US Short-Term Bond Fund

A dynamic, core short-term bond fund with a history of generating risk-adjusted returns and preserving capital

ISIN
IE0004858456

NAV
USD 11.42
As of 10/21/2020

1-Day Change
USD 0.00 (0.00%)
As of 10/21/2020

Morningstar Rating

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide as high a level of income as is consistent with the aim of limiting losses to capital over the long term.
Performance target: To outperform the Bloomberg Barclays 1-3 Year US Government/Credit Index by 0.75% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in US short-term and intermediate-term bonds, issued by governments or companies.
The Fund may also hold other assets including bonds of other types from any issuer, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund.
The Fund is actively managed with reference to the Bloomberg Barclays 1-3 Year US Government/Credit Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund’s performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.

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ABOUT THIS FUND

  • Leverages a bottom-up process using fundamental analysis and dynamic sector allocation aiming to generate returns through individual security selection
  • Integrated global fixed income and equity research effort seeks to identify the best risk-adjusted opportunities
  • Proprietary research and risk management system, Quantum Global, is integrated into the investment process
Past performance is not a guide to future performance. 
 

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Seth Meyer, CFA

Multi Sector Income | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Performance

Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 09/30/2020
A1m USD Bloomberg Barclays 1-3 Year US Govt/Credit
  
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
3.96% 3.47% 0.29% 0.79% 1.08%
Bloomberg Barclays 1-3 Year US Govt/Credit 3.73% 4.64% 0.20% 0.66% 1.31%
 
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
4.92% 4.43% 1.23% 1.75% 2.21%
Bloomberg Barclays 1-3 Year US Govt/Credit TR + 0.75% 4.51% 5.43% 0.95% 1.42% 2.07%
Cumulative & Annualised Performance (%)
As of 09/30/2020
A1m USD (Net) Bloomberg Barclays 1-3 Year US Govt/Credit
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
12/24/1998
A1m USD (Net) -0.01% 3.52% 3.96% 2.56% 1.90% 1.34% 2.76%
Bloomberg Barclays 1-3 Year US Govt/Credit 0.01% 3.12% 3.73% 2.84% 2.09% 1.57% 3.24%
 
  Annualised
3YR 5YR 10YR Since Inception
12/24/1998
A1m USD (Gross) - 2.90% 2.53% 3.87%
Bloomberg Barclays 1-3 Year US Govt/Credit TR + 0.75% - 2.86% 2.33% 4.01%
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2020)
Initial Charge 5.00%
Annual Charge 0.50%
Ongoing Charge
(As of 06/30/2020)
0.87%

Portfolio

Top Holdings (As of 09/30/2020)
% OF FUND
United States Treasury Note/Bond, 1.75%, 07/15/22 5.84
United States Treasury Note/Bond, 1.75%, 11/30/21 3.47
United States Treasury Note/Bond, 1.75%, 06/15/22 3.33
United States Treasury Note/Bond, 2.75%, 11/30/20 2.96
United States Treasury Note/Bond, 2.75%, 08/15/21 1.82
JPMorgan Chase & Co, 2.97%, 01/15/23 1.68
United States Treasury Note/Bond, 2.62%, 12/15/21 1.58
United States Treasury Note/Bond, 0.38%, 04/30/25 1.55
United States Treasury Note/Bond, 2.88%, 10/31/20 1.38
Taco Bell Funding LLC, 4.32%, 11/25/48 1.38
Total 24.99

Documents

  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise. This risk is generally greater the longer the maturity of a bond investment.
  • Callable debt securities, such as some asset-backed or mortgage-backed securities (ABS/MBS), give issuers the right to repay capital before the maturity date or to extend the maturity. Issuers may exercise these rights when favourable to them and as a result the value of the fund may be impacted.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • Some or all of the Annual Management Charge and other costs of the Fund may be taken from capital, which may erode capital or reduce potential for capital growth.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
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