Thompson Bond Fund Q1 2025 Commentary (THOPX)

Summary

• The Bond Fund (THOPX) outperformed its benchmarks in Q1 2025, driven by strong returns in asset-backed securities and select corporate bonds.
• We have repositioned the Fund defensively, increasing yield, reducing hybrid exposure, and boosting allocations to high-quality corporates and Treasuries.
• Despite economic uncertainty from potential tariffs, the Fund’s higher yield and improved credit quality should cushion performance in volatile markets.
• Given its 5.22% SEC yield and defensive posture, the Fund offers an attractive risk/reward profile versus longer bonds and equities in uncertain times.