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SITEX SEI Emerging Markets Debt F (SIT)

  • Fund
  • SITEX
  • Price as of: Aug 14, 2018
  • $9.18
  • + $0.06
  • + 0.66%
  • Category
  • Emerging Markets Bonds

SITEX - Profile

Vitals

  • YTD Return -11.0%
  • 3 Yr Annualized Return 3.8%
  • 5 Yr Annualized Return 1.0%
  • Net Assets $1.59 B
  • Holdings in Top 10 14.0%

52 WEEK LOW AND HIGH

$9.18
$9.12
$10.70

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.63%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 79.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$100,000

IRA

N/A

Investment Themes

CATEGORY

Emerging Markets Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Emerging Markets Bond

Distributions

  • YTD Total Return -11.0%
  • 3 Yr Annualized Total Return 3.8%
  • 5 Yr Annualized Total Return 1.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.06%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name SEI Institutional International Trust Emerging Markets Debt Fund
  • Fund Family Name SEI
  • Inception Date Jun 26, 1997
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Rob Drijkoningen

Fund Description

The SEI Institutional International Trust Emerging Markets Debt Fund Class A (SITEX) is designed to create a maximum total return through interest and capital appreciation. SITEX focuses its attention on emerging-market bonds. The fund invests in a variety of debt, including emerging-market issuers, government debt, and government-related and corporate issuers. There is no limit on either bond maturity or credit rating.

Given the fund’s high costs and riskier market segment, SITEX makes for a great satellite position in a portfolio. Neuberger Berman Fixed Income, Stone Harbor Investment Partners and Investec Asset Management manage the fund.

SITEX - Performance

Return Ranking - Trailing

Period SITEX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -11.0% -16.1% 12.2% 64.14% 4
1 Yr -1.8% -22.3% 31.5% 57.43% 3
3 Yr 3.8% * -7.4% 11.5% 50.49% 3
5 Yr 1.0% * -4.7% 6.2% 65.02% 4
10 Yr 4.4% * -0.5% 8.7% 69.89% 4

* Annualized


Return Ranking - Calendar

Period SITEX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 9.9% -25.2% 35.5% 7.14% 1
2016 7.7% -19.7% 219.0% 20.13% 2
2015 -9.6% -26.3% 21.6% 46.15% 3
2014 -3.9% -24.6% 13.9% 33.69% 3
2013 -13.4% -20.6% 16.6% 62.69% 4

Total Return Ranking - Trailing

Period SITEX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -11.0% -16.1% 12.2% 63.56% 4
1 Yr -1.8% -25.4% 31.5% 49.56% 3
3 Yr 3.8% * -7.4% 11.5% 44.26% 3
5 Yr 1.0% * -5.1% 6.2% 62.55% 4
10 Yr 4.4% * -0.5% 8.6% 67.74% 4

* Annualized


Total Return Ranking - Calendar

Period SITEX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 9.9% -21.7% 35.5% 7.69% 1
2016 7.7% -16.0% 224.9% 36.16% 2
2015 -9.1% -26.3% 32.1% 53.85% 4
2014 -1.1% -24.6% 19.4% 44.09% 3
2013 -10.2% -28.1% 26.9% 54.68% 3

NAV & Total Return History

SITEX - Holdings

Filings data as of: Jul 31, 2018

Concentration Analysis

SITEX Category Low Category High SITEX % Rank Quintile
Net Assets 1.59 B 2.93 M 6.02 B 4.94% 1
Number of Holdings 853 2 1048 0.58% 1
Net Assets in Top 10 83.5 M -162 M 1.56 B 11.92% 2
Weighting of Top 10 14.0% 0.0% 325.1% 31.98% 5

