Fund Evaluator:

Symmetry Panoramic US Fixed Income I Overview

Symmetry Panoramic US Fixed Income I (SPUBX) is an actively managed Taxable Bond Intermediate Core Bond fund. Symmetry Partners launched the fund in 2018.

The investment seeks income and capital appreciation through systematic exposure to U.S. fixed income securities. Under normal circumstances, the fund will invest, directly or indirectly, at least 80% of its net assets in U.S. fixed income securities. The fund may invest up to 20% of its net assets in foreign issuers. It generally will invest in U.S. treasury obligations, other U.S. government and agency obligations, bank obligations, corporate bonds, asset-backed securities, mortgage-related and mortgage-backed securities, commercial paper, repurchase agreements, and other debt obligations and cash and cash equivalents.

About Symmetry Panoramic US Fixed Income I (SPUBX)

There are 5 members of the management team with an average tenure of 2.64 years: Jan Ho (2023), John McDermott (2018), David Connelly (2026), Mark Willauer (2024), Santosh Prasad (2025). 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%. Symmetry Panoramic US Fixed Income I has 439 securities in its portfolio. The top 10 holdings constitute 18.5% 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.

Symmetry Panoramic US Fixed Income I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Symmetry Panoramic US Fixed Income I has 10.5% 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 98.8% (88.3% domestic bond, 10.5% foreign bond and 0.0% convertible bond). Symmetry Panoramic US Fixed Income I has 1.2% of the portfolio in cash.

Assets Under Management

The fund has $159 million in total assets, which is below the $3 billion average for the Intermediate Core 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.

SPUBX 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 Symmetry Panoramic US Fixed Income I expense ratio is average compared to funds in the Intermediate Core Bond category. Symmetry Panoramic US Fixed Income I has an expense ratio of 0.50%, which is 12% 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. Symmetry Panoramic US Fixed Income I has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.

Recently, in the month of July 2026, Symmetry Panoramic US Fixed Income I returned -1.2%, which earned it a grade of A, as the Intermediate Core Bond category had an average return of -1.3%. 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.

Symmetry Panoramic US Fixed Income I has a trailing yield of 4.36%, which is above the 4.04% category average. The fund normally distributes its income monthly.

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.

Symmetry Panoramic US Fixed Income I Grades

Year to date, the fund has returned -0.6%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 2.8% over the past year (grade of B), 3.7% over the past three years (grade of C) and 0.3% per year over the past five years (grade of A).

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