Fund Evaluator:
Guggenheim Macro Opportunities R6 (GIOSX)
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Best Performing in Nontraditional Bond Over the Last Year
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Fund Details
Guggenheim Macro Opportunities R6 Overview
Guggenheim Macro Opportunities R6 (GIOSX) is an actively managed Taxable Bond Nontraditional Bond fund. Guggenheim Investments launched the fund in 2019.
The investment seeks to provide total return, comprised of current income and capital appreciation. The fund invests in a wide range of fixed-income and other debt and equity securities selected from a variety of sectors and credit qualities, principally corporate bonds, syndicated bank loans and other direct lending opportunities, participations in and assignments of syndicated bank loans, asset-backed securities, U.S. government and agency securities, sovereign debt securities, Eurodollar bonds and obligations, mezzanine and preferred securities, commercial paper, zero-coupon bonds, municipal securities, etc.
About Guggenheim Macro Opportunities R6 (GIOSX)
There are 4 members of the management team with an average tenure of 9.68 years: Anne Walsh (2011), Adam Bloch (2016), Steven Brown (2016), Evan Serdensky (2023). 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 ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Guggenheim Macro Opportunities R6 has 1304 securities in its portfolio. The top 10 holdings constitute 18.5% 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.
Guggenheim Macro Opportunities R6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Guggenheim Macro Opportunities R6 has 15.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.6%. There is 0.0% allocated to foreign stock, and 3.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.0% (78.4% domestic bond, 15.6% foreign bond and 0.2% convertible bond). Guggenheim Macro Opportunities R6 has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $75 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.
GIOSX 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 Guggenheim Macro Opportunities R6 expense ratio is high compared to funds in the Nontraditional Bond category. Guggenheim Macro Opportunities R6 has an expense ratio of 0.94%, which is 34% lower than its category average, making the fund expense ratio grade a B. 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. Guggenheim Macro Opportunities R6 has a portfolio turnover rate of 35%, 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, Guggenheim Macro Opportunities R6 returned -0.2%, which earned it a grade of C, 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.
Guggenheim Macro Opportunities R6 has a trailing yield of 6.17%, which is above the 4.94% 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.
Guggenheim Macro Opportunities R6 Grades
Year to date, the fund has returned 1.1%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 4.4% over the past year (grade of B), 7.0% over the past three years (grade of A) and 3.4% per year over the past five years (grade of B) and 4.3% per year over the past 10 years (grade of A).
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GIOSX 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 |
|
| GIOSX Return (NAV) | -0.2% | 0.4% | 4.4% | 7.0% | 3.4% | 4.3% |
| GIOSX Grade | C | C | B | A | B | A |
| +/- Category | 0.0% | 0.0% | 0.1% | 1.4% | 0.9% | 1.2% |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| GIOSX Tax Cost Ratio | na | na | 2.4% | 2.5% | 2.3% | na |
GIOSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GIOSX Return (NAV) | 1.1% | 7.6% | 7.7% | 9.7% | -8.4% | 2.5% | 11.5% | 2.3% | 0.5% | 5.3% | 10.7% |
| GIOSX Grade | C | B | A | A | D | B | A | F | B | B | A |
| +/- Category | -0.1% | 0.7% | 2.3% | 3.1% | -2.3% | 1.2% | 6.1% | -4.3% | 1.4% | 1.2% | 4.2% |
| 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: | 2.8% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 0.78 - Below Average |
| Category Risk Grade: | B (39% Rank) |
| Beta: | 0.43 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | Medium Quality Limited Sensitivity |
| Yield: | 6.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $9250 Mil |
| Fund Total Assets: | $ 75 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 14.7 years | |||
| Average Tenure: 9.7 years | |||
| Managers (Year): Walsh Anne (2011), Bloch Adam (2016), Brown Steven (2016), Serdensky Evan (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 1304 |
| % in Top 10 Holdings: | 18.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 15.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 3.3% |
| Domestic Bond: | 78.4% |
| Foreign Bond: | 15.6% |
| Convertible Bond: | 0.2% |
| Other: | 0.5% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | Guggenheim Investments |
| Phone Number: | 800-820-0888 |
| Website: | www.guggenheiminvestments.com |
| Status: | Open |
| Inception Date: | March 13, 2019 |
| Min. Initial Purchase: | $2,000,000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.94% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | Guggenheim Macro Opportunities Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
