Fisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
$8.62
$2.73 M
3.69%
$0.32
0.02%
Vitals
YTD Return
-0.6%
1 yr return
3.8%
3 Yr Avg Return
-2.7%
5 Yr Avg Return
N/A
Net Assets
$2.73 M
Holdings in Top 10
82.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.02%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 46.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
$8.62
$2.73 M
3.69%
$0.32
0.02%
QDVBX - Profile
Distributions
- YTD Total Return -0.6%
- 3 Yr Annualized Total Return -2.7%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.99%
- Dividend Yield 3.7%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameFisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans
-
Fund Family NameFisher Investments
-
Inception DateDec 13, 2019
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWilliam Glaser
Fund Description
The Fund is available only to eligible retirement plans that have entered into an agreement with Fisher Asset Management, LLC (the “Adviser”) to receive managed account services through the Adviser’s Personalized Retirement Outcomes offering or other services provided by the Adviser. If you do not qualify to be an investor and an account was established for you despite the fact that you do not qualify, your account may be liquidated at the Adviser’s discretion. If you are an individual, you may buy or sell shares only as permitted by your retirement plan. Please refer to your plan materials or contact your plan sponsor directly.
The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of fixed income and fixed income-related securities. The Benchmark tracks the performance of U.S. dollar-denominated, investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, quasi-government, corporate, securitized and collateralized securities. Securities in the Benchmark generally are investment grade and have at least 18 months to final maturity at issuance. Under normal circumstances, the Fund invests at least 80% of its assets in bonds and other fixed income or fixed income-related securities that either (i) are subject to and meet the Fund’s environmental, social and governance (“ESG”) guidelines at the time of investment (i.e., fixed income securities issued by corporate issuers) or (ii) are not subject to the ESG guidelines because they are issued by non-corporate issuers (e.g., U.S. Government securities). Securities eligible for inclusion in the Fund include but not are not limited to the following:
● | Fixed income securities, including but not limited to: |
○ | U.S. Government securities |
○ | Corporate debt securities |
○ | Agency debentures |
○ | Mortgage-backed securities (“MBS”) |
○ | Asset-backed securities (“ABS”) |
○ | Municipal fixed income securities |
○ | Money market funds |
● | Fixed income linked exchange traded funds (“ETFs”) |
● | Convertible bonds, provided that in the event such bonds are converted into common stock or preferred stock, such stock will be held only temporarily. |
The Adviser utilizes a top-down fixed income investment process based on the application of proprietary research tools to the analysis of a wide range of economic, political and sentiment drivers to formulate forecasts and develop portfolio themes. The Adviser manages the Fund’s portfolio on an ongoing, forward-looking basis, assessing short- and long-term interest rates, credit spreads and corporate solvency in real time to forecast future trends.
The Adviser considers ESG factors throughout the investment and portfolio construction process ESG factors are among the many drivers considered by the Adviser when developing country, sector and thematic preferences. Governmental influence on public companies, environmental regulation, social policy, market reforms impacting private property, labor, and human rights are among the ESG factors considered when determining country and sector/industry allocations and shaping an initial prospect list of portfolio positions. The Adviser performs fundamental research on prospective investments to identify securities with strategic attributes consistent with the firm’s top-down views and with competitive advantages relative to their defined peer group. The fundamental research process involves reviewing and evaluating a range of ESG factors prior to purchasing a security, seeking to identify securities benefiting from ESG trends and avoid those with underappreciated risks. These factors include, but are not limited to, shareholder concentration, corporate stewardship, environmental opportunities and liabilities, and human or labor rights controversies.
Also, the Fund seeks to narrow the security selection universe by applying comprehensive and robust ESG screens with respect to fixed income securities issued by corporate issuers without compromising the Adviser’s broader market outlook and themes. The Adviser utilizes external third party ESG research and data which may include environmental, human and labor rights, and controversy data. The Adviser uses this information to create business involvement screens to exclude companies with ties to categories such as, but not limited to, cluster munitions or landmines, or those that derive any revenue from nuclear or bio-chemical weapons. Additionally, the Adviser screens companies with significant revenue (generally 5% or greater, though the Adviser may determine in its discretion what it believes is significant depending upon the factor and the company) from adult entertainment, alcohol, weapons or firearms, gambling, genetic engineering and tobacco. Such screens are not applied to bonds and other fixed income and fixed income-related securities that are not issued by corporate issuers.