Top 10 Holdings

  1. Republic of South Africa 10.5% 1.33%
  2. Bntnf 10 01/01/23 1.21%
  3. Bntnf 10 01/01/21 1.09%
  4. Argentina (Republic of) 2.26% 0.97%
  5. Bntnf 10% 01/01/2025 0.94%
  6. Secretaria Tesouro Nacional 0% 0.93%
  7. US 5 Year Note (CBT) Sept18 1.31%
  8. US 10 Year Note (CBT) Sept18 2.25%
  9. Euro BUND Future Sept18 3.01%
  10. Republic of Colombia 7% 0.93%

Asset Allocation

Weighting Category Low Category High SITEX % Rank Quintile
Bonds
89.17% 0.00% 127.82% 21.80% 3
Cash
9.68% -54.73% 100.00% 11.92% 2
Other
1.07% -2.81% 12.96% 13.37% 2
Convertible Bonds
0.08% 0.00% 8.84% 8.14% 1
Stocks
0.00% -0.44% 100.27% 8.43% 2
Preferred Stocks
0.00% 0.00% 3.61% 2.91% 1

Bond Sector Breakdown

Weighting Category Low Category High SITEX % Rank Quintile
Government
76.19% -2.12% 106.29% 7.85% 2
Corporate
11.14% 0.00% 89.70% 25.87% 4
Cash & Equivalents
9.63% -54.78% 100.00% 11.92% 2
Securitized
0.00% 0.00% 25.91% 8.14% 2
Municipal
0.00% 0.00% 1.92% 4.36% 1
Derivative
-0.32% -11.91% 21.31% 11.63% 5

Bond Geographic Breakdown

Weighting Category Low Category High SITEX % Rank Quintile
Non US
86.65% -86.34% 142.25% 21.22% 3
US
2.52% -54.54% 113.05% 14.83% 2

SITEX - Expenses

Operational Fees

SITEX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.63% 0.29% 35.56% 30.81% 3
Management Fee 0.85% 0.00% 1.30% 4.65% 4
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.45% 0.01% 0.60% 2.36% 5

Sales Fees

SITEX Fees (% of AUM) Category Low Category High SITEX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

SITEX Fees (% of AUM) Category Low Category High SITEX Rank Quintile
Max Redemption Fee 1.00% 0.75% 2.00% 4.00% 1

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SITEX Fees (% of AUM) Category Low Category High SITEX Rank Quintile
Turnover 79.00% 4.00% 568.00% 11.95% 3

SITEX - Distributions

Dividend Yield Analysis

SITEX Category Low Category High SITEX % Rank Quintile
Dividend Yield 0.4% 0.00% 3.24% 45.90% 4

Dividend Distribution Analysis

SITEX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

SITEX Category Low Category High SITEX % Rank Quintile
Net Income Ratio 5.06% -0.29% 9.06% 31.10% 3

Capital Gain Distribution Analysis

SITEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Monthly Annually

SITEX - Managers

Rob Drijkoningen

Manager

Start Date

Dec 20, 2013

Tenure

4.61

Tenure Rank

7.8%

Mr. Drijkoningen, Managing Director, joined Neuberger Berman in 2013. Mr. Drijkoningen is a Portfolio Manager and Co-Head of the Emerging Markets Debt team. Mr. Drijkoningen joined Neuberger Berman after working at ING Investment Management for almost 18 years, most recently as the global Co-Head of the Emerging Markets Debt team responsible for managing over $16 billion in assets. Mr. Drijkoningen earned his macro-economics degree from Erasmus University in Rotterdam and has authored numerous articles on emerging markets debt subjects. Mr. Drijkoningen is DSI qualified.


Gorky Urquieta

Manager

Start Date

Dec 20, 2013

Tenure

4.61

Tenure Rank

7.8%

Gorky Urquieta, Managing Director, joined Neuberger Berman in 2013. Mr. Urquieta is a Portfolio Manager and Co-Head of the Emerging Markets Debt team. He joined Neuberger Berman from ING Investment Management where he was most recently global co-head of Emerging Markets Debt (EMD), responsible for global emerging markets debt external and local currency strategies. Mr. Urquieta joined ING Investment Management in 1997 until 2013. He obtained a BA in Business Administration from the Bolivian Catholic University in La Paz, Bolivia, and a master's degree in finance from the University of Wisconsin.


