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Name

As of 04/18/2024

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

PIA BBB Bond Fund

PBBBX | Fund

$8.15

$198 M

0.00%

0.17%

Vitals

YTD Return

-3.2%

1 yr return

2.2%

3 Yr Avg Return

-3.0%

5 Yr Avg Return

1.0%

Net Assets

$198 M

Holdings in Top 10

10.1%

52 WEEK LOW AND HIGH

$8.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.17%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 20.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/18/2024

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

PIA BBB Bond Fund

PBBBX | Fund

$8.15

$198 M

0.00%

0.17%

PBBBX - Profile

Distributions

  • YTD Total Return -3.2%
  • 3 Yr Annualized Total Return -3.0%
  • 5 Yr Annualized Total Return 1.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.83%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PIA BBB Bond Fund
  • Fund Family Name
    PIA Mutual Funds
  • Inception Date
    Sep 25, 2003
  • Shares Outstanding
    27628009
  • Share Class
    SMA
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Rory Hargaden

Fund Description

Under normal market conditions, the BBB Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds rated BBB by S&P Global Ratings, Baa by Moody’s Ratings or BBB by Fitch Ratings. The BBB-rated bonds are defined by the Bloomberg index methodology. The Fund seeks to approximate returns of bonds rated within the BBB category by any credit rating agency currently registered with the U.S. Securities and Exchange Commission (“SEC”) as NRSROs.
The weighted average duration of the BBB Bond Fund will generally range from four to eight years. Duration is a measure of a debt security’s price sensitivity. Higher duration indicates bonds that are
more sensitive to interest rate changes. Bonds with shorter duration reduce the risk associated with interest rates. Duration takes into account a debt security’s cash flows over time, including assumptions about the timing of how a debt security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date. In contrast, maturity measures only the time until final payment is due.
In selecting investments for the BBB Bond Fund, the Adviser will primarily consider credit quality, duration and yield.
The BBB Bond Fund may invest up to 50% of its total assets in securities of foreign issuers denominated in U.S. dollars, including issuers located in emerging markets.
In its effort to provide a total rate of return that approximates that of bonds rated within the BBB category as defined by the Bloomberg index methodology, the BBB Bond Fund may invest up to 10% of its net assets in futures, options and other derivatives. The Fund may sometimes use derivatives as a substitute for taking a position in bonds rated BBB or Baa and/or as part of a strategy designed to reduce or increase exposure to other risks, such as interest rate risk.
Read More

PBBBX - Performance

Return Ranking - Trailing

Period PBBBX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.2% -6.3% 2.6% 80.23%
1 Yr 2.2% -3.9% 7.9% 30.51%
3 Yr -3.0%* -10.1% 39.0% 44.25%
5 Yr 1.0%* -4.3% 26.0% 45.63%
10 Yr 2.2%* -0.5% 14.0% 37.00%

* Annualized

Return Ranking - Calendar

Period PBBBX Return Category Return Low Category Return High Rank in Category (%)
2023 5.2% -5.6% 6.3% 6.78%
2022 -18.9% -28.7% 142.1% 51.14%
2021 -4.0% -12.3% 4.9% 43.35%
2020 5.8% -8.0% 10.6% 49.11%
2019 12.0% 4.3% 13.4% 5.03%

Total Return Ranking - Trailing

Period PBBBX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.2% -6.3% 2.6% 80.23%
1 Yr 2.2% -3.9% 7.9% 30.51%
3 Yr -3.0%* -10.1% 39.0% 44.25%
5 Yr 1.0%* -4.3% 26.0% 45.63%
10 Yr 2.2%* -0.5% 14.0% 37.00%

* Annualized

Total Return Ranking - Calendar

Period PBBBX Return Category Return Low Category Return High Rank in Category (%)
2023 9.2% -5.6% 12.9% 17.51%
2022 -16.1% -25.6% 151.8% 51.14%
2021 -1.2% -5.1% 7.5% 71.68%
2020 9.4% -8.0% 116.0% 67.46%
2019 16.5% 6.7% 17.4% 2.52%

