Overview
R6
Shares
STRDX
Inception
Date
02.01.2018
Investment
Min.
N/A
Subsequent
Investment Min.1
N/A
Max. Up Front
Sales Charge
N/A
Max. Deferred
Sales Charge
N/A
1If subsequent investments are made as part of an AIP, the minimum is $25.
Philosophy & Process
In managing the fund, the portfolio management team employs a multi-faceted approach to generate excess return and uses a combination of top-down and bottom-up analysis, quantitative vs. qualitative analysis and fundamentals vs. valuation. There is a strong emphasis on risk management and an adherence to certain core investment beliefs:
- "If you cannot measure it, you cannot manage it."
- Avoid unintended exposures
- Average duration around 5 to 7 years with focus on high quality and risk management
- Participate in longer term trends - don't buy on short-term trends or try to time what is going on in the market
- Attempts to achieve risk-adjusted performance over time
Investment Considerations
The fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise the value of bond prices will decline. The fund may invest in more aggressive investments such as foreign securities which may expose the fund to currency and exchange rate fluctuations; derivatives (futures and swaps); mortgage backed securities sensitive to interest rates and high yield debt (also known as junk bonds), all of which may cause greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify risks.
Term | Class A Shares | Class C Shares | Class I Shares | Class R6 Shares |
---|---|---|---|---|
Ticker | BICAX | BICCX | BIBTX | STRDX |
Inception Date | 12.02.1999 | 02.01.2001 | 12.02.1999 | 02.01.2018 |
Investment Min. | $1,000 | $1,000 | $1,000,000 | N/A |
Subsequent Investment Min.2 | N/A | N/A | N/A | N/A |
Max. Up Front Sales Charge | 5.75% | N/A | N/A | N/A |
Max. Deferred Sales Charge | N/A | 1% | N/A | N/A |
2If subsequent investments are made as part of an AIP, the minimum is $25.
Performance
Term | QTR | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception |
---|---|---|---|---|---|---|---|
A Shares with 5.75% Sales Charge | -3.00% | -3.00% | -10.58% | -3.62% | -0.18% | 0.94% | 3.79% |
A Shares without Sales Charge | 2.92% | 2.92% | -5.12% | -1.69% | 1.01% | 1.55% | 4.06% |
Institutional Shares | 2.98% | 2.98% | -4.87% | -1.44% | 1.26% | 1.80% | 4.31% |
Lipper Core Bond Median | 3.13% | 3.13% | -5.29% | -1.85% | 0.85% | 1.32% | N/A |
The total expense ratios for Class A, C and I Shares are 0.70%, 1.45% and 0.45%, respectively. The gross expense ratio for Class R6 Shares is 0.45%. The net expense ratio for Class R6 Shares is 0.35%.
The Fund Administrator, Sterling Capital Management LLC, has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse the Fund .10% of the Class R6 average daily net assets for the period February 1, 2021 through January 31, 2022. Performance would have been lower without limitations in effect.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit the performance summary.
The performance of the Total Return Bond Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Class A Shares is 12.02.1999. The inception date for Class C Shares is 02.01.2001. The inception date for Class Inst'l Shares is 12.02.1999. The inception date for Class R6 Shares is 02.01.2018. The performance of Class C Shares is adjusted to reflect the 1% contingent deferred sales charge. The performance shown reflects the reinvestment of all dividend and capital gains distributions.
Characteristics
Quality Breakdown as of 03.31.2023
Credit quality ratings using Moody's rating symbols reflect the credit quality of the underlying bonds in the fund portfolio and not of the Fund itself. Moody's assigns a range of ratings from AAA being the highest quality to C being the lowest rated class of bonds. Securities not rated by Moody's may be rated by S&P, Fitch or if no agency rating is available, the Fund will assign a rating of not rated. Bond quality ratings are subject to change.
Name | Value |
---|---|
0-1 Yr. | 8.0 |
1-2 Yr. | 6.0 |
2-3 Yr. | 6.0 |
3-5 Yr. | 25.0 |
5-10 Yr. | 36.0 |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Name | Value |
---|---|
Number of Holdings | 326 |
Average Life | 9.00 Years |
Effective Duration | 6.29 Years |
Annual Turnover | 51% |
Composition | Fund | Index |
---|---|---|
Corporate | 24.3% | 24.6% |
Financial Institutions | 11.0% | 8.2% |
Industrial | 11.2% | 14.3% |
Utility | 2.1% | 2.1% |
Government Related | 5.6% | 5.1% |
Agency | 0.9% | 1.9% |
Local Authority | 4.7% | 0.8% |
Sovereign | 0.0% | 1.0% |
Supranational | 0.0% | 1.3% |
Securitized | 53.7% | 29.5% |
ABS | 13.7% | 0.4% |
CMBS | 13.5% | 1.8% |
CMO | 1.7% | 0.0% |
MBS Passthrough | 24.8% | 27.3% |
Treasury | 16.1% | 40.9% |
Treasury | 16.1% | 40.9% |
[Cash] | 0.4% | 0.0% |
[Cash] | 0.4% | 0.0% |
# | Company Name | Value |
---|---|---|
1 | U.S. Treasury 1.375% 15-Aug-2050 | 4.60% |
2 | U.S. Treasury 4.125% 15-Nov-2032 | 4.10% |
3 | U.S. Treasury 2.5% 15-Feb-2045 | 4.04% |
4 | U.S. Treasury 2.625% 15-Feb-2029 | 2.88% |
5 | Onemain Financial Issuance Trust 2021-1 1.55% 16-Jun-2036 | 1.76% |
6 | Fnma 30Yr Pool#Fs1475 3.500% 01-Apr-2052 | 1.43% |
7 | Hertz Vehicle Financing Iii Series 2021-2 1.68% 25-Dec-2027 | 1.35% |
8 | Onemain Direct Auto Receivables Trust 2023-1 5.41% 14-Nov-2029 | 1.26% |
9 | Fnma 30Yr 3.500% 01-Apr-2052 | 1.21% |
10 | Fhlmc 30Yr 5.000% 01-Sep-2052 | 1.03% |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Growth of $10,000 as of 03.31.2023
The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 03.31.2023. It includes the reinvestment of dividends and capital gains.
Distribution
Month | Class A Shares | Class C Shares | Class Inst'l Shares | Class R6 Shares |
---|---|---|---|---|
May 2023 | $0.0247 | $0.0187 | $0.0267 | $0.0274 |
April 2023 | $0.0235 | $0.0178 | $0.0255 | $0.0263 |
March 2023 | $0.0238 | $0.0179 | $0.0257 | $0.0265 |
February 2023 | $0.0218 | $0.0164 | $0.0236 | $0.0243 |
January 2023 | $0.0220 | $0.0161 | $0.0240 | $0.0248 |
December 2022 | $0.0219 | $0.0160 | $0.0239 | $0.0247 |
November 2022 | $0.0215 | $0.0159 | $0.0233 | $0.0241 |
October 2022 | $0.0212 | $0.0155 | $0.0231 | $0.0239 |
September 2022 | $0.0198 | $0.0141 | $0.0218 | $0.0225 |
August 2022 | $0.0200 | $0.0138 | $0.0221 | $0.0229 |
July 2022 | $0.0198 | $0.0137 | $0.0219 | $0.0227 |
June 2022 | $0.0193 | $0.0134 | $0.0212 | $0.0220 |
Share Class | Without Waivers | With Waivers |
---|---|---|
Class A | 3.57% | 3.63% |
Class C | 2.89% | 2.94% |
Class I | 3.90% | 3.95% |
Class R6 | 3.90% | 3.94% |
Total Return Bond Fund
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