Fund Evaluator:
Medlst MBS Ttl Rtn Inv (SEMPX)
Follow This Fund
Best Performing in Securitized Bond - Diversified Over the Last Year
| 8.3% | Putnam Mortgage Securities Y (PUSYX) |
| 7.8% | Putnam Mortgage Opportunities Y (PMOYX) |
| 6.0% | Diamond Hill Securitized Total Return I (DHWIX) |
| 5.7% | Diamond Hill Securitized Total Ret Inv (DHWAX) |
| 5.5% | Medlst MBS Ttl Rtn Inv (SEMPX) |
Fund Details
Medlst MBS Ttl Rtn Inv Overview
Medlst MBS Ttl Rtn Inv (SEMPX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Medalist Partners, LP launched the fund in 2013.
The investment seeks to provide a high level of risk-adjusted current income and capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in mortgage-backed securities ("MBS"). The weighted average maturity of the fund's MBS investments will generally range from between 1 and 10 years and the fund may invest without limit in MBS that are rated below investment grade (i.e., "high yield" or "junk" ratings).
About Medlst MBS Ttl Rtn Inv (SEMPX)
There are 3 members of the management team with an average tenure of 5.34 years: Thomas Mandel (2015), Greg Richter (2023), James Buccola (2024). 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%. Medlst MBS Ttl Rtn Inv has 169 securities in its portfolio. The top 10 holdings constitute 17.2% 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.
Medlst MBS Ttl Rtn Inv is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Medlst MBS Ttl Rtn Inv has 1.5% 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 98.6% (97.1% domestic bond, 1.5% foreign bond and 0.0% convertible bond). Medlst MBS Ttl Rtn Inv has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $20 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified 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.
SEMPX 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 Medlst MBS Ttl Rtn Inv expense ratio is high compared to funds in the Securitized Bond - Diversified category. Medlst MBS Ttl Rtn Inv has an expense ratio of 1.14%, which is 15% higher than its category average, making the fund expense ratio grade a D. 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. Medlst MBS Ttl Rtn Inv has a portfolio turnover rate of 74%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 387% for the Securitized Bond - Diversified category.
Recently, in the month of June 2026, Medlst MBS Ttl Rtn Inv returned 0.5%, which earned it a grade of B, as the Securitized Bond - Diversified category had an average return of 0.4%. 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.
Medlst MBS Ttl Rtn Inv has a trailing yield of 5.69%, which is above the 5.06% 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.
Medlst MBS Ttl Rtn Inv Grades
Year to date, the fund has returned 1.5%, 0.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 5.5% over the past year (grade of B), 9.4% over the past three years (grade of A) and 4.2% per year over the past five years (grade of B) and 3.6% per year over the past 10 years (grade of B).
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 Medlst MBS Ttl Rtn Inv, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
SEMPX 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 |
|
| SEMPX Return (NAV) | 0.5% | 1.1% | 5.5% | 9.4% | 4.2% | 3.6% |
| SEMPX Grade | B | C | B | A | B | B |
| +/- Category | 0.1% | 0.0% | 0.3% | 2.8% | 1.9% | 0.9% |
| Securitized Bond - Diversified Avg | 0.4% | 1.0% | 5.3% | 6.6% | 2.3% | 2.7% |
| SEMPX Tax Cost Ratio | na | na | 2.3% | 2.7% | 2.5% | 2.3% |
SEMPX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SEMPX Return (NAV) | 1.5% | 8.5% | 13.0% | 12.4% | -13.4% | 6.7% | -7.1% | 4.5% | 3.7% | 5.9% | 3.1% |
| SEMPX Grade | C | B | A | A | D | A | F | F | A | B | C |
| +/- Category | -0.3% | 0.4% | 7.3% | 5.8% | -4.1% | 4.9% | -8.4% | -2.7% | 1.8% | 1.7% | 0.1% |
| Securitized Bond - Diversified Avg | 1.8% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 2.8% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 0.64 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | 0.36 |
| R-Squared: | 51% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $362 Mil |
| Fund Total Assets: | $ 21 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 74% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.5 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Mandel Thomas (2015), Richter Greg (2023), Buccola James (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 169 |
| % in Top 10 Holdings: | 17.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.1% |
| Foreign Bond: | 1.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | Medalist Partners, LP |
| Phone Number: | 855-736-7799 |
| Website: | www.sempercap.com |
| Status: | Open |
| Inception Date: | July 22, 2013 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.14% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Medlst MBS Ttl Rtn Inst |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $1,000 |
