Fund Evaluator:
Holbrook Structured Income A (HOSAX)
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Best Performing in Securitized Bond - Diversified Over the Last Year
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Fund Details
Holbrook Structured Income A Overview
Holbrook Structured Income A (HOSAX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Holbrook Holdings launched the fund in 2022.
The investment seeks to provide current income and the opportunity for capital appreciation to produce a total return. The Advisor expects, under normal conditions, to be primarily invested in commercial and residential mortgage-backed securities (“RMBS” and “CMBS”), collateralized loan obligations (“CLOs”) and other asset-backed fixed income securities, including securities backed by assets such as credit card receivables, student loans, automobile loans and residential and commercial real estate. The fund may also invest in other collateralized debt obligations and collateralized mortgage obligations.
About Holbrook Structured Income A (HOSAX)
There are 2 members of the management team with an average tenure of 4.25 years: Scott Carmack (2022), Ethan Lai (2022). 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%. Holbrook Structured Income A has 170 securities in its portfolio. The top 10 holdings constitute 27.9% 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 Structured Income A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Holbrook Structured Income A has 30.5% 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 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.3% (61.8% domestic bond, 30.5% foreign bond and 0.0% convertible bond). Holbrook Structured Income A has 7.7% of the portfolio in cash.
Assets Under Management
The fund has $38 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified 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.
HOSAX 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 Structured Income A expense ratio is high compared to funds in the Securitized Bond - Diversified category. Holbrook Structured Income A has an expense ratio of 1.66%, which is 68% 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 Structured Income A has a portfolio turnover rate of 55%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 361% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, Holbrook Structured Income A returned 0.5%, which earned it a grade of A, as the Securitized Bond - Diversified 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.
Holbrook Structured Income A has a trailing yield of 6.21%, which is above the 5.10% 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.
Holbrook Structured Income A Grades
Year to date, the fund has returned 3.2%, 2.1 percentage points better than the category, which translates into a grade of A. The fund has returned 6.0% over the past year (grade of A) and 8.1% over the past three years (grade of A).
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HOSAX 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 |
|
| HOSAX Return (NAV) | 0.5% | 1.5% | 6.0% | 8.1% | na | na |
| HOSAX Grade | A | A | A | A | na | na |
| +/- Category | 1.2% | 1.5% | 1.5% | 1.9% | na | na |
| Securitized Bond - Diversified Avg | -0.7% | -0.0% | 4.6% | 6.2% | 2.1% | 2.6% |
| HOSAX Tax Cost Ratio | na | na | 2.5% | 3.1% | na | na |
HOSAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HOSAX Return (NAV) | 3.2% | 6.3% | 10.0% | 10.3% | na | na | na | na | na | na | na |
| HOSAX Grade | A | F | A | A | na | na | na | na | na | na | na |
| +/- Category | 2.1% | -1.8% | 4.2% | 3.7% | na | na | na | na | na | na | na |
| Securitized Bond - Diversified Avg | 1.1% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 1.0% |
| Total Risk Index: | 0.08 - Low |
| Category Risk Index: | 0.22 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.00 |
| R-Squared: | 0% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $754 Mil |
| Fund Total Assets: | $ 38 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 55% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.3 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Carmack Scott (2022), Lai Ethan (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 170 |
| % in Top 10 Holdings: | 27.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 30.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 61.8% |
| Foreign Bond: | 30.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.7% |
Purchase Information
| Fund Family: | Holbrook Holdings |
| Phone Number: | 877-345-8646 |
| Website: |
| Status: | Open |
| Inception Date: | May 2, 2022 |
| 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 (%): | 1.66% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Holbrook Structured Income I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
