Fund Evaluator:
Frost Credit Investor (FCFAX)
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Best Performing in Multisector Bond Over the Last Year
| 8.2% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 8.0% | Morningstar Multisector Bond (MSTMX) |
| 6.6% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 6.5% | Russell Inv Opportunistic Credit M (RGOTX) |
| 6.1% | Thrivent Multisector Bond S (IIINX) |
Fund Details
Frost Credit Investor Overview
Frost Credit Investor (FCFAX) is an actively managed Taxable Bond Multisector Bond fund. Frost Funds launched the fund in 2012.
The investment seeks to maximize total return, consisting of income and capital appreciation. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities of U.S. and foreign corporate issuers, which will include corporate bonds, collateralized loan obligations and mortgage-backed and other asset-backed securities, and structured notes with economic characteristics similar to fixed income securities. It will invest in callable bonds, as well as fixed income securities that pay a fixed or floating interest rate or interest that is payable in-kind or payable at maturity.
About Frost Credit Investor (FCFAX)
There are 2 members of the management team with an average tenure of 12.09 years: Jeffery Elswick (2012), Tim Tucker (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Credit TR USD index with a weighting of 100%. Frost Credit Investor has 200 securities in its portfolio. The top 10 holdings constitute 15.2% 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.
Frost Credit Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Frost Credit Investor has 23.1% 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 2.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.6% (70.5% domestic bond, 23.1% foreign bond and 0.0% convertible bond). Frost Credit Investor has 4.1% of the portfolio in cash.
Assets Under Management
The fund has $86 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.
FCFAX 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 Frost Credit Investor expense ratio is high compared to funds in the Multisector Bond category. Frost Credit Investor has an expense ratio of 0.91%, which is 4% lower than its category average, making the fund expense ratio grade a C. 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. Frost Credit Investor has a portfolio turnover rate of 24%, 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 June 2026, Frost Credit Investor returned 0.2%, which earned it a grade of C, as the Multisector 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.
Frost Credit Investor has a trailing yield of 6.26%, which is above the 5.25% 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.
Frost Credit Investor Grades
Year to date, the fund has returned 1.7%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 4.1% over the past year (grade of F), 7.1% over the past three years (grade of C) and 3.7% per year over the past five years (grade of A) and 5.2% per year over the past 10 years (grade of A).
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FCFAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FCFAX Return (NAV) | 0.2% | 1.6% | 4.1% | 7.1% | 3.7% | 5.2% |
| FCFAX Grade | C | D | F | C | A | A |
| +/- Category | -0.0% | -0.3% | -1.2% | 0.2% | 1.2% | 1.4% |
| Multisector Bond Avg | 0.2% | 1.9% | 5.3% | 6.9% | 2.6% | 3.7% |
| FCFAX Tax Cost Ratio | na | na | 2.5% | 2.4% | 2.2% | 2.1% |
FCFAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FCFAX Return (NAV) | 1.7% | 5.2% | 8.0% | 11.2% | -7.8% | 5.1% | 6.2% | 7.0% | 0.9% | 7.9% | 9.8% |
| FCFAX Grade | B | F | A | A | B | A | D | F | A | B | A |
| +/- Category | 0.1% | -2.9% | 2.3% | 2.8% | 2.3% | 2.8% | -0.1% | -3.3% | 2.8% | 1.3% | 2.3% |
| Multisector Bond Avg | 1.6% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.4% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 3.1% |
| Total Risk Index: | 0.26 - Low |
| Category Risk Index: | 0.70 - Low |
| Category Risk Grade: | A (13% Rank) |
| Beta: | 0.47 |
| R-Squared: | 74% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 6.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $492 Mil |
| Fund Total Assets: | $ 87 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.6 years | |||
| Average Tenure: 12.1 years | |||
| Managers (Year): Elswick Jeffery (2012), Tucker Tim (2015) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 200 |
| % in Top 10 Holdings: | 15.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.3% |
| Domestic Bond: | 70.5% |
| Foreign Bond: | 23.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.1% |
Purchase Information
| Fund Family: | Frost Funds |
| Phone Number: | 877-713-7678 |
| Website: |
| Status: | Open |
| Inception Date: | December 3, 2012 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.91% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.95% |
| Share Class: | Frost Credit Institutional |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 500 |
