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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.64

$135 M

4.15%

$0.40

0.76%

Vitals

YTD Return

0.8%

1 yr return

6.0%

3 Yr Avg Return

1.1%

5 Yr Avg Return

2.0%

Net Assets

$135 M

Holdings in Top 10

54.4%

52 WEEK LOW AND HIGH

$9.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.64

$135 M

4.15%

$0.40

0.76%

MSTBX - Profile

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return 1.1%
  • 5 Yr Annualized Total Return 2.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.92%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Morningstar Defensive Bond Fund
  • Fund Family Name
    Morningstar
  • Inception Date
    Nov 02, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Abhijeet Patwardhan

Fund Description

In seeking capital preservation, the Fund will normally invest at least 80% of its assets in a diversified portfolio of debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality. Under normal conditions, the Fund intends to pursue a defensive strategy of limiting its interest-rate sensitivity by maintaining a portfolio duration of three years or less. The Fund may also invest in investment companies such as ETFs, which could represent a significant percentage of assets.
The Fund invests primarily in short- and intermediate-term investment-grade fixed-income securities. These may include U.S. and non‑U.S. investment-grade corporate debt securities, U.S. and non‑U.S. government debt securities, and mortgage-backed and asset-backed securities. In most market environments, the Fund will not invest more than 20% of assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.
In addition, the Fund may invest a significant portion of its assets in collateralized debt obligations (CDOs), including collateralized loan obligations (CLOs). CDOs are types of asset-backed securities. CLOs are ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic and non‑U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer.
Multimanager Approach—The Fund uses a multimanager approach, meaning the adviser may allocate assets to one or more subadvisers, in addition to open- and closed‑end investment companies, ETFs, and individual securities (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the
Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.
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MSTBX - Performance

Return Ranking - Trailing

Period MSTBX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -1.8% 9.2% 40.33%
1 Yr 6.0% -0.2% 24.4% 17.03%
3 Yr 1.1%* -5.9% 4.1% 17.10%
5 Yr 2.0%* -3.8% 4.4% 21.63%
10 Yr N/A* -19.2% 169.7% N/A

* Annualized

Return Ranking - Calendar

Period MSTBX Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -5.4% 7.6% 18.33%
2022 -7.2% -17.7% -2.6% 54.16%
2021 -1.8% -4.0% 4.4% 62.60%
2020 1.5% -8.3% 7.6% 60.35%
2019 0.8% -2.3% 9.3% 97.18%

Total Return Ranking - Trailing

Period MSTBX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -1.8% 9.2% 40.33%
1 Yr 6.0% -0.2% 24.4% 17.03%
3 Yr 1.1%* -5.9% 4.1% 17.10%
5 Yr 2.0%* -3.8% 4.4% 21.63%
10 Yr N/A* -19.2% 169.7% N/A

* Annualized

Total Return Ranking - Calendar

Period MSTBX Return Category Return Low Category Return High Rank in Category (%)
2023 6.9% -1.1% 15.2% 15.25%
2022 -4.7% -17.3% -1.3% 46.21%
2021 0.5% -2.7% 7.7% 29.20%
2020 4.7% -4.4% 14.5% 35.55%
2019 3.6% 0.6% 12.6% 86.69%

NAV & Total Return History


MSTBX - Holdings

Concentration Analysis

MSTBX Category Low Category High MSTBX % Rank
Net Assets 135 M 14.1 K 58.8 B 86.18%
Number of Holdings 228 2 9721 72.35%
Net Assets in Top 10 73.1 M 1.16 M 6.6 B 73.43%
Weighting of Top 10 54.45% 1.8% 108.7% 8.80%

Top 10 Holdings

  1. Schwab Strategic Trust SHORT-TERM US TREASURY ETF 34.05%
  2. Northern Inst Fds TREAS PRT PRMR 4.23%
  3. Schwab Strategic Trust INTERMED-TERM US TREAS ETF 4.04%
  4. Vanguard Malvern Funds SH-TERM INFL PROTECTED ETF 2.90%
  5. B 0 02/01/24 2.76%
  6. Vanguard Scottsdal VANGUARD SHORT-TERM CORP BD 2.05%
  7. T 4.375 11/30/28 1.87%
  8. Northern Inst Fds TREAS PRT PRMR 0.99%
  9. VCP 2021-2A E 0.84%
  10. PHI Group Inc COM 0.73%

Asset Allocation

Weighting Return Low Return High MSTBX % Rank
Stocks
43.98% 0.00% 103.64% 7.00%
Bonds
27.78% 0.00% 130.68% 92.46%
Other
23.03% -0.97% 72.36% 12.39%
Cash
5.30% -20.59% 62.18% 24.60%
Convertible Bonds
0.97% 0.00% 27.71% 85.79%
Preferred Stocks
0.00% 0.00% 21.82% 22.08%

Stock Sector Breakdown

Weighting Return Low Return High MSTBX % Rank
Financial Services
100.00% 0.00% 100.00% 1.56%
Utilities
0.00% 0.00% 81.48% 34.38%
Technology
0.00% 0.00% 24.45% 34.38%
Real Estate
0.00% 0.00% 8.31% 37.50%
Industrials
0.00% 0.00% 100.00% 37.50%
Healthcare
0.00% 0.00% 23.11% 29.69%
Energy
0.00% 0.00% 100.00% 71.88%
Communication Services
0.00% 0.00% 65.64% 46.88%
Consumer Defense
0.00% 0.00% 21.37% 28.13%
Consumer Cyclical
0.00% 0.00% 10.75% 32.81%
Basic Materials
0.00% 0.00% 22.71% 29.69%

