Sterling Capital Ultra Short Bond Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.8%
1 yr return
5.8%
3 Yr Avg Return
2.6%
5 Yr Avg Return
2.4%
Net Assets
$30.2 M
Holdings in Top 10
20.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.58%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 48.71%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
BUSIX - Profile
Distributions
- YTD Total Return 1.8%
- 3 Yr Annualized Total Return 2.6%
- 5 Yr Annualized Total Return 2.4%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.08%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameSterling Capital Ultra Short Bond Fund
-
Fund Family NameSterling Capital Funds
-
Inception DateNov 30, 2012
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Montgomery
Fund Description
To pursue its investment objective, the Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in fixed income securities (bonds).
The Fund invests primarily in the following types of fixed income securities: (i) securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, some of which may be subject to repurchase agreements; (ii) corporate debt securities, including bonds, notes and debentures, issued by U.S. companies that are investment grade (i.e., rated at the time of purchase in one of the four highest rating categories by a nationally recognized statistical rating organization, or are determined by the portfolio manager to be of comparable quality); (iii) investment grade asset-backed securities; (iv) investment grade mortgage-backed securities, including collateralized mortgage obligations; (v) municipal securities; (vi) U.S. dollar-denominated foreign and emerging market securities; and (vii) variable and floating rate instruments. Additionally, the Fund will invest in convertible securities, including convertible bonds and preferred stocks, and cash equivalents. The Fund may invest up to 10% of its total assets in bonds that are below investment grade, which are commonly referred to as “high yield” or “junk” bonds. The Fund will maintain an average duration of 18 months or less. The Fund is generally structured to target a dollar-weighted average maturity of between zero and 24 months, although the Fund may invest in individual securities of any weighted average maturity. Duration is the expected life of a fixed-income security and is used to determine the sensitivity of the security’s price to changes in interest rates. Maturity merely measures the time until final payment is due. Unlike maturity, duration accounts for the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates.
In managing the portfolio, the portfolio manager uses a “top down” investment management approach focusing on allocation among sectors, credit risk, and individual securities selection. The portfolio manager focuses on macro trends in the economy to establish a duration target that reflects the outlook for the future direction of interest rates. For yield curve management, in addition to the trend in interest rates, other factors such as future inflation expectations, supply factors, and future interest rate expectations are considered. Sector weightings are driven by a combination of the portfolio manager’s macro view on interest rates and volatility as well as relative spread analysis. Utilizing fundamental analysis the portfolio manager then selects individual securities consistent with the target by looking for the best relative values within particular sectors. The analysis includes an attempt to understand the structure and embedded features of potential securities. Features that are analyzed include puts, calls, sinking fund requirements (scheduled early retirements of the specific debt instrument), prepayment and extension risk, and individual company financial data for potential corporate holdings. Scenario analysis is the primary tool employed for these assessments.
The portfolio manager may consider selling a security owned by the Fund to reduce exposure to a particular sector, if the portfolio manager sees a deterioration in the underlying fundamentals of an issuer or if the actions of the issuer violate the investment thesis of owning the security (or, in another words, the original reasoning for purchasing the security), when the portfolio managers finds other attractive securities that the portfolio manager believes are less expensive and offer relatively greater income or growth potential, and in response to macro level adjustments to duration and yield curve contributions (which are changes made to portfolio duration or yield curve positioning due to changes in the portfolio manager’s macroeconomic outlook). The portfolio manager may consider environmental, social and governance (“ESG”) factors as part of the investment process for selecting corporate debt securities and securitized obligations (including asset-backed securities, commercial mortgage-backed securities and collateralized mortgage obligations).