The Adviser analyzes the Benchmark’s components and assigns expected risk and return. The Adviser then optimizes the fixed income portfolio to its market outlook by adjusting characteristics such as bond type, yield to maturity, credit spreads, duration, credit quality, and time to maturity. There are many types of bonds, and all carry different performance and risk characteristics. Corporate, municipal, sovereign and agency bonds are the most common, and portfolio exposure to each category is dependent on the construction of the Benchmark and the Adviser’s market outlook. The Fund may invest across a range of maturities, duration and quality, including issues with below investment grade ratings (“junk bonds”). The Adviser may use either individual bonds or fixed income ETFs to obtain the desired fixed income allocation and diversification.
QDVBX - Performance
Return Ranking - Trailing
Period | QDVBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.6% | -6.0% | 3.9% | 50.45% |
1 Yr | 3.8% | -10.3% | 16.1% | 22.34% |
3 Yr | -2.7%* | -10.4% | 26.2% | 51.52% |
5 Yr | N/A* | -6.6% | 191.4% | N/A |
10 Yr | N/A* | -2.4% | 73.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | QDVBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.6% | -16.2% | 8.1% | 25.57% |
2022 | -16.4% | -34.7% | 131.9% | 63.77% |
2021 | -2.0% | -11.6% | 4.4% | 7.39% |
2020 | 3.3% | -10.1% | 946.1% | 63.86% |
2019 | N/A | -1.7% | 156.4% | N/A |
Total Return Ranking - Trailing
Period | QDVBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.6% | -6.0% | 3.9% | 50.45% |
1 Yr | 3.8% | -10.3% | 16.1% | 22.34% |
3 Yr | -2.7%* | -10.4% | 26.2% | 51.52% |
5 Yr | N/A* | -6.6% | 191.4% | N/A |
10 Yr | N/A* | -2.4% | 73.7% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | QDVBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.4% | -11.3% | 11.0% | 36.37% |
2022 | -14.3% | -32.2% | 131.9% | 73.89% |
2021 | -0.4% | -9.4% | 9.2% | 29.78% |
2020 | 6.7% | -1.9% | 1009.0% | 83.08% |
2019 | N/A | 1.1% | 21668.0% | N/A |
NAV & Total Return History
QDVBX - Holdings
Concentration Analysis
QDVBX | Category Low | Category High | QDVBX % Rank | |
---|---|---|---|---|
Net Assets | 2.73 M | 2.73 M | 292 B | 100.00% |
Number of Holdings | 16 | 1 | 17889 | 97.95% |
Net Assets in Top 10 | 2.31 M | -106 M | 36.5 B | 99.12% |
Weighting of Top 10 | 82.11% | 4.4% | 134.1% | 4.04% |
Top 10 Holdings
- iShares MBS ETF 16.68%
- Nuveen ESG High Yield Corporate Bond ETF 15.32%
- United States Treasury Note 12.13%
- United States Treasury Note 10.62%
- U.S. Treasury Note 9.39%
- United States Treasury Note 3.80%
- Procter Gamble Co./The 3.74%
- Omega Healthcare Investors, Inc. 3.61%
- JPMorgan Chase Co. 3.45%
- Comcast Corp. 3.37%
Asset Allocation
Weighting | Return Low | Return High | QDVBX % Rank | |
---|---|---|---|---|
Bonds | 64.87% | 0.00% | 215.98% | 96.68% |
Stocks | 32.01% | 0.00% | 99.93% | 2.05% |
Cash | 3.12% | -54.51% | 88.26% | 45.89% |
Preferred Stocks | 0.00% | 0.00% | 74.68% | 37.57% |
Other | 0.00% | -13.23% | 58.65% | 77.40% |
Convertible Bonds | 0.00% | 0.00% | 7.93% | 87.78% |
Stock Sector Breakdown
Weighting | Return Low | Return High | QDVBX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | N/A |
Technology | 0.00% | 0.00% | 43.45% | N/A |
Real Estate | 0.00% | 0.00% | 99.26% | N/A |
Industrials | 0.00% | 0.00% | 48.31% | N/A |
Healthcare | 0.00% | 0.00% | 17.70% | N/A |
Financial Services | 0.00% | 0.00% | 100.00% | N/A |
Energy | 0.00% | 0.00% | 100.00% | N/A |
Communication Services | 0.00% | 0.00% | 100.00% | N/A |
Consumer Defense | 0.00% | 0.00% | 99.67% | N/A |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | N/A |
