Fund Evaluator:
1290 Diversified Bond I (TNUIX)
Follow This Fund
Best Performing in Nontraditional Bond Over the Last Year
| 11.2% | Artisan Global Unconstrained Investor (APFPX) |
| 6.3% | Goldman Sachs Dynamic Bond Inv (GZIRX) |
| 5.2% | PGIM Absolute Return Bond Z (PADZX) |
| 4.9% | Spectrum Low Volatility Investor (SVARX) |
| 4.8% | Spectrum Unconstrained Investor (SUNBX) |
Fund Details
1290 Diversified Bond I Overview
1290 Diversified Bond I (TNUIX) is an actively managed Taxable Bond Nontraditional Bond fund. 1290 Funds launched the fund in 2015.
The investment seeks to maximize total return consisting of income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of U.S. and foreign bonds or other debt securities of varying maturities and other instruments that provide investment exposure to such debt securities, including forwards or derivatives such as options, futures contracts or swap agreements.
About 1290 Diversified Bond I (TNUIX)
There are 8 members of the management team with an average tenure of 4.42 years: Kenneth Kozlowski (2015), Xavier Poutas (2026), Anujeet Sareen (2018), Brian Kloss (2020), Tracy Chen (2018), Miao Hu (2026), Kevin McCarthy (2026), Paul Mielczarski (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%. 1290 Diversified Bond I has 63 securities in its portfolio. The top 10 holdings constitute 101.1% 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.
1290 Diversified Bond I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. 1290 Diversified Bond I has 46.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1%. There is 6.0% allocated to foreign stock, and 1.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 83.7% (43.6% domestic bond, 40.1% foreign bond and 0.2% convertible bond). 1290 Diversified Bond I has 9.0% of the portfolio in cash.
Assets Under Management
The fund has $591 million in total assets, which is below 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.
TNUIX 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 1290 Diversified Bond I expense ratio is average compared to funds in the Nontraditional Bond category. 1290 Diversified Bond I has an expense ratio of 0.50%, which is 65% lower than its category average, making the fund expense ratio grade a A. 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. 1290 Diversified Bond I has a portfolio turnover rate of 208%, 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, 1290 Diversified Bond I returned -0.1%, which earned it a grade of B, 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.
1290 Diversified Bond I has a trailing yield of 4.85%, which is below the 4.94% 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.
1290 Diversified Bond I Grades
Year to date, the fund has returned 2.8%, 1.6 percentage points better than the category, which translates into a grade of A. The fund has returned 6.3% over the past year (grade of A), 3.7% over the past three years (grade of F) and -0.8% per year over the past five years (grade of F) and 3.1% per year over the past 10 years (grade of D).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about 1290 Diversified Bond I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
TNUIX 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 |
|
| TNUIX Return (NAV) | -0.1% | 2.2% | 6.3% | 3.7% | -0.8% | 3.1% |
| TNUIX Grade | B | A | A | F | F | D |
| +/- Category | 0.1% | 1.8% | 1.9% | -1.9% | -3.3% | -0.1% |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| TNUIX Tax Cost Ratio | na | na | 1.9% | 2.3% | 1.9% | 1.6% |
TNUIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TNUIX Return (NAV) | 2.8% | 10.7% | -3.6% | 3.2% | -12.6% | -2.5% | 17.2% | 10.3% | 2.3% | 4.4% | 4.1% |
| TNUIX Grade | A | A | F | F | F | F | A | A | A | C | D |
| +/- Category | 1.6% | 3.8% | -9.1% | -3.3% | -6.5% | -3.8% | 11.7% | 3.8% | 3.1% | 0.3% | -2.3% |
| 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: | 9.4% |
| Total Risk Index: | 0.76 - Below Average |
| Category Risk Index: | 2.62 - High |
| Category Risk Grade: | F (97% Rank) |
| Beta: | 1.56 |
| R-Squared: | 87% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 4.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $596 Mil |
| Fund Total Assets: | $ 592 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 208% |
Management Team
| Number of Managers: 8 | |||
| Longest Tenure: 11.1 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Kozlowski Kenneth (2015), Sareen Anujeet (2018), Chen Tracy (2018), Kloss Brian (2020), Mielczarski Paul (2025), Hu Miao (2026), McCarthy Kevin (2026), Poutas Xavier (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 63 |
| % in Top 10 Holdings: | 101.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 46.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 6.0% |
| Preferred Stock: | 1.0% |
| Domestic Bond: | 43.6% |
| Foreign Bond: | 40.1% |
| Convertible Bond: | 0.2% |
| Other: | 0.0% |
| Cash: | 9.0% |
Purchase Information
| Fund Family: | 1290 Funds |
| Phone Number: | 888-310-0416 |
| Website: | www.1290Funds.com |
| Status: | Open |
| Inception Date: | July 6, 2015 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.50% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | 1290 Diversified Bond I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
