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Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PIA Short-Term Securities Fund

PIASX | Fund

$9.95

$143 M

0.00%

0.44%

Vitals

YTD Return

0.9%

1 yr return

5.1%

3 Yr Avg Return

1.7%

5 Yr Avg Return

1.8%

Net Assets

$143 M

Holdings in Top 10

43.1%

52 WEEK LOW AND HIGH

$10.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.44%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 44.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$100

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PIA Short-Term Securities Fund

PIASX | Fund

$9.95

$143 M

0.00%

0.44%

PIASX - Profile

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return 1.7%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.66%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PIA Short-Term Securities Fund
  • Fund Family Name
    PIA Mutual Funds
  • Inception Date
    May 14, 2003
  • Shares Outstanding
    13849174
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Lloyd McAdams

Fund Description

The Fund is a diversified investment company that normally invests at least 80% of its net assets in short-term securities having a duration of less than three years. Under normal market conditions, the Fund purchases securities rated BBB- and/or Baa3 or better by a Nationally Recognized Statistical Rating Organization (“NRSRO”).
The Fund primarily invests in securities issued or guaranteed by the U.S. government and its agencies (including U.S. Treasury Notes), investment grade mortgage-backed securities (including commercial mortgage-backed securities and residential mortgage-backed securities), and investment grade debt securities (including corporate debt securities, asset-backed securities and collateralized mortgage obligations). The Fund may also invest in Rule 144A securities.
The Fund may invest up to 10% of its net assets in other investment companies (mutual funds and exchange-traded funds (“ETFs”)), including in any mutual fund advised by the Adviser (a “PIA Fund”), provided that investment in an investment company that predominantly invests in high yield (‘junk bond”) securities will count towards the Fund’s limitation of no more than 5% of the Fund’s net assets invested in high yield securities. To the extent that the Fund invests in a PIA Fund, the Adviser will waive any management fee charged by the PIA Fund.
Duration is a measure of a debt security’s price sensitivity. Higher duration indicates bonds that are more sensitive to interest rate changes. Bonds with shorter duration have lower risk associated with interest rates. Duration takes into account a debt security’s cash flows over time including the possibility that a debt security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date. In contrast, maturity measures only the time until final payment is due. The weighted average duration of the Fund portfolio will generally range from six months on the short end to three years on the long end.
In selecting investments for the Fund, the Adviser primarily will consider credit quality, duration and yield.
Read More

PIASX - Performance

Return Ranking - Trailing

Period PIASX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -1.4% 2.7% 92.17%
1 Yr 5.1% -0.4% 11.3% 85.65%
3 Yr 1.7%* -2.1% 5.8% 84.95%
5 Yr 1.8%* -1.0% 3.9% 75.00%
10 Yr 1.4%* -4.5% 27.5% 68.38%

* Annualized

Return Ranking - Calendar

Period PIASX Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -2.3% 4.3% 25.81%
2022 -2.4% -6.5% 0.5% 61.90%
2021 -0.8% -2.1% 0.3% 82.84%
2020 0.5% -3.1% 1.8% 32.82%
2019 1.1% -1.2% 6.1% 17.39%

Total Return Ranking - Trailing

Period PIASX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -1.4% 2.7% 92.17%
1 Yr 5.1% -0.4% 11.3% 85.65%
3 Yr 1.7%* -2.1% 5.8% 84.95%
5 Yr 1.8%* -1.0% 3.9% 75.00%
10 Yr 1.4%* -4.5% 27.5% 68.38%

* Annualized

Total Return Ranking - Calendar

Period PIASX Return Category Return Low Category Return High Rank in Category (%)
2023 5.6% 0.8% 12.1% 62.21%
2022 -1.0% -5.1% 2.5% 74.29%
2021 0.0% -2.1% 14.5% 68.14%
2020 1.9% -1.0% 3.6% 38.46%
2019 3.2% 0.3% 9.6% 43.48%

NAV & Total Return History

PIASX - Holdings

Concentration Analysis

PIASX Category Low Category High PIASX % Rank
Net Assets 143 M 25.6 K 22.6 B 82.35%
Number of Holdings 100 2 1291 84.16%
Net Assets in Top 10 60 M 32.5 K 18.4 B 72.85%
Weighting of Top 10 43.10% 5.6% 163.3% 16.74%

Top 10 Holdings

  1. United States Treasury Bill 9.43%
  2. United States Treasury Note/Bond 6.67%
  3. United States Treasury Bill 4.87%
  4. Cold Storage Trust 2020-ICE5 4.55%
  5. United States Treasury Note/Bond 3.96%
  6. Golub Capital BDC Inc 3.55%
  7. United States Treasury Note/Bond 3.20%
  8. United States Treasury Bill 2.81%
  9. United States Treasury Note/Bond 2.13%
  10. BX Trust 2021-RISE 1.94%

