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SUMAX SEI Short Duration Municipal F (STET)

  • Fund
  • SUMAX
  • Price as of: Oct 16, 2018
  • $9.97
  • - $0.00
  • - 0.00%
  • Category
  • National Munis

SUMAX - Profile

Vitals

  • YTD Return -0.2%
  • 3 Yr Annualized Return 0.4%
  • 5 Yr Annualized Return 0.4%
  • Net Assets $1.33 B
  • Holdings in Top 10 12.8%

52 WEEK LOW AND HIGH

$9.97
$9.96
$10.03

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.83%

SALES FEES

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

BROKERAGE FEES

  • Turnover 69.00%

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 -0.2%
  • 3 Yr Annualized Total Return 0.4%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.57%
DIVIDENDS
  • Dividend Yield 0.1%
  • 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 -0.2% -13.2% 99.4% 8.41% 1
1 Yr 0.4% -5.8% 10.7% 38.44% 2
3 Yr 0.4% * -4.5% 7.0% 89.86% 5
5 Yr 0.4% * -0.5% 5.8% 94.20% 5
10 Yr 1.0% * -0.1% 7.3% 95.21% 5

* Annualized


Return Ranking - Calendar

Period SUMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 0.2% -5.3% 5.6% 56.25% 4
2016 -0.7% -8.5% 7.3% 9.06% 1
2015 -0.1% -10.9% 8.8% 23.25% 2
2014 0.1% -10.3% 12.0% 59.89% 5
2013 -0.2% -11.9% 8.7% 6.53% 1

Total Return Ranking - Trailing

Period SUMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -0.2% -13.2% 99.4% 8.25% 1
1 Yr 0.4% -8.9% 8.9% 25.90% 2
3 Yr 0.4% * -5.4% 7.0% 78.18% 4
5 Yr 0.4% * -1.3% 5.8% 89.98% 5
10 Yr 1.0% * -0.1% 7.3% 94.79% 5

* Annualized


Total Return Ranking - Calendar

Period SUMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 0.2% -5.3% 5.6% 56.59% 4
2016 -0.7% -8.2% 7.3% 14.70% 1
2015 -0.1% -9.7% 9.3% 36.75% 3
2014 0.1% -10.3% 17.0% 63.57% 5
2013 -0.2% -11.9% 8.9% 9.02% 1

NAV & Total Return History

SUMAX - Holdings

Filings data as of: Sep 30, 2018

Concentration Analysis

SUMAX Category Low Category High SUMAX % Rank Quintile
Net Assets 1.33 B 491 K 58.9 B 16.10% 3
Number of Holdings 458 1 7784 15.81% 3
Net Assets in Top 10 171 M -281 M 1.62 B 14.68% 2
Weighting of Top 10 12.8% 0.0% 100.0% 20.32% 3

Top 10 Holdings

  1. METROPOLITAN TRANSN AUTH N Y 5% 2.45%
  2. BURKE CNTY GA DEV AUTH 2.5% 1.42%
  3. SOUTHEAST ALA GAS SUPPLY DIST 2.25% 1.34%
  4. NEW JERSEY ST TRANSN TR FD AUTH 5% 1.27%
  5. TEXAS ST 4% 1.23%
  6. OGDENSBURG N Y ENLARGED CITY SCH DIST 2.5% 1.14%
  7. SCHENECTADY N Y 3.12% 1.14%
  8. AUBURN N Y 3.12% 0.96%
  9. NEW YORK ST ENERGY RESH & DEV AUTH 2% 0.94%
  10. BLACK BELT ENERGY GAS DIST ALA 2.3% 0.94%

Asset Allocation

Weighting Category Low Category High SUMAX % Rank Quintile
Bonds
95.97% 0.00% 202.21% 19.97% 4
Cash
4.03% -110.85% 100.00% 11.29% 2
Stocks
0.00% 0.00% 0.32% 0.97% 1
Preferred Stocks
0.00% 0.00% 10.25% 0.81% 1
Other
0.00% -2.77% 28.44% 5.32% 2
Convertible Bonds
0.00% 0.00% 2.31% 0.97% 1

Bond Sector Breakdown

Weighting Category Low Category High SUMAX % Rank Quintile
Municipal
95.97% 0.00% 119.70% 20.65% 4
Cash & Equivalents
4.03% -110.85% 100.00% 10.81% 2
Derivative
0.00% -5.91% 0.85% 0.65% 1
Securitized
0.00% 0.00% 39.64% 2.42% 1
Corporate
0.00% 0.00% 39.39% 5.00% 2
Government
0.00% -20.76% 117.34% 5.48% 2

