Sterling Capital Quality Income Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-2.0%
1 yr return
0.6%
3 Yr Avg Return
-2.6%
5 Yr Avg Return
0.0%
Net Assets
$88.3 M
Holdings in Top 10
14.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.87%
SALES FEES
Front Load 2.00%
Deferred Load N/A
TRADING FEES
Turnover 73.60%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
SCSSX - Profile
Distributions
- YTD Total Return -2.0%
- 3 Yr Annualized Total Return -2.6%
- 5 Yr Annualized Total Return 0.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.29%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameSterling Capital Quality Income Fund
-
Fund Family NameSterling Capital Funds
-
Inception DateJun 30, 2011
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Sun
Fund Description
To pursue its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of securitized obligations of any kind (including asset-backed securities, commercial mortgage-backed securities and collateralized mortgage obligations). The Fund will invest in securities that are investment grade (i.e., rated at the time of purchase in one of the four highest rating categories by a nationally recognized statistical rating organization, or determined by the portfolio manager to be of comparable quality).
As part of its investment strategy, the Fund may engage in mortgage dollar roll transactions, under which the Fund sells a mortgage-backed security to a dealer and simultaneously contracts to repurchase a security that is substantially similar in type, coupon and maturity, on a specified future date. Such investments will not exceed 25% of the Fund’s total assets. Mortgage dollar roll transactions may create investment leverage.
The Fund also will invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as, for example, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae)); corporate debt securities, including corporate bonds, notes and debentures; preferred stock; and debt securities that are sold in private placement transactions between their issuers and their purchasers and that are neither listed on an exchange or traded over the counter.
In managing the portfolio, the portfolio manager uses a “top down” investment management approach focusing on interest rate risk, allocation among sectors, credit risk, and individual securities selection. The portfolio manager focuses on macro trends in the economy to establish a duration target that reflects the outlook for the future direction of interest rates. For yield curve management, in addition to the trend in interest rates, other factors such as future inflation expectations, supply factors, and future interest rate expectations are considered. Sector weightings are driven by a combination of the portfolio manager’s macro view on interest rates and volatility as well as relative spread analysis (a comparison of current and historical valuation relationships between various sectors). Utilizing fundamental analysis the portfolio manager then selects individual securities consistent with the target by looking for the best relative values within particular sectors. The analysis includes an attempt to understand the structure and embedded features of potential securities. Features that are analyzed include puts, calls, sinking fund requirements (scheduled early retirements of the specific debt instrument), prepayment and extension risk, and individual company financial data for potential corporate holdings. Scenario analysis is the primary tool employed for these assessments. The Fund’s average duration is expected to be within 1.5 years of the duration of the Bloomberg U.S. Mortgage Backed Securities Index.
The portfolio manager may consider selling a security owned by the Fund to reduce exposure to a particular sector, if the portfolio manager sees a deterioration in the underlying fundamentals of an issuer or if the actions of the issuer violate the investment thesis of owning the security (or, in another words, the original reasoning for purchasing the security), when the portfolio managers finds other attractive securities that the portfolio manager believes are less expensive and offer relatively greater income or growth potential, and in response to macro level adjustments to duration and yield curve contributions (which are changes made to portfolio duration or yield curve positioning due to changes in the portfolio manager’s macroeconomic outlook).
The Fund may invest in certain types of derivative instruments for hedging and investment purposes. Although the Fund may invest in derivatives of any kind, the Fund currently expects to invest in futures contracts to gain efficient investment exposures as an alternative to cash investments or to hedge against portfolio exposures, and credit default swaps, interest rate swaps, inverse floater securities, and interest-only and principal-only securities to gain indirect exposure to interest rates, issuers, currencies, or market sectors, or to hedge against portfolio exposures. The portfolio manager may consider environmental, social and governance (“ESG”) factors as part of the investment process for selecting corporate debt securities and securitized obligations (including asset-backed securities, commercial mortgage-backed securities and collateralized mortgage obligations).
