THE COMMUNITY DEVELOPMENT FUND
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.0%
1 yr return
1.3%
3 Yr Avg Return
-1.6%
5 Yr Avg Return
0.4%
Net Assets
$134 M
Holdings in Top 10
30.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.25%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 12.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
CDCDX - Profile
Distributions
- YTD Total Return -1.0%
- 3 Yr Annualized Total Return -1.6%
- 5 Yr Annualized Total Return 0.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.93%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameTHE COMMUNITY DEVELOPMENT FUND
-
Fund Family NameCommunity Development Fund
-
Inception DateApr 29, 2016
-
Shares Outstanding12064070
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKevin Hendrickson
Fund Description
The Fund’s principal investment strategy is to invest in debt securities and other debt instruments that will cause shares of the Fund to be deemed to be qualified under the CRA so that financial institutions that are subject to the CRA may receive investment test or similar credit under the CRA with respect to shares of the Fund held by them. Although the Fund is available to any institutional investor, CRA credit will only directly benefit financial institutions that are subject to the CRA.
Under normal circumstances, the Fund will invest primarily in (1) securities issued or guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”) and (2) other investment grade fixed income securities.
Under normal circumstances, the Fund will seek to invest at least 80% of its net assets in debt securities and other debt instruments that the Fund’s investment adviser believes will be CRA-qualifying. The Fund seeks to achieve its investment objective through impact investments in quality affordable single- and multi-family housing and other community development investments, with the goals of benefitting low- and moderate-income (“LMI”) households, improving LMI communities and achieving positive social and environmental impact outcomes. The Fund’s securities would include single-family, multi-family and economic development loan-backed securities. As a result, the Fund will invest a significant amount of its assets in securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), and Government National Mortgage Association (“Ginnie Mae”). The Fund may also invest in certain securities issued by the Small Business Administration and other U.S. Government agencies, authorities, instrumentalities and sponsored enterprises.
The Fund may invest in taxable municipal bonds whose primary purpose is community development. The Fund may also invest in tax-exempt municipal securities.
The Fund may invest in certificates of deposit that are insured by the Federal Deposit Insurance Corporation (“FDIC”) and are issued by financial institutions that are (1) certified as Community Development Financial Institutions or (2) low-income credit unions, or minority- or women-owned and primarily lend or facilitate lending in low- and moderate-income (“LMI”) areas or to LMI individuals to promote community development. Although as a general matter an institution’s CRA activities will be evaluated based on the extent to which they benefit the institution’s delineated assessment area(s) or a Broader Statewide or Regional Area that includes the institution’s assessment area(s), deposits with low-income credit unions or minority- or women-owned financial institutions need not also benefit a shareholder’s assessment area or the Broader Statewide or Regional Area to be CRA-qualified.
While the Fund is seeking to invest available cash in CRA-qualifying investment opportunities, the Fund may invest in money market instruments, debt securities issued or guaranteed by the US Government or its
agencies, and, to a more limited extent, repurchase agreements, convertible securities, shares of exchange-traded funds (“ETFs”), or certain derivative instruments, including futures contracts, options and swaps, that provide exposure to one or a basket of securities that are consistent with the Fund’s investment objectives. The Fund may also invest in repurchase agreements, convertible securities, shares of ETFs, or derivative instruments.
