Fund Evaluator:
Axonic Strategic Income A (AXSAX)
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Best Performing in Multisector Bond Over the Last Year
| 7.1% | Morningstar Multisector Bond (MSTMX) |
| 6.0% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 5.4% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 5.4% | Russell Inv Opportunistic Credit M (RGOTX) |
| 5.2% | Payden Managed Income SI (PKBIX) |
Fund Details
Axonic Strategic Income A Overview
Axonic Strategic Income A (AXSAX) is an actively managed Taxable Bond Multisector Bond fund. Axonic launched the fund in 2020.
The investment seeks to maximize total return, through a combination of current income and capital appreciation. In pursuing its investment objective, the fund seeks to maximize risk-adjusted total returns by investing primarily in income-producing instruments (i.e., under normal circumstances, the fund will invest at least 60% of its net assets in income-producing instruments). It also may invest in real estate investment trusts ("REIT"), equity securities of companies whose business is substantially related to the mortgage business, and mortgage derivatives such as stripped RMBS and inverse floaters.
About Axonic Strategic Income A (AXSAX)
There are 2 members of the management team with an average tenure of 6.59 years: Clayton DeGiacinto (2019), Matthew Weinstein (2019). 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%. Axonic Strategic Income A has 549 securities in its portfolio. The top 10 holdings constitute 24.3% 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.
Axonic Strategic Income A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Axonic Strategic Income A has 0.9% 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 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.2% (91.3% domestic bond, 0.9% foreign bond and 0.1% convertible bond). Axonic Strategic Income A has 7.5% of the portfolio in cash.
Assets Under Management
The fund has $136 million in total assets, which is below the $1 billion average for the Multisector 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.
AXSAX 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 Axonic Strategic Income A expense ratio is high compared to funds in the Multisector Bond category. Axonic Strategic Income A has an expense ratio of 1.43%, which is 52% 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. Axonic Strategic Income A has a portfolio turnover rate of 63%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of July 2026, Axonic Strategic Income A returned -0.2%, which earned it a grade of A, as the Multisector Bond category had an average return of -0.7%. 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.
Axonic Strategic Income A has a trailing yield of 5.07%, which is below the 5.31% category average. The fund normally distributes its income monthly.
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.
Axonic Strategic Income A Grades
Year to date, the fund has returned 1.4%, 0.6 percentage points better than the category, which translates into a grade of B. The fund has returned 3.8% over the past year (grade of D), 6.8% over the past three years (grade of B) and 3.9% per year over the past five years (grade of A).
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AXSAX 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 |
|
| AXSAX Return (NAV) | -0.2% | 0.4% | 3.8% | 6.8% | 3.9% | na |
| AXSAX Grade | A | B | D | B | A | na |
| +/- Category | 0.5% | 0.4% | -0.5% | 0.5% | 1.5% | na |
| Multisector Bond Avg | -0.7% | 0.0% | 4.3% | 6.3% | 2.4% | 3.5% |
| AXSAX Tax Cost Ratio | na | na | 2.0% | 2.6% | 2.6% | na |
AXSAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AXSAX Return (NAV) | 1.4% | 6.3% | 8.4% | 8.7% | -5.8% | 5.9% | -0.3% | na | na | na | na |
| AXSAX Grade | B | F | A | C | A | A | F | na | na | na | na |
| +/- Category | 0.6% | -1.8% | 2.7% | 0.3% | 4.4% | 3.6% | -6.7% | na | na | na | na |
| Multisector Bond Avg | 0.9% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.3% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 1.6% |
| Total Risk Index: | 0.13 - Low |
| Category Risk Index: | 0.37 - Low |
| Category Risk Grade: | A (2% Rank) |
| Beta: | 0.23 |
| R-Squared: | 68% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 5.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $4012 Mil |
| Fund Total Assets: | $ 137 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 63% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 6.6 years | |||
| Managers (Year): DeGiacinto Clayton (2019), Weinstein Matthew (2019) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 549 |
| % in Top 10 Holdings: | 24.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 91.3% |
| Foreign Bond: | 0.9% |
| Convertible Bond: | 0.1% |
| Other: | 0.0% |
| Cash: | 7.5% |
Purchase Information
| Fund Family: | Axonic |
| Phone Number: | 833-429-6642 |
| Website: | www.axonicfunds.com |
| Status: | Open |
| Inception Date: | July 16, 2020 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 2.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.43% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Axonic Strategic Income I |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
