Name
As of 12/16/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-4.0%
1 yr return
-5.1%
3 Yr Avg Return
-2.3%
5 Yr Avg Return
-0.9%
Net Assets
$6.68 M
Holdings in Top 10
57.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.54%
SALES FEES
Front Load 2.25%
Deferred Load N/A
TRADING FEES
Turnover 38.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$100
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/16/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
SMMAX - Profile
Distributions
- YTD Total Return -4.0%
- 3 Yr Annualized Total Return -2.3%
- 5 Yr Annualized Total Return -0.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.30%
- Dividend Yield 1.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameVirtus Seix Short-Term Municipal Bond Fund
-
Fund Family NameVirtus
-
Inception DateApr 13, 2005
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerDusty Self
Fund Description
Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities, including securities subject to the U.S. federal alternative minimum tax, with the income exempt from regular U.S. federal income tax. The fund will invest primarily in investment grade short-term
municipal securities. The issuers of these securities may be located in any U.S. state, territory or possession. The fund may also invest a portion of its net assets in certain taxable debt instruments. The fund expects that it will normally maintain an effective maturity of 3 years or less.
In selecting investments for purchase and sale, the subadviser tries to manage risk as much as possible. Based on the subadviser’s analysis of municipalities, credit risk, market trends and investment cycles, the subadviser attempts to invest more of the fund’s assets in undervalued municipal securities and less in overvalued municipal securities taking into consideration maturity, sector, credit, state and supply and demand levels.
The subadviser also attempts to identify and invest in municipal issuers with improving credit and avoid those with deteriorating credit. The fund invests in securities rated investment grade by at least one nationally recognized statistical rating organization or unrated securities that the subadviser believes are of comparable quality. The subadviser may retain securities if the rating of the security falls below investment grade and the subadviser deems retention of the security to be in the best interests of the fund.
In addition, to implement its investment strategy, the fund may buy or sell derivative instruments (such as treasury futures) to use as part of a strategy designed to reduce exposure to other risks, such as interest rate or credit risks.
SMMAX - Performance
Return Ranking - Trailing
Period | SMMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -4.0% | -86.8% | 7.5% | 20.41% |
1 Yr | -5.1% | -28.5% | 15.7% | 31.26% |
3 Yr | -2.3%* | -10.7% | 51.9% | 39.13% |
5 Yr | -0.9%* | -6.0% | 29.0% | 39.06% |
10 Yr | N/A* | -3.5% | 13.2% | 93.40% |
* Annualized
Return Ranking - Calendar
Period | SMMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -3.0% | -91.1% | 101.7% | 90.09% |
2022 | 0.6% | -79.2% | 102.5% | 68.57% |
2021 | 0.4% | -66.1% | 6.4% | 74.12% |
2020 | 0.0% | -57.4% | 18.9% | 18.72% |
2019 | N/A | -35.9% | 3.2% | N/A |
Total Return Ranking - Trailing
Period | SMMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -4.0% | -86.8% | 7.5% | 20.13% |
1 Yr | -5.1% | -28.5% | 15.4% | 32.29% |