Stock Geographic Breakdown

Weighting Return Low Return High MSTBX % Rank
US
43.98% 0.00% 103.64% 7.00%
Non US
0.00% 0.00% 0.02% 12.21%

Bond Sector Breakdown

Weighting Return Low Return High MSTBX % Rank
Securitized
40.21% 0.00% 97.27% 20.50%
Government
35.19% 0.00% 73.63% 25.54%
Corporate
18.73% 0.00% 100.00% 80.94%
Cash & Equivalents
5.30% 0.00% 62.18% 24.24%
Derivative
0.00% -0.55% 24.84% 50.63%
Municipal
0.00% 0.00% 17.46% 58.45%

Bond Geographic Breakdown

Weighting Return Low Return High MSTBX % Rank
US
27.78% 0.00% 130.68% 91.56%
Non US
0.00% 0.00% 83.16% 29.08%

MSTBX - Expenses

Operational Fees

MSTBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.01% 3.24% 41.49%
Management Fee 0.36% 0.00% 1.19% 62.30%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

MSTBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.50% 4.00% N/A

Trading Fees

MSTBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

MSTBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 500.00% 6.29%

MSTBX - Distributions

Dividend Yield Analysis

MSTBX Category Low Category High MSTBX % Rank
Dividend Yield 4.15% 0.00% 10.34% 37.16%

Dividend Distribution Analysis

MSTBX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MSTBX Category Low Category High MSTBX % Rank
Net Income Ratio 1.92% -1.27% 4.98% 12.29%

Capital Gain Distribution Analysis

MSTBX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

MSTBX - Fund Manager Analysis

Managers

Abhijeet Patwardhan


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Abhijeet Patwardhan is a Partner (since January 2017) and a Director of Research (since April 2015) of First Pacific Advisors, LLC. Previously Mr. Patwardhan served as Managing Director of the Adviser from November 2015 to January 2017, Senior Vice President from January 2014 to November 2015 and as an analyst and Vice President from June 2010 to December 2013

Thomas Atteberry


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Thomas H. Atteberry, CFA, Partner at FPA, joined the firm in 1997. Thomas is the CEO of FPA New Income and a manager of the Absolute Fixed Income Strategy. Prior to joining FPA, Tom served as Chief Fixed Income Strategist of Fifth Third Bank and Chief Investment Officer of Mercantile Bank in Joplin, MO. He received a Bachelor’s degree in Business Administration from Texas Christian University.

Hong Cheng


Start Date

Tenure

Tenure Rank

Dec 30, 2020

1.42

1.4%

Hong Cheng is a portfolio manager within Morningstar's Investment Management group. Hong's primary responsibilities include managing the income focused strategies, including portfolio construction, subadvisor and ETF selection. Hong also co-manages Morningstar Global Income fund, Morningstar Multisector Bond fund and Morningstar Defensive Bond fund. Hong is a member of Investment Management's Global Asset Allocation team focusing on U.S. below-investment grade credit sectors. Hong is a CFA Charter Holder, a member of the CFA Institute and the CFA Society of Chicago.

Ricky Williamson


Start Date

Tenure

Tenure Rank

Dec 30, 2020

1.42

1.4%

Ricky Williamson is a portfolio manager within Morningstar Investment Management. He is focused on portfolio construction, asset allocation, and manager due diligence. Williamson is also a member of Investment Management’s Global Asset Allocation team, focusing on emerging-market debt as well as general fixed-income research. He develops and implements asset-class positioning and fund-of-funds portfolios, evaluates investment managers, and performs capital-market research. He currently serves as a co-manager for three Morningstar mutual funds: Morningstar Total Return Bond Fund, Morningstar Municipal Bond Fund, and Morningstar Multisector Bond Fund. Prior to joining Morningstar Investment Management in 2013, Williamson was a consultant and analyst with Cardinal Investment Advisors, LLC., where he built asset-allocation models for defined-benefit plans, performed manager due diligence, and worked on capital-market research. Williamson holds a bachelor’s degree in economics and government from the University of Virginia. He also holds a Certificate in Investment Performance Measurement and the Chartered Financial Analyst® designation.

Alfonzo Bruno


Start Date

Tenure

Tenure Rank

May 02, 2022

0.08

0.1%

Alfonzo Bruno is an associate portfolio manager with Morningstar’s Investment Management group. Along with the other Morningstar portfolios managers for the Funds, Bruno is responsible for subadviser selection and oversight, subadviser and exchange traded funds (ETFs) allocations, in addition to other portfolio management responsibilities. Bruno is also a member of Investment Management’s Global Asset Allocation team focusing on U.S. treasuries and agency mortgage-backed securities. Previously, Bruno was a manager research analyst at Morningstar, where he focused on fixed income manager research. Prior to joining Morningstar, Bruno was an investment analyst for the Illinois Municipal Retirement Fund where he focused on public markets portfolio and risk management. Bruno holds a bachelor’s degree in finance from the University of Iowa. Bruno is a CFA Charterholder. Bruno has served as a portfolio manager for the Funds since May 2022.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.13 2.41