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River Canyon Total Return Bond Fund
mutual fund
RCTIX
Payout Change
Pending
Price as of:
$10.08
-0.01
-0.1%
primary theme
Bond Sector Diversified
share class
RCTIX (Mutual Fund)
River Canyon Total Return Bond Fund
Payout Change
Pending
Price as of:
$10.08
-0.01
-0.1%
primary theme
Bond Sector Diversified
share class
RCTIX (Mutual Fund)
River Canyon Total Return Bond Fund
Payout Change
Pending
Price as of:
$10.08
-0.01
-0.1%
primary theme
Bond Sector Diversified
share class
Name
As of 12/27/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
7.3%
1 yr return
7.3%
3 Yr Avg Return
4.2%
5 Yr Avg Return
4.6%
Net Assets
$928 M
Holdings in Top 10
32.7%
52 WEEK LOW AND HIGH
$10.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.91%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 55.64%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/27/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
RCTIX - Profile
Distributions
- YTD Total Return 7.3%
- 3 Yr Annualized Total Return 4.2%
- 5 Yr Annualized Total Return 4.6%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.51%
- Dividend Yield 11.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameRiver Canyon Total Return Bond Fund
-
Fund Family NameState Farm Investment Management Corp.
-
Inception DateDec 30, 2014
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerTodd Lemkin
Fund Description
The Fund seeks to achieve its objective by investing, under normal conditions, at least 80% of its assets (net assets plus borrowings for investment purposes) in bonds. The Adviser defines bonds to include debt securities, exchange-traded funds investing principally in bonds, mortgage-backed securities, and other fixed income instruments issued by governmental or private-sector entities. Fixed income securities include bills, notes, bonds, debentures, mortgage-backed securities, asset-backed securities, loan participation interests, any other debt or debt-related securities of any maturities (issued by the United States Government, agencies or instrumentalities or corporate entities, and having fixed, variable, floating, or inverse floating rates), fixed income derivatives (including financial futures, options on futures, and swaps), and other evidences of indebtedness. This 80% investment policy is non‑fundamental and can be changed by the Board of Trustees upon 60 days’ prior notice to shareholders.
Under normal market conditions, the Fund generally intends to invest a minimum of 35% of its net assets in bonds rated investment grade (defined as Baa3 or higher by Moody’s or BBB‑or higher by S&P or the equivalent by any other nationally recognized statistical rating organization (“NRSRO”)) or in unrated bonds that are determined by the Adviser to be of comparable quality at the time of investment, and in cash and cash equivalents. The Fund’s remaining net assets (approximately 65% under normal market conditions) may be invested in bonds that are rated below investment grade or if unrated are determined by the Adviser to be of comparable quality at the time of investment. Bonds rated below investment grade are considered to be “junk bonds.” The Fund’s investments in “junk bonds” and below investment grade securities
may include, among others, mortgage-backed securities, high yield bonds, bank loans (including assignments and participations), and other fixed income instruments, and credit default swaps of companies in the high yield universe. During certain market conditions, the Fund’s investment in securities with these ratings categories may be above or below the approximated percentages.
A portion of the Fund’s net assets may, under normal market conditions, be invested in mortgage-backed securities of any maturity or type issued or guaranteed, secured, or backed by the United States Government, its agencies, instrumentalities or sponsored corporations, or by private issuers. Mortgage-backed securities include, among others, government mortgage pass-through securities, collateralized mortgage obligations, multiclass pass-through securities, private mortgage pass-through securities, sub‑prime mortgage securities, stripped mortgage securities, interest-only (“IO”) and principal-only (“PO”) securities, and inverse floaters. Unlike mortgage-backed securities issued or guaranteed by agencies of the U.S. Government or government agencies or sponsored entities, mortgage-backed securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. The Fund may invest in investment grade mortgage-backed securities and in mortgage-backed securities that are below investment grade. From time to time, the Fund may carry a larger cash position in connection with its purchase of securities on a when-issued, delayed delivery, or To Be Announced (TBA) basis. The Fund may also invest in asset-backed securities including collateralized debt obligations (“CDOs”), collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”), collateralized mortgage obligations (“CMOs”), and securities eligible under Rule 144A.
The Fund may also enter into various exchange-traded and over‑the‑counter derivative transactions for both hedging and non‑hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, bond and interest rate futures, options on bonds, options on bond and interest rate futures, swaps, foreign currency futures, forwards, options on swaps, options on forwards and commodity and commodity index futures, options, swaps, and structured notes.
