Fund Evaluator:
Holbrook Income A (HOBAX)
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Fund Details
Holbrook Income A Overview
Holbrook Income A (HOBAX) is an actively managed Taxable Bond Short-Term Bond fund. Holbrook Holdings launched the fund in 2021.
The investment seeks to provide current income, with a secondary objective of capital preservation in a rising interest rate environment. The fund normally invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in a diversified portfolio of fixed income instruments. In seeking to achieve its investment objective, the fund will allocate up to 100% of its portfolio in fixed income securities.
About Holbrook Income A (HOBAX)
There are 3 members of the management team with an average tenure of 4.72 years: Scott Carmack (2016), Ethan Lai (2023), Daniel Toomey (2025). 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 BOFA ML 1-3 Yr US Corp&Govt Bond TR USD index with a weighting of 100%. Holbrook Income A has 269 securities in its portfolio. The top 10 holdings constitute 24.6% 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.
Holbrook Income A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Holbrook Income A has 16.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.3%. There is 0.0% allocated to foreign stock, and 6.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 89.8% (73.8% domestic bond, 16.0% foreign bond and 0.2% convertible bond). Holbrook Income A has 3.6% of the portfolio in cash.
Assets Under Management
The fund has $329 million in total assets, which is below the $917 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.
HOBAX 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 Holbrook Income A expense ratio is high compared to funds in the Short-Term Bond category. Holbrook Income A has an expense ratio of 1.31%, which is 97% 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. Holbrook Income A has a portfolio turnover rate of 49%, 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 August 2026, Holbrook Income A returned 0.5%, which earned it a grade of A, as the Short-Term Bond category had an average return of 0.3%. 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.
Holbrook Income A has a trailing yield of 5.99%, which is above the 4.15% category average.
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.
Holbrook Income A Grades
Year to date, the fund has returned 3.1%, 1.9 percentage points better than the category, which translates into a grade of A. The fund has returned 5.0% over the past year (grade of A), 6.6% over the past three years (grade of A) and 4.3% per year over the past five years (grade of A) and 4.8% per year over the past 10 years (grade of A).
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HOBAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HOBAX Return (NAV) | 0.5% | 0.9% | 5.0% | 6.6% | 4.3% | 4.8% |
| HOBAX Grade | A | A | A | A | A | A |
| +/- Category | 0.2% | 0.5% | 2.3% | 1.6% | 2.0% | 2.5% |
| Short-Term Bond Avg | 0.3% | 0.4% | 2.7% | 5.0% | 2.3% | 2.3% |
| HOBAX Tax Cost Ratio | na | na | 2.4% | 2.6% | 2.4% | na |
HOBAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HOBAX Return (NAV) | 3.1% | 7.4% | 7.9% | 6.3% | -3.1% | 6.2% | 6.5% | 7.4% | 1.5% | 3.8% | na |
| HOBAX Grade | A | A | A | B | A | A | A | A | A | A | na |
| +/- Category | 1.9% | 1.5% | 3.0% | 0.7% | 1.9% | 6.3% | 2.3% | 2.6% | 0.7% | 1.9% | na |
| Short-Term Bond Avg | 1.2% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 1.7% |
| Total Risk Index: | 0.14 - Low |
| Category Risk Index: | 0.84 - Below Average |
| Category Risk Grade: | B (36% Rank) |
| Beta: | -0.03 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.0% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $4255 Mil |
| Fund Total Assets: | $ 330 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 49% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.2 years | |||
| Average Tenure: 4.7 years | |||
| Managers (Year): Carmack Scott (2016), Lai Ethan (2023), Toomey Daniel (2025) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 269 |
| % in Top 10 Holdings: | 24.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 16.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 6.2% |
| Domestic Bond: | 73.8% |
| Foreign Bond: | 16.0% |
| Convertible Bond: | 0.2% |
| Other: | 0.0% |
| Cash: | 3.6% |
Purchase Information
| Fund Family: | Holbrook Holdings |
| Phone Number: | 877-345-8646 |
| Website: |
| Status: | Open |
| Inception Date: | July 23, 2021 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 1.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.31% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Holbrook Income I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
