Fund Evaluator:
Kensington Managed Income Inst (KAMIX)
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Best Performing in Nontraditional Bond Over the Last Year
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Fund Details
Kensington Managed Income Inst Overview
Kensington Managed Income Inst (KAMIX) is an actively managed Taxable Bond Nontraditional Bond fund. Kensington Asset Management LLC launched the fund in 2019.
The investment seeks total return which consists of income and capital appreciation. The fund will gain exposure to fixed-income securities primarily by investing in one or more of the following investment types (1) other mutual funds and exchange-traded funds (“ETFs”) (“underlying funds”) that invest in higher-yielding, income-producing securities, (2) individual bonds, including high-yield bonds, (3) credit default swaps and credit default index swaps, and options on such instruments, and/or (4) index futures and bond futures. It is non-diversified.
About Kensington Managed Income Inst (KAMIX)
There are 4 members of the management team with an average tenure of 4.87 years: Bruce DeLaurentis (2019), Patrick Sommerstad (2022), Jason Sim (2022), Jordan Flebotte (2022). 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 Morningstar US Core Bd TR USD index with a weighting of 100%. Kensington Managed Income Inst has 16 securities in its portfolio. The top 10 holdings constitute 89.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Kensington Managed Income Inst is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Kensington Managed Income Inst has 13.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.6%. There is 0.3% allocated to foreign stock, and 0.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.6% (82.3% domestic bond, 13.3% foreign bond and 0.3% convertible bond). Kensington Managed Income Inst has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $715 million in total assets, which is above 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.
KAMIX 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 Kensington Managed Income Inst expense ratio is high compared to funds in the Nontraditional Bond category. Kensington Managed Income Inst has an expense ratio of 1.64%, which is 16% 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. Kensington Managed Income Inst has a portfolio turnover rate of 129%, 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, Kensington Managed Income Inst returned -0.5%, which earned it a grade of D, 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.
Kensington Managed Income Inst has a trailing yield of 5.36%, 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.
Kensington Managed Income Inst Grades
Year to date, the fund has returned 1.4%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 4.5% over the past year (grade of B), 4.9% over the past three years (grade of D) and 1.3% per year over the past five years (grade of D).
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KAMIX 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 |
|
| KAMIX Return (NAV) | -0.5% | 0.2% | 4.5% | 4.9% | 1.3% | na |
| KAMIX Grade | D | D | B | D | D | na |
| +/- Category | -0.3% | -0.2% | 0.1% | -0.7% | -1.2% | na |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| KAMIX Tax Cost Ratio | na | na | 2.1% | 2.1% | 1.6% | na |
KAMIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KAMIX Return (NAV) | 1.4% | 5.3% | 4.4% | 4.0% | -6.1% | 1.3% | 8.1% | na | na | na | na |
| KAMIX Grade | C | D | D | F | C | C | B | na | na | na | na |
| +/- Category | 0.1% | -1.5% | -1.1% | -2.6% | -0.1% | -0.0% | 2.7% | na | 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: | 3.7% |
| Total Risk Index: | 0.30 - Low |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (62% Rank) |
| Beta: | 0.45 |
| R-Squared: | 49% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.4% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $732 Mil |
| Fund Total Assets: | $ 716 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 129% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.2 years | |||
| Average Tenure: 4.9 years | |||
| Managers (Year): DeLaurentis Bruce (2019), Sommerstad Patrick (2022), Sim Jason (2022), Flebotte Jordan (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 16 |
| % in Top 10 Holdings: | 89.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 13.6% |
Portfolio Allocation |
|
| Domestic Stock: | 2.6% |
| Foreign Stock: | 0.3% |
| Preferred Stock: | 0.8% |
| Domestic Bond: | 82.3% |
| Foreign Bond: | 13.3% |
| Convertible Bond: | 0.3% |
| Other: | 0.2% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Kensington Asset Management LLC |
| Phone Number: | 855-375-3060 |
| Website: |
| Status: | Open |
| Inception Date: | May 31, 2019 |
| Min. Initial Purchase: | $25,000 |
| Min. Initial IRA Purchase: | $25,000 |
| 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 (%): | 1.64% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | Kensington Managed Income Inst |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 100 |
