credit risk or to hedge credit risk in a particular name, industry or sector. The Fund may invest without limitation in derivative instruments. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into purchase and sale contracts of mortgage pools or by using other investment techniques (such as dollar rolls).
Additionally, the Fund has the ability to invest in money market funds.
PKPIX Holdings
Top 10 holdings of PPM Core Plus Fixed Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| State Street Navigator Securities Lending Government Money Market Portfolio | 2.48% |
| Treasury, United States Department of | 2.46% |
| State Street U.S. Government Money Market Fund | 2.43% |
| Treasury, United States Department of | 1.77% |
| Treasury, United States Department of | 1.24% |
| Treasury, United States Department of | 1.23% |
| Treasury, United States Department of | 1.10% |
| Treasury, United States Department of | 1.05% |
| Federal National Mortgage Association, Inc. | 0.98% |
| Treasury, United States Department of | 0.95% |
PKPIX Portfolio Allocation
Asset-class allocation of PPM Core Plus Fixed Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 61.5% |
| Securitized | 33.5% |
| Cash & Equivalents | 4.9% |
| Loans | 2.8% |
PKPIX Performance
Total returns for PKPIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 13.2% |
| 3 years (annualised) | -1.1% |
PKPIX Risk Information
Risk metrics for PKPIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.6%
PKPIX Costs and Fees
PKPIX costs about $45 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.45%
- Gross expense ratio: 1.21%
- Portfolio turnover: 99%
- Brokerage commissions: 0.56 bps of average net assets (SEC N-CEN)
PKPIX Cashflows
Over the 12 months to 2024-09, PPM Core Plus Fixed Income Fund had net inflows of $1.59M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-09 | $133.97K |
| 2024-08 | $137.56K |
| 2024-07 | $140.45K |
| 2024-06 | $134.56K |
| 2024-05 | $137.74K |
| 2024-04 | −$1.26M |
PKPIX Debt Constituents
Largest debt holdings of PPM Core Plus Fixed Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Treasury, United States Department of | 2.46% |
| Treasury, United States Department of | 1.77% |
| Treasury, United States Department of | 1.24% |
| Treasury, United States Department of | 1.23% |
| Treasury, United States Department of | 1.10% |
| Treasury, United States Department of | 1.05% |
| Treasury, United States Department of | 0.95% |
| Treasury, United States Department of | 0.89% |
| Treasury, United States Department of | 0.88% |
| Treasury, United States Department of | 0.85% |
PKPIX Prospectus and SEC Filings
Official PPM Core Plus Fixed Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-04-26
- Prospectus (485BPOS) — filed 2023-04-26
- Prospectus (485BPOS) — filed 2022-04-28
- Portfolio holdings (N-PORT) — filed 2024-11-26
- Portfolio holdings (N-PORT) — filed 2024-08-28
- Portfolio holdings (N-PORT) — filed 2024-05-23
- Annual census (N-CEN) — filed 2024-03-14
- Annual census (N-CEN) — filed 2023-03-15
Related Funds
Other Long Total / Aggregate 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.