Basic Materials | 0.00% | 0.00% | 100.00% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | QDVBX % Rank | |
---|---|---|---|---|
US | 32.01% | 0.00% | 99.93% | 1.96% |
Non US | 0.00% | 0.00% | 86.52% | 14.58% |
Bond Sector Breakdown
Weighting | Return Low | Return High | QDVBX % Rank | |
---|---|---|---|---|
Government | 41.71% | 0.00% | 86.23% | 14.38% |
Corporate | 38.17% | 0.00% | 100.00% | 27.29% |
Securitized | 15.65% | 0.00% | 98.40% | 88.97% |
Cash & Equivalents | 2.52% | 0.00% | 88.06% | 50.20% |
Derivative | 0.00% | -5.38% | 58.65% | 45.30% |
Municipal | 0.00% | 0.00% | 100.00% | 76.75% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | QDVBX % Rank | |
---|---|---|---|---|
US | 64.87% | 0.00% | 215.98% | 95.89% |
Non US | 0.00% | 0.00% | 39.04% | 46.48% |
QDVBX - Expenses
Operational Fees
QDVBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.02% | 0.01% | 39.10% | 99.70% |
Management Fee | 0.00% | 0.00% | 1.76% | 0.49% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
QDVBX 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
QDVBX 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.
QDVBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 46.00% | 2.00% | 493.39% | 15.21% |
QDVBX - Distributions
Dividend Yield Analysis
QDVBX | Category Low | Category High | QDVBX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.69% | 0.00% | 9.75% | 53.32% |
Dividend Distribution Analysis
QDVBX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Monthly | Monthly |
Net Income Ratio Analysis
QDVBX | Category Low | Category High | QDVBX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.99% | -1.28% | 4.79% | 31.17% |
Capital Gain Distribution Analysis
QDVBX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 21, 2023 | $0.317 | OrdinaryDividend |
Dec 22, 2022 | $0.216 | OrdinaryDividend |
Dec 23, 2021 | $0.172 | OrdinaryDividend |
QDVBX - Fund Manager Analysis
Managers
William Glaser
Start Date
Tenure
Tenure Rank
Dec 13, 2019
2.47
2.5%
William (Bill) Glaser is the Executive Vice President of Portfolio Management and a member of the Investment Policy Committee (IPC). In those roles, he oversees the firm’s Portfolio Management Department, which includes the Research, Investment Operations, Investment Solutions and Portfolio Evaluation Groups. He is also a member of the Technology Transformation Committee. Bill speaks regularly at client seminars and meets with institutional clients globally, providing information regarding global economic factors, our market outlook and portfolio positioning. Bill joined Fisher Investments in 1999 and has served on the firm’s five-member IPC since 2011. Prior to his current responsibilities, Bill held several different positions at the firm, including Capital Markets Research Team Leader, Securities Research Team Leader and Securities Research Analyst. Bill has a degree in Finance from the University of Arizona.
Jeffery Silk
Start Date
Tenure
Tenure Rank
Dec 13, 2019
2.47
2.5%
Jeffery (Jeff) Silk is a Vice Chairman and Co-Chief Investment Officer of Fisher Investments. Jeff oversees all portfolio management functions across a wide range of investment strategies at the firm. Jeff joined the firm in 1983 as one of the firm’s first employees. Prior to his current role, Jeff was President and Chief Operating Officer. He has also served as Director of Trading and Operations, where he was instrumental in developing the firm’s first portfolio management, research and trading technologies. Jeff received his undergraduate degree from the University of San Francisco.
