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Inflation Focused Fund

Summary

Summary

What is the Inflation Focused Fund?

The Fund seeks to deliver total returns that exceed the rate of inflation in the U.S. over a full inflation cycle and current income by combining investments in inflation-linked derivatives with a portfolio of fixed income securities.
 

EXPERIENCED INVESTMENT TEAM

The strategy is managed through a collaboration among 40+ investment professionals in portfolio management, credit research, and trading.

HIGHER INCOME POTENTIAL WITH LOWER DURATION

The strategy has provided the highest income stream in the Morningstar category and offers inflation protection with one-third the duration of the average TIPS-based portfolio.

TRUE INFLATION PROTECTION

The Fund has historically demonstrated negative correlation with Treasuries, providing diversification benefits to clients' portfolios.

Fund Basicsas of 06/30/2020

Total Net Assets
$653.81 M
Inception Date
04/29/2011
Dividend Frequency
Monthly (Daily Accrual)
Fund Expense Ratio
0.59%
Number of Holdings
1109
Type Assets
Investment Grade Corporate
CMBS
ABS
High Yield Corporate
U.S. Government Related
Bank Loans
MBS
Sovereign
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 06/30/2020 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

INVESTMENT TEAM

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

26 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

22 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Hyun Lee
Hyun Lee, CFA

Portfolio Manager

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

29 Years of Industry Experience

Supported By 60 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
CMBS
ABS
High Yield Corporate
U.S. Government Related
Bank Loans
MBS
Sovereign
Other
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 06/30/2020

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 6/30/2020

  • This strategy combines a short-term bond portfolio with an overlay of CPI swaps in order to hedge against inflation over a full market cycle.
  • Over the quarter, we reduced the portfolio’s allocation to securitized products – both ABS and CMBS. We sold a modest amount of ABS as we believed investment grade corporate credit had better relative value after the first quarter market selloff. Regarding CMBS, we reduced the portfolio’s position to become more in line with the overall market and allocate to areas of the market which we believe would continue to receive more direct support from the Fed.
  • We used the sales of securitized products and increased our allocation to corporate credit. Notably, we added to technology, healthcare, and consumer discretionary investment grade corporate bonds. We also began to add modestly to high yield at the end of the quarter, as we believe the asset class may continue to benefit from the easing of restrictions, lower rates, and a search-for-yield environment.
  • We believe valuations currently are fair given an expected resumption of economic activity in 2021, albeit a slow and modest one. We believe that the environment that the Fed has created of low volatility and perpetually lower rates will be supportive of a search-for-yield environment where spread valuations can tighten further.

Portfolio Details as of 06/30/2020

Total Net Assets
$653.81 M
Number of Issues
1109
Average Coupon
3.54%
Average Life
2.99 Years
Average Maturity
2.99 Years
Average Effective Duration
2.92 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2020 $0.03242 $10.80
Daily Daily 06/30/2020 $0.03748 $10.55
Daily Daily 05/31/2020 $0.03206 $10.28
Daily Daily 04/30/2020 $0.03629 $10.12
Daily Daily 03/31/2020 $0.03375 $9.64
Daily Daily 02/29/2020 $0.03287 $11.10
Daily Daily 01/31/2020 $0.03706 $11.31

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Publish Date:11/03/2015
Publish Date:11/03/2015

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Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

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