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Investment Objective

Seeks to provide total return, comprised of current income and capital appreciation


Guggenheim Total Return Bond Fund

Anne Walsh Video

Anne Walsh

Senior Managing Director and Chief Investment Officer, Fixed Income

Investment Management Team

Scott Minerd
Global Chief Investment Officer Managing Partner

Anne Walsh
Senior Managing Director and Chief Investment Officer, Fixed Income

Steven Brown
Managing Director and Portfolio Manager

Adam Bloch
Director and Portfolio Manager

The Value of Fixed-Income Active Management

Given a consensus outlook for low-to-increasing interest rates, relatively lower total returns in investment grade bonds is a potential market reality investors will need to cope with.

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Barron’s: Winning Teamwork

Drawing on the strengths of four autonomous groups, the Guggenheim Total Return Bond Fund has outpaced most of its peers over the past three years.

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The Future of Core Fixed Income

Given the current interest rate environment, it may make sense to shift away from traditional core fixed income management to a more diversified, multi-sector approach. We believe this approach offers a more sustainable way to manage interest rate risk and generate attractive returns.

Discover Guggenheim Total Return Bond Fund:

  • Access to Guggenheim’s unique active fixed income capabilities that combine in-depth macro research, intensive fundamental research and legal analysis, and rigorous risk management.
  • Diversified, multi-sector fixed income strategy investing primarily in investment-grade fixed income securities across multiple sectors.
  • Employs a more active fixed income approach, offering an opportunity to capitalize on changing relative values in fixed income securities/sectors.

Average Annual Total Returns


Total Return Bond Chart

Guggenheim Total Return Bond Fund (GIBIX)

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Bloomberg Barclays U.S. Aggregate Bond Index

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Bank of America Merrill Lynch 3 Month T-Bill Index

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Sector Allocation Comparison - Guggenheim Total Return Bond Fund vs Benchmark

Click and Drag pip_handle.jpg to change time periods and view respective data


As of December 2016

Correlation: A measurement between -1 and 1, which indicates the linear relationship between two variables. If there is no relationship between two variables, the correlation coefficient is 0. If there is a perfect relationship, the correlation is 1. And if there is a perfect inverse relationship, the correlation is -1.

Duration is a measure of interest-rate sensitivity of a fixed-income security based on an interest rate change of 1% or 100 basis points.

Weighted average effective duration of the securities comprising the fund portfolio or the index. Effective duration takes into account any embedded options (i.e., a put or a call) and reflects the expected change in future cash flows caused by the options in response to changing interest rates.

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime.

Sector Allocation Breakdown Over Time

Hover mouse over chart for additional detail.

Cash was set to zero for periods where the ending cash balance was negative due to traded but not settled trades.

Chart illustrates values of a hypothetical $10,000 investment made on the fund's inception date, plotted monthly, to the most recent year-end, with dividends and capital gains reinvested.

Annualized Volatility: is measured by standard deviation, a statistical measure of the historical volatility of an investment, usually computed using 36 monthly returns.

Standard Deviation: A statistical measure of the historical volatility of an investment, usually computed using 36 monthly returns.

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime.

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. For standard performance and performance current to the most recent month end, click here.

The Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days.

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).

Index performance is for illustration purposes only and is not meant to represent any particular fund. Returns do not reflect any management fees, transaction costs or expenses. The index is unmanaged and not available for direct investment.

Past performance is no guarantee of future results.

*As of 12.31.2017, the Institutional Class was rated, based on its risk-adjusted returns, 5 stars Overall, 5 stars for 3 years, and 5 stars for 5 years among 847, 847, and 778 Intermediate-Term Bond funds, respectively.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products with at least a three-year history and does not include the effect of sales charges. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-year. 5-year, and 10-year (if applicable) Morningstar Rating metrics.

©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary of Morningstar and /or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, nor its content providers, are responsible for any damages or losses arising from any use of its information.

This Fund may not be suitable for all investors. • Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing the value of the Fund’s holdings and share price to decline. • Investors in asset-backed securities, including collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. • High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. • The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if it had not been leveraged. The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. • Investments in reverse repurchase agreements expose the Fund to many of the same risks as leveraged instruments, such as derivatives. • Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans may offer a fixed or floating interest rate and are often generally below investment grade and may be unrated. • You may have a gain or loss when you sell your shares. • Please read the prospectus for more detailed information regarding these and other risks.

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available), click here or call 800.820.0888.

Investing involves risk, including the possible loss of principal.

©2018 Guggenheim Investments. All Rights Reserved.

• Not FDIC Insured • No Bank Guarantee • May Lose Value

The referenced funds are distributed by Guggenheim Funds Distributors, LLC. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Guggenheim Partners Investment Management ("GPIM") and Security Investors, LLC ("SI"), the investment advisors to the referenced funds. Guggenheim Funds Distributors, LLC, is affiliated with Guggenheim, SI, and GPIM.

This website is directed to and intended for use by citizens or residents of the United States of America only. The material provided on this website is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Investing involves risk, including the possible loss of principal.