Fund Evaluator:
PIA Short Term Securities Adv (PIASX)
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Fund Details
PIA Short Term Securities Adv Overview
PIA Short Term Securities Adv (PIASX) is an actively managed Taxable Bond Ultrashort Bond fund. PIA Mutual Funds launched the fund in 1994.
The investment seeks a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities. The fund is a diversified investment company that normally invests at least 80% of its net assets in short-term securities having a duration of less than three years. Under normal market conditions, it purchases securities rated BBB- and/or Baa3 or better by a Nationally Recognized Statistical Rating Organization. The fund may invest up to 10% of net assets in debt futures contracts, option contracts, options on securities and options on debt futures.
About PIA Short Term Securities Adv (PIASX)
There are 3 members of the management team with an average tenure of 5.75 years: Hsin Tong (2018), Joe McAdams (2025), 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 ICE BofA 1-Y US Trsy Note TR USD index with a weighting of 100%. PIA Short Term Securities Adv has 118 securities in its portfolio. The top 10 holdings constitute 33.4% 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 Short Term Securities Adv is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIA Short Term Securities Adv has 9.6% 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 86.4% (76.8% domestic bond, 9.6% foreign bond and 0.0% convertible bond). PIA Short Term Securities Adv has 13.6% of the portfolio in cash.
Assets Under Management
The fund has $178 million in total assets, which is below the $950 million average for the Ultrashort 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.
PIASX 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 Short Term Securities Adv expense ratio is below average compared to funds in the Ultrashort Bond category. PIA Short Term Securities Adv has an expense ratio of 0.39%, which is 13% 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. PIA Short Term Securities Adv has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, PIA Short Term Securities Adv returned 0.2%, which earned it a grade of F, as the Ultrashort 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.
PIA Short Term Securities Adv has a trailing yield of 4.32%, which is above the 4.21% 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 Short Term Securities Adv Grades
Year to date, the fund has returned 1.5%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.8% over the past year (grade of F), 4.9% over the past three years (grade of D) and 3.2% per year over the past five years (grade of F) and 2.4% per year over the past 10 years (grade of F).
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PIASX 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 |
|
| PIASX Return (NAV) | 0.2% | 0.7% | 3.8% | 4.9% | 3.2% | 2.4% |
| PIASX Grade | F | F | F | D | F | F |
| +/- Category | -0.1% | -0.3% | -0.4% | -0.2% | -0.4% | -0.3% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| PIASX Tax Cost Ratio | na | na | 1.7% | 1.8% | 1.4% | 1.0% |
PIASX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PIASX Return (NAV) | 1.5% | 5.1% | 5.2% | 5.6% | -1.0% | -0.0% | 1.9% | 3.2% | 1.2% | 1.0% | 1.5% |
| PIASX Grade | F | B | F | D | F | D | B | B | F | F | C |
| +/- Category | -0.6% | 0.2% | -0.6% | -0.3% | -0.9% | -0.1% | 0.3% | 0.1% | -0.5% | -0.6% | -0.0% |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 1.0% |
| Total Risk Index: | 0.08 - Low |
| Category Risk Index: | 1.68 - High |
| Category Risk Grade: | F (97% Rank) |
| Beta: | 0.14 |
| R-Squared: | 78% |
| 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: | $178 Mil |
| Fund Total Assets: | $ 178 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 43% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.3 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): Tong Hsin (2018), Hargaden Rory (2018), McAdams Joe (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 118 |
| % in Top 10 Holdings: | 33.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 76.8% |
| Foreign Bond: | 9.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 13.6% |
Purchase Information
| Fund Family: | PIA Mutual Funds |
| Phone Number: | 800-251-1970 |
| Website: | www.pacificincome.com |
| Status: | Open |
| Inception Date: | April 29, 1994 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 100 |
| 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 (%): | 0.39% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | PIA Short Term Securities Adv |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
