Fund Evaluator:
PIA BBB Bond (PBBBX)
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Best Performing in Miscellaneous Fixed Income Over the Last Year
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Fund Details
PIA BBB Bond Overview
PIA BBB Bond (PBBBX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. PIA Mutual Funds launched the fund in 2003.
The investment seeks to provide a total rate of return that approximates that of bonds rated within the BBB category by credit rating agencies currently registered as nationally recognized statistical rating organizations (“NRSROs”). Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds rated BBB by S&P Global Ratings, Baa by Moody’s Ratings or BBB by Fitch Ratings. It may invest up to 50% of its total assets in securities of foreign issuers denominated in U.S. dollars, including issuers located in emerging markets.
About PIA BBB Bond (PBBBX)
There are 2 members of the management team with an average tenure of 8.43 years: Hsin Tong (2018), Rory Hargaden (2018). 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 Baa TR USD index with a weighting of 100%. PIA BBB Bond has 274 securities in its portfolio. The top 10 holdings constitute 10.9% 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.
PIA BBB Bond is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIA BBB Bond has 18.5% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.3% (80.8% domestic bond, 18.5% foreign bond and 0.0% convertible bond). PIA BBB Bond has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $180 million in total assets, which is below the $716 million average for the Miscellaneous Fixed Income 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.
PBBBX 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 PIA BBB Bond expense ratio is low compared to funds in the Miscellaneous Fixed Income category. PIA BBB Bond has an expense ratio of 0.19%, which is 28% lower 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. PIA BBB Bond has a portfolio turnover rate of 12%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 109% for the Miscellaneous Fixed Income category.
Recently, in the month of August 2026, PIA BBB Bond returned 0.6%, which earned it a grade of B, as the Miscellaneous Fixed Income category had an average return of 0.5%. 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.
PIA BBB Bond has a trailing yield of 4.27%, which is below the 5.72% 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.
PIA BBB Bond Grades
Year to date, the fund has returned -0.3%, 2.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.1% over the past year (grade of F), 5.3% over the past three years (grade of D) and 0.0% per year over the past five years (grade of F) and 2.5% per year over the past 10 years (grade of D).
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PBBBX 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 |
|
| PBBBX Return (NAV) | 0.6% | -1.0% | 2.1% | 5.3% | 0.0% | 2.5% |
| PBBBX Grade | B | F | F | D | F | D |
| +/- Category | 0.1% | -1.3% | -2.8% | -1.4% | -1.7% | -0.4% |
| Miscellaneous Fixed Income Avg | 0.5% | 0.3% | 4.9% | 6.7% | 1.8% | 2.9% |
| PBBBX Tax Cost Ratio | na | na | 1.7% | 1.6% | 1.5% | 1.5% |
PBBBX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PBBBX Return (NAV) | -0.3% | 8.1% | 2.4% | 9.2% | -16.1% | -1.2% | 9.4% | 16.5% | -3.0% | 7.2% | 7.4% |
| PBBBX Grade | F | C | D | B | F | F | A | A | F | B | A |
| +/- Category | -2.3% | 0.7% | -3.6% | 0.6% | -5.9% | -3.4% | 3.4% | 7.8% | -3.5% | 2.2% | 3.3% |
| Miscellaneous Fixed Income Avg | 2.0% | 7.5% | 6.0% | 8.6% | -10.2% | 2.2% | 6.0% | 8.7% | 0.4% | 5.0% | 4.1% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.53 - Below Average |
| Category Risk Index: | 1.27 - Above Average |
| Category Risk Grade: | D (76% Rank) |
| Beta: | 1.12 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $180 Mil |
| Fund Total Assets: | $ 180 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 12% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.4 years | |||
| Average Tenure: 8.4 years | |||
| Managers (Year): Tong Hsin (2018), Hargaden Rory (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 274 |
| % in Top 10 Holdings: | 10.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 18.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 80.8% |
| Foreign Bond: | 18.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | PIA Mutual Funds |
| Phone Number: | 800-251-1970 |
| Website: | www.pacificincome.com |
| Status: | Open |
| Inception Date: | September 25, 2003 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 0.19% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.26% |
| Share Class: | PIA BBB Bond |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
