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SUMAX SEI Short Duration Municipal A (STET)

  • Fund
  • SUMAX
  • Price as of: Dec 09, 2016
  • $9.98
  • - $0.00
  • - 0.00%
  • Category
  • National Munis

SUMAX - Profile

Vitals

  • YTD Return -0.6%
  • 3 Yr Annualized Return 0.1%
  • 5 Yr Annualized Return 0.4%
  • Net Assets $1.42 B
  • Holdings in Top 10 11.5%

52 WEEK LOW AND HIGH

$9.98
$9.97
$10.06

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.87%

SALES FEES

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

BROKERAGE FEES

  • Turnover 49.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$100,000

IRA

N/A

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Short

Distributions

  • YTD Total Return -0.6%
  • 3 Yr Annualized Total Return 0.1%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.38%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name SEI Tax Exempt Trust Short Duration Municipal Fund
  • Fund Family Name SEI
  • Inception Date Nov 13, 2003
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Wendy Casetta

Fund Description

The fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax, including, but not limited to, municipal bonds, notes, variable rate demand notes and commercial paper.

SUMAX - Performance

Return Ranking - Trailing

Period SUMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -0.6% -5.6% 99.4% 7.48% 1
1 Yr -0.3% -5.8% 10.7% 49.59% 3
3 Yr 0.1% * -4.5% 7.0% 92.89% 5
5 Yr 0.4% * -0.7% 6.1% 93.85% 5
10 Yr 1.5% * -0.6% 4.9% 92.52% 5

* Annualized


Return Ranking - Calendar

Period SUMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.1% -10.9% 2.6% 20.10% 2
2014 0.1% -2.2% 12.0% 61.95% 5
2013 -0.2% -11.9% 0.1% 1.52% 1
2012 -0.1% -7.1% 10.2% 65.18% 5
2011 0.2% -1.8% 15.2% 66.38% 5

Total Return Ranking - Trailing

Period SUMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -0.6% -4.7% 99.4% 14.31% 1
1 Yr -0.3% -8.9% 8.9% 33.06% 2
3 Yr 0.1% * -5.4% 7.0% 88.04% 5
5 Yr 0.4% * -1.2% 6.1% 90.69% 5
10 Yr 1.5% * -0.6% 4.9% 92.31% 5

* Annualized


Total Return Ranking - Calendar

Period SUMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.1% -9.7% 5.1% 34.46% 3
2014 0.1% -0.9% 17.0% 66.49% 5
2013 -0.2% -11.9% 2.1% 3.80% 1
2012 -0.1% -0.6% 17.8% 70.24% 5
2011 0.2% -1.1% 16.2% 70.24% 5

NAV & Total Return History

SUMAX - Holdings

Filings data as of: Nov 30, 2016

Concentration Analysis

SUMAX Category Low Category High SUMAX % Rank Quintile
Net Assets 1.42 B 491 K 50.6 B 12.88% 2
Number of Holdings 465 1 6199 13.06% 2
Net Assets in Top 10 165 M -176 M 1.27 B 12.74% 2
Weighting of Top 10 11.5% 0.0% 100.0% 20.81% 3

Top 10 Holdings

  1. District Columbia Hsg Fin Agy Rev Bds 1% 1.86%
  2. Houston Tex Indpt Sch Dist 4% 1.48%
  3. Kentucky Rural Wtr Fin Corp Pu Cnstr 2% 1.39%
  4. California Health Facs Fing Au Rev 0.42% 1.19%
  5. Minnesota St For Previous Issu Go St 5% 1.05%
  6. Trimble Cnty Ky Pollutn Ctl Re Pol 1.35% 1.04%
  7. Lehigh Cnty Pa Indl Dev Auth 0.9% 0.90%
  8. Wisconsin St For Issues Dtd Pr Go Bds 5% 0.86%
  9. Crawford Cnty Ohio Hosp Facs R Ref 1.43% 0.85%
  10. Maricopa Cnty Ariz Indl Dev Au Hsg Re 1% 0.83%

Asset Allocation

Weighting Category Low Category High SUMAX % Rank Quintile
Bonds
68.48% 0.00% 202.21% 31.08% 5
Cash
31.52% -110.85% 100.00% 0.65% 1
Other
0.00% -2.77% 27.54% 6.13% 2
Convertible Bonds
0.00% 0.00% 2.79% 0.81% 1
Preferred Stocks
0.00% 0.00% 11.68% 1.45% 1
Stocks
0.00% 0.00% 1.43% 1.13% 1

Bond Sector Breakdown

Weighting Category Low Category High SUMAX % Rank Quintile
Municipal
68.48% 0.00% 140.30% 30.65% 5
Cash & Equivalents
31.52% -110.85% 100.00% 0.65% 1
Securitized
0.00% 0.00% 41.81% 2.90% 2
Corporate
0.00% 0.00% 34.61% 4.19% 2
Derivative
0.00% -0.43% 5.58% 0.48% 1
Government
0.00% -43.18% 117.34% 7.90% 2

Bond Geographic Breakdown

Weighting Category Low Category High SUMAX % Rank Quintile
US
68.48% 0.00% 202.21% 31.13% 5
Non US
0.00% 0.00% 20.62% 0.81% 1

SUMAX - Expenses

Operational Fees

SUMAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.87% 0.10% 4.60% 16.26% 3
Management Fee 0.33% 0.00% 1.00% 4.19% 2
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.24% 0.00% 0.35% 2.17% 5

Sales Fees

SUMAX Fees (% of AUM) Category Low Category High SUMAX Rank Quintile
Front Load N/A 0.50% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

SUMAX Fees (% of AUM) Category Low Category High SUMAX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

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.