3 Yr | -2.3%* | -10.7% | 51.9% | 40.83% |
5 Yr | -0.9%* | -6.0% | 29.0% | 43.91% |
10 Yr | N/A* | -3.5% | 13.3% | 96.19% |
* Annualized
Total Return Ranking - Calendar
Period | SMMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -3.0% | -91.1% | 101.7% | 90.10% |
2022 | 0.6% | -79.2% | 102.5% | 68.54% |
2021 | 0.4% | -66.1% | 13.4% | 74.18% |
2020 | 0.0% | -57.4% | 18.9% | 22.13% |
2019 | N/A | -35.9% | 3.2% | N/A |
NAV & Total Return History
SMMAX - Holdings
Concentration Analysis
SMMAX | Category Low | Category High | SMMAX % Rank | |
---|---|---|---|---|
Net Assets | 6.68 M | 1.23 M | 73.9 B | 99.47% |
Number of Holdings | 25 | 1 | 14000 | 79.84% |
Net Assets in Top 10 | 3.81 M | -317 M | 8.64 B | 79.61% |
Weighting of Top 10 | 57.03% | 2.4% | 100.0% | 21.93% |
Top 10 Holdings
- NORTH TEX TWY AUTH REV 5% 8.85%
- Dreyfus Government Cash Mgmt Instl 8.41%
- NEW JERSEY ST 5% 8.21%
- NORTH TEX TWY AUTH REV 5% 7.61%
- SALT RIV PROJ AGRIC IMPT & PWR DIST ARIZ ELEC SYS REV 5% 7.56%
- LONG IS PWR AUTH N Y ELEC SYS REV 5% 6.85%
- CALIFORNIA ST 5% 5.98%
- E 470 PUB HWY AUTH COLO REV 5% 5.91%
- CONNECTICUT ST SPL TAX OBLIG REV 5% 5.53%
- COLORADO SPRINGS COLO UTILS REV 0.19% 5.49%
Asset Allocation
Weighting | Return Low | Return High | SMMAX % Rank | |
---|---|---|---|---|
Bonds | 84.22% | 0.00% | 150.86% | 98.47% |
Cash | 15.78% | -50.86% | 100.00% | 1.35% |
Stocks | 0.00% | -0.03% | 4.63% | 80.39% |
Preferred Stocks | 0.00% | -1.79% | 0.04% | 79.07% |
Other | 0.00% | -13.03% | 30.01% | 79.34% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 79.52% |
Bond Sector Breakdown
Weighting | Return Low | Return High | SMMAX % Rank | |
---|---|---|---|---|
Municipal | 84.22% | 0.00% | 100.00% | 97.93% |
Cash & Equivalents | 15.78% | 0.00% | 100.00% | 1.57% |
Derivative | 0.00% | 0.00% | 21.68% | 79.52% |
Securitized | 0.00% | 0.00% | 5.93% | 79.61% |
Corporate | 0.00% | 0.00% | 9.99% | 83.61% |
Government | 0.00% | 0.00% | 52.02% | 81.45% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | SMMAX % Rank | |
---|---|---|---|---|
US | 84.22% | 0.00% | 142.23% | 96.27% |
Non US | 0.00% | 0.00% | 62.14% | 97.17% |
SMMAX - Expenses
Operational Fees
SMMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.54% | 0.02% | 3.60% | 52.70% |
Management Fee | 0.35% | 0.00% | 1.10% | 29.32% |
12b-1 Fee | 0.15% | 0.00% | 1.00% | 27.41% |
Administrative Fee | 0.10% | 0.01% | 0.44% | 44.47% |
Sales Fees
SMMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 2.25% | 0.00% | 4.90% | 91.32% |
Deferred Load | N/A | 0.25% | 5.50% | N/A |
Trading Fees
SMMAX 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.
SMMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 38.00% | 0.00% | 283.00% | 86.68% |
SMMAX - Distributions
Dividend Yield Analysis
SMMAX | Category Low | Category High | SMMAX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.33% | 0.00% | 35.27% | 68.10% |
Dividend Distribution Analysis
SMMAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
SMMAX | Category Low | Category High | SMMAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.30% | -0.53% | 24.00% | 97.49% |
Capital Gain Distribution Analysis
SMMAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Nov 30, 2022 | $0.011 | DailyAccrualFund |
Oct 31, 2022 | $0.013 | DailyAccrualFund |
Sep 30, 2022 | $0.010 | DailyAccrualFund |
Aug 31, 2022 | $0.010 | DailyAccrualFund |
Jul 29, 2022 | $0.008 | DailyAccrualFund |
Jun 30, 2022 | $0.006 | DailyAccrualFund |
