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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.

Yield

Dividend Yield 1 as of 02/27/2020  

w/o sales charge 3.84%

30-Day Standardized Yield 2 as of 01/31/2020  

2.23%

Fund Basicsas of 01/31/2020

Total Net Assets
$983.23 M
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.71%
Number of Holdings
1270

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge -0.74% 2.34% 1.10% 1.41% - 0.58%
Lipper Category Avg. Inflation Protected Bond Funds 1.54% 7.42% 2.93% 1.88% - -

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 4.90% 4.90% 1.56% 1.45% - 0.67%
Lipper Category Avg. Inflation Protected Bond Funds 7.39% 7.39% 2.68% 2.05% - -

Fund Expense Ratio :

0.71%

Type Assets
Investment Grade Corporate
CMBS
ABS
High Yield Corporate
Bank Loans
U.S. Government Related
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

Credit Quality Distribution as of 01/31/2020 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 63 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 02/27/2020  

w/o sales charge 3.84%

30-Day Standardized Yield 2 as of 01/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.23% 2.23%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge -0.74% 2.34% 1.10% 1.41% - 0.58%
Lipper Category Avg. Inflation Protected Bond Funds 1.54% 7.42% 2.93% 1.88% - -

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 4.90% 4.90% 1.56% 1.45% - 0.67%
Lipper Category Avg. Inflation Protected Bond Funds 7.39% 7.39% 2.68% 2.05% - -

Fund Expense Ratio :

0.71%

Year Fund Returns
2019 4.90%
2018 -1.32%
2017 1.20%
2016 4.98%
2015 -2.27%
2014 -5.24%
2013 -1.75%
2012 9.75%
2011 -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - -1.80%
2019 2.67% 0.31% -1.38% 3.27% 4.90%
2018 0.40% 1.03% 0.70% -3.38% -1.32%
2017 0.63% -1.53% 1.12% 1.00% 1.20%
2016 -0.91% -0.66% 2.44% 4.12% 4.98%
2015 -0.19% 1.71% -4.70% 1.01% -2.27%
2014 0.01% 2.20% -2.82% -4.60% -5.24%
2013 0.56% -3.76% 1.31% 0.20% -1.75%
2012 5.33% -0.93% 3.08% 2.04% 9.75%
2011 - - -5.99% 2.19% -

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
CMBS
ABS
High Yield Corporate
Bank Loans
U.S. Government Related
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

Credit Quality Distribution as of 01/31/2020

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

Portfolio Positioning as of 12/31/2019

  • The strategic design of this portfolio takes a different approach to inflation protection than its benchmark, which is comprised entirely of U.S. Treasury Inflation Protected Securities (“TIPS”). The portfolio combines a short-term bond strategy with an overlay of Consumer Price Index (“CPI”) swaps in order to hedge against inflation over a full cycle. Consumer prices rose more than expected during the quarter, primarily due to the increase in gas and oil prices, ultimately contributing to relative performance. Given the strong employment situation and diminishing deflationary pressures, such as U.S.-China trade tensions and the political shifts towards deglobalization, we don’t believe inflation rates will fall.
  • The underlying bond portfolio maintained its diversified exposure to various credit-sensitive sectors of the market. As a result of softer economic data and spread tightening, we generally reduced the risk profile of the portfolio by reallocating a portion of its exposure to high quality structured products. The portfolio’s high yield exposure remains at the lower end of its historical level, as we have seen a number of high yield corporate bonds being called or upgraded. We have, however, taken advantage of a few idiosyncratic opportunities within the high yield energy sector due to spread widening.
  • The portfolio’s commercial mortgage-backed security (“CMBS”) allocation came down during the fourth quarter as a large CMBS deal was repaid. Nonetheless, we remain attracted to this domestic asset class, as we believe it offers opportunities for further spread compression, and we have been adding to up-in quality issues. We continue to favor single-asset, single-borrower deals at this time, preferring their compelling asset quality, geographic locations, and stronger borrower profiles relative to conduit deals.
  • Given the continued tightening within corporate credit, we have been opportunistically adding to bank loans and collateralized loan obligations (“CLOs”), as we anticipate spreads within these sectors will compress in the upcoming months.

Portfolio Details as of 01/31/2020

Total Net Assets
$983.23 M
Number of Issues
1270
Average Coupon
3.67%
Average Life
2.32 Years
Average Maturity
2.32 Years
Average Effective Duration
2.02 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 02/27/2020
$0.035
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2020 $0.03567 $11.30

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 02/29/2020
Daily Daily 03/31/2020
Daily Daily 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
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

Expense Ratioas of 01/31/2020

0.71%

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 R4 - The inception date for Class R4 shares is June 30, 2015. The performance quotations for Class R4 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R4 shares; and (b) for periods after June 30, 2015, actual Class R4 performance is used, which reflects all charges and fees applicable to Class R4 shares.

Class R4 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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