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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 11/11/2019  

w/o sales charge 3.64%
w/ sales charge 3.56%

30-Day Standardized Yield 2 as of 10/31/2019  

2.38%

Expense Ratioas of 10/31/2019

Fund Basicsas of 09/30/2019

Total Net Assets
$1.12 B
Inception Date
04/29/2011
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
1376
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.66%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.01% -0.22% 1.45% 0.11% - 0.40%
Lipper Category Avg. Inflation Protected Bond Funds 6.50% 6.87% 1.90% 1.59% - -
w/ sales charge -0.28% -2.48% 0.67% -0.34% - 0.13%

Fund Expense Ratio :

0.66%

Fund Expense Ratio :

0.66%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 1.61% -1.73% 1.89% -0.11% - 0.36%
Lipper Category Avg. Inflation Protected Bond Funds 6.38% 5.28% 1.82% 1.70% - -
w/ sales charge -0.67% -3.92% 1.12% -0.57% - 0.08%

Fund Expense Ratio :

0.66%

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 09/30/2019 View Portfolio

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

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

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

Partner & Portfolio Manager

21 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Hyun Lee
Hyun Lee, CFA

Portfolio Manager

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 63 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 11/11/2019  

w/o sales charge 3.64%
w/ sales charge 3.56%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.38% 2.38%

Fund Expense Ratio :

0.66%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.01% -0.22% 1.45% 0.11% - 0.40%
Lipper Category Avg. Inflation Protected Bond Funds 6.50% 6.87% 1.90% 1.59% - -
w/ sales charge -0.28% -2.48% 0.67% -0.34% - 0.13%

Fund Expense Ratio :

0.66%

Fund Expense Ratio :

0.66%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 1.61% -1.73% 1.89% -0.11% - 0.36%
Lipper Category Avg. Inflation Protected Bond Funds 6.38% 5.28% 1.82% 1.70% - -
w/ sales charge -0.67% -3.92% 1.12% -0.57% - 0.08%

Fund Expense Ratio :

0.66%

Year Fund Returns
2018 -1.28%
2017 1.33%
2016 4.96%
2015 -2.22%
2014 -5.20%
2013 -1.76%
2012 9.87%
2011 -3.48%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 2.60% 0.41% -1.37% - 3.60%
2018 0.40% 0.95% 0.71% -3.28% -1.28%
2017 0.73% -1.53% 1.13% 1.01% 1.33%
2016 -0.90% -0.65% 2.45% 4.05% 4.96%
2015 -0.17% 1.72% -4.68% 1.03% -2.22%
2014 0.02% 2.20% -2.74% -4.66% -5.20%
2013 0.51% -3.67% 1.32% 0.15% -1.76%
2012 5.40% -0.99% 3.16% 2.05% 9.87%
2011 - - -5.92% 2.13% -3.48%

Growth of $10,000 as of 10/31/2019

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 09/30/2019

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

Portfolio Positioning as of 09/30/2019

  • 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. Despite the fact that CPI momentarily spiked in mid-September as inflation expectations rose after the Saudi oil attacks, CPI swaps ultimately detracted from relative performance during the quarter due to the geopolitical turmoil, negative U.S.-China trade talks, and fall in oil prices.
  • The underlying bond portfolio maintained its diversified exposure to various credit-sensitive sectors of the market. We increased the portfolio’s allocation to investment grade corporate bonds during the quarter, specifically adding to securities with slightly longer durations, as we consider valuations to be tight at the front end of the curve. We continued to increase the portfolio’s allocation to the financials sector by adding to issues within the banking industry. We also increased the portfolio’s allocation to consumer goods, as consumer fundamentals remain solid relative to other economic data and should support near-term performance.
  • We reduced the portfolio’s allocation to asset-backed securities (“ABS”). We remain attracted to the sector, particularly within the auto loan and credit card receivable space, as we believe ABS provide liquidity and present attractive risk-adjusted returns. However, we consider the ABS sector to be fully valued at this time.
  • The market value of the portfolio’s commercial mortgage-backed securities (“CMBS”) allocation decreased, however, the allocation remained roughly constant from a risk standpoint as we reinvested only a portion of the proceeds of maturing positions into longer-dated CMBS. We remain focused on single-asset, single-borrower deals, preferring their stronger underwriting standards and domestic focus. We believe single-asset, single-borrower CMBS deals offer attractive risk-adjusted carry opportunities.
  • The portfolio’s high yield corporate credit allocation is on the low end of where it has historically been, as valuations remain tight.

Portfolio Details as of 09/30/2019

Total Net Assets
$1.12 B
Number of Issues
1376
Average Coupon
3.87%
Average Life
2.38 Years
Average Maturity
2.38 Years
Average Effective Duration
2.10 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 11/11/2019
$0.380
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2019 $0.03440 $11.17
Daily Daily 09/30/2019 $0.03777 $11.16
Daily Daily 08/31/2019 $0.03978 $11.24
Daily Daily 07/31/2019 $0.03692 $11.46
Daily Daily 06/30/2019 $0.03820 $11.43
Daily Daily 05/31/2019 $0.03691 $11.41
Daily Daily 04/30/2019 $0.04258 $11.59
Daily Daily 03/31/2019 $0.03817 $11.50
Daily Daily 02/28/2019 $0.03783 $11.53
Daily Daily 01/31/2019 $0.03747 $11.48

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 11/11/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.59
$100,000 to $249,999 1.75% 1.50% $11.53
$250,000 to $499,999 1.25% 1.00% $11.47
$500,000 to $999,999 0.00% 1.00% $11.33
$1,000,000 to $5,000,000 0.00% 1.00% $11.33

Expense Ratioas of 10/31/2019

Fund Documents

Fund Documents

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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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