Published Date: February 10, 2026
Author: HANetf
The Performance Trust Total Return Bond UCITS ETF (the “ETF”) returned 1.24% for the fourth quarter of 2025, while the Bloomberg US Aggregate Bond Index (the “Index”) returned 1.10%, and the Morningstar Global Flexible Bond Category (the “Category”) returned 1.02%.
Despite providing positive total returns for the quarter, U.S. Treasuries and Taxable Municipals detracted from ETF performance. These are longer sectors that we consider “Interest Rate Offense” for the ETF, and performance was diminished by the rates-up move at the long end of the Treasury curve. Additionally, Collateralised Loan Obligations (CLOs) detracted from performance.
The greatest contributors to ETF performance during the quarter were Non-Agency RMBS, High-Yield Corporates, Investment-Grade Corporates, and Commercial Mortgage-Backed Securities (CMBS). These four sectors delivered solid performance driven by tightening spreads and/or the fall in rates at the short end of the Treasury curve.
We focus on building a well-diversified core bond fund that we believe can generate strong returns in multiple market environments. Our investment process, Shape Management, digs deeper into future return and risk outcomes than superficial traditional metrics like yield and duration.
Portfolio positioning during the quarter remained disciplined, with incremental adjustments reflecting a steeper yield curve and relative value opportunities rather than wholesale shifts. A key theme was reducing exposure to sectors that had benefitted most from prior tailwinds while reallocating toward areas offering better forward-looking, risk-adjusted return.
During the quarter, the ETF added to positioning in Tax-Exempt Municipals, primarily in the 16- to 20-year part of the curve. We believe this sector offers compelling total return potential, even in a taxable ETF, given their attractive spreads and enticing roll-down potential with notable steepness in the AAA MMD (benchmark Municipal bond curve). The ETF also increased its exposure to Regional and Community Banks (Investment-Grade Corporate Financials) in the intermediate part of the curve. Lastly, the ETF added to long-dated Taxable Municipal bonds with strong structures and attractive convexity profiles.
Interest Rate Offense was expressed through longer-maturity, high-quality issuers, such as Taxable Municipals and U.S. Treasuries. These securities provide attractive total-return potential without sacrificing credit quality. Importantly, the ETF continues to favour structured credit, such as Commercial Mortgage-Backed Securities and higher-quality CLO tranches, as a means of maintaining income and combatting risk pertaining to spread widening. We also believe Investment-Grade Corporates (Banks) offer compelling income, steep yield curve roll, and attractive structures as another form of our Interest Rate Defence.
The fourth quarter of 2025 was marked by continued curve steepening. Treasury yields declined at the short and ultra-short end of the curve, were largely unchanged in the intermediate tenors, and rose modestly at the long end, with the 20-year Treasury yield increasing by 9 basis points. This dynamic followed a broader 2025 trend in which front- and intermediate-maturity yields fell meaningfully, while long-dated yields were relatively stable to modestly higher, otherwise known as a “bull-steepening” environment.
Credit markets delivered mixed results in Q4. Investment-Grade Corporate (IG) spreads widened modestly (4 bps) during the quarter. In contrast, Agency Mortgage-Backed Securities were among the strongest performers in Q4, benefitting from significant spread tightening (9 bps) that pushed valuations to historically tight levels on an option-adjusted basis.
Source: PT Asset Management. Additional sources available upon request. All data as of 31/12/2025. Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
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