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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 06/02/2020  

w/o sales charge 3.92%

30-Day Standardized Yield 2 as of 04/30/2020  

3.38%

Fund Basicsas of 04/30/2020

Total Net Assets
$689.63 M
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.42%
Number of Holdings
1134

Fund Expense Ratio :

0.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge -8.43% -6.26% -0.95% -0.16% - 0.02%
Lipper Category Avg. Inflation Protected Bond Funds - - - - - -

Fund Expense Ratio :

0.42%

Fund Expense Ratio :

0.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge -14.74% -12.76% -3.62% -1.35% - -0.77%
Lipper Category Avg. Inflation Protected Bond Funds -0.94% 3.24% 1.97% 1.66% - -

Fund Expense Ratio :

0.42%

Type Assets
Investment Grade Corporate
ABS
CMBS
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 04/30/2020 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

Dividend Yield 1 as of 06/02/2020  

w/o sales charge 3.92%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.38% 3.38%

Fund Expense Ratio :

0.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge -8.43% -6.26% -0.95% -0.16% - 0.02%
Lipper Category Avg. Inflation Protected Bond Funds - - - - - -

Fund Expense Ratio :

0.42%

Fund Expense Ratio :

0.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge -14.74% -12.76% -3.62% -1.35% - -0.77%
Lipper Category Avg. Inflation Protected Bond Funds -0.94% 3.24% 1.97% 1.66% - -

Fund Expense Ratio :

0.42%

Year Fund Returns
2019 5.14%
2018 -0.99%
2017 1.72%
2016 5.38%
2015 -1.91%
2014 -4.89%
2013 -1.38%
2012 10.16%
2011 -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -14.74% - - - -8.05%
2019 2.75% 0.39% -1.30% 3.26% 5.14%
2018 0.50% 1.02% 0.77% -3.21% -0.99%
2017 0.84% -1.52% 1.31% 1.11% 1.72%
2016 -0.82% -0.54% 2.56% 4.16% 5.38%
2015 -0.10% 1.80% -4.60% 1.11% -1.91%
2014 0.10% 2.29% -2.73% -4.51% -4.89%
2013 0.65% -3.67% 1.41% 0.30% -1.38%
2012 5.42% -0.84% 3.17% 2.13% 10.16%
2011 - - -5.90% 2.29% -

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
ABS
CMBS
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 04/30/2020

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

Portfolio Positioning as of 3/31/2020

  • 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. ABS held up relatively well versus corporate credit, therefore we reduced the portfolio’s allocation to the asset class in order to take advantage of dislocations in other areas of the market. Regarding CMBS, we reduced the portfolio’s position to become more in line with the overall market and allocated to areas of the market which we believe will receive more direct support from the Fed.
  • We reallocated proceeds from the sales of ABS and CMBS, and increased the portfolio’s allocation to investment-grade corporate floaters and modestly to bank loans. These asset classes are areas of the market that have experienced the largest dislocations, caused largely by outflows, and therefore are providing a spread pickup versus like-rated securities. Also, importantly, the Fed will be able to buy corporate bonds for the first time ever, acting as a lender in the primary market combined with the ability to directly target spreads by buying up to 10% of issuance in the secondary market which should act as a tailwind for corporate floaters.
  • We continue to emphasize liquidity and flexibility within the Fund and are tactically adjusting risk exposure to favor asset classes that we believe offer the best risk-adjusted carry opportunities and that have lagged in the recent spread tightening. 

Portfolio Details as of 04/30/2020

Total Net Assets
$689.63 M
Number of Issues
1134
Average Coupon
3.6%
Average Life
2.88 Years
Average Maturity
2.88 Years
Average Effective Duration
2.65 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 06/02/2020
$0.180
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2020 $0.03367 $10.27
Daily Daily 04/30/2020 $0.03791 $10.11
Daily Daily 03/31/2020 $0.03536 $9.63
Daily Daily 02/29/2020 $0.03448 $11.09
Daily Daily 01/31/2020 $0.03878 $11.30

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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 04/30/2020

0.42%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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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 R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 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 R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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