In managing the Fund’s investments, under normal market conditions, the Adviser seeks to construct an investment portfolio with a weighted average effective duration of 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. For example, if a fixed income security has a duration of five years, its price will rise about 5% if interest rates drop by 1%, and its price will fall by about 5% if interest rate rise by 1%. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre‑payment rates. The effective duration of the Fund’s investment portfolio may vary materially from its target, from time to time and under normal market conditions, and there is no assurance that the effective duration of the Fund’s investment portfolio will not exceed (plus or minus) its target.
RCTIX - Performance
Return Ranking - Trailing
| Period | RCTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.3% | -12.8% | 18.9% | 21.21% |
| 1 Yr | 7.3% | -13.9% | 19.5% | 21.98% |
| 3 Yr | 4.2%* | -17.4% | 13.4% | 9.84% |
| 5 Yr | 4.6%* | -15.3% | 13.8% | 6.96% |
| 10 Yr | 4.7%* | -7.1% | 6.9% | N/A |
* Annualized
Return Ranking - Calendar
| Period | RCTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 1.0% | -12.0% | 8.9% | 74.81% |
| 2022 | -9.5% | -31.8% | 18.4% | 28.21% |
| 2021 | 1.2% | -16.2% | 25.7% | 10.16% |
| 2020 | 0.3% | -31.1% | 18.7% | 63.10% |
| 2019 | 6.4% | -6.1% | 15.3% | 28.13% |
Total Return Ranking - Trailing
| Period | RCTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.3% | -12.8% | 18.9% | 21.21% |
| 1 Yr | 7.3% | -13.9% | 19.5% | 21.98% |
| 3 Yr | 4.2%* | -17.4% | 13.4% | 9.84% |
| 5 Yr | 4.6%* | -15.3% | 13.8% | 6.96% |
| 10 Yr | 4.7%* | -7.1% | 6.9% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | RCTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.0% | -6.9% | 22.2% | 20.71% |
| 2022 | -4.1% | -31.8% | 21.1% | 22.19% |
| 2021 | 4.3% | -13.5% | 49.9% | 16.23% |
| 2020 | 6.4% | -28.6% | 24.1% | 41.18% |
| 2019 | 11.7% | -4.8% | 19.1% | 17.73% |
NAV & Total Return History
RCTIX - Holdings
Concentration Analysis
| RCTIX | Category Low | Category High | RCTIX % Rank | |
|---|---|---|---|---|
| Net Assets | 928 M | 2.63 M | 143 B | 44.75% |
| Number of Holdings | 181 | 4 | 9638 | 75.20% |
| Net Assets in Top 10 | 298 M | -204 M | 89.4 B | 42.59% |
| Weighting of Top 10 | 32.68% | 5.8% | 265.8% | 36.79% |
Top 10 Holdings
- Northern Institutional Funds TREAS PRT PRMR 10.71%
- COBLN L 12/24/28 2 3.87%
- LABL 10.5 07/15/27 144A 3.05%
- FTX CLAIM INTERNATIONAL 2.85%
- LTMCI 13.375 10/15/27 144A 2.60%
- STONPB 10.75 07/31/29 144A 2.36%
- FREMF 2019-KF59 C 2.09%
- IGT 4.125 04/15/26 144A 1.88%
- T 4.25 02/15/54 1.68%
- FAT BRANDS FAZOLI'S 7.00% 1.60%
Asset Allocation
| Weighting | Return Low | Return High | RCTIX % Rank | |
|---|---|---|---|---|
| Bonds | 45.84% | 0.00% | 199.60% | 86.58% |
| Other | 44.31% | -75.22% | 147.15% | 4.06% |
| Cash | 10.71% | -94.66% | 99.97% | 16.38% |
| Stocks | 4.40% | -6.18% | 99.68% | 23.56% |
| Preferred Stocks | 0.00% | 0.00% | 21.58% | 57.72% |
| Convertible Bonds | 0.00% | 0.00% | 33.50% | 87.18% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | RCTIX % Rank | |
|---|---|---|---|---|
| Real Estate | 100.00% | 0.00% | 100.00% | 0.58% |
| Utilities | 0.00% | 0.00% | 100.00% | 57.39% |
| Technology | 0.00% | 0.00% | 28.30% | 52.17% |
| Industrials | 0.00% | 0.00% | 100.00% | 65.22% |
| Healthcare | 0.00% | 0.00% | 18.60% | 52.46% |
| Financial Services | 0.00% | 0.00% | 100.00% | 67.25% |
| Energy | 0.00% | 0.00% | 100.00% | 79.71% |
| Communication Services | 0.00% | 0.00% | 100.00% | 59.42% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 54.20% |