SUMAX Fees (% of AUM) Category Low Category High SUMAX Rank Quintile
Turnover 49.00% 0.00% 783.51% 5.48% 5

SUMAX - Distributions

Dividend Yield Analysis

SUMAX Category Low Category High SUMAX % Rank Quintile
Dividend Yield 0.0% 0.00% 2.86% 52.53% 5

Dividend Distribution Analysis

SUMAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

SUMAX Category Low Category High SUMAX % Rank Quintile
Net Income Ratio 0.38% -0.60% 5.26% 47.99% 5

Capital Gain Distribution Analysis

SUMAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

SUMAX - Managers

Wendy Casetta

Manager

Start Date

Dec 22, 2011

Tenure

4.95

Tenure Rank

12.4%

Wendy Casetta is a senior portfolio manager for the Wells Capital Management Tax-Exempt Fixed Income team. She joined Wells Capital Management from Strong Capital Management where she held a similar position. Prior to joining Strong, Wendy was a fixed income trader and investment associate at Barnett Capital Advisors in Jacksonville, FL. She began her investment industry career in 1993 as a registered representative at the Nicholas Company in Milwaukee, WI. Wendy earned a bachelor’s degree in finance from the University of Wisconsin, Oshkosh, and a master’s degree in business administration from the University of North Florida, Jacksonville.


Kristian J. Lind

Manager

Start Date

Oct 07, 2011

Tenure

5.15

Tenure Rank

12.0%

Kristian J. Lind, Senior Vice President, joined the firm in 2005. Kristian is a Senior Portfolio Manager for the Municipal Fixed Income team. Prior to this, he worked for Weiss, Peck & Greer as an assistant portfolio manager working in the Municipal Fixed Income group, where he worked since 2003. Prior to Weiss, Peck & Greer, he began his career as an operations analyst at Barclays Capital in their Operations Control group. Kristian holds a BS in Finance from Purdue University.


Lyle J. Fitterer

Manager

Start Date

Dec 22, 2011

Tenure

4.95

Tenure Rank

12.4%

Lyle Fitterer is head of the Tax-Exempt Fixed Income team at Wells Capital Management, where he manages portfolio teams focused on municipal fixed income strategies. In addition to this role, Lyle also served as head of the WellsCap Customized Fixed Income team, which manages taxable longer duration strategies, from mid-2005 to early 2009. Lyle joined the firm in 2005 from Strong Capital Management. At Strong, he was appointed director of Strong’s Municipal Fixed Income team in 2000. Prior to that, he served in a variety of other roles with the firm, including managing director of Strong’s Institutional Client Services team where he was responsible for overseeing institutional and intermediary sales. For six years prior to that, Lyle was a member of the Strong Taxable Fixed Income team, initially as an analyst and trader and then as a portfolio manager specializing in mortgage and asset-backed securities. Lyle began his investment career in 1989. He earned a bachelor’s degree in accounting from the University of North Dakota. He is a Certified Public Accountant and has earned the right to use the CFA designation. Lyle is a member of CFA Institute. His views have been cited in various publications including: The Wall Street Journal, Bloomberg, Barron's, and The Bond Buyer.


William J. Furrer

Manager

Start Date

Oct 07, 2011

Tenure

5.15

Tenure Rank

12.0%

William J. Furrer, Senior Vice President, joined the firm in 2005. William is a Senior Portfolio Manager for the Municipal Fixed Income team. Prior to this, he worked for Weiss, Peck & Greer as a portfolio manager working in the Municipal Fixed Income group, where he worked since 1990. Prior to Weiss, Peck & Greer, William worked at Dean Witter Reynolds with administrative responsibility for mutual funds and tax reporting related to Individual Retirement Accounts. William holds a BA in Economics from Montclair State College.


Richard A. Bamford

Manager

Start Date

Dec 31, 2003

Tenure

12.93

Tenure Rank

5.4%

Mr. Bamford serves as a Portfolio Manager for the Fixed Income Team within the Investment Management Unit. His duties include manager analysis and selection, strategy development and enhancement as well as investment research. Prior to joining SEI in 1999, Richard worked as a Municipal Credit Analyst for Vanguard. He received a Bachelor of Science in Economics/Finance and Accounting from the University of Scranton and a Master of Business Administration with a concentration in Finance from St. Joseph's University.


Erin K. Garrett

Manager

Start Date

Dec 31, 2014

Tenure

1.92

Tenure Rank

15.7%

Ms. Garrett serves as an Assistant Portfolio Manager for the SEI US Investment Grade fixed income strategies within the Investment Management Unit. She is responsible for the selection of fund sub-advisors and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, she primarily oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution. In her preceding role, Erin was an Analyst on the Global Fixed Income team responsible for in-depth due diligence on existing and prospective investment managers for SEI's US fixed-income portfolios. Ms. Garrett earned a Bachelor of Science in Business Administration/Finance from the Villanova University School of Business and is currently pursuing her MBA at Villanova University.


Tenure Analysis

Category Low

0.0

Category High

37.2

Category Average

7.34

Category Mode

1.9