BWDAX: Boyd Watterson Limited Duration Enhanced Income Fund - MutualFunds.com

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Boyd Watterson Limited Dur Enh Inc A

BWDAX - Snapshot

Vitals

  • YTD Return 0.8%
  • 3 Yr Annualized Return 3.2%
  • 5 Yr Annualized Return N/A
  • Net Assets $290 M
  • Holdings in Top 10 14.5%

52 WEEK LOW AND HIGH

$10.07
$9.06
$10.11

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.88%

SALES FEES

  • Front Load 2.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 70.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000
  • IRA $1,000

Fund Classification


Compare BWDAX to Popular Bond Sector Diversified Funds and ETFs

Overview

Income Profile

Income Risk

Returns Profile

Allocations

Expenses

About

$11.76

+0.09%

$125.18 B

5.67%

$0.67

-2.33%

1.09%

$10.10

+0.10%

$32.57 B

3.34%

$0.34

1.30%

0.74%

$8.09

+0.25%

$18.31 B

4.04%

$0.33

-0.49%

0.79%

$9.75

0.00%

$17.55 B

6.73%

$0.66

-9.05%

0.92%

$12.40

+0.08%

$15.03 B

2.63%

$0.33

0.98%

0.97%

BWDAX - Profile

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return 2.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.78%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Boyd Watterson Limited Duration Enhanced Income Fund
  • Fund Family Name
    Boyd Watterson
  • Inception Date
    Feb 28, 2019
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Brian Convery

Fund Description

The fund invests a majority of its assets in investments in domestic, and U.S. dollar denominated foreign, income-producing securities. These securities are (i) below investment-grade (also known as "junk" bonds) and investment grade fixed income securities, asset-backed securities, hybrid corporate securities, bank loans, and U.S. government securities, and (ii) equity securities. It may make these investments directly or, from time to time, indirectly through ETFs, which include inverse ETFs, and through closed end funds.


BWDAX - Performance

Return Ranking - Trailing

Period BWDAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -38.9% 302.3% 38.79%
1 Yr 3.2% -30.9% 18.8% 45.61%
3 Yr 3.2%* -11.8% 8.1% 42.29%
5 Yr N/A* -15.5% 10.9% N/A
10 Yr N/A* -1.4% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period BWDAX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -35.1% 15.3% N/A
2018 N/A -48.0% 3.1% N/A
2017 N/A -14.8% 11.2% N/A
2016 N/A -11.2% 10.7% N/A
2015 N/A -51.1% 4.8% N/A

Total Return Ranking - Trailing

Period BWDAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -38.9% 302.3% 38.36%
1 Yr 0.9% -33.3% 18.8% 57.73%
3 Yr 2.4%* -13.6% 8.1% 56.12%
5 Yr N/A* -16.5% 10.9% N/A
10 Yr N/A* -1.4% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period BWDAX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -35.1% 15.3% N/A
2018 N/A -48.0% 8.0% N/A
2017 N/A -14.8% 15.2% N/A
2016 N/A -11.2% 17.7% N/A
2015 N/A -51.1% 5.4% N/A

NAV & Total Return History


BWDAX - Holdings

Concentration Analysis

BWDAX Category Low Category High BWDAX % Rank
Net Assets 290 M 2.71 M 125 B 66.01%
Number of Holdings 133 3 7722 80.56%
Net Assets in Top 10 41 M -3.22 B 29.7 B 58.87%
Weighting of Top 10 14.49% 4.9% 100.0% 78.27%

Top 10 Holdings

  1. Flagship Credit Auto Trst 6.44% 2.10%
  2. iShares JP Morgan USD Em Mkts Bd ETF 1.81%
  3. CREDIT ACCEPTANCE AUTO LOAN TRUST 3.75% 1.48%
  4. ATS Automation Tooling Systems Inc. 6.5% 1.44%
  5. Westar Medical Office Building LP 3.41% 1.41%
  6. HAT Holdings I LLC and HAT Holdings II LLC 5.25% 1.32%
  7. Masonite International Corporation 5.75% 1.26%
  8. United Rentals (North America), Inc. 5.88% 1.23%
  9. Tempur Sealy International Inc 5.5% 1.23%
  10. Mueller Water Products, Inc. 5.5% 1.22%

Asset Allocation

Weighting Return Low Return High BWDAX % Rank
Bonds
97.62% -256.79% 258.37% 16.90%
Preferred Stocks
1.20% 0.00% 28.52% 13.94%
Cash
1.17% -164.01% 356.79% 75.77%
Stocks
0.00% -65.68% 160.07% 60.47%
Other
0.00% -14.86% 100.67% 37.32%
Convertible Bonds
0.00% 0.00% 160.39% 79.86%