BUSIX - Performance
Return Ranking - Trailing
Period | BUSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.8% | -1.5% | 3.1% | 33.80% |
1 Yr | 5.8% | -0.2% | 12.2% | 46.51% |
3 Yr | 2.6%* | -2.1% | 5.8% | 32.20% |
5 Yr | 2.4%* | -1.0% | 3.9% | 22.87% |
10 Yr | 1.8%* | -4.5% | 27.5% | 35.90% |
* Annualized
Return Ranking - Calendar
Period | BUSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.5% | -2.3% | 4.3% | 36.57% |
2022 | -1.5% | -6.5% | 0.5% | 37.32% |
2021 | -0.9% | -2.1% | 0.3% | 89.66% |
2020 | 0.4% | -3.1% | 1.8% | 36.60% |
2019 | 0.6% | -1.2% | 6.1% | 38.04% |
Total Return Ranking - Trailing
Period | BUSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.8% | -1.5% | 3.1% | 33.80% |
1 Yr | 5.8% | -0.2% | 12.2% | 46.51% |
3 Yr | 2.6%* | -2.1% | 5.8% | 32.20% |
5 Yr | 2.4%* | -1.0% | 3.9% | 22.87% |
10 Yr | 1.8%* | -4.5% | 27.5% | 35.90% |
* Annualized
Total Return Ranking - Calendar
Period | BUSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.8% | 0.8% | 12.1% | 47.22% |
2022 | 0.4% | -5.1% | 2.5% | 33.97% |
2021 | 0.4% | -2.1% | 14.5% | 21.67% |
2020 | 2.4% | -1.0% | 3.6% | 21.65% |
2019 | 3.3% | 0.3% | 9.6% | 34.78% |
NAV & Total Return History
BUSIX - Holdings
Concentration Analysis
BUSIX | Category Low | Category High | BUSIX % Rank | |
---|---|---|---|---|
Net Assets | 30.2 M | 25.6 K | 22.6 B | 93.64% |
Number of Holdings | 123 | 2 | 1291 | 80.00% |
Net Assets in Top 10 | 6.27 M | 32.5 K | 18.4 B | 96.82% |
Weighting of Top 10 | 20.64% | 5.6% | 163.3% | 48.18% |
Top 10 Holdings
- Federated Hermes Treasury Obligations Fund 3.50%
- United States Treasury Bill 2.61%
- Federal Home Loan Banks 2.58%
- United States Treasury Bill 2.40%
- Fannie Mae REMICS 1.95%
- American Electric Power Co Inc 1.78%
- Hertz Vehicle Financing LLC 1.75%
- Avis Budget Rental Car Funding AESOP LLC 1.52%
- Wells Fargo Co 1.29%
- Morgan Stanley 1.26%
Asset Allocation
Weighting | Return Low | Return High | BUSIX % Rank | |
---|---|---|---|---|
Bonds | 81.32% | 0.00% | 128.16% | 50.45% |
Other | 16.33% | -29.59% | 99.92% | 33.18% |
Cash | 3.50% | 0.00% | 109.89% | 59.55% |
Convertible Bonds | 2.58% | 0.00% | 15.25% | 53.88% |
Stocks | 0.00% | 0.00% | 97.29% | 74.09% |
Preferred Stocks | 0.00% | 0.00% | 0.00% | 68.64% |
Bond Sector Breakdown
Weighting | Return Low | Return High | BUSIX % Rank | |
---|---|---|---|---|
Corporate | 51.22% | 0.00% | 99.91% | 31.05% |
Securitized | 35.27% | 0.00% | 100.00% | 31.96% |
Cash & Equivalents | 3.50% | 0.00% | 109.89% | 55.91% |
Municipal | 1.39% | 0.00% | 70.39% | 15.53% |
Derivative | 0.00% | -29.59% | 21.59% | 51.36% |
Government | 0.00% | 0.00% | 100.00% | 90.87% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | BUSIX % Rank | |
---|---|---|---|---|
US | 81.32% | 0.00% | 128.16% | 42.73% |
Non US | 0.00% | 0.00% | 22.24% | 72.27% |
BUSIX - Expenses
Operational Fees
BUSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.58% | 0.02% | 28.11% | 38.99% |
Management Fee | 0.20% | 0.00% | 1.19% | 28.64% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 22.73% |
Administrative Fee | 0.11% | 0.01% | 0.40% | 53.13% |
Sales Fees
BUSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.50% | 5.75% | N/A |
Deferred Load | N/A | 0.25% | 1.00% | N/A |
Trading Fees
BUSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.00% | 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.
BUSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 48.71% | 0.00% | 369.54% | 24.86% |
BUSIX - Distributions
Dividend Yield Analysis
BUSIX | Category Low | Category High | BUSIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 8.10% | 57.73% |
Dividend Distribution Analysis
BUSIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
BUSIX | Category Low | Category High | BUSIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.08% | -1.30% | 14.86% | 11.32% |
Capital Gain Distribution Analysis
BUSIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 01, 2024 | $0.039 | DailyAccrualFund |
Mar 01, 2024 | $0.037 | DailyAccrualFund |
Feb 01, 2024 | $0.041 | DailyAccrualFund |
Dec 29, 2023 | $0.040 | DailyAccrualFund |
Nov 30, 2023 | $0.038 | DailyAccrualFund |
Oct 31, 2023 | $0.039 | DailyAccrualFund |
Sep 29, 2023 | $0.038 | DailyAccrualFund |
Aug 31, 2023 | $0.037 | DailyAccrualFund |
Jul 31, 2023 | $0.034 | DailyAccrualFund |
Jun 30, 2023 | $0.034 | DailyAccrualFund |
May 31, 2023 | $0.034 | DailyAccrualFund |
Apr 28, 2023 | $0.033 | DailyAccrualFund |
Mar 31, 2023 | $0.031 | DailyAccrualFund |
Feb 28, 2023 | $0.026 | DailyAccrualFund |
Jan 31, 2023 | $0.027 | DailyAccrualFund |
Dec 30, 2022 | $0.025 | DailyAccrualFund |
Dec 01, 2022 | $0.023 | DailyAccrualFund |
Nov 01, 2022 | $0.020 | DailyAccrualFund |
Oct 03, 2022 | $0.018 | DailyAccrualFund |
Sep 01, 2022 | $0.016 | DailyAccrualFund |
Aug 01, 2022 | $0.014 | DailyAccrualFund |
Jul 01, 2022 | $0.013 | DailyAccrualFund |
Jun 01, 2022 | $0.012 | DailyAccrualFund |
May 02, 2022 | $0.010 | DailyAccrualFund |
Apr 01, 2022 | $0.010 | DailyAccrualFund |
Mar 01, 2022 | $0.009 | DailyAccrualFund |
Feb 01, 2022 | $0.009 | DailyAccrualFund |
Dec 31, 2021 | $0.009 | DailyAccrualFund |
Nov 30, 2021 | $0.009 | DailyAccrualFund |
Oct 29, 2021 | $0.010 | DailyAccrualFund |
Sep 30, 2021 | $0.009 | DailyAccrualFund |
Aug 31, 2021 | $0.010 | DailyAccrualFund |
Jul 30, 2021 | $0.010 | DailyAccrualFund |
Jun 30, 2021 | $0.010 | DailyAccrualFund |
May 28, 2021 | $0.010 | DailyAccrualFund |
Apr 30, 2021 | $0.014 | DailyAccrualFund |
Mar 31, 2021 | $0.010 | DailyAccrualFund |
Feb 26, 2021 | $0.010 | DailyAccrualFund |
Jan 29, 2021 | $0.010 | DailyAccrualFund |
Dec 31, 2020 | $0.010 | DailyAccrualFund |
Nov 30, 2020 | $0.010 | DailyAccrualFund |
Oct 30, 2020 | $0.011 | DailyAccrualFund |
Sep 30, 2020 | $0.011 | DailyAccrualFund |
Aug 31, 2020 | $0.013 | DailyAccrualFund |
Jul 31, 2020 | $0.014 | DailyAccrualFund |
Jun 30, 2020 | $0.015 | DailyAccrualFund |
May 29, 2020 | $0.016 | DailyAccrualFund |
Apr 30, 2020 | $0.016 | DailyAccrualFund |
Mar 31, 2020 | $0.016 | DailyAccrualFund |
Feb 28, 2020 | $0.018 | DailyAccrualFund |
Jan 31, 2020 | $0.020 | DailyAccrualFund |
Jan 02, 2020 | $0.020 | DailyAccrualFund |
Dec 02, 2019 | $0.019 | DailyAccrualFund |
Nov 01, 2019 | $0.019 | DailyAccrualFund |