David A. Oliver

Manager

Start Date

Dec 31, 2008

Tenure

9.59

Tenure Rank

2.0%

David Oliver, executive director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. An employee since 1989, David is responsible for the management and trading of investment grade and single currency market strategies for private high net worth investors. Previously, David was a portfolio manager for credit strategies, liquidity funds and Libor-based strategies. He has also worked in the Fixed Income Trading Department, primarily responsible for government, corporate and structured products.


Peter Eerdmans

Manager

Start Date

Jul 08, 2013

Tenure

5.07

Tenure Rank

6.8%

Peter is co-head of Emerging Market Fixed Income at Investec Asset Management. He is jointly responsible with Werner Gey van Pittius for all global emerging market debt strategies. Peter is also responsible for Asian markets and top-down analysis within the team. He joined the firm in 2005 from Watson Wyatt, where he was responsible for bond and currency manager research. Prior to his time at Watson Wyatt, he spent six years as a senior portfolio manager responsible for global bond management at Robeco, where he helped develop the credit process and lead on numerous projects improving the process and tools of the department. He graduated in 1995 with a Master’s degree in Econometrics from Erasmus University Rotterdam.


Pablo Cisilino

Manager

Start Date

Jul 01, 2006

Tenure

12.09

Tenure Rank

0.8%

Co-portfolio manager; Since July 2006, Portfolio Manager of Stone Harbor; From June 1, 2004 to July 2006, Executive Director for Sales and Trading in Emerging Markets at Morgan Stanley Inc; Prior to June 1, 2004, Vice President for local markets and FX sales and trading, Goldman Sachs; Joined Goldman Sachs in 1994.


Raoul Luttik

Manager

Start Date

Dec 20, 2013

Tenure

4.61

Tenure Rank

7.8%

Mr. Luttik, Managing Director, joined Neuberger Berman in 2013. Mr. Luttik is a lead Portfolio Manager on the Emerging Markets Debt team, responsible for managing EMD Local Currency strategies. Mr. Luttik joined Neuberger Berman after working at ING Investment Management, where he was a lead Portfolio Manager within their Emerging Markets team (local currency). Mr. Luttik started at ING Investment Management in 1998. Mr. Luttik acquired a degree in Economics from Rijksuniversiteit Groningen in 1993. In 1997 Mr. Luttik became RBA registered (Register of Investment Analysts) a registration affiliated with the European Federation of Financial Analysts Societies. Mr. Luttik is also DSI qualified.


Bart van der Made

Manager

Start Date

Dec 20, 2013

Tenure

4.61

Tenure Rank

7.8%

Mr. van der Made, CFA, Managing Director, joined Neuberger Berman in 2013. Mr. van der Made is a lead Portfolio Manager on the Emerging Markets Debt team, responsible for managing EMD Hard Currency portfolios. Prior to joining Neuberger Berman, Mr. van der Made held various roles at ING Investment Management, most recently since 2009, as lead Portfolio Manager of emerging markets debt (hard currency). From 2005 onwards, Mr. van der Made was a Senior Portfolio Manager and before that was the EMD Economist — the role in which he joined in 2000. Mr. van der Made earned a master's degree in Econometrics from Erasmus University in Rotterdam, and has been awarded the Chartered Financial Analyst designation.


Prashant Singh

Manager

Start Date

Dec 20, 2013

Tenure

4.61

Tenure Rank

7.8%

Mr. Singh, CFA, Managing Director, joined Neuberger Berman in 2013. Mr. Singh is the lead Portfolio Manager (Asia) on the Emerging Markets Debt team. Mr. Singh is responsible for managing the emerging markets debt portfolios in the Asia region, focusing on rates and currencies. Mr. Singh joined Neuberger Berman after working at ING Investment Management, where he held a similar role. Mr. Singh joined ING Investment Management in 2003.


