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Name

As of 04/19/2024

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

Regan Total Return Income Fund

RCIRX | Fund

$9.28

$542 M

8.31%

$0.77

1.41%

Vitals

YTD Return

0.8%

1 yr return

5.9%

3 Yr Avg Return

3.4%

5 Yr Avg Return

N/A

Net Assets

$542 M

Holdings in Top 10

16.2%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.41%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$100,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/19/2024

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

Regan Total Return Income Fund

RCIRX | Fund

$9.28

$542 M

8.31%

$0.77

1.41%

RCIRX - Profile

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return 3.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 9.15%
DIVIDENDS
  • Dividend Yield 8.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Regan Total Return Income Fund
  • Fund Family Name
    Regan Capital
  • Inception Date
    Oct 01, 2020
  • Shares Outstanding
    15304491
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Chris Hall

Fund Description

Under normal circumstances, the Fund aims to invest at least 80% of its net assets in mortgage-backed securities (“MBS”). MBS includes residential MBS (“RMBS”), which are securities issued, secured, or collateralized by government sponsored entities (“agency MBS”) or private entities (“non-agency MBS”) and backed by residential mortgages. In seeking to meet its objective, the Fund will primarily invest in RMBS that is non-agency MBS. Non-agency MBS are issued by non-governmental issuers such as commercial banks, savings and loan institutions, mortgage bankers, and private mortgage insurance companies. Some of the agency MBS that the Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by Fannie Mae and Freddie Mac. The Fund seeks to invest its assets in investment grade securities, but may invest without limit in fixed-income products that are rated below investment grade (i.e., “high yield” or “junk” ratings).
The weighted average life of the Fund’s MBS investments will generally range from between 0 and 10 years. Weighted average life is a measure of the average amount of time that unpaid principal on a loan, mortgage, or bond remains outstanding. Typically, the duration of the Fund’s portfolio is less than 5 years. Duration is a measure of the sensitivity of a fixed-income security to a change in interest rate. For every 1% change in interest rates, a bond’s price will change by 1% for every year of duration.
The Fund may invest in other fixed-income securities, including commercial MBS (“CMBS”), asset-backed securities (including securities backed by consumer credit, auto loans, and aircraft leases), senior tranche collateralized loan obligations (“CLOs”), and securities of other fixed-income investment companies (including closed-end funds (“CEFs”) and exchange traded funds (“ETFs”)).
To the extent the Fund holds positions that are sensitive to interest rate volatility, the Fund may engage in hedging techniques to manage its exposure to interest rate risk such as by investing in exchange-traded and over-the-counter derivatives, including futures, options and swaps, such as interest rate swaps, credit default swaps, total return swaps, and swaptions, and to-be-announced (“TBA”) securities. The Fund may engage in leverage through the use of repurchase agreements or borrowing (subject to the limits of the Investment Company Act of 1940).
In selecting portfolio securities, the Adviser undertakes a bottom-up analysis on collateral characteristics and capital structure to find both deep value investments and trading opportunities. The Adviser’s bottom-up analysis focuses on individual security selection. In seeking deep value investments, the Adviser seeks securities whose market price is significantly lower than the Adviser’s estimate of the security’s true value. The Adviser will overlay this analysis with a top-down macro qualitative analysis, which contains but is not limited to key factors, such as economic outlook, interest rates and real estate fundamentals. The Adviser regularly analyzes portfolio positions and actively sells investments that it believes are not optimal for the portfolio. The Adviser seeks to achieve a risk-adjusted return by continuously evaluating Fund assets against current risk-free rates of return of available bonds in the market, typically treasuries and other government-backed securities. A risk-adjusted return measures an investment’s profit after taking into account the degree of risk that was taken to achieve it. For example, if two or more investments have the same return over a given time period, the one that has the lowest risk will have a better risk-adjusted return. The risk is measured in comparison to that of a virtually risk-free
investment such as Treasuries. Due to this method of determining which portfolio positions to buy and sell and the Adviser’s active trading, portfolio turnover will generally be 100% or greater.
Read More

RCIRX - Performance

Return Ranking - Trailing

Period RCIRX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -12.7% 9.3% 28.64%
1 Yr 5.9% -9.6% 26.8% 36.38%
3 Yr 3.4%* -17.6% 17.9% 6.84%
5 Yr N/A* -13.4% 14.7% N/A
10 Yr N/A* -13.6% 6.5% N/A

* Annualized

Return Ranking - Calendar

Period RCIRX Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -12.0% 15.7% 73.26%
2022 -7.2% -31.8% 18.4% 20.76%
2021 -4.2% -26.6% 25.7% 88.71%
2020 N/A -49.2% 18.7% N/A
2019 N/A -35.1% 15.3% N/A