Oct 01, 2019 | $0.020 | DailyAccrualFund |
Sep 03, 2019 | $0.021 | DailyAccrualFund |
Aug 01, 2019 | $0.022 | DailyAccrualFund |
Jul 01, 2019 | $0.021 | DailyAccrualFund |
Jun 03, 2019 | $0.024 | DailyAccrualFund |
May 01, 2019 | $0.022 | DailyAccrualFund |
Apr 01, 2019 | $0.023 | DailyAccrualFund |
Mar 01, 2019 | $0.021 | DailyAccrualFund |
Feb 01, 2019 | $0.023 | DailyAccrualFund |
Jan 02, 2019 | $0.021 | DailyAccrualFund |
Dec 03, 2018 | $0.018 | DailyAccrualFund |
Nov 01, 2018 | $0.019 | DailyAccrualFund |
Sep 04, 2018 | $0.018 | DailyAccrualFund |
Aug 01, 2018 | $0.018 | DailyAccrualFund |
Jul 02, 2018 | $0.016 | DailyAccrualFund |
Jun 01, 2018 | $0.016 | DailyAccrualFund |
May 01, 2018 | $0.015 | DailyAccrualFund |
Apr 02, 2018 | $0.015 | DailyAccrualFund |
Mar 01, 2018 | $0.013 | DailyAccrualFund |
Feb 01, 2018 | $0.014 | DailyAccrualFund |
Jan 02, 2018 | $0.013 | DailyAccrualFund |
Dec 01, 2017 | $0.013 | DailyAccrualFund |
Nov 01, 2017 | $0.013 | DailyAccrualFund |
Oct 02, 2017 | $0.013 | DailyAccrualFund |
Sep 01, 2017 | $0.013 | DailyAccrualFund |
Aug 01, 2017 | $0.013 | DailyAccrualFund |
Jul 03, 2017 | $0.013 | DailyAccrualFund |
Jun 01, 2017 | $0.013 | DailyAccrualFund |
May 01, 2017 | $0.013 | DailyAccrualFund |
Apr 03, 2017 | $0.013 | DailyAccrualFund |
Mar 01, 2017 | $0.012 | DailyAccrualFund |
Feb 01, 2017 | $0.013 | DailyAccrualFund |
Jan 03, 2017 | $0.012 | DailyAccrualFund |
Dec 01, 2016 | $0.012 | DailyAccrualFund |
Nov 01, 2016 | $0.013 | DailyAccrualFund |
Oct 03, 2016 | $0.013 | DailyAccrualFund |
Sep 01, 2016 | $0.014 | DailyAccrualFund |
Aug 01, 2016 | $0.013 | DailyAccrualFund |
Jul 01, 2016 | $0.015 | DailyAccrualFund |
Jun 01, 2016 | $0.016 | DailyAccrualFund |
May 02, 2016 | $0.016 | DailyAccrualFund |
Apr 01, 2016 | $0.016 | DailyAccrualFund |
Mar 01, 2016 | $0.015 | DailyAccrualFund |
Feb 01, 2016 | $0.014 | DailyAccrualFund |
Jan 04, 2016 | $0.014 | DailyAccrualFund |
Dec 01, 2015 | $0.013 | DailyAccrualFund |
Nov 02, 2015 | $0.011 | DailyAccrualFund |
Oct 01, 2015 | $0.011 | DailyAccrualFund |
Sep 01, 2015 | $0.012 | DailyAccrualFund |
Aug 03, 2015 | $0.012 | DailyAccrualFund |
Jul 01, 2015 | $0.011 | DailyAccrualFund |
Jun 01, 2015 | $0.010 | DailyAccrualFund |
May 01, 2015 | $0.010 | DailyAccrualFund |
Apr 01, 2015 | $0.010 | DailyAccrualFund |
Mar 02, 2015 | $0.010 | DailyAccrualFund |
Feb 02, 2015 | $0.010 | DailyAccrualFund |
Jan 02, 2015 | $0.010 | DailyAccrualFund |
Dec 01, 2014 | $0.007 | DailyAccrualFund |
Nov 03, 2014 | $0.007 | DailyAccrualFund |
Oct 01, 2014 | $0.007 | DailyAccrualFund |
Sep 02, 2014 | $0.007 | DailyAccrualFund |
Aug 01, 2014 | $0.007 | DailyAccrualFund |
Jul 01, 2014 | $0.007 | DailyAccrualFund |
Jun 02, 2014 | $0.007 | DailyAccrualFund |
May 01, 2014 | $0.007 | DailyAccrualFund |
Apr 01, 2014 | $0.007 | DailyAccrualFund |
Mar 03, 2014 | $0.007 | DailyAccrualFund |