William W. Perry

Manager

Start Date

Sep 30, 2012

Tenure

5.84

Tenure Rank

5.6%

Since September 2012, Portfolio Manager of Stone Harbor; From August 2010 to August 2012, Emerging Markets Corporate Portfolio Manager at Morgan Stanley Investment Management; Prior to 2010, Managing Director/ Portfolio Manager in the Global Special Opportunities Group for Latin American Special Situations at JPMorgan Chase. 28 years of industry experience.


Nish Popat

Manager

Start Date

Dec 20, 2013

Tenure

4.61

Tenure Rank

7.8%

Nish Popat, Managing Director, joined Neuberger Berman in 2013. Nish is a Co-Lead Portfolio Manager on the Emerging Markets Corporate Debt team. Mr. Popat joined Neuberger Berman after working at ING Investment Management, where he was most recently a senior portfolio manager on the Emerging Markets Corporate Debt team. He joined ING Investment Management in 2008.


Vera Kartseva

Manager

Start Date

Dec 20, 2013

Tenure

4.61

Tenure Rank

7.8%

Ms. Kartseva, Vice President, joined Neuberger Berman from ING Investment Management where she was most recently a Strategist on the Emerging Markets Debt team. Prior to that, Ms. Kartseva was a Quantitative Analyst on the Multi-Asset Group of ING Investment Management.


Jennifer Gorgoll

Manager

Start Date

Dec 20, 2013

Tenure

4.61

Tenure Rank

7.8%

Jennifer Gorgoll, CFA, Managing Director, joined Neuberger Berman in 2013. Ms. Gorgoll is a Co-Lead Portfolio Manager on the Emerging Markets Corporate Debt team responsible for global portfolios investing in high grade and high yield emerging market corporate debt across the regions. She joined Neuberger Berman after working at ING Investment Management, where she was most recently the head and a senior portfolio manager of the Emerging Markets Corporate Debt team. Ms. Gorgoll started at ING Investment Management in 2002 and is Head of the emerging markets corporate fixed-income team where she is responsible for investing in high grade and high-yield emerging market corporate bonds. Prior to that, Ms. Gorgoll was with Prudential Capital Group where she specialized in private placements for companies based in the U.S., as well as Financial Institutions Group at Salomon Brothers Inc. and at Patricof & Co. Capital Corp., a boutique investment bank.


Grant Webster

Manager

Start Date

Jul 08, 2013

Tenure

5.07

Tenure Rank

6.8%

Grant is an investment specialist and portfolio manager in the Global Emerging Market Debt team at Investec Asset Management. He is responsible for managing the Emerging Markets Blended Debt Strategy and Emerging Markets Multi-Asset Strategy, and EEMEA regional and Top-Down asset allocation research. Prior to joining the firm, Grant worked in London as a quantitative analyst and portfolio manager of global macro and convertible bond funds at RWC Partners. He also spent a year working as an equity analyst for Investec Asset Management in Cape Town in 2006. Grant holds a Bachelor of Business Science (Hons) degree from the University of Cape Town and a Master’s degree with distinction in Finance from London Business School, concentrating on investments and quantitative finance. He is a qualified Actuary (AIA) and CFA Charterholder.


Peter J. Wilby

Manager

Start Date

Jan 31, 2006

Tenure

12.5

Tenure Rank

0.6%

Wilby has served as chief investment officer of Stone Harbor since April 2006. Prior to April 2006, Mr. Wilby was the Chief Investment Officer of North American Fixed Income and senior portfolio manager responsible for directing investment policy and strategy for all emerging markets and high yield fixed income portfolios at Citigroup Asset Management. Wilby holds the Chartered Financial Analyst designation. Wilby began business career in 1980.


James E. Craige

Manager

Start Date

Jan 31, 2006

Tenure

12.5

Tenure Rank

0.6%

James E. Craige, Portfolio Manager of the Stone Harbor Investment Partners LP since April 2006, Prior to April 2006, Managing Director and Senior Portfolio Manager for emerging markets debt portfolios at Salomon Brothers Asset Management Inc.; Joined Salomon Brothers Asset Management Inc. in 1992. Craige holds the Chartered Financial Analyst designation.