Asset Allocation

Weighting Return Low Return High PIASX % Rank
Bonds 		93.16% 0.00% 128.16% 23.53%
Other 		6.01% -29.59% 99.92% 54.75%
Convertible Bonds 		4.28% 0.00% 15.25% 38.64%
Cash 		0.83% 0.00% 109.89% 82.81%
Stocks 		0.00% 0.00% 97.29% 21.27%
Preferred Stocks 		0.00% 0.00% 0.00% 4.07%

Bond Sector Breakdown

Weighting Return Low Return High PIASX % Rank
Corporate 		58.38% 0.00% 99.91% 15.91%
Government 		18.46% 0.00% 100.00% 17.73%
Securitized 		10.91% 0.00% 100.00% 67.73%
Cash & Equivalents 		0.40% 0.00% 109.89% 81.90%
Derivative 		0.00% -29.59% 21.59% 17.19%
Municipal 		0.00% 0.00% 70.39% 46.36%

Bond Geographic Breakdown

Weighting Return Low Return High PIASX % Rank
US 		93.16% 0.00% 128.16% 23.53%
Non US 		0.00% 0.00% 22.24% 19.91%

PIASX - Expenses

Operational Fees

PIASX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.44% 0.02% 28.11% 56.16%
Management Fee 0.20% 0.00% 1.19% 21.27%
12b-1 Fee N/A 0.00% 1.00% 4.92%
Administrative Fee N/A 0.01% 0.40% 51.19%

Sales Fees

PIASX 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

PIASX 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.

PIASX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 44.00% 0.00% 369.54% 18.28%

PIASX - Distributions

Dividend Yield Analysis

PIASX Category Low Category High PIASX % Rank
Dividend Yield 0.00% 0.00% 8.13% 75.57%

Dividend Distribution Analysis

PIASX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

PIASX Category Low Category High PIASX % Rank
Net Income Ratio 0.66% -1.30% 14.86% 31.92%

Capital Gain Distribution Analysis

PIASX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

PIASX - Fund Manager Analysis

Managers

Lloyd McAdams

Start Date

Tenure

Tenure Rank

Mar 31, 2008

14.18

14.2%

Mr. McAdams currently serves as President of PIA. From PIA’s formation in 1986 until 2018 he served as the firm’s Chief Investment Officer. Mr. McAdams is a board member of Anworth Mortgage Asset Corp., a publicly-traded company which manages a portfolio of mortgage securities for its shareholders. From 1996 to 2004, Mr. McAdams served as the Chairman and CEO of Syndicated Capital, Inc., the former distributor of the PIA Mutual Funds.. Before joining PIA, Mr. McAdams held the positions of President of Security Pacific Investment Managers, Inc., Senior Vice President of Trust Company of the West, and an Investment Officer with the State of Tennessee. Mr. McAdams has served as a Board member of the California Public Employees Retirement System (“CALPERS”). Since 1997, Mr. McAdams has also been the founder, Chairman and CEO of Anworth Mortgage Asset Corp, a NYSE listed company (“ANH”) that manages a portfolio of mortgage backed securities for its mostly institutional shareholders. He is a Chartered Financial Analyst Charter Holder, and a Certified Employee Benefit Specialist. Mr. McAdams holds a B.S. in Statistics from Stanford University and an M.B.A. from the University of Tennessee

Hsin Tong

Start Date

Tenure

Tenure Rank

Mar 30, 2018

4.17

4.2%

Hsin Tong, CFA, is Vice President and Portfolio Manager. Ms. Tong is a portfolio manager and analyst of PIA focusing on institutional separately managed accounts. Ms. Tong has been an employee of the Adviser since 2005. She earned a MS degree in Industrial and Systems Engineering from the University of Southern California. She earned a Bachelor of Science degree in Mechanical and Electronics Engineering from Shantou University in China, where she was a four-year member of the Dean’s List.

Rory Hargaden

Start Date

Tenure

Tenure Rank

Mar 30, 2018

4.17

4.2%

Mr. Hargaden is a portfolio manager and credit research analyst, where he specializes in financial institutions, utilities, asset-backed securities and municipal bonds. Mr. Hargaden’s prior experience at PIA includes managing fixed income trading. Prior to joining PIA in 1989, Mr. Hargaden served in the Audit and Tax Services divisions of Ernst & Whinney and KPMG Peat Marwick. He earned a Bachelor of Science degree in Business Administration and an M.B.A. from the University of Southern California.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.56 0.13

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