Fund Evaluator:
Yorktown Short Term Bond L (AFMMX)
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Fund Details
Yorktown Short Term Bond L Overview
Yorktown Short Term Bond L (AFMMX) is an actively managed Taxable Bond Short-Term Bond fund. Yorktown Funds launched the fund in 2004.
The investment seeks income consistent with the preservation of capital. Under normal circumstances, the fund invests at least 80% of its assets in fixed income securities that, in the Adviser's opinion, offer the opportunity for income consistent with preservation of capital. Its portfolio will have an average aggregate maturity of not more than three years. The fund seeks to provide diversification by allocating its investments among various areas of the fixed income markets. It primarily invests in the investment grade debt securities of various types.
About Yorktown Short Term Bond L (AFMMX)
There are 3 members of the management team with an average tenure of 19.08 years: David Basten (2005), John Tener (2019), David Basten (1997). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Yorktown Short Term Bond L has 171 securities in its portfolio. The top 10 holdings constitute 12.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Yorktown Short Term Bond L is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Yorktown Short Term Bond L has 2.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.8% (89.7% domestic bond, 2.1% foreign bond and 0.0% convertible bond). Yorktown Short Term Bond L has 8.2% of the portfolio in cash.
Assets Under Management
The fund has $63 million in total assets, which is below the $904 million average for the Short-Term Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AFMMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Yorktown Short Term Bond L expense ratio is high compared to funds in the Short-Term Bond category. Yorktown Short Term Bond L has an expense ratio of 1.44%, which is 117% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Yorktown Short Term Bond L has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.
Recently, in the month of July 2026, Yorktown Short Term Bond L returned -0.5%, which earned it a grade of F, as the Short-Term Bond category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Yorktown Short Term Bond L has a trailing yield of 3.63%, which is below the 4.16% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Yorktown Short Term Bond L Grades
Year to date, the fund has returned 0.1%, 0.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.4% over the past year (grade of F), 4.0% over the past three years (grade of F) and 1.5% per year over the past five years (grade of F) and 1.8% per year over the past 10 years (grade of F).
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AFMMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AFMMX Return (NAV) | -0.5% | -0.2% | 2.4% | 4.0% | 1.5% | 1.8% |
| AFMMX Grade | F | F | F | F | F | F |
| +/- Category | -0.5% | -0.5% | -1.0% | -1.0% | -0.8% | -0.5% |
| Short-Term Bond Avg | -0.0% | 0.3% | 3.4% | 5.0% | 2.2% | 2.3% |
| AFMMX Tax Cost Ratio | na | na | 1.4% | 1.3% | 1.0% | 0.9% |
AFMMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AFMMX Return (NAV) | 0.1% | 5.0% | 4.0% | 5.1% | -5.5% | -0.4% | 2.1% | 4.3% | -0.6% | 3.8% | 4.3% |
| AFMMX Grade | F | F | F | D | D | C | F | D | F | A | A |
| +/- Category | -0.8% | -0.9% | -0.9% | -0.5% | -0.5% | -0.3% | -2.1% | -0.5% | -1.3% | 1.9% | 1.7% |
| Short-Term Bond Avg | 0.9% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 2.0% |
| Total Risk Index: | 0.16 - Low |
| Category Risk Index: | 1.00 - Above Average |
| Category Risk Grade: | D (67% Rank) |
| Beta: | 0.33 |
| R-Squared: | 89% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $172 Mil |
| Fund Total Assets: | $ 63 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 39% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 29.1 years | |||
| Average Tenure: 19.1 years | |||
| Managers (Year): Basten David (1997), Basten David (2005), Tener John (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 171 |
| % in Top 10 Holdings: | 12.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 89.7% |
| Foreign Bond: | 2.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.2% |
Purchase Information
| Fund Family: | Yorktown Funds |
| Phone Number: | 800-544-6060 |
| Website: | www.apifunds.com |
| Status: | Open |
| Inception Date: | July 1, 2004 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.65% |
Expenses and Fees | |
| Expense Ratio (%): | 1.44% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Yorktown Short Term Bond A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
