Fund Evaluator:
PIA MBS Bond (PMTGX)
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Fund Details
PIA MBS Bond Overview
PIA MBS Bond (PMTGX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. PIA Mutual Funds launched the fund in 2006.
The investment seeks to provide a total rate of return that exceeds the Bloomberg U.S. MBS Fixed Rate Index. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in mortgage-backed securities, including commercial mortgage-backed securities. It may invest up to 10% of its net assets in futures, options, other derivatives, and up to 20% in other investment companies, including exchange-traded funds (“ETFs”). The fund may also invest up to 20% of its net assets in asset-backed securities.
About PIA MBS Bond (PMTGX)
There are 2 members of the management team with an average tenure of 6.76 years: Austin Rutledge (2021), Hsin Tong (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 MBS TR USD index with a weighting of 100%. PIA MBS Bond has 85 securities in its portfolio. The top 10 holdings constitute 21.6% 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 MBS Bond is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIA MBS Bond has 0.0% 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 91.4% (91.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PIA MBS Bond has 8.6% of the portfolio in cash.
Assets Under Management
The fund has $101 million in total assets, which is below the $732 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.
PMTGX 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 MBS Bond expense ratio is below average compared to funds in the Miscellaneous Fixed Income category. PIA MBS Bond has an expense ratio of 0.28%, which is 2% 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 MBS 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 120% for the Miscellaneous Fixed Income category.
Recently, in the month of June 2026, PIA MBS Bond returned 0.3%, which earned it a grade of D, 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 MBS Bond has a trailing yield of 4.12%, which is below the 5.96% 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 MBS Bond Grades
Year to date, the fund has returned 0.9%, 1.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.8% over the past year (grade of D), 4.1% over the past three years (grade of F) and 0.4% per year over the past five years (grade of F) and 1.2% per year over the past 10 years (grade of F).
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PMTGX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PMTGX Return (NAV) | 0.3% | 0.7% | 4.8% | 4.1% | 0.4% | 1.2% |
| PMTGX Grade | D | F | D | F | F | F |
| +/- Category | -0.2% | -1.2% | -1.7% | -3.1% | -1.7% | -1.9% |
| Miscellaneous Fixed Income Avg | 0.5% | 1.9% | 6.5% | 7.2% | 2.1% | 3.1% |
| PMTGX Tax Cost Ratio | na | na | 1.7% | 1.6% | 1.3% | 1.2% |
PMTGX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PMTGX Return (NAV) | 0.9% | 7.8% | 1.0% | 4.7% | -11.2% | -1.2% | 3.8% | 6.0% | 0.7% | 2.3% | 1.7% |
| PMTGX Grade | F | C | F | F | C | F | D | F | D | F | D |
| +/- Category | -1.2% | -0.0% | -5.3% | -4.1% | -0.6% | -3.4% | -2.3% | -3.0% | 0.4% | -2.6% | -2.6% |
| Miscellaneous Fixed Income Avg | 2.1% | 7.9% | 6.3% | 8.8% | -10.6% | 2.2% | 6.2% | 9.0% | 0.4% | 5.0% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 1.24 - Above Average |
| Category Risk Grade: | D (74% Rank) |
| Beta: | 1.14 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $101 Mil |
| Fund Total Assets: | $ 101 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 12% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.3 years | |||
| Average Tenure: 6.8 years | |||
| Managers (Year): Tong Hsin (2018), Rutledge Austin (2021) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 85 |
| % in Top 10 Holdings: | 21.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.6% |
Purchase Information
| Fund Family: | PIA Mutual Funds |
| Phone Number: | 800-251-1970 |
| Website: | www.pacificincome.com |
| Status: | Open |
| Inception Date: | February 28, 2006 |
| 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 (%): | 0.28% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.28% |
| Share Class: | PIA MBS Bond |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