Bond Sector Breakdown

Weighting Return Low Return High BWDAX % Rank
Corporate
62.94% 0.00% 99.47% 19.01%
Securitized
34.27% 0.00% 98.82% 28.45%
Government
1.63% 0.00% 99.16% 76.76%
Cash & Equivalents
1.17% 0.00% 100.00% 94.51%
Derivative
0.00% 0.00% 68.51% 58.59%
Municipal
0.00% 0.00% 41.64% 40.56%

Bond Geographic Breakdown

Weighting Return Low Return High BWDAX % Rank
US
88.78% -256.79% 241.12% 15.49%
Non US
8.84% -23.27% 123.13% 75.35%

BWDAX - Expenses

Operational Fees

BWDAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.88% 0.01% 24.26% 70.07%
Management Fee 0.40% 0.00% 2.25% 7.35%
12b-1 Fee 0.25% 0.00% 1.00% 19.55%
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

BWDAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 2.25% 0.00% 6.50% 86.21%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

BWDAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.40% 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.

BWDAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 70.00% 0.00% 493.00% 41.50%

BWDAX - Distributions

Dividend Yield Analysis

BWDAX Category Low Category High BWDAX % Rank
Dividend Yield 0.00% 0.00% 6.28% 9.88%

Dividend Distribution Analysis

BWDAX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Monthly Monthly

Net Income Ratio Analysis

BWDAX Category Low Category High BWDAX % Rank
Net Income Ratio 2.78% -1.55% 18.14% 76.78%

Capital Gain Distribution Analysis

BWDAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Dividend Payout History

View More +

BWDAX - Fund Manager Analysis

Managers

Brian Convery


Start Date

Tenure

Tenure Rank

Jun 03, 2016

4.33

4.3%

Brian A. Convery, CFA, is the Deputy CIO of Boyd Watterson, responsible with the CIO for developing and overseeing investment strategies for the company. He is the primary portfolio manager for Boyd Watterson’s private state government fund and a member of the Real Estate Investment Committee. In addition, Brian manages the company’s research and quantitative teams. Brian joined Boyd Watterson Asset Management in 2011. Prior to joining the company, Brian was a senior investment analyst with Key Private Bank in Cleveland. Previously, he was a partner at WR Huff Asset Management. Brian has also served as a management consultant with Deloitte Touche Tohmatsu Ltd. Brian holds a CFA Charter from CFA Institute, an MBA from Georgetown University, and a BA from the University of Dayton. He is a member of the CFA Society of Cleveland and CFA Institute.

Brian Gevry


Start Date

Tenure

Tenure Rank

Jun 03, 2016

4.33

4.3%

Brian L. Gevry, CFA, is CEO and CIO of Boyd Watterson Asset Management, LLC, responsible for the strategic leadership of the company and the oversight of the company’s investment processes and committees. Brian also serves as a Manager of Boyd Watterson and as Chairman of the Real Estate Investment Committee. Prior to his role as CEO, Brian served as Boyd Watterson’s Chief Operating Officer from 2000–2006. Previous leadership roles with the company include Executive Vice President and member of the Operating Committee of Duff & Phelps Investment Management Co., Boyd Watterson’s predecessor company. Brian also held positions as a fixed income portfolio manager and senior strategist on the Conservative Value Equity and Fixed Income committees. Brian began his career with the company in 1991. Brian holds a CFA Charter from CFA Institute, an MBA from Case Western Reserve University, and a BA from Cleveland State University. He is a member of CFA Society Cleveland and of CFA Institute.

David Dirk


Start Date

Tenure

Tenure Rank

Jun 03, 2016

4.33

4.3%

David M. Dirk, CFA, is Director of Portfolio Management and Trading. David joined Duff & Phelps Investment Management Co., predecessor to Boyd Watterson, in 1996. David holds a CFA Charter from CFA Institute, an MBA from Case Western Reserve University, and a BA from Baldwin Wallace University. He is also a member of the CFA Society of Cleveland and CFA Institute.

Michael Krushena


Start Date

Tenure

Tenure Rank

Jul 31, 2017

3.17

3.2%

Michael J. Krushena, CFA, is Deputy CIO of Fixed Income focusing on the high yield and securitized sectors. Prior to joining Boyd Watterson Asset Management in 2017, Michael was the deputy chief investment officer for the Retirement Systems of the City of Detroit. Earlier in his career, Michael served as a senior portfolio manager with Ambassador Capital Management and Munder Capital Management. At both institutions, Michael was a member of the Corporate Credit Strategy team and traded the corporate and asset-backed sectors. He also managed Munder Capital Management’s Enhanced Core institutional composite and the Munder Bond Fund. Michael started his investment career with First Chicago Capital Markets in 1995. Michael holds a CFA Charter from CFA Institute, an MBA from the University of Michigan, and a BA from the University of Michigan. He is also a member of the CFA Society of Detroit and the CFA Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 29.4 5.44 1.53