CDCDX - Performance
Return Ranking - Trailing
Period | CDCDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.0% | -4.3% | 5.3% | 2.21% |
1 Yr | 1.3% | -4.8% | 25.9% | 2.21% |
3 Yr | -1.6%* | -8.6% | 9.4% | 2.22% |
5 Yr | 0.4%* | -5.9% | 3.6% | 1.88% |
10 Yr | N/A* | -2.2% | 3.4% | N/A |
* Annualized
Return Ranking - Calendar
Period | CDCDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.3% | -1.0% | 22.1% | 75.22% |
2022 | -9.5% | -20.4% | -5.8% | 2.22% |
2021 | -2.8% | -7.1% | 16.6% | 35.00% |
2020 | 2.9% | -1.3% | 8.8% | 53.74% |
2019 | 3.4% | 0.3% | 7.1% | 50.71% |
Total Return Ranking - Trailing
Period | CDCDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.0% | -4.3% | 5.3% | 2.21% |
1 Yr | 1.3% | -4.8% | 25.9% | 2.21% |
3 Yr | -1.6%* | -8.6% | 9.4% | 2.22% |
5 Yr | 0.4%* | -5.9% | 3.6% | 1.88% |
10 Yr | N/A* | -2.2% | 3.4% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | CDCDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.2% | -0.5% | 28.8% | 53.98% |
2022 | -6.4% | -18.5% | -3.3% | 0.89% |
2021 | -1.7% | -4.5% | 25.3% | 51.36% |
2020 | 4.5% | -1.3% | 13.0% | 70.56% |
2019 | 5.0% | 1.8% | 11.3% | 86.26% |
NAV & Total Return History
CDCDX - Holdings
Concentration Analysis
CDCDX | Category Low | Category High | CDCDX % Rank | |
---|---|---|---|---|
Net Assets | 134 M | 9.43 M | 134 B | 85.40% |
Number of Holdings | 111 | 18 | 12663 | 84.51% |
Net Assets in Top 10 | 40.9 M | 5.49 M | 43.7 B | 92.48% |
Weighting of Top 10 | 30.54% | 6.3% | 115.2% | 62.83% |
Top 10 Holdings
- FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K-158 A2 3.77%
- FANNIE MAE-ACES FNA 2023-M5 A2 3.69%
- FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS KF141 AS 3.51%
- FREDDIE MAC POOL FR WA4823 3.28%
- FANNIE MAE POOL FN CB2738 3.14%
- FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS K141 A2 3.07%
- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-92 AC 2.76%
- FIDELITY GOVERNMENT MONEY MARKET CLASS I (FIGXX) 2.53%
- FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS KSG1 A2 2.42%
- GNMA 2.5 9/16/65 POOL # 2.36%
Asset Allocation
Weighting | Return Low | Return High | CDCDX % Rank | |
---|---|---|---|---|
Bonds | 98.82% | 0.08% | 167.02% | 69.03% |
Cash | 21.86% | -29.69% | 22.63% | 2.65% |
Stocks | 0.00% | 0.00% | 96.75% | 56.19% |
Preferred Stocks | 0.00% | 0.00% | 0.10% | 54.42% |
Convertible Bonds | 0.00% | 0.00% | 3.29% | 54.87% |
Other | -20.68% | -26.81% | 18.17% | 97.79% |
Bond Sector Breakdown
Weighting | Return Low | Return High | CDCDX % Rank | |
---|---|---|---|---|
Securitized | 64.14% | 0.00% | 99.79% | 34.96% |
Municipal | 4.44% | 0.00% | 5.24% | 1.77% |
Cash & Equivalents | 2.53% | -29.63% | 33.75% | 43.36% |
Government | 2.22% | 0.00% | 100.00% | 82.74% |
Corporate | 0.00% | 0.00% | 9.48% | 65.93% |
Derivative | -20.68% | -20.68% | 1.69% | 100.00% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | CDCDX % Rank | |
---|---|---|---|---|
US | 98.82% | 0.08% | 167.02% | 69.03% |
Non US | 0.00% | 0.00% | 12.01% | 54.87% |
CDCDX - Expenses
Operational Fees
CDCDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.25% | 0.03% | 3.55% | 19.11% |
Management Fee | 0.30% | 0.00% | 0.85% | 43.36% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 40.57% |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
CDCDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 4.50% | N/A |
Deferred Load | N/A | 1.00% | 4.50% | N/A |
Trading Fees
CDCDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
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.
CDCDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 12.00% | 3.35% | 948.00% | 6.34% |
CDCDX - Distributions
Dividend Yield Analysis
CDCDX | Category Low | Category High | CDCDX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 4.93% | 88.05% |
Dividend Distribution Analysis
CDCDX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