Feb 03, 2014 | $0.006 | DailyAccrualFund |
Jan 02, 2014 | $0.010 | DailyAccrualFund |
Dec 02, 2013 | $0.008 | DailyAccrualFund |
Nov 01, 2013 | $0.006 | DailyAccrualFund |
Oct 01, 2013 | $0.005 | DailyAccrualFund |
Sep 03, 2013 | $0.006 | DailyAccrualFund |
Aug 01, 2013 | $0.006 | DailyAccrualFund |
Jul 01, 2013 | $0.006 | DailyAccrualFund |
Jun 03, 2013 | $0.006 | DailyAccrualFund |
May 01, 2013 | $0.006 | DailyAccrualFund |
Apr 01, 2013 | $0.006 | DailyAccrualFund |
Mar 01, 2013 | $0.005 | DailyAccrualFund |
Feb 01, 2013 | $0.006 | DailyAccrualFund |
Jan 02, 2013 | $0.004 | DailyAccrualFund |
BUSIX - Fund Manager Analysis
Managers
Mark Montgomery
Start Date
Tenure
Tenure Rank
Nov 30, 2012
9.5
9.5%
Mr. Montgomery is a Senior Managing Director. Mr. Montgomery joined the firm in 1997 and is a Senior Fixed Income Portfolio Manager and head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1990. Prior to joining Sterling Capital, he worked at The Vanguard Group for seven years working on their long-term and high-yield municipal portfolio management team. Mr. Montgomery is a graduate of West Chester University where he received his B.S. in Marketing and holds a minor in Public Administration. He received his M.B.A. from Drexel University with a concentration in investment management. He is a CFA charterholder.
Jeffrey Ormsby
Start Date
Tenure
Tenure Rank
Feb 01, 2020
2.33
2.3%
Jeffrey D. Ormsby, CFA, is a Director and Portfolio Manager in the mortgage and structured product area for Sterling Capital. He has been with Sterling Capital and its predecessors since 2011 and has investment experience since 2006. Prior to joining Sterling, he worked for Smith Breeden Associates as a CMBS trader and portfolio management analyst within their investments group. Mr. Ormsby is a summa cum laude graduate of North Carolina State University where he received his B.S. in Economics and was recognized as Valedictorian. He received his M.B.A. from UNC’s Kenan-Flagler Business School, where he was the Norman Block Valedictorian Award recipient. He is a CFA charterholder.
Byron Mims
Start Date
Tenure
Tenure Rank
Feb 01, 2020
2.33
2.3%
Byron G. Mims, CFA, is a Director and Portfolio Manager for Sterling Capital. He has been with Sterling Capital and its predecessors since 2012 and has investment experience since 2006. Prior to joining Sterling Capital, he worked for Smith Breeden Associates as a Vice President on the asset-backed securities team and was primarily responsible for non-agency mortgage-backed securities and also consumer asset-backed securities. Mr. Mims is a summa cum laude graduate of North Carolina State University where he received his B.S. in Economics with a concentration in Finance and was recognized as valedictorian. He is a CFA charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 32.44 | 6.56 | 7.92 |