May 31, 2022 | $0.005 | DailyAccrualFund |
Apr 29, 2022 | $0.003 | DailyAccrualFund |
Mar 31, 2022 | $0.005 | DailyAccrualFund |
Feb 28, 2022 | $0.003 | DailyAccrualFund |
Jan 31, 2022 | $0.003 | DailyAccrualFund |
Dec 31, 2021 | $0.004 | DailyAccrualFund |
Nov 30, 2021 | $0.003 | DailyAccrualFund |
Oct 29, 2021 | $0.003 | DailyAccrualFund |
Sep 30, 2021 | $0.003 | DailyAccrualFund |
Aug 31, 2021 | $0.002 | DailyAccrualFund |
Jul 30, 2021 | $0.002 | DailyAccrualFund |
Jun 30, 2021 | $0.002 | DailyAccrualFund |
May 28, 2021 | $0.002 | DailyAccrualFund |
Apr 30, 2021 | $0.002 | DailyAccrualFund |
Mar 31, 2021 | $0.002 | DailyAccrualFund |
Feb 26, 2021 | $0.003 | DailyAccrualFund |
Jan 29, 2021 | $0.003 | DailyAccrualFund |
Dec 31, 2020 | $0.003 | DailyAccrualFund |
Nov 30, 2020 | $0.002 | DailyAccrualFund |
Oct 30, 2020 | $0.003 | DailyAccrualFund |
Sep 30, 2020 | $0.002 | DailyAccrualFund |
Aug 31, 2020 | $0.002 | DailyAccrualFund |
Jul 31, 2020 | $0.003 | DailyAccrualFund |
Jun 30, 2020 | $0.003 | DailyAccrualFund |
May 29, 2020 | $0.003 | DailyAccrualFund |
Apr 30, 2020 | $0.005 | DailyAccrualFund |
Mar 31, 2020 | $0.009 | DailyAccrualFund |
Feb 28, 2020 | $0.007 | DailyAccrualFund |
Jan 31, 2020 | $0.008 | DailyAccrualFund |
Dec 31, 2019 | $0.008 | DailyAccrualFund |
Nov 29, 2019 | $0.008 | DailyAccrualFund |
Oct 31, 2019 | $0.009 | DailyAccrualFund |
Sep 30, 2019 | $0.008 | DailyAccrualFund |
Aug 30, 2019 | $0.010 | DailyAccrualFund |
Jul 31, 2019 | $0.010 | DailyAccrualFund |
May 31, 2019 | $0.011 | DailyAccrualFund |
Apr 30, 2019 | $0.010 | DailyAccrualFund |
Mar 29, 2019 | $0.011 | DailyAccrualFund |
Feb 28, 2019 | $0.010 | DailyAccrualFund |
Jan 31, 2019 | $0.010 | DailyAccrualFund |
Dec 31, 2018 | $0.010 | DailyAccrualFund |
Nov 30, 2018 | $0.011 | DailyAccrualFund |
Oct 31, 2018 | $0.010 | DailyAccrualFund |
Aug 31, 2018 | $0.009 | DailyAccrualFund |
Jul 31, 2018 | $0.007 | DailyAccrualFund |
Jun 29, 2018 | $0.008 | DailyAccrualFund |
May 31, 2018 | $0.008 | DailyAccrualFund |
Apr 30, 2018 | $0.007 | DailyAccrualFund |
Mar 29, 2018 | $0.007 | DailyAccrualFund |
Feb 28, 2018 | $0.006 | DailyAccrualFund |
Jan 31, 2018 | $0.007 | DailyAccrualFund |
Dec 29, 2017 | $0.007 | DailyAccrualFund |
Nov 30, 2017 | $0.006 | DailyAccrualFund |
Oct 31, 2017 | $0.006 | DailyAccrualFund |
Oct 02, 2017 | $0.007 | DailyAccrualFund |
Sep 01, 2017 | $0.006 | DailyAccrualFund |
Aug 01, 2017 | $0.005 | DailyAccrualFund |
SMMAX - Fund Manager Analysis
Managers
Dusty Self
Start Date
Tenure
Tenure Rank
Nov 17, 2011
10.54
10.5%
Dusty Self is a Senior Portfolio Manager and Managing Director at Seix Investment Advisors LLC and provides analysis for all the Investment Grade Tax-Exempt Bond Funds. Ms. Self began her career as a portfolio specialist and then as a performance analyst at Seix Investment Advisors’ predecessor firm. She has worked in investment management since 1992.
Ronald Schwartz
Start Date
Tenure
Tenure Rank
Nov 17, 2011
10.54
10.5%
Ronald Schwartz joined Seix Investment Advisors LLC’ predecessor firm in 1988 and currently serves as Senior Portfolio Manager and Managing Director and leads the Investment Grade Tax-Exempt group at Seix Investment Advisors LLC. He is a member of the Seix Investment Policy Group, which determines firm-wide asset allocation policy. He has worked in investment management since 1982.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.23 | 1.58 |