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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$9.58

$367 M

5.06%

$0.48

0.41%

Vitals

YTD Return

1.9%

1 yr return

-3.9%

3 Yr Avg Return

-1.7%

5 Yr Avg Return

-1.1%

Net Assets

$367 M

Holdings in Top 10

13.5%

52 WEEK LOW AND HIGH

$9.6
$9.24
$10.00

Expenses

OPERATING FEES

Expense Ratio 0.41%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 73.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000,000

IRA

$5,000,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$9.58

$367 M

5.06%

$0.48

0.41%

BWDTX - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return -1.7%
  • 5 Yr Annualized Total Return -0.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.10%
DIVIDENDS
  • Dividend Yield 5.1%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Boyd Watterson Limited Duration Enhanced Income Fund
  • Fund Family Name
    Boyd Watterson
  • Inception Date
    Jul 29, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Brian Convery

Fund Description

Under normal market conditions, 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 that combine equity and debt characteristics such as preferred stocks, bank loans, and U.S. government securities, and (ii) equity securities. The Fund may make these investments directly or, from time to time, indirectly through exchange traded funds (“ETFs”), which include inverse ETFs and through closed end funds. The targeted duration range of a Fund investment is between 1.5 years and 4.5 years.

The Fund’s investment strategy seeks to capitalize on inefficiencies in the public trading markets for fixed-income securities and bank loans using the proprietary methodology of the Adviser, described below.

Industry Allocation and Security Selection

The Adviser employs a disciplined and balanced approach that combines top-down and bottom-up analysis to determine industry allocations and security selection. Top-down analysis is a method of analysis that involves looking at the industry in which a company operates or at the economy as a whole first, and then analyzing duration, sector and industry allocations. Bottom-up analysis is a method of analysis that focuses on the analysis of individual companies rather than on the industry in which that company operates or on the economy as a whole. Furthermore, the Adviser uses fundamental research to inform industry allocation and security selection decisions by assessing factors affecting the eligible securities’ and industries’ value and momentum as well as fundamental factors (i.e., forecasted cash flow and credit quality outlook, the effect of economic cyclicality, and overall management quality). The industries in which the Fund may invest are the sixty-nine industries included in the Global Industry Classifications Standards.

Sector Allocation

The Adviser uses a combination of top-down and bottom-up analysis to determine sector allocation. The Adviser assesses the relative value of the securities across the eligible sectors informed by an assessment of factors affecting each eligible sector’s value and momentum as well as fundamental factors (i.e., overall market conditions, business and credit cycle conditions, economic growth and inflation forecasts, government policy actions, and historical yield and return volatility versus forecasts). The Fund may invest in all bond market sectors except non-USD-denominated securities.

Tactical Trading Opportunities

The Fund seeks to capitalize on market volatility that is due to short-term causes in the marketplace. The Adviser quickly makes assessments of fundamentals, valuations and momentum to accommodate the short-term event, portfolio action and subsequent resolution. These opportunities take the form of incremental adjustments to security-specific weightings and sector allocations.

In addition the Fund seeks to take advantage of new issues trading and special situations:

New Issues Trading. Typically new issues of fixed income securities are priced cheaply relative to the market to facilitate placement. Thereafter, the prices often tighten in the secondary market. The price for a lesser-known issuer can be significantly cheaper relative to the market. The Fund may acquire new issues of a less liquid issuer in an industry that is less closely followed since the issuer may have to provide additional yield to attract buyers.
Special Situations. Special trading opportunities arise as companies restructure, are acquired or go through other changes that can be analyzed and exploited. Such situations may offer a profit potential of several points due to tenders or make-whole calls that may come about because of an issuer’s desire to remove restrictive covenants in its bonds.

Duration Management

The Fund seeks to maintain a limited duration in order to reduce the impact of rising interest rates on its total return. The Fund considers both duration and effective duration in determining the duration of the fixed income securities in which it invests. Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. The longer a bond’s duration, the greater impact rising interest rates have on the bond’s returns and volatility. Effective duration is a duration calculation for bonds with embedded options (meaning they have a feature that allows the bond to be called earlier than its stated duration) where the approximate percentage change in a bond’s price given a 100 bps change in interest rates is measured. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. The duration decision for the Fund is based on optimizing the positioning of the portfolio across the credit curve. The decision is dependent, in part, on the economic outlook of the market as determined by the Adviser.

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BWDTX - Performance

Return Ranking - Trailing

Period BWDTX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -21.8% 17.7% 67.97%
1 Yr -3.9% -25.4% 13.3% 16.53%
3 Yr -1.7%* -29.6% 52.9% 17.98%
5 Yr -1.1%* -33.0% 29.1% 18.05%
10 Yr N/A* -27.0% 13.0% N/A

* Annualized

Return Ranking - Calendar

Period BWDTX Return Category Return Low Category Return High Rank in Category (%)
2022 -6.7% -31.8% 18.4% 20.86%
2021 -0.4% -14.3% 103.5% 39.74%
2020 0.4% -20.2% 60.6% 55.37%
2019 1.0% -13.4% 10.9% 52.63%
2018 -0.9% -12.3% 4.1% 40.93%

Total Return Ranking - Trailing

Period BWDTX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -21.8% 28.6% 67.97%
1 Yr -3.9% -25.4% 38.5% 16.57%
3 Yr -1.7%* -29.6% 52.9% 18.49%
5 Yr -0.5%* -33.0% 30.3% 15.63%
10 Yr N/A* -26.9% 16.4% N/A

