Oakmark Bond Fund
Name
As of 09/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
6.1%
1 yr return
12.0%
3 Yr Avg Return
-0.1%
5 Yr Avg Return
N/A
Net Assets
$114 M
Holdings in Top 10
28.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.08%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 112.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
OANCX - Profile
Distributions
- YTD Total Return 6.1%
- 3 Yr Annualized Total Return -0.1%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.75%
- Dividend Yield 4.6%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameOakmark Bond Fund
-
Fund Family NameOakmark
-
Inception DateOct 05, 2020
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerM. Colin Hudson
Fund Description
The Fund invests primarily in a diversified portfolio of bonds and other fixed-income securities. These include, but are not limited to, investment grade corporate bonds; U.S. or non-U.S.-government and government-related obligations (such as, U.S. treasury securities); below investment-grade corporate bonds; agency and non-agency mortgage backed-securities; asset-backed securities; senior loans (such as, leveraged loans, bank loans, covenant lite loans, and/or floating rate loans); assignments; restricted securities (e.g., Rule 144A securities); and other fixed and floating rate instruments. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other fixed-income securities, and other investments that the Adviser believes have similar economic characteristics, including other investment companies that provide investment exposure to such securities. The Adviser may shift the level of these allocations among the different bond and other fixed-income asset classes depending on market conditions.
Under normal market conditions, the Fund invests at least 25% of its assets in investment-grade fixed-income securities and may invest up to 35% of its assets in below investment-grade fixed-income securities (commonly known as "high-yield" or "junk bonds"). The Fund considers fixed-income securities to be investment-grade if, at the time of investment, they are rated Baa3 or higher by Moody's Investors Service ("Moody's"), BBB- or higher by S&P Global Ratings ("S&P") or Fitch Ratings, or equivalently rated by any other nationally recognized statistical rating
organization ("NRSRO"), or, if unrated, deemed to be of comparable quality by the Adviser. The Fund considers fixed-income securities to be below investment-grade if, at the time of investment, they are rated Ba1 or lower by Moody's, BB+ or lower by S&P, or equivalently rated by any NRSRO, or, if unrated, determined by the Adviser to be of comparable quality. Only one rating is required and if a security is split rated, the Adviser assigns the lowest rating. The Fund invests in senior loans that are typically rated below investment-grade and to bear interest at a floating rate that periodically resets. The Fund may also invest up to 10% of its net assets in defaulted corporate securities.
In seeking to achieve the objectives of the Fund, the Adviser may purchase securities on a when-issued basis and purchase or sell delayed-delivery securities. In addition, the Fund may invest in fixed income securities structured as fixed rate debt; floating rate debt; and debt that may not pay interest at the time of issuance. The Fund may also invest in inverse floaters, as well as interest-only and principal-only securities.
The Fund will prioritize differentiation through bottom-up, single-security selection across the major fixed income asset classes with a secondary focus on top-down asset allocation and interest rate and duration management. When selecting individual securities, the Adviser uses a bottom-up approach and seeks relative price appreciation by selecting securities the Adviser believes to be undervalued based on research and fundamental analysis and by making gradual adjustment in the average duration of the Fund's portfolio. The Adviser's investment strategy is a bottom-up process that first looks for opportunities by focusing on an individual issuer's default risk pricing and then incorporates top-down considerations such as interest rate forecasting, curve selection, and other macros factors.
The Adviser utilizes an investment approach that considers a quantitative valuation model combined with a qualitative ratings framework. The Fund's portfolio selection process uses a ranking structure with a defined "buy" and "sell" discipline that allocates investments among a list of approved issuers and considers an individual investment's risk reward profile, legal structure, and/or downside risk, among other factors. The Adviser actively manages the portfolio's asset class exposure using a top-down view of sector fundamentals. The Adviser rotates Fund portfolio assets among sectors in various markets in an effort to maximize return.
Under normal market conditions, the Adviser seeks to maintain an investment portfolio with a weighted average effective duration of no less than two years and no more than eight years. The duration of the Fund's portfolio may vary materially from its target, from time to time, and there is no assurance that the duration of the Fund's portfolio will meet its target.
The Fund may invest up to 20% of its assets in equity securities, such as common stocks and preferred stocks. The Fund may also hold cash or short-term debt securities from time to time and for temporary defensive purposes.
The Fund may invest in derivative instruments, such as futures, forwards (including forward foreign currency contracts), and swap agreements (including credit default swaps, interest rate swaps, and total return swaps), for a variety of purposes, including, but not limited to, managing the Fund's duration or its exposure to fixed income securities with different maturities, currencies, interest rates, individual issuers, or sectors. The Fund may also use options, including, but
not limited to, buying and selling (writing) put and call options on individual stocks and indexes, when such use is desirable because of tax or other considerations.