Kenneth Fisher
Start Date
Tenure
Tenure Rank
Dec 13, 2019
2.47
2.5%
Ken Fisher founded Fisher Investments in 1979, which is now a $169+ billion investment adviser and money management firm serving large institutions and high net worth individuals globally. By most standards, it is the world’s largest pure ‘40 Act Investment Adviser firm. He was CEO for 37 years and currently serves as Executive Chairman and Co-Chief Investment Officer. Ken’s prestigious Forbes “Portfolio Strategy” column ran monthly for 32 1/2 years until 12/31/2016, making Ken the longest continuously running columnist in the magazine’s history. He writes monthly, native language columns in major media organs spanning Western Europe and Asia, including Germany’s Focus Money; Denmark’s leading business newspaper, Børsen; the Netherland’s largest newspaper, De Telegraaf; Switzerland’s leading business paper, Handelszeitung; Spain’s largest business website and newspaper, elEconomista; Italy’s third largest newspaper and number one business paper, Il Sole 24 Ore; France’s L’Opinion; Belgium’s La Libre; Austria’s Trend; Caixin—often referred to as the Bloomberg of China; the Hong Kong Economic Journal; Taiwan’s Business Weekly; South Korea’s largest business paper, Chosun Mint; and Japan’s Diamond Weekly. Ken has written 11 books, including 4 New York Times bestsellers. His 1970’s theoretical work pioneered an investment analysis tool called the Price-to-Sales Ratio, now a core part of financial curriculum. His credits span a multitude of professional and scholarly journals. He is a recipient of the Fabozzi/Jacobs Levy Award for outstanding research in the Journal of Portfolio Management.
Aaron Anderson
Start Date
Tenure
Tenure Rank
Dec 13, 2019
2.47
2.5%
Aaron Anderson is a Senior Vice President of Research and a member of the Investment Policy Committee (IPC). In those roles, Aaron oversees the firm’s global macroeconomic and capital markets research. Aaron joined Fisher Investments in 2005 and has served on the firm’s five-member IPC since 2011. His previous roles at the firm include Capital Markets Research Team Leader, Capital Markets Research Analyst and Innovation Manager. Prior to joining Fisher Investments, Aaron worked at Deutsche Bank Alex Brown as an Assistant Vice President. Aaron regularly meets with private and institutional clients globally, sharing the firm’s market outlook, current portfolio positioning and answering questions. Aaron’s views on global market conditions and geopolitical events are featured in publications globally, including The Wall Street Journal, Financial Times, Reuters, MarketWatch, CNN.com, The Telegraph, Forbes and Investing.com—among many others. He also appears regularly in the financial media, programs on CNBC, Yahoo Finance and the Cheddar TV Network. Aaron has written two books, including Own the World: How Smart Investors Create Global Portfolios. He holds undergraduate degrees in Geophysics from the University of California, Santa Barbara and Applied Economics from the University of San Francisco.
Michael Hanson
Start Date
Tenure
Tenure Rank
Dec 13, 2019
2.47
2.5%
Michael joined Fisher Investments in 2002. Prior to his current role, he held a variety of positions, including Vice President of Portfolio Management Communications, Capital Markets Team Leader and Institutional Client Services Manager. Before joining the firm, he worked at Bear Stearns as a Corporate Finance Analyst in the Global Technology Group. Michael regularly meets with clients globally, sharing the firm’s market outlook, current portfolio positioning and answering questions. Michael appears regularly on various financial media programs, including those on Yahoo Finance, Reuters TV and the Cheddar TV Network. He is the author of six books, including 20/20 Money: See the Markets Clearly, Gain Focus and Invest Better than the Pros. He speaks regularly around the US on a variety of topics ranging from economics to psychology. He was also a lecturer at the Haas School of Business at the University of California, Berkeley, where he taught Investment Management Topics. Michael received his undergraduate degree from Claremont McKenna College and his doctorate in Depth Field Psychology and Mythology from Pacifica Institute.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.43 | 6.82 | 1.16 |