Mutual Funds
West Virginia Intermediate Tax-Free Fund
Fund Managers
Robert Millikan, CFA®
Michael McVicker
Overview
C
Shares
BWVCX
Inception
Date
02.01.2012
Investment
Min.
$1,000
Subsequent
Investment Min.1
N/A
Max. Up Front
Sales Charge
N/A
Max. Deferred
Sales Charge
1%
1If subsequent investments are made as part of an AIP, the minimum is $25.
Philosophy & Process
The Fund seeks current income exempt from federal and West Virginia income taxes consistent with preservation of capital.
In managing the Fund, the team specializes in actively building and managing a high credit quality fixed income portfolio focused on the intermediate segment of the yield curve offering. The team employs a top-down investment process that focuses on: duration management, yield curve strategy and finding the best relative value with limited amount of risk in order to maximize the risk-adjusted total return.
Buy Strategy: We buy high quality, liquid issues and seek the best relative sector and security values available. We attempt to maximize total return and current income while reducing price volatility.
Sell Strategy: We will consider selling a security we own in order to reposition the Fund along the yield curve and adjust the Fund's average maturity or duration. In addition, we might replace a security with one that offers greater potential for total return or when its credit fundamentals are deteriorating.
Investment Considerations
The Funds are subject to the same risks as the underlying bonds in the portfolios such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline, and an investor may lose money. The Funds are non-diversified and may invest a greater percentage of its assets in a single issuer than funds that are more diversified. Furthermore, the Funds invest primarily in state-specific municipal obligations of issuers and therefore will be affected by economic, political or other events affecting municipal issuers.
| Term | Class A Shares | Class C Shares | Class I Shares |
|---|---|---|---|
| Ticker | BWVAX | BWVCX | OWVAX |
| Inception Date | 07.23.2001 | 02.01.2012 | 02.01.1993 |
| Investment Min. | $1,000 | $1,000 | $1,000,000 |
| Subsequent Investment Min.2 | N/A | N/A | N/A |
| Max. Up Front Sales Charge | 2% | N/A | N/A |
| Max. Deferred Sales Charge | N/A | 1% | N/A |
2If subsequent investments are made as part of an AIP, the minimum is $25.
Co-Portfolio Manager
Co-Portfolio Manager
Performance
| Term | QTR | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception |
|---|---|---|---|---|---|---|---|
| A Shares with 2.00% Sales Charge | -1.87% | -1.87% | -0.68% | 0.41% | 0.07% | 1.15% | 3.24% |
| A Shares without Sales Charge | 0.11% | 0.11% | 1.31% | 1.10% | 0.48% | 1.36% | 3.31% |
| Institutional Shares | 0.28% | 0.28% | 1.56% | 1.32% | 0.74% | 1.61% | 3.59% |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A |
The total expense ratios for Class A, C and I Shares are 0.88%, 1.63% and 0.63%, respectively.
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 Sterling Capital West Virginia Intermediate Tax-Free 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 07.23.2001. The inception date for Class C Shares is 02.01.2012. The inception date for Class Inst'l Shares is 02.01.1993. The performance shown reflects the reinvestment of all dividend and capital gains distributions. Performance is annualized for periods greater than one year.