* Annualized

Total Return Ranking - Calendar

Period BWDTX Return Category Return Low Category Return High Rank in Category (%)
2022 -6.7% -31.8% 18.4% 20.86%
2021 -0.4% -14.3% 103.5% 39.74%
2020 0.4% -20.2% 60.6% 55.37%
2019 1.0% -13.4% 10.9% 55.18%
2018 -0.4% -12.3% 4.7% 27.22%

NAV & Total Return History


BWDTX - Holdings

Concentration Analysis

BWDTX Category Low Category High BWDTX % Rank
Net Assets 367 M 100 124 B 56.42%
Number of Holdings 166 2 8175 77.19%
Net Assets in Top 10 50 M -1.57 B 20.5 B 62.02%
Weighting of Top 10 13.48% 4.3% 100.0% 80.33%

Top 10 Holdings

  1. First American Government Obligs X 2.57%
  2. United States Treasury Notes 0.25% 1.95%
  3. United States Treasury Notes 1.38% 1.73%
  4. Neuberger Berman CLO Ltd 2.25886% 1.61%
  5. Flagship Credit Auto Trst 6.44% 1.59%
  6. Westar Medical Office Building LP 3.41% 1.41%
  7. ALM 2020-1 LTD 2.09129% 1.36%
  8. Mastec, Inc. 4.5% 1.34%
  9. ATS Automation Tooling Systems Inc. 6.5% 1.33%
  10. Mueller Water Products, Inc. 5.5% 1.23%

Asset Allocation

Weighting Return Low Return High BWDTX % Rank
Bonds
92.34% -262.75% 188.92% 34.97%
Cash
3.61% -261.12% 362.75% 68.03%
Preferred Stocks
3.51% 0.00% 31.88% 5.33%
Convertible Bonds
0.55% 0.00% 33.50% 64.89%
Stocks
0.00% -38.22% 261.12% 78.42%
Other
0.00% -25.82% 276.99% 59.97%

Bond Sector Breakdown

Weighting Return Low Return High BWDTX % Rank
Corporate
67.31% 0.00% 100.00% 12.89%
Securitized
29.08% 0.00% 99.65% 29.77%
Cash & Equivalents
3.61% 0.00% 100.00% 75.99%
Derivative
0.00% 0.00% 72.98% 75.45%
Municipal
0.00% 0.00% 54.26% 66.94%
Government
0.00% 0.00% 99.43% 90.81%

Bond Geographic Breakdown

Weighting Return Low Return High BWDTX % Rank
US
84.57% -262.75% 194.51% 14.75%
Non US
7.77% -136.75% 90.11% 76.64%

BWDTX - Expenses

Operational Fees

BWDTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.41% 0.01% 6.46% 97.20%
Management Fee 0.40% 0.00% 2.29% 9.45%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

BWDTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

BWDTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

BWDTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 73.00% 0.00% 496.00% 44.70%

BWDTX - Distributions

Dividend Yield Analysis

BWDTX Category Low Category High BWDTX % Rank
Dividend Yield 5.06% 0.00% 17.83% 68.30%

Dividend Distribution Analysis

BWDTX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Monthly

Net Income Ratio Analysis

BWDTX Category Low Category High BWDTX % Rank
Net Income Ratio 3.10% -1.55% 11.51% 44.90%

Capital Gain Distribution Analysis

BWDTX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Monthly Annually

Distributions History

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BWDTX - Fund Manager Analysis

Managers

Brian Convery


Start Date

Tenure

Tenure Rank

Jun 03, 2016

5.99

6.0%

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.

Michael Vandenbossche


Start Date

Tenure

Tenure Rank

Jun 03, 2016

5.99

6.0%

Mike R. Vandenbossche, CFA, is CIO of Fixed Income and oversees the company’s fixed income strategies. Mike joined Boyd Watterson Asset Management in 2014. Prior to joining the company, Mike was a portfolio manager with Ambassador Capital Management and Munder Capital Management. At Munder, he was a member of the investment strategy team, headed the captive insurance team and managed the corporate and CMBS sectors. Prior to joining Munder, Mike managed institutional fixed income portfolios for Victory Capital Management. Mike started his investment career at First of America Bank in 1990, holding multiple positions including portfolio manager, asset/liability manager, and municipal analyst. Mike holds a CFA Charter from CFA Institute, an MBA from Western Michigan University, and a BA from Central Michigan University. He is also a member of the CFA Society of Detroit and CFA Institute.

Brian Gevry


Start Date

Tenure

Tenure Rank

Jun 03, 2016

5.99

6.0%

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

5.99

6.0%

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

4.84

4.8%

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.

S.Brad Fush


Start Date

Tenure

Tenure Rank

Jul 31, 2021

0.83

0.8%

S. Brad Fush, CFA, is Director of Credit Research for the company’s fixed income strategies. Brad joined Boyd Watterson Asset Management in 2019. Prior to joining the company, Brad was the Director of Credit Research for Incore Capital Management and Munder Capital Management. At Incore, he was a senior member of the investment strategy committee and focused on credit analysis and credit modeling for the corporate sector. Brad started his career at Comerica Bank holding multiple positions including Manager, Commercial Lender and Commercial Credit Analyst. Brad holds a CFA Charter from the CFA Institute, an MS in Accounting and MBA in Finance from Wayne State University, and a BA in Economics from Albion College. 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
0.08 28.19 5.64 3.19