The Fund Grade · free · no account needed
What grade does PBFDX get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Payson Total Return Fund
#100 of 500 graded active funds · blend · large segment peer group
The point · specialist footprint
PBFDX puts more of its book behind proven specialists than 85% of graded funds.
Bottom 20%
Bottom 40%
Middle
Top 40%
● Top 20%
That has mattered: over the past 2.7 years, funds on this rung beat bottom-rung funds by about 3.8% per quarter, and beat the S&P in 43% of fund-quarters versus their 22%. The evidence argues this fund earns its seat.
10,000+ funds tracked · the graded specialists among them drive every read
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
PBFDX vs the Honor Roll · share card ↗Conviction exposure
51.3%
of the book in specialist-converged names
Late-stage weight
11.9%
of the book in Crowded or Fading names
Active share
86%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
Payson Total Return Fund earns a B grade and ranks 100th out of 500 graded funds, with specialists holding just over half the portfolio. The early positions in ABBV, CAT, and TMO stand out as genuinely early-stage conviction, while AVGO at 6.1% is the biggest concern, with specialists actively leaving that trade.
→ Watch the AVGO position closely, as specialists are fading a 6.1% weight, making it the fund's clearest near-term risk.
→ The early-stage entries in ABBV, CAT, and TMO suggest the fund is ahead of consensus there, worth monitoring for confirmation.
Support leaving these positions
Read from today's disclosed book. Evidence, not advice.