Characteristics
Quality Breakdown as of 03.31.2025
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 |
|---|---|
| 0-2 Years | 21.87 |
| 2-4 Years | 17.11 |
| 4-6 Years | 13.01 |
| 6-8 Years | 22.55 |
| 8-10 Years | 25.46 |
| 10+ Years | 0.00 |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
| Name | Value |
|---|---|
| Number of Holdings | 44 |
| Average Life | 8.36 Years |
| Effective Duration | 4.97 Years |
| Annual Turnover | 40% |
| Composition | Fund | Index |
|---|---|---|
| General Obligation | 34.6% | 25.9% |
| Pre-Refunded | 0.0% | 1.5% |
| Revenue | 63.6% | 72.7% |
| Cash | 1.9% | 0.0% |
| # | Company Name | Value |
|---|---|---|
| 1 | WV Pkwys AuthToll Rev 5.0% 01-Jun-2047 | 4.06% |
| 2 | WV Univ Revs 5.0% 01-Oct-2043 | 3.49% |
| 3 | Berkeley Cnty Brd Ed 4.0% 01-Jun-2036 | 3.48% |
| 4 | WV Econ. Auth Univ Facs 5.0% 01-Jul-2037 | 3.15% |
| 5 | WV State 5.0% 01-Jun-2045 | 3.11% |
| 6 | Wood Cnty Brd Ed 4.5% 01-Jun-2034 | 3.11% |
| 7 | WV Univ Revs 5.0% 01-Oct-2044 | 3.10% |
| 8 | Berkeley Cnty Swr Rev 4.5% 01-Oct-2032 | 2.97% |
| 9 | Marshall Univ Revs 5.0% 01-May-2030 | 2.89% |
| 10 | WV State Hosp Auth 5.0% 01-Sep-2039 | 2.89% |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Growth of $10,000 as of 03.31.2025
The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 03.31.2025. It includes the reinvestment of dividends and capital gains.
Distribution
| Month | Class A Shares | Class C Shares | Class Inst'l Shares |
|---|---|---|---|
| March 2025 | $0.0208 | $0.0160 | $0.0228 |
| February 2025 | $0.0188 | $0.0145 | $0.0207 |
| January 2025 | $0.0209 | $0.0159 | $0.0229 |
| December 2024 | $0.0211 | $0.0159 | $0.0232 |
| July 2024 | $0.0214 | $0.0169 | $0.0234 |
| June 2024 | $0.0186 | $0.0146 | $0.0206 |
| May 2024 | $0.0204 | $0.0162 | $0.0225 |
| April 2024 | $0.0200 | $0.0157 | $0.0219 |
| Share Class | Value |
|---|---|
| Class A | 2.84% |
| Class C | 2.31% |
| Class I | 3.15% |
West Virginia Intermediate Tax-Free Fund
Materials
Fixed Income Funds
Insights
04.03.2025 • Charles Wittmann, CFA®
- Economic sectors associated with value stocks, such as industrials and financials, have seen their quality measurements improve. - With slowing economic growth and persistent inflation leading to “stagflation” concerns, what type of equity investments tend to shine? - We show how quality companies that pay dividends and repurchase their shares have differentiated themselves in similar periods.
03.21.2025 • Andrew Richman, CTFA
Fed Lowers Growth Outlook But Raises Inflation Expectations
Andy Richman's update on the March Federal Open Market Committee meeting.
03.07.2025 • Charles Wittmann, CFA®
- For the past two years, investors have experienced a powerful price momentum-driven market. - Price momentum supported by earnings revisions typically have a tight relationship coming out of a recession, but 2024 was different. - We explore the recent inverse relationship between momentum and dividend payers over this month and the past year.
02.28.2025
Sterling Capital Equity Announcement
Today Sterling Capital Management LLC announced the firm has made the difficult decision to close the Mid Cap Fundamental Value investment strategy.
02.04.2025 • Charles Wittmann, CFA®
- This month, our discussions with clients involved their search for fast dividend growers in the value space. - We analyze the fastest dividend growers in the large cap value universe and ask if they are really growing their dividends or just reinstating them. - We note how we look for both dividend growth and differentiated securities that combine attractive elements of growth, yield, and risk-adjusted returns.
01.27.2025 • Andrew Richman, CTFA
Meet Andrew Richman, Sterling Capital Managing Director and Senior Fixed Income Client Strategist
Sterling Capital is pleased to share this closer look at Andy Richman, Managing Director. In this spotlight, he shares his favorite Sterling tradition, the qualities he thinks are the most important in the investment industry, and the book that really had an impact on him. It’s great to have you on our team, Andy! Thank you for everything you do, and for sharing this with us.
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