| Consumer Cyclical | 0.00% | 0.00% | 89.95% | 60.29% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 54.49% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | RCTIX % Rank | |
|---|---|---|---|---|
| US | 4.40% | -6.18% | 99.68% | 22.78% |
| Non US | 0.00% | -0.30% | 17.73% | 41.03% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | RCTIX % Rank | |
|---|---|---|---|---|
| Securitized | 83.29% | 0.00% | 99.65% | 4.03% |
| Cash & Equivalents | 10.71% | 0.00% | 94.89% | 15.34% |
| Corporate | 5.08% | 0.00% | 96.66% | 87.76% |
| Government | 4.18% | 0.00% | 99.43% | 71.34% |
| Municipal | 3.63% | 0.00% | 54.26% | 4.03% |
| Derivative | 0.01% | -75.22% | 147.15% | 42.57% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | RCTIX % Rank | |
|---|---|---|---|---|
| US | 43.48% | 0.00% | 199.60% | 80.97% |
| Non US | 2.36% | 0.00% | 76.68% | 47.74% |
RCTIX - Expenses
Operational Fees
| RCTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.91% | 0.03% | 34.13% | 67.19% |
| Management Fee | 0.65% | 0.00% | 2.29% | 59.29% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| RCTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.50% | N/A |
Trading Fees
| RCTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| RCTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 55.64% | 0.00% | 632.00% | 30.38% |
RCTIX - Distributions
Dividend Yield Analysis
| RCTIX | Category Low | Category High | RCTIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 11.28% | 0.00% | 23.30% | 3.09% |
Dividend Distribution Analysis
| RCTIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| RCTIX | Category Low | Category High | RCTIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.51% | -1.55% | 11.51% | 29.00% |
Capital Gain Distribution Analysis
| RCTIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 27, 2024 | $0.095 | OrdinaryDividend |
| Oct 30, 2024 | $0.042 | OrdinaryDividend |
| Sep 27, 2024 | $0.064 | OrdinaryDividend |
| Aug 29, 2024 | $0.058 | OrdinaryDividend |
| Jul 30, 2024 | $0.062 | OrdinaryDividend |
| Apr 29, 2024 | $0.068 | OrdinaryDividend |
| Mar 27, 2024 | $0.063 | OrdinaryDividend |
| Feb 28, 2024 | $0.065 | OrdinaryDividend |
| Jan 30, 2024 | $0.047 | OrdinaryDividend |
| Dec 28, 2023 | $0.118 | OrdinaryDividend |
| Nov 28, 2023 | $0.084 | OrdinaryDividend |
| Oct 27, 2023 | $0.049 | OrdinaryDividend |
| Sep 28, 2023 | $0.092 | OrdinaryDividend |
| Aug 28, 2023 | $0.082 | OrdinaryDividend |
| Jul 28, 2023 | $0.064 | OrdinaryDividend |
| Jun 28, 2023 | $0.060 | OrdinaryDividend |
| May 30, 2023 | $0.071 | OrdinaryDividend |
| Apr 27, 2023 | $0.061 | OrdinaryDividend |
| Mar 28, 2023 | $0.064 | OrdinaryDividend |
| Feb 27, 2023 | $0.049 | OrdinaryDividend |
| Jan 27, 2023 | $0.063 | OrdinaryDividend |
| Dec 28, 2022 | $0.086 | OrdinaryDividend |
| Nov 28, 2022 | $0.073 | OrdinaryDividend |
| Oct 28, 2022 | $0.067 | OrdinaryDividend |
| Sep 28, 2022 | $0.055 | OrdinaryDividend |
| Aug 29, 2022 | $0.044 | OrdinaryDividend |
| Jul 28, 2022 | $0.042 | OrdinaryDividend |
| Jun 28, 2022 | $0.048 | OrdinaryDividend |
| May 27, 2022 | $0.055 | OrdinaryDividend |
| Apr 28, 2022 | $0.025 | OrdinaryDividend |
| Mar 28, 2022 | $0.040 | OrdinaryDividend |
| Feb 25, 2022 | $0.028 | OrdinaryDividend |
| Jan 28, 2022 | $0.034 | OrdinaryDividend |
| Dec 28, 2021 | $0.037 | OrdinaryDividend |
| Nov 26, 2021 | $0.028 | OrdinaryDividend |
| Oct 27, 2021 | $0.036 | OrdinaryDividend |
| Sep 28, 2021 | $0.045 | OrdinaryDividend |
| Aug 27, 2021 | $0.012 | OrdinaryDividend |
| Jul 28, 2021 | $0.031 | OrdinaryDividend |
| Jun 28, 2021 | $0.033 | OrdinaryDividend |
| May 27, 2021 | $0.035 | OrdinaryDividend |
| Apr 22, 2021 | $0.046 | OrdinaryDividend |