CDCDX | Category Low | Category High | CDCDX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.93% | -0.80% | 2.96% | 36.00% |
Capital Gain Distribution Analysis
CDCDX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 27, 2024 | $0.022 | OrdinaryDividend |
Feb 29, 2024 | $0.021 | DailyAccrualFund |
Jan 31, 2024 | $0.021 | DailyAccrualFund |
Dec 01, 2023 | $0.021 | DailyAccrualFund |
Nov 01, 2023 | $0.021 | DailyAccrualFund |
Oct 02, 2023 | $0.019 | DailyAccrualFund |
Sep 01, 2023 | $0.019 | DailyAccrualFund |
Aug 01, 2023 | $0.019 | DailyAccrualFund |
Jul 03, 2023 | $0.018 | DailyAccrualFund |
Jun 01, 2023 | $0.018 | DailyAccrualFund |
May 01, 2023 | $0.017 | DailyAccrualFund |
Apr 03, 2023 | $0.016 | DailyAccrualFund |
Feb 28, 2023 | $0.017 | DailyAccrualFund |
Feb 01, 2023 | $0.016 | DailyAccrualFund |
Dec 01, 2022 | $0.014 | DailyAccrualFund |
Nov 01, 2022 | $0.014 | DailyAccrualFund |
Oct 03, 2022 | $0.012 | DailyAccrualFund |
Sep 01, 2022 | $0.012 | DailyAccrualFund |
Aug 01, 2022 | $0.011 | DailyAccrualFund |
Jul 01, 2022 | $0.008 | DailyAccrualFund |
Jun 01, 2022 | $0.010 | DailyAccrualFund |
May 02, 2022 | $0.009 | DailyAccrualFund |
Apr 01, 2022 | $0.009 | DailyAccrualFund |
Mar 01, 2022 | $0.019 | DailyAccrualFund |
Feb 01, 2022 | $0.008 | DailyAccrualFund |
Jan 03, 2022 | $0.008 | DailyAccrualFund |
Dec 01, 2021 | $0.008 | DailyAccrualFund |
Nov 01, 2021 | $0.007 | DailyAccrualFund |
Oct 01, 2021 | $0.009 | DailyAccrualFund |
Sep 01, 2021 | $0.008 | DailyAccrualFund |
Aug 02, 2021 | $0.008 | DailyAccrualFund |
Jul 01, 2021 | $0.009 | DailyAccrualFund |
Jun 01, 2021 | $0.009 | DailyAccrualFund |
May 03, 2021 | $0.009 | DailyAccrualFund |
Apr 01, 2021 | $0.009 | DailyAccrualFund |
Mar 01, 2021 | $0.008 | DailyAccrualFund |
Feb 01, 2021 | $0.011 | DailyAccrualFund |
Jan 04, 2021 | $0.010 | DailyAccrualFund |
Dec 01, 2020 | $0.010 | DailyAccrualFund |
Nov 02, 2020 | $0.011 | DailyAccrualFund |
Oct 01, 2020 | $0.012 | DailyAccrualFund |
Sep 01, 2020 | $0.012 | DailyAccrualFund |
Aug 03, 2020 | $0.012 | DailyAccrualFund |
Jul 01, 2020 | $0.012 | DailyAccrualFund |
Jun 01, 2020 | $0.013 | DailyAccrualFund |
May 01, 2020 | $0.014 | DailyAccrualFund |
Apr 01, 2020 | $0.014 | DailyAccrualFund |
Mar 02, 2020 | $0.013 | DailyAccrualFund |
Feb 03, 2020 | $0.014 | DailyAccrualFund |
Jan 02, 2020 | $0.014 | DailyAccrualFund |
Dec 02, 2019 | $0.014 | DailyAccrualFund |
Nov 01, 2019 | $0.014 | DailyAccrualFund |
Oct 01, 2019 | $0.016 | DailyAccrualFund |
Sep 03, 2019 | $0.015 | DailyAccrualFund |
Aug 01, 2019 | $0.015 | DailyAccrualFund |
May 01, 2019 | $0.016 | DailyAccrualFund |
Mar 01, 2019 | $0.016 | DailyAccrualFund |
Feb 01, 2019 | $0.016 | DailyAccrualFund |
Jan 02, 2019 | $0.014 | DailyAccrualFund |
Dec 01, 2017 | $0.013 | DailyAccrualFund |
Nov 01, 2017 | $0.032 | DailyAccrualFund |
Oct 02, 2017 | $0.028 | DailyAccrualFund |
Sep 01, 2017 | $0.012 | DailyAccrualFund |
Jul 03, 2017 | $0.013 | DailyAccrualFund |
Jun 01, 2017 | $0.012 | DailyAccrualFund |
Apr 03, 2017 | $0.009 | DailyAccrualFund |
Mar 01, 2017 | $0.011 | DailyAccrualFund |
Feb 01, 2017 | $0.010 | DailyAccrualFund |
Jan 03, 2017 | $0.009 | DailyAccrualFund |
Dec 01, 2016 | $0.010 | DailyAccrualFund |
Nov 01, 2016 | $0.009 | DailyAccrualFund |
Oct 03, 2016 | $0.008 | DailyAccrualFund |
Sep 01, 2016 | $0.001 | DailyAccrualFund |
CDCDX - Fund Manager Analysis
Managers
Kevin Hendrickson
Start Date
Tenure
Tenure Rank
Oct 16, 2019
2.62
2.6%
Kevin Hendrickson, CFA, is a senior member of the structured products team for MetLife Investment Management, LLC’s public fixed income team. Mr. Hendrickson has been with MetLife Investment Management, LLC and its predecessor firms since 2007. Prior to becoming a portfolio manager in 2019, he was responsible for trading core based products with a focus on mortgage- and asset-backed securities.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.11 | 31.64 | 8.38 | 7.35 |