Total Return Ranking - Trailing

Period RCIRX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -12.7% 9.3% 28.64%
1 Yr 5.9% -9.6% 26.8% 36.38%
3 Yr 3.4%* -17.6% 17.9% 6.84%
5 Yr N/A* -13.4% 14.7% N/A
10 Yr N/A* -13.6% 6.5% N/A

* Annualized

Total Return Ranking - Calendar

Period RCIRX Return Category Return Low Category Return High Rank in Category (%)
2023 7.6% -7.0% 22.2% 54.87%
2022 2.8% -31.8% 21.1% 2.69%
2021 7.2% -13.5% 49.9% 6.06%
2020 N/A -28.6% 24.1% N/A
2019 N/A -4.8% 19.1% N/A

NAV & Total Return History

RCIRX - Holdings

Concentration Analysis

RCIRX Category Low Category High RCIRX % Rank
Net Assets 542 M 2.53 M 143 B 52.41%
Number of Holdings 948 4 9868 26.33%
Net Assets in Top 10 87.5 M -1.57 B 65.8 B 61.95%
Weighting of Top 10 16.16% 0.7% 170.6% 81.73%

Top 10 Holdings

  1. United States Treasury Bill 3.50%
  2. United States Treasury Inflation Indexed Bonds 1.83%
  3. United States Treasury Bill 1.81%
  4. United States Treasury Bill 1.80%
  5. United States Treasury Note/Bond 1.63%
  6. United States Treasury Bill 1.47%
  7. American Home Mortgage Investment Trust 2007-1 1.12%
  8. Fannie Mae REMICS 1.09%
  9. Fannie Mae REMICS 0.96%
  10. United States Treasury Note/Bond 0.93%

Asset Allocation

Weighting Return Low Return High RCIRX % Rank
Bonds 		94.91% -150.81% 203.29% 32.12%
Other 		4.18% -62.91% 100.00% 40.94%
Cash 		0.91% -94.66% 258.91% 77.32%
Stocks 		0.00% -1.60% 99.88% 75.65%
Preferred Stocks 		0.00% 0.00% 30.46% 48.25%
Convertible Bonds 		0.00% 0.00% 33.50% 85.47%

Bond Sector Breakdown

Weighting Return Low Return High RCIRX % Rank
Securitized 		75.85% 0.00% 99.65% 4.71%
Government 		13.46% 0.00% 99.43% 42.86%
Cash & Equivalents 		0.27% 0.00% 88.14% 83.51%
Derivative 		0.00% -62.91% 37.37% 41.07%
Corporate 		0.00% 0.00% 96.66% 95.45%
Municipal 		0.00% 0.00% 54.26% 42.07%

Bond Geographic Breakdown

Weighting Return Low Return High RCIRX % Rank
US 		94.91% -151.11% 203.29% 23.14%
Non US 		0.00% 0.00% 67.77% 71.54%

RCIRX - Expenses

Operational Fees

RCIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.41% 0.01% 20.67% 40.82%
Management Fee 0.89% 0.00% 2.29% 76.59%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

RCIRX 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

RCIRX 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.

RCIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 632.00% 54.87%

RCIRX - Distributions

Dividend Yield Analysis

RCIRX Category Low Category High RCIRX % Rank
Dividend Yield 8.31% 0.00% 23.30% 22.47%

Dividend Distribution Analysis

RCIRX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

RCIRX Category Low Category High RCIRX % Rank
Net Income Ratio 9.15% -1.55% 11.51% 2.32%

Capital Gain Distribution Analysis

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

Distributions History

View More +

RCIRX - Fund Manager Analysis

Managers

Chris Hall

Start Date

Tenure

Tenure Rank

Oct 01, 2020

1.66

1.7%

Chris Hall, Senior Portfolio Manager of Regan Capital, LLC since 2013. Prior to joining Regan Capital, LLC, Mr. Hall was Partner and Co-Head of Sales at Auriga USA, LLC and a Director of Fixed Income Sales at KeyBanc Capital Markets. Mr. Hall is a graduate of Williams College, with a Bachelor of Arts in Economics

Skyler Weinand

Start Date

Tenure

Tenure Rank

Oct 01, 2020

1.66

1.7%

Prior to forming the Fund in August 2011, Mr. Weinand was head of residential and consumer asset-backed (ABS) securities trading at Cantor Fitzgerald from July 2007 to March 2011 where he generated in excess of $40mm in revenue per year off of a $15mm balance sheet. Prior to that, Mr. Weinand was responsible for trading a $2+ billion mortgage-backed securities (MBS) portfolio at Sit Investment Associates from July 2005 to June 2007. From 2001 to 2005 Mr. Weinand was employed with GMAC-RFC, where he was responsible for portfolio valuation on a $1 billion MBS subordinate book, structuring CDOs and structuring the first re-performing securitizations to come to market. Mr. Weinand is a graduate of the Carlson School of Management at the University of Minnesota with Bachelors’ of Science Degrees in Finance and Management Information Systems.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19

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