Kumaran K. Damodaran

Manager

Start Date

Dec 31, 2015

Tenure

2.58

Tenure Rank

11.8%

Since September 2015, Portfolio Manager of Stone Harbor; Prior to joining Stone Harbor, Lead Emerging Markets Macro Portfolio Manager for GLG Partners from 2012 to 2015. From 2008 to 2012, Executive Vice President and Emerging Markets Portfolio Manager at PIMCO. Prior to PIMCO, Senior Vice President and Trader in Latin American Local Market Rate Derivatives at Lehman Brothers for over five years.


Mike Hugman

Manager

Start Date

Dec 31, 2015

Tenure

2.58

Tenure Rank

11.8%

Michael is a portfolio manager, investment specialist and strategist in the Global Emerging Market Debt team at Investec Asset Management. He is responsible for managing the Emerging Markets Blended Debt Strategy and Emerging Markets Multi-Asset Strategy. He is also responsible for Latin American regional and Top-Down asset allocation research and generating trade ideas including top-down/global themes and quantitative modelling. Prior to joining Investec Asset Management, Michael worked at Amiya Capital, a global/emerging market hedge fund where he was an economist, and before that, he was an emerging market economist and strategist at Standard Bank, London. Prior to Standard Bank, he spent two years working as a technical advisor to the Budget Office, Nigerian Ministry of Finance. Michael graduated with a Master of Philosophy in Economics (distinction) and a first class Bachelor of Arts (Hons) in Philosophy, Politics and Economics, both from the University of Oxford.


Hardeep Khangura

Manager

Start Date

Dec 31, 2015

Tenure

2.58

Tenure Rank

11.8%

Hardeep Khangura, CFA, serves as a Portfolio Manager. Mr. Khangura joined SEI in 2015 and currently supports Global Fixed Income portfolios. Mr. Khangura was previously a member of SEI's Fixed Income Manager Research team with coverage of global fixed income manager exposures across emerging markets, credit, sovereign and FX. Prior to joining SEI, Mr. Khangura operated in a similar capacity as a Fixed Income Manager Researcher at Willis Towers Watson. Previously, Mr. Khangura also headed the Fees ASK (Area of Specialist Knowledge), leading a team that analyzed, modelled and advised clients on the suitability and competitiveness of their investment manager fees. Mr. Khangura earned his Bachelor of Science in Accounting & Finance, with honors, from the University of Warwick. Mr. Khangura is a CFA charterholder from the CFA Institute.


William T. Lawrence

Manager

Start Date

Dec 31, 2015

Tenure

2.58

Tenure Rank

11.8%

William T. Lawrence, CFA, joined SEI in 2008 and currently serves as Managing Director and Chief Investment Officer of Traditional Assets. Mr. Lawrence leads a team of investment professionals located across the globe dedicated to researching and exploiting market inefficiencies for the benefit of SEI's investment clients. Mr. Lawrence has over 30 years of experience in the capital markets. Prior to joining SEI, Mr. Lawrence was an Executive Director and Portfolio Manager at Morgan Stanley Investment Managements. Previously, Mr. Lawrence was a Director and Head of Fixed Income for CoreStates Investment Advisors and Vice President in taxable fixed-income sales for First Boston. Mr. Lawrence received a Bachelor of Arts from Bucknell University with a double major in Economics and English and an M.B.A. from the Wharton School of the University of Pennsylvania with a concentration in finance. Mr. Lawrence is a CFA charterholder, a member of AIMR and the Philadelphia Financial Analysts, serves on the Investment Committee of the Inglis House Foundation and is an Adjunct Professor of Finance at Villanova University.


Tenure Analysis

Category Low

0.0

Category High

23.6

Category Average

4.49

Category Mode

3.6