Primary Benchmark:
Bloomberg Barclays US Aggregate Index
Portfolio Management
Dan Fuss, CFA, CIC
Matt Eagan, CFA
Elaine Stokes
Brian Kennedy
Total Fund Assets (as of 7/31/2017):
$10.4 billion
Lipper Category:
Flexible Income Funds
Morningstar Category:
Multisector Bond
Strategy Highlights
- Value driven, opportunistic approach
- Long-term investment horizon
- Allocations to out-of-benchmark securities provide value and diversification
- Initial portfolio position in any one holding is typically under 3%; 5% maximum positions size
Investment Strategy
- Under normal market conditions, the fund invests substantially all of its assets in income producing securities (including below investment grade securities)
- The fund focuses on US corporate bonds, convertible securities, foreign debt instruments (including those in emerging markets) and US government securities
- May invest up to 35% of its assets in preferred stocks and dividend-paying common stocks
About Risk
- Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.
- Below investment grade fixed income securitiesmay be subject to greater risks (including the risk of default) than other fixed income securities.
- Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.
- Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
- Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
Diversification does not ensure a profit or guarantee against a loss.
1 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses once the expense cap of the fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the fund may have similar expense ratios and/or yields.
2The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.
The Bloomberg Barclays US Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Indexes are unmanaged. It is not possible to invest directly in an index.
Before investing, consider the fund's investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus, if available, containing this and other information on this website. Read it carefully.
Source: http://docphy.com/business-industry/business/strategic-income-fund.html
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