| Mar 18, 2021 | $0.025 | OrdinaryDividend |
| Feb 18, 2021 | $0.004 | OrdinaryDividend |
| Dec 17, 2020 | $0.100 | OrdinaryDividend |
| Dec 17, 2020 | $0.108 | CapitalGainShortTerm |
| Dec 17, 2020 | $0.129 | CapitalGainLongTerm |
| Nov 19, 2020 | $0.053 | OrdinaryDividend |
| Oct 22, 2020 | $0.021 | OrdinaryDividend |
| Sep 24, 2020 | $0.047 | OrdinaryDividend |
| Aug 20, 2020 | $0.042 | OrdinaryDividend |
| Jul 23, 2020 | $0.029 | OrdinaryDividend |
| Jun 25, 2020 | $0.037 | OrdinaryDividend |
| May 21, 2020 | $0.031 | OrdinaryDividend |
| Apr 23, 2020 | $0.022 | OrdinaryDividend |
| Feb 20, 2020 | $0.011 | OrdinaryDividend |
| Jan 23, 2020 | $0.018 | OrdinaryDividend |
| Dec 19, 2019 | $0.049 | OrdinaryDividend |
| Dec 19, 2019 | $0.039 | CapitalGainShortTerm |
| Dec 19, 2019 | $0.208 | CapitalGainLongTerm |
| Nov 21, 2019 | $0.040 | OrdinaryDividend |
| Oct 24, 2019 | $0.027 | OrdinaryDividend |
| Sep 24, 2019 | $0.023 | OrdinaryDividend |
| Aug 22, 2019 | $0.025 | OrdinaryDividend |
| Jul 25, 2019 | $0.029 | OrdinaryDividend |
| Jun 20, 2019 | $0.057 | OrdinaryDividend |
| Mar 21, 2019 | $0.043 | OrdinaryDividend |
| Dec 21, 2018 | $0.096 | OrdinaryDividend |
| Sep 21, 2018 | $0.064 | OrdinaryDividend |
| Jun 21, 2018 | $0.071 | OrdinaryDividend |
| Mar 22, 2018 | $0.105 | OrdinaryDividend |
| Dec 21, 2017 | $0.207 | OrdinaryDividend |
| Sep 22, 2017 | $0.131 | OrdinaryDividend |
| Jun 22, 2017 | $0.124 | OrdinaryDividend |
| Mar 22, 2017 | $0.043 | OrdinaryDividend |
| Dec 22, 2016 | $0.091 | OrdinaryDividend |
| Dec 22, 2016 | $0.123 | CapitalGainShortTerm |
RCTIX - Fund Manager Analysis
Managers
Todd Lemkin
Start Date
Tenure
Tenure Rank
Mar 25, 2022
0.18
0.2%
Todd Lemkin is a Partner and the Chief Investment Officer of Canyon Capital. Mr. Lemkin joined Canyon in 2003 as an Analyst at the firm. He was named Managing Director in 2007, Senior Portfolio Manager in 2010, Partner in 2012 and Co-Chief Investment Officer of Corporate Investments in 2017. Mr. Lemkin was named Chief Investment Officer in 2020. Mr. Lemkin directs and manages the efforts of Canyon’s portfolio team to develop, analyze, and implement investment ideas across the Firm’s global platform. Mr. Lemkin has extensive investment expertise across the cable, media, telecom, satellite, industrials, real estate, gaming and packaging sectors. Mr. Lemkin has also previously focused on Canyon’s European investment effort and the Firm’s London office. Prior to joining Canyon in 2003, Mr. Lemkin was with Scoggin Capital Management in New York, where he focused on analyzing securities of distressed and bankrupt companies. Mr. Lemkin was also an Investment Banker in the Healthcare Group of Banc of America Securities and the Mergers & Acquisitions Group of Lehman Brothers. Mr. Lemkin is a member of the Board of Governors at Cedar Sinai Hospital. Mr. Lemkin is a graduate of the University of California, Berkeley (B.A., English).
Sam Reid
Start Date
Tenure
Tenure Rank
Mar 25, 2022
0.18
0.2%
Sam Reid is a Partner and the Head Debt Trader of Canyon Capital. Mr. Reid joined Canyon in 2008 as a Fixed Income Trader. He was named Senior Vice President in 2013, Managing Director in 2017 and Partner in 2021. Mr. Reid’s primary focus is to oversee trading activity in credit market investments. Prior to joining Canyon, Mr. Reid was a sell-side High Yield Credit trader at JPMorgan Chase for seven years, where he traded CDS and high yield bonds in both a market making and proprietary trading capacity. Mr. Reid is a graduate of Georgetown University (dual B.S., International Business and Finance). Mr. Reid is a CFA® charterholder.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.71 | 3.19 |
