Overview
I
Shares
OWVAX
Inception
Date
02.01.1993
Investment
Min.
$1,000,000
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
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 | -2.45% | -2.45% | N/A | -1.26% | 0.57% | 1.45% | 3.30% |
| A Shares without Sales Charge | -0.42% | -0.42% | 1.99% | -0.59% | 0.97% | 1.65% | 3.37% |
| Institutional Shares | -0.35% | -0.35% | 2.25% | -0.34% | 1.23% | 1.91% | 3.66% |
| Lipper Other States Intermediate Municipal Median | 5.67% | 4.12% | 4.12% | -0.84% | 1.46% | 1.98% | N/A |
The total expense ratios for Class A, C and I Shares are 0.82%, 1.57% and 0.57%, 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 West Virginia Intermediate Tax-Free Fund includes the performance of the OVB West Virginia Tax-Exempt Income Portfolio for the period prior to its consolidation with the BB&T West Virginia Intermediate Tax-Free Fund, which commenced operations on 7/23/01, and reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The performance inception date for the Fund is 12/17/93. 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. Performance reflects 12b-1 fees and applicable expenses. Performance for Class C Shares for periods prior to inception is based on the performance of Class A Shares of the Fund. The performance shown reflects the reinvestment of all dividend and capital gains distributions.
Characteristics
Quality Breakdown as of 03.31.2024
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. | 20.70 |
| 1-2 Yr. | 4.40 |
| 2-3 Yr. | 6.40 |
| 3-5 Yr. | 19.10 |
| 5-10 Yr. | 49.40 |
| 10+ Yr. | 0.00 |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
| Name | Value |
|---|---|
| Number of Holdings | 47 |
| Average Life | 7.24 Years |
| Effective Duration | 4.71 Years |
| Annual Turnover | 32% |
| Composition | Fund | Index |
|---|---|---|
| General Obligation | 33.1% | 27.0% |
| Pre-Refunded | 3.1% | 2.5% |
| Revenue | 60.9% | 70.5% |
| Cash | 2.9% | 0.0% |
| # | Company Name | Value |
|---|---|---|
| 1 | West Va Pkwys Auth Tpk Toll Rev 5.0% 01-Jun-2047 | 4.60% |
| 2 | West Virginia St 5.0% 01-Jun-2045 | 3.92% |
| 3 | West Virginia St 5.0% 01-Jun-2038 | 3.36% |
| 4 | West Virginia Univ Revs 5.0% 01-Oct-2044 | 3.16% |
| 5 | West Va Pkwys Auth Tpk Toll Rev 5.0% 01-Jun-2039 | 3.15% |
| 6 | Wood Cnty W Va Brd Ed 4.5% 01-Jun-2035 | 3.15% |
| 7 | West Virginia St Hosp Fin Auth Hosp Rev 5.0% 01-Jan-2036 | 3.14% |
| 8 | West Virginia Univ Revs 5.0% 01-Oct-2044 | 3.12% |
| 9 | Ohio Cnty W Va Brd Ed 4.0% 01-Jun-2029 | 3.01% |
| 10 | Marshall Univ W Va Univ Revs 5.0% 01-May-2030 | 2.98% |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Growth of $10,000 as of 03.31.2024
The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 03.31.2024. It includes the reinvestment of dividends and capital gains.
Distribution
| Month | Class A Shares | Class C Shares | Class Inst'l Shares |
|---|---|---|---|
| March 2024 | $0.0207 | $0.0161 | $0.0227 |
| February 2024 | $0.0193 | $0.0151 | $0.0212 |
| January 2024 | $0.0203 | $0.0159 | $0.0224 |
| December 2023 | $0.0201 | $0.0155 | $0.0221 |
| November 2023 | $0.0192 | $0.0149 | $0.0212 |
| October 2023 | $0.0191 | $0.0146 | $0.0211 |
| September 2023 | $0.0178 | $0.0136 | $0.0197 |
| August 2023 | $0.0184 | $0.0136 | $0.0204 |
| July 2023 | $0.0179 | $0.0127 | $0.0200 |
| June 2023 | $0.0177 | $0.0130 | $0.0196 |
| May 2023 | $0.0182 | $0.0132 | $0.0203 |
| April 2023 | $0.0167 | $0.0120 | $0.0187 |
| Share Class | Value |
|---|---|
| Class A | 3.14% |
| Class C | 2.44% |
| Class I | 3.46% |
West Virginia Intermediate Tax-Free Fund
Materials
Fixed Income Funds
Insights
04.04.2024 • Charles Wittmann, CFA®
The Lead - "Seeking Advantaged Economies of Scale"
- One important advantage we seek in large capitalization stocks is having dominant market shares that provide economies of scale. - Economies of scale may make a company more profitable and earn higher returns on its capital than its competitors. - We believe it is possible to identify companies that gain scale, market share, and returns at the expense of competitors. - As we have stated for close to two decades as part of our investment philosophy, we believe size usually translates into cost advantages in production, marketing, and research and development expenditures that can be re-invested back into the business, making such advantages sustainable.
03.05.2024 • Charles Wittmann, CFA®
The Lead - "Advantaged Market Share"
- What makes an advantaged company? - In our view, one notable characteristic of an advantaged company is growing its market share. - Simply put, we believe companies with greater market share are more profitable. - We seek to field a portfolio of advantaged companies with strong and potentially growing market shares to position our clients to win.
03.01.2024
4Q23 Equity Income SMA Review and Outlook
The 4Q23 Equity Income SMA Review and Outlook reviews performance, holdings, and dividend growth within the strategy.
03.01.2024 • Shane Burke
The Federal Reserve During an Election Year - March 2024
2024 is expected to be one of the biggest election years in history, with more than 60 countries representing approximately half of the world’s population heading to the polls. The year will include multi-day legislative elections in India (the largest population in the world), Indonesia’s presidential election (the world’s largest single-day vote), and the globally-anticipated U.S. presidential election.
02.06.2024 • Charles Wittmann, CFA®
- By utilizing our investment process and our investment team, we believe we can build portfolios different from the benchmark and provide an opportunity to generate returns above the benchmark over time. - Ironically, many passive indexes make active bets themselves. In 2023, the S&P 500 Dividend Aristocrats suffered its worst performance relative to the S&P 500® Index since 1999. - We’ve believed for over 20 years that portfolio managers with material amounts of their net worth invested alongside clients incentivizes portfolio diversification and active adjustments, rather than a static index where there is no vested interest. Our mission is to generate above-average returns with below-average risk over time.
02.02.2024
Sterling Capital Management LLC to be acquired by Guardian Capital Group Limited
We are delighted to announce that Guardian Capital Group Limited has reached an agreement under which Guardian’s wholly-owned subsidiary Guardian Capital LLC will acquire Sterling Capital from Truist. Post-closing, Sterling Capital will become an independently-operated subsidiary of Guardian.
Contact
Learn more about Sterling Capital solutions and services.
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The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended 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 for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
