Fund Evaluator:
BTS Managed Income I (BTSIX)
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Fund Details
BTS Managed Income I Overview
BTS Managed Income I (BTSIX) is an actively managed Taxable Bond Nontraditional Bond fund. BTS launched the fund in 2018.
The investment seeks to provide total return. The fund invests primarily in a portfolio of income-producing securities, including bonds issued by the U.S. government, its agencies and instrumentalities; foreign and domestic debt securities; foreign and domestic equity securities of any market capitalization that pay dividends; underlying funds. The Adviser expects that up to 100% of the fund's assets may be invested in underlying funds.
About BTS Managed Income I (BTSIX)
There are 4 members of the management team with an average tenure of 6.01 years: Vilis Pasts (2018), Matthew Pasts (2018), Isaac Braley (2018), Henry Pasts (2025). 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%. BTS Managed Income I has 15 securities in its portfolio. The top 10 holdings constitute 83.0% 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.
BTS Managed Income I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BTS Managed Income I has 9.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 21.6%. There is 0.5% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 58.2% (49.0% domestic bond, 9.3% foreign bond and 1.0% convertible bond). BTS Managed Income I has 18.1% of the portfolio in cash.
Assets Under Management
The fund has $13 million in total assets, which is below the $663 million average for the Nontraditional 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.
BTSIX 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 BTS Managed Income I expense ratio is high compared to funds in the Nontraditional Bond category. BTS Managed Income I has an expense ratio of 1.77%, which is 25% higher than its category average, making the fund expense ratio grade a D. 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. BTS Managed Income I has a portfolio turnover rate of 413%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.
Recently, in the month of July 2026, BTS Managed Income I returned -0.1%, which earned it a grade of B, as the Nontraditional Bond category had an average return of -0.2%. 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.
BTS Managed Income I has a trailing yield of 5.40%, which is above the 4.94% category average. The fund normally distributes its income quarterly.
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.
BTS Managed Income I Grades
Year to date, the fund has returned 1.8%, 0.6 percentage points better than the category, which translates into a grade of B. The fund has returned 4.4% over the past year (grade of B), 5.2% over the past three years (grade of C) and 0.8% per year over the past five years (grade of F).
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BTSIX 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 |
|
| BTSIX Return (NAV) | -0.1% | 0.4% | 4.4% | 5.2% | 0.8% | na |
| BTSIX Grade | B | C | B | C | F | na |
| +/- Category | 0.1% | 0.0% | 0.1% | -0.4% | -1.7% | na |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| BTSIX Tax Cost Ratio | na | na | 2.1% | 1.6% | 1.4% | na |
BTSIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BTSIX Return (NAV) | 1.8% | 5.7% | 6.1% | 5.6% | -12.3% | -1.1% | 8.6% | 4.1% | na | na | na |
| BTSIX Grade | B | C | C | D | F | F | B | D | na | na | na |
| +/- Category | 0.6% | -1.1% | 0.6% | -0.9% | -6.3% | -2.5% | 3.2% | -2.5% | na | na | na |
| Nontraditional Bond Avg | 1.2% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 4.5% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 1.25 - Above Average |
| Category Risk Grade: | D (75% Rank) |
| Beta: | 0.63 |
| R-Squared: | 63% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.4% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $14 Mil |
| Fund Total Assets: | $ 14 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 413% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 6.0 years | |||
| Managers (Year): Pasts Vilis (2018), Pasts Matthew (2018), Braley Isaac (2018), Pasts Henry (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 15 |
| % in Top 10 Holdings: | 83.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.8% |
Portfolio Allocation |
|
| Domestic Stock: | 21.6% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 49.0% |
| Foreign Bond: | 9.3% |
| Convertible Bond: | 1.0% |
| Other: | 0.3% |
| Cash: | 18.1% |
Purchase Information
| Fund Family: | BTS |
| Phone Number: | 877-287-9820 |
| Website: |
| Status: | Open |
| Inception Date: | December 31, 2018 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.77% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | BTS Managed Income I |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