In deciding which fixed income securities to buy and sell, the Adviser attempts to emphasize securities issued by companies with strong fundamentals and relatively limited anticipated volatility. These securities are selected with the same bottom-up investment process that underpins all of the Oakmark funds. The Fund uses a value investment philosophy in selecting its securities. This value investment philosophy, in the context of fixed-income securities, is based upon the belief that, over time, a company's credit default risk will converge with the Adviser's estimate of the credit default risk associated with a company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the value a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities that have credit risk priced significantly below what it believes the company's intrinsic value implies, allows the best opportunity to achieve the Fund's investment objective.
In an effort to achieve its goal, the Fund may engage in active and frequent trading. The Fund's investment objective may be changed without shareholder approval. The Fund will not alter its policy to invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other fixed-income securities, and other investments that the Adviser believes have similar economic characteristics, including other investment companies that provide investment exposure to such securities, without providing shareholders at least 60 days' notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.
OANCX - Performance
Return Ranking - Trailing
Period | OANCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.1% | -2.4% | 11.1% | 12.32% |
1 Yr | 12.0% | -9.0% | 18.3% | 7.17% |
3 Yr | -0.1%* | -10.5% | 28.3% | 4.87% |
5 Yr | N/A* | -7.2% | 59.0% | N/A |
10 Yr | N/A* | -2.5% | 74.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | OANCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.1% | -16.2% | 8.1% | 51.88% |
2022 | -13.9% | -34.7% | 131.9% | 10.07% |
2021 | -2.5% | -11.6% | 4.4% | 15.84% |
2020 | N/A | -10.1% | 946.1% | N/A |
2019 | N/A | -1.7% | 16.9% | N/A |
Total Return Ranking - Trailing
Period | OANCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.1% | -2.4% | 11.1% | 12.32% |
1 Yr | 12.0% | -9.0% | 18.3% | 7.17% |
3 Yr | -0.1%* | -10.5% | 28.3% | 4.87% |
5 Yr | N/A* | -7.2% | 59.0% | N/A |
10 Yr | N/A* | -2.5% | 74.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | OANCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.9% | -11.3% | 11.9% | 20.91% |
2022 | -11.1% | -32.2% | 131.9% | 7.17% |
2021 | 0.4% | -9.4% | 9.2% | 16.27% |
2020 | N/A | -1.9% | 1009.0% | N/A |
2019 | N/A | 1.1% | 21668.0% | N/A |
NAV & Total Return History
OANCX - Holdings
Concentration Analysis
OANCX | Category Low | Category High | OANCX % Rank | |
---|---|---|---|---|
Net Assets | 114 M | 2.9 M | 314 B | 88.99% |
Number of Holdings | 138 | 1 | 17787 | 92.11% |
Net Assets in Top 10 | 45.6 M | 1.7 M | 36.1 B | 81.98% |
Weighting of Top 10 | 28.04% | 4.4% | 432.9% | 39.43% |
Top 10 Holdings
- Fannie Mae Pool 3.47%
- Freddie Mac Pool 3.46%
- Fannie Mae Pool 3.40%
- Fannie Mae Pool 3.36%
- U.S. Treasury Notes 3.05%
- Fannie Mae Pool 2.90%
- U.S. Treasury Notes 2.43%
- Fannie Mae Pool 2.40%
- U.S. Treasury Notes 1.81%
- U.S. Treasury Notes 1.76%
Asset Allocation
Weighting | Return Low | Return High | OANCX % Rank | |
---|---|---|---|---|
Bonds | 90.87% | 0.00% | 993.61% | 71.92% |
Other | 8.77% | -16.55% | 52.94% | 28.85% |
Convertible Bonds | 0.62% | 0.00% | 7.93% | 76.86% |
Preferred Stocks | 0.43% | 0.00% | 71.02% | 11.54% |
Stocks | 0.00% | 0.00% | 99.99% | 44.65% |
Cash | 0.00% | -54.51% | 237.69% | 91.30% |
Bond Sector Breakdown
Weighting | Return Low | Return High | OANCX % Rank | |
---|---|---|---|---|
Corporate | 59.81% | 0.00% | 100.00% | 2.96% |
Government | 31.70% | 0.00% | 86.23% | 33.74% |
Securitized | 6.21% | 0.00% | 98.40% | 94.50% |
Derivative | 0.00% | -1.79% | 47.91% | 44.23% |
Cash & Equivalents | 0.00% | -0.46% | 237.69% | 89.47% |
Municipal | 0.00% | 0.00% | 100.00% | 78.39% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | OANCX % Rank | |
---|---|---|---|---|
US | 90.87% | 0.00% | 993.61% | 63.66% |
Non US | 0.00% | 0.00% | 35.41% | 47.98% |
OANCX - Expenses
Operational Fees
OANCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.08% | 0.01% | 39.10% | 22.69% |
Management Fee | 0.39% | 0.00% | 1.76% | 55.73% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
OANCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
OANCX 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.
OANCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 112.00% | 2.00% | 493.39% | 45.78% |
OANCX - Distributions
Dividend Yield Analysis
OANCX | Category Low | Category High | OANCX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.56% | 0.00% | 10.11% | 12.12% |
Dividend Distribution Analysis
OANCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
OANCX | Category Low | Category High | OANCX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.75% | -1.28% | 4.79% | 45.95% |
Capital Gain Distribution Analysis
OANCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Aug 29, 2024 | $0.035 | OrdinaryDividend |
Jul 30, 2024 | $0.039 | OrdinaryDividend |
Apr 29, 2024 | $0.036 | OrdinaryDividend |
Mar 27, 2024 | $0.033 | OrdinaryDividend |
Feb 28, 2024 | $0.028 | OrdinaryDividend |
Jan 30, 2024 | $0.022 | OrdinaryDividend |
Dec 28, 2023 | $0.052 | OrdinaryDividend |
Nov 29, 2023 | $0.039 | OrdinaryDividend |
Oct 30, 2023 | $0.035 | OrdinaryDividend |
Sep 28, 2023 | $0.032 | OrdinaryDividend |
Aug 30, 2023 | $0.036 | OrdinaryDividend |
Jul 28, 2023 | $0.032 | OrdinaryDividend |
Jun 29, 2023 | $0.036 | OrdinaryDividend |
May 30, 2023 | $0.032 | OrdinaryDividend |
Apr 27, 2023 | $0.029 | OrdinaryDividend |
Mar 30, 2023 | $0.034 | OrdinaryDividend |
Feb 27, 2023 | $0.027 | OrdinaryDividend |
Jan 30, 2023 | $0.019 | OrdinaryDividend |
Dec 29, 2022 | $0.042 | OrdinaryDividend |
Nov 29, 2022 | $0.031 | OrdinaryDividend |
Oct 28, 2022 | $0.028 | OrdinaryDividend |
Sep 29, 2022 | $0.025 | OrdinaryDividend |
Aug 30, 2022 | $0.027 | OrdinaryDividend |
Jul 28, 2022 | $0.024 | OrdinaryDividend |
Jun 29, 2022 | $0.023 | OrdinaryDividend |
May 27, 2022 | $0.019 | OrdinaryDividend |
Apr 28, 2022 | $0.018 | OrdinaryDividend |
Mar 30, 2022 | $0.022 | OrdinaryDividend |
Feb 25, 2022 | $0.014 | OrdinaryDividend |
Jan 28, 2022 | $0.011 | OrdinaryDividend |
Dec 16, 2021 | $0.148 | CapitalGainShortTerm |
Nov 29, 2021 | $0.017 | OrdinaryDividend |
Oct 28, 2021 | $0.014 | OrdinaryDividend |
Sep 29, 2021 | $0.012 | OrdinaryDividend |
Aug 30, 2021 | $0.013 | OrdinaryDividend |
Jul 29, 2021 | $0.015 | OrdinaryDividend |
Jun 29, 2021 | $0.015 | OrdinaryDividend |
May 27, 2021 | $0.013 | OrdinaryDividend |
Apr 29, 2021 | $0.014 | OrdinaryDividend |
Mar 30, 2021 | $0.016 | OrdinaryDividend |
Feb 25, 2021 | $0.012 | OrdinaryDividend |
Jan 29, 2021 | $0.011 | OrdinaryDividend |
OANCX - Fund Manager Analysis
Managers
M. Colin Hudson
Start Date
Tenure
Tenure Rank
Jun 10, 2020
1.97
2.0%
M. Colin Hudson, CFA, is a Vice President, portfolio manager and analyst of Harris Associates L.P.. He joined Harris Associates L.P. in 2005. Mr. Hudson holds an M.B.A. in Finance from Indiana University (1999), an M.S. in Geology from Indiana University (1995) and a B.A. in Economics from DePauw University (1992).
Adam Abbas
Start Date
Tenure
Tenure Rank
Jun 10, 2020
1.97
2.0%
Mr. Abbas received a B.S. in industrial engineering from Northwestern University and is currently pursuing an M.B.A. from the University of Chicago. In 2004, Mr. Abbas joined Huron Consulting Group as a consultant. From 2006 through 2010, Mr. Abbas was an analyst for Neuberger Berman/Lehman Brothers Asset Management where he focused on high yield bond and loan investments within the information technology, media and telecom space. In 2010, he joined the Adviser, where he also serves as a senior research analyst for the Driehaus Active Income Fund and the Driehaus Select Credit Fund.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 33.43 | 6.79 | 1.16 |