Bond Geographic Breakdown

Weighting Category Low Category High SUMAX % Rank Quintile
US
95.97% 0.00% 202.21% 20.97% 4
Non US
0.00% 0.00% 20.91% 12.90% 3

SUMAX - Expenses

Operational Fees

SUMAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.83% 0.08% 4.60% 15.94% 3
Management Fee 0.33% 0.00% 0.65% 4.19% 2
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.20% 0.00% 0.35% 2.80% 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 69.00% 0.00% 504.54% 5.31% 5

SUMAX - Distributions

Dividend Yield Analysis

SUMAX Category Low Category High SUMAX % Rank Quintile
Dividend Yield 0.1% 0.00% 1.01% 41.63% 5

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

SUMAX Category Low Category High SUMAX % Rank Quintile
Net Income Ratio 0.57% 0.01% 5.26% 45.57% 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

6.78

Tenure Rank

12.2%

Wendy Casetta is a senior portfolio manager for the Wells Fargo Asset Management (WFAM) Municipal Fixed Income team. She joined Wells Fargo Asset Management (WFAM) 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

6.99

Tenure Rank

11.8%

Kristian J. Lind, Managing Director, joined the firm in 2005. Kristian is a 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

6.78

Tenure Rank

12.2%

Lyle Fitterer serves as the co-head of Global Fixed Income and head of the WFAM Municipal Fixed Income team at Wells Fargo Asset Management (WFAM), where he manages portfolio teams focused on municipal fixed income strategies. In 2017, Lyle was named co-head of the WFAM global fixed-income business, where he works to oversee the global fixed income teams and to seamlessly deliver global fixed-income solutions to meet client needs. From mid-2005 to early 2009, Lyle served as head of the WFAM Customized Fixed Income team, which manages taxable longer duration strategies. He joined the firm in 2005 from Strong Capital Management, where he was appointed director of Strong’s Municipal Fixed Income team. Prior to that, Lyle 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. Lyle was also 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. He began his investment career in 1989 and holds a bachelor’s degree in accounting from the University of North Dakota. Lyle is a Certified Public Accountant, has earned the right to use the CFA designation, and 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.


Richard A. Bamford

Manager

Start Date

Dec 31, 2003

Tenure

14.76

Tenure Rank

5.2%

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

3.75

Tenure Rank

15.3%

Ms. Garrett serves as a Portfolio Manager for the SEI US Investment Grade fixed income strategies within the Investment Management Unit. Ms. Garrett is responsible for the selection of fund sub-advisers and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, Ms. Garrett primarily oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution. In her preceding role, Ms. Garrett 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 and her M.B.A. with concentrations in Strategic Management and International Business from the Villanova University School of Business, where she graduated magna cum laude. Ms. Garrett is the former President of SEI's Women's Network and currently serves on the SEI Corporate Innovation team.


Peter Moukios

Manager

Start Date

Dec 31, 2016

Tenure

1.75

Tenure Rank

18.5%

Peter Moukios, Senior Vice President, joined the firm in 2008. Peter is a Portfolio Manager for the Municipal Fixed Income team. Prior to this, he was a portfolio manager in Municipal Securities at Weiss, Peck & Greer, where he worked since 1987. Previously he worked at Manufacturers Hanover Trust where he was the supervisor of broker custody. Peter is a member of the Municipal Analysts Group of New York and a member of the National Federation of Municipal Analysts. He holds a BS degree in management from St. John's University.


S. Kenneth Leech

Manager

Start Date

Apr 27, 2017

Tenure

1.43

Tenure Rank

18.8%

S. Kenneth Leech is the Chief Investment Officer of Western Asset. He has been with Western Asset since 1990.


John C. Mooney

Manager

Start Date

Apr 27, 2017

Tenure

1.43

Tenure Rank

18.8%

John C. Mooney is a Portfolio Manager at Western Asset. He has been with Western Asset since 2005.


Robert E. Amodeo

Manager

Start Date

Apr 27, 2017

Tenure

1.43

Tenure Rank

18.8%

Robert E. Amodeo is the Head of Municipals at Western Asset. He has been with Western Asset since 2005.


Tenure Analysis

Category Low

0.0

Category High

39.0

Category Average

7.96

Category Mode

3.8