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Name

As of 04/17/2024

Price

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

River Canyon Total Return Bond Fund

RCTIX | Fund

$10.01

$623 M

0.00%

0.91%

Vitals

YTD Return

1.3%

1 yr return

8.1%

3 Yr Avg Return

2.7%

5 Yr Avg Return

4.5%

Net Assets

$623 M

Holdings in Top 10

35.0%

52 WEEK LOW AND HIGH

$10.0
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 04/17/2024

Price

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

River Canyon Total Return Bond Fund

RCTIX | Fund

$10.01

$623 M

0.00%

0.91%

RCTIX - Profile

Distributions

  • YTD Total Return 1.3%
  • 3 Yr Annualized Total Return 2.7%
  • 5 Yr Annualized Total Return 4.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.51%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    River Canyon Total Return Bond Fund
  • Fund Family Name
    State Farm Investment Management Corp.
  • Inception Date
    Dec 30, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Todd 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.
Read More

RCTIX - Performance

Return Ranking - Trailing

Period RCTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -12.7% 9.3% 21.64%
1 Yr 8.1% -9.6% 26.8% 13.76%
3 Yr 2.7%* -17.6% 17.9% 10.41%
5 Yr 4.5%* -13.4% 14.7% 4.71%
10 Yr N/A* -13.6% 6.5% N/A

* Annualized

Return Ranking - Calendar

Period RCTIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.0% -12.0% 15.7% 74.38%
2022 -9.5% -31.8% 18.4% 28.64%
2021 1.2% -26.6% 25.7% 8.50%
2020 0.3% -49.2% 18.7% 64.01%
2019 6.4% -35.1% 15.3% 27.81%

Total Return Ranking - Trailing

Period RCTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -12.7% 9.3% 21.64%
1 Yr 8.1% -9.6% 26.8% 13.76%
3 Yr 2.7%* -17.6% 17.9% 10.41%
5 Yr 4.5%* -13.4% 14.7% 4.71%
10 Yr N/A* -13.6% 6.5% N/A

* Annualized

Total Return Ranking - Calendar

Period RCTIX Return Category Return Low Category Return High Rank in Category (%)
2023 10.0% -7.0% 22.2% 19.91%
2022 -4.1% -31.8% 21.1% 21.99%
2021 4.3% -13.5% 49.9% 14.22%
2020 6.4% -28.6% 24.1% 42.20%
2019 11.7% -4.8% 19.1% 18.67%

NAV & Total Return History

RCTIX - Holdings

Concentration Analysis

RCTIX Category Low Category High RCTIX % Rank
Net Assets 623 M 2.53 M 143 B 50.54%
Number of Holdings 118 4 9868 78.84%
Net Assets in Top 10 200 M -1.57 B 65.8 B 45.05%
Weighting of Top 10 34.96% 0.7% 170.6% 38.70%

Top 10 Holdings

  1. Northern Inst Fds TREAS PRT PRMR 7.97%
  2. LABL 10.5 07/15/27 144A 3.80%
  3. PR PRCDEV 7.5 08/20/2040 3.65%
  4. FREMF 2019-KF59 C 3.34%
  5. CIOX Health (fka Healthport) Term Loan B 425 2025-12-01 3.28%
  6. Verscend (Cotiviti) Term Loan B 400 2025-08-01 3.13%
  7. GNR 2021-70 IO 2.67%
  8. FGFG 2021-1A A2 2.51%
  9. FAT BRANDS FAZOLI'S 7.00% 2.49%
  10. PNMSR 2022-GT1 A 2.10%

Asset Allocation

Weighting Return Low Return High RCTIX % Rank
Other 		47.91% -62.91% 100.00% 2.74%
Bonds 		44.07% -150.81% 203.29% 86.00%
Cash 		8.02% -94.66% 258.91% 24.35%
Stocks 		0.00% -1.60% 99.88% 79.00%
Preferred Stocks 		0.00% 0.00% 30.46% 54.03%
Convertible Bonds 		0.00% 0.00% 33.50% 86.25%

Bond Sector Breakdown

Weighting Return Low Return High RCTIX % Rank
Securitized 		83.29% 0.00% 99.65% 4.08%
Cash & Equivalents 		7.97% 0.00% 88.14% 20.61%
Corporate 		5.08% 0.00% 96.66% 87.91%
Government 		4.18% 0.00% 99.43% 71.11%
Municipal 		3.63% 0.00% 54.26% 3.92%
Derivative 		-0.23% -62.91% 37.37% 73.89%

Bond Geographic Breakdown

Weighting Return Low Return High RCTIX % Rank
US 		44.07% -151.11% 203.29% 79.60%
Non US 		0.00% 0.00% 67.77% 72.45%

RCTIX - Expenses

Operational Fees

RCTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.91% 0.01% 20.67% 67.53%
Management Fee 0.65% 0.00% 2.29% 59.21%
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% 5.00% 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% 29.96%

RCTIX - Distributions

Dividend Yield Analysis

RCTIX Category Low Category High RCTIX % Rank
Dividend Yield 0.00% 0.00% 23.30% 3.32%

Dividend Distribution Analysis

RCTIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

RCTIX Category Low Category High RCTIX % Rank
Net Income Ratio 3.51% -1.55% 11.51% 28.90%

Capital Gain Distribution Analysis

RCTIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Quarterly Annually

Distributions History

View More +

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 5.72 3.19

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