Fund Evaluator:
Payson Total Return (PBFDX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
Payson Total Return Overview
Payson Total Return (PBFDX) is an actively managed U.S. Equity Large Blend fund. Payson Funds launched the fund in 1991.
The investment seeks a combination of high current income and capital appreciation. The fund invests primarily in common stock and convertible securities of large and mid capitalization domestic companies. Its investment adviser defines large capitalization domestic companies as those companies with market capitalizations in excess of $12 billion and mid capitalization domestic companies as those companies with market capitalizations in the range of $2 billion to $12 billion. The fund is non-diversified.
About Payson Total Return (PBFDX)
There are 4 members of the management team with an average tenure of 6.38 years: Noah Petrucci (2024), Benjamin Michaud (2024), Jeffrey Soules (2024), Peter Robbins (2008). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Payson Total Return has 29 securities in its portfolio. The top 10 holdings constitute 63.7% 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.
Payson Total Return is part of the Equity global asset class and is within the U.S. Equity fund group. Payson Total Return has 7.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.5%. There is 7.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Payson Total Return has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $324 million in total assets, which is below the $6 billion average for the Large Blend 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.
PBFDX 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 Payson Total Return expense ratio is high compared to funds in the Large Blend category. Payson Total Return has an expense ratio of 0.80%, which is 1% lower than its category average, making the fund expense ratio grade a C. 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. Payson Total Return has a portfolio turnover rate of 31%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of August 2026, Payson Total Return returned 1.6%, which earned it a grade of D, as the Large Blend category had an average return of 2.1%. 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.
Payson Total Return has a trailing yield of 0.11%, which is below the 0.55% category average. The fund normally distributes its income quarterly 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.
Payson Total Return Grades
Year to date, the fund has returned 14.7%, 3.0 percentage points better than the category, which translates into a grade of A. The fund has returned 24.8% over the past year (grade of A), 21.1% over the past three years (grade of B) and 13.6% per year over the past five years (grade of A) and 16.4% per year over the past 10 years (grade of A).
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PBFDX 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 |
|
| PBFDX Return (NAV) | 1.6% | 1.8% | 24.8% | 21.1% | 13.6% | 16.4% |
| PBFDX Grade | D | C | A | B | A | A |
| +/- Category | -0.6% | -0.5% | 7.2% | 2.3% | 2.6% | 2.5% |
| Large Blend Avg | 2.1% | 2.3% | 17.6% | 18.8% | 11.0% | 13.9% |
| PBFDX Tax Cost Ratio | na | na | 0.5% | 1.2% | 1.5% | 1.2% |
PBFDX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PBFDX Return (NAV) | 14.7% | 21.2% | 21.6% | 23.1% | -14.6% | 30.9% | 20.5% | 31.7% | -1.8% | 21.7% | 10.3% |
| PBFDX Grade | A | A | D | D | B | A | B | B | A | B | C |
| +/- Category | 3.0% | 5.4% | -0.5% | -0.6% | 2.7% | 4.4% | 3.0% | 1.8% | 4.1% | 0.4% | 0.1% |
| Large Blend Avg | 11.6% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 14.3% |
| Total Risk Index: | 1.18 - Above Average |
| Category Risk Index: | 1.09 - High |
| Category Risk Grade: | F (90% Rank) |
| Beta: | 1.05 |
| R-Squared: | 89% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $324 Mil |
| Fund Total Assets: | $ 325 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 31% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 17.8 years | |||
| Average Tenure: 6.4 years | |||
| Managers (Year): Robbins Peter (2008), Petrucci Noah (2024), Michaud Benjamin (2024), Soules Jeffrey (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 63.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 7.2% |
Portfolio Allocation |
|
| Domestic Stock: | 92.5% |
| Foreign Stock: | 7.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | Payson Funds |
| Phone Number: | 800-805-8258 |
| Website: | www.hmpayson.com |
| Status: | Open |
| Inception Date: | November 25, 1991 |
| Min. Initial Purchase: | $2,000 |
| 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 (%): | 0.80% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Payson Total Return |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 250 |