NAV & Total Return History

PBBBX - Holdings

Concentration Analysis

PBBBX Category Low Category High PBBBX % Rank
Net Assets 198 M 5.45 M 47.3 B 76.27%
Number of Holdings 275 4 9989 79.10%
Net Assets in Top 10 19.3 M -29.6 M 2.71 B 77.40%
Weighting of Top 10 10.07% 1.6% 143.5% 79.66%

Top 10 Holdings

  1. Pacific Gas and Electric Co 1.65%
  2. Mexico Government International Bond 1.06%
  3. CVS Health Corp 1.03%
  4. Santander UK Group Holdings PLC 1.03%
  5. Boeing Co/The 1.01%
  6. Fidelity Government Portfolio 0.96%
  7. Citigroup Inc 0.85%
  8. Fidelity National Financial Inc 0.83%
  9. Philippine Government International Bond 0.83%
  10. ATT Inc 0.82%

Asset Allocation

Weighting Return Low Return High PBBBX % Rank
Bonds 		98.30% 0.00% 136.47% 23.16%
Convertible Bonds 		1.95% 0.00% 78.47% 81.36%
Cash 		1.70% -43.80% 45.81% 71.75%
Stocks 		0.00% 0.00% 99.96% 25.42%
Preferred Stocks 		0.00% 0.00% 9.18% 27.12%
Other 		0.00% -1.14% 13.53% 73.45%

Bond Sector Breakdown

Weighting Return Low Return High PBBBX % Rank
Corporate 		93.29% 41.80% 100.00% 18.64%
Government 		6.46% 0.00% 25.63% 36.72%
Cash & Equivalents 		0.96% 0.00% 45.81% 72.88%
Securitized 		0.17% 0.00% 23.18% 76.84%
Derivative 		0.00% -0.21% 1.89% 71.75%
Municipal 		0.00% 0.00% 3.62% 66.67%

Bond Geographic Breakdown

Weighting Return Low Return High PBBBX % Rank
US 		98.30% 0.00% 109.04% 21.47%
Non US 		0.00% 0.00% 47.05% 29.38%

PBBBX - Expenses

Operational Fees

PBBBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.17% 0.02% 46.23% 89.71%
Management Fee 0.00% 0.00% 1.35% 0.56%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

PBBBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

PBBBX 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.

PBBBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 20.00% 0.00% 259.00% 10.92%

PBBBX - Distributions

Dividend Yield Analysis

PBBBX Category Low Category High PBBBX % Rank
Dividend Yield 0.00% 0.00% 6.09% 77.97%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PBBBX Category Low Category High PBBBX % Rank
Net Income Ratio 2.83% 0.38% 5.93% 13.14%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PBBBX - Fund Manager Analysis

Managers

Rory Hargaden

Start Date

Tenure

Tenure Rank

Mar 30, 2018

4.17

4.2%

Mr. Hargaden is a portfolio manager and credit research analyst, where he specializes in financial institutions, utilities, asset-backed securities and municipal bonds. Mr. Hargaden’s prior experience at PIA includes managing fixed income trading. Prior to joining PIA in 1989, Mr. Hargaden served in the Audit and Tax Services divisions of Ernst & Whinney and KPMG Peat Marwick. He earned a Bachelor of Science degree in Business Administration and an M.B.A. from the University of Southern California.

Hsin Tong

Start Date

Tenure

Tenure Rank

Mar 30, 2018

4.17

4.2%

Hsin Tong, CFA, is Vice President and Portfolio Manager. Ms. Tong is a portfolio manager and analyst of PIA focusing on institutional separately managed accounts. Ms. Tong has been an employee of the Adviser since 2005. She earned a MS degree in Industrial and Systems Engineering from the University of Southern California. She earned a Bachelor of Science degree in Mechanical and Electronics Engineering from Shantou University in China, where she was a four-year member of the Dean’s List.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 24.76 6.74 4.41

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