SCSSX - Performance
Return Ranking - Trailing
Period | SCSSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.0% | -13.2% | 2.8% | 18.06% |
1 Yr | 0.6% | -11.0% | 10.6% | 40.40% |
3 Yr | -2.6%* | -11.1% | 24.7% | 13.33% |
5 Yr | 0.0%* | -6.8% | 190.4% | 58.23% |
10 Yr | 1.2%* | -2.6% | 73.3% | 51.91% |
* Annualized
Return Ranking - Calendar
Period | SCSSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.8% | -16.2% | 8.1% | 63.45% |
2022 | -11.1% | -34.7% | 131.9% | 2.85% |
2021 | -3.0% | -11.6% | 4.4% | 36.84% |
2020 | 2.1% | -10.1% | 946.1% | 85.40% |
2019 | 3.1% | -1.7% | 16.9% | 91.87% |
Total Return Ranking - Trailing
Period | SCSSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.0% | -13.2% | 2.8% | 18.06% |
1 Yr | 0.6% | -11.0% | 10.6% | 40.40% |
3 Yr | -2.6%* | -11.1% | 24.7% | 13.33% |
5 Yr | 0.0%* | -6.8% | 190.4% | 58.23% |
10 Yr | 1.2%* | -2.6% | 73.3% | 51.91% |
* Annualized
Total Return Ranking - Calendar
Period | SCSSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.8% | -11.3% | 11.0% | 87.75% |
2022 | -9.1% | -32.2% | 131.9% | 2.85% |
2021 | -1.1% | -9.4% | 9.2% | 55.63% |
2020 | 4.7% | -1.9% | 1009.0% | 94.07% |
2019 | 6.0% | 1.1% | 21668.0% | 95.42% |
NAV & Total Return History
SCSSX - Holdings
Concentration Analysis
SCSSX | Category Low | Category High | SCSSX % Rank | |
---|---|---|---|---|
Net Assets | 88.3 M | 2.9 M | 314 B | 90.58% |
Number of Holdings | 217 | 1 | 17889 | 84.07% |
Net Assets in Top 10 | 12.9 M | -106 M | 36.5 B | 94.00% |
Weighting of Top 10 | 14.62% | 4.4% | 134.1% | 82.69% |
Top 10 Holdings
- United States Treasury Note/Bond 1.96%
- Freddie Mac Pool 1.53%
- Fannie Mae REMICS 1.51%
- OneMain Direct Auto Receivables Trust 2023-1 1.49%
- Avis Budget Rental Car Funding AESOP LLC 1.43%
- Freddie Mac Pool 1.40%
- United States Treasury Note/Bond 1.39%
- Fannie Mae Pool 1.34%
- Hertz Vehicle Financing III LP 1.33%
- Freddie Mac Pool 1.24%
Asset Allocation
Weighting | Return Low | Return High | SCSSX % Rank | |
---|---|---|---|---|
Bonds | 83.61% | 0.00% | 215.98% | 84.89% |
Other | 15.41% | -13.23% | 50.66% | 12.59% |
Cash | 0.98% | -54.51% | 79.52% | 79.94% |
Stocks | 0.00% | 0.00% | 99.93% | 92.44% |
Preferred Stocks | 0.00% | 0.00% | 74.68% | 91.45% |
Convertible Bonds | 0.00% | 0.00% | 7.93% | 98.81% |
Bond Sector Breakdown
Weighting | Return Low | Return High | SCSSX % Rank | |
---|---|---|---|---|
Securitized | 95.02% | 0.00% | 98.40% | 0.40% |
Government | 3.13% | 0.00% | 86.23% | 92.57% |
Cash & Equivalents | 0.98% | 0.00% | 76.23% | 72.66% |
Corporate | 0.67% | 0.00% | 100.00% | 95.05% |
Derivative | 0.00% | -5.38% | 50.66% | 81.12% |
Municipal | 0.00% | 0.00% | 100.00% | 96.93% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | SCSSX % Rank | |
---|---|---|---|---|
US | 83.61% | 0.00% | 215.98% | 80.24% |
Non US | 0.00% | 0.00% | 39.04% | 93.22% |
SCSSX - Expenses
Operational Fees
SCSSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.87% | 0.01% | 39.10% | 35.48% |
Management Fee | 0.35% | 0.00% | 1.76% | 48.36% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 59.22% |
Administrative Fee | 0.11% | 0.01% | 0.50% | 63.93% |
Sales Fees
SCSSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 2.00% | 2.00% | 5.75% | 99.29% |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
SCSSX 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.
SCSSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 73.60% | 2.00% | 493.39% | 31.64% |
SCSSX - Distributions
Dividend Yield Analysis
SCSSX | Category Low | Category High | SCSSX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 9.95% | 84.69% |
Dividend Distribution Analysis
SCSSX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
SCSSX | Category Low | Category High | SCSSX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.29% | -1.28% | 4.79% | 76.11% |
Capital Gain Distribution Analysis
SCSSX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 01, 2024 | $0.024 | DailyAccrualFund |
Mar 01, 2024 | $0.024 | DailyAccrualFund |
Feb 01, 2024 | $0.024 | DailyAccrualFund |
Dec 29, 2023 | $0.023 | DailyAccrualFund |
Nov 30, 2023 | $0.023 | DailyAccrualFund |
Oct 31, 2023 | $0.023 | DailyAccrualFund |
Sep 29, 2023 | $0.022 | DailyAccrualFund |
Aug 31, 2023 | $0.022 | DailyAccrualFund |
Jul 31, 2023 | $0.022 | DailyAccrualFund |
Jun 30, 2023 | $0.021 | DailyAccrualFund |
May 31, 2023 | $0.021 | DailyAccrualFund |
Apr 28, 2023 | $0.020 | DailyAccrualFund |
Mar 31, 2023 | $0.020 | DailyAccrualFund |
Feb 28, 2023 | $0.019 | DailyAccrualFund |
Jan 31, 2023 | $0.019 | DailyAccrualFund |
Dec 30, 2022 | $0.019 | DailyAccrualFund |
Dec 01, 2022 | $0.018 | DailyAccrualFund |
Nov 01, 2022 | $0.018 | DailyAccrualFund |
Oct 03, 2022 | $0.016 | DailyAccrualFund |
Sep 01, 2022 | $0.016 | DailyAccrualFund |
Aug 01, 2022 | $0.016 | DailyAccrualFund |
Jul 01, 2022 | $0.016 | DailyAccrualFund |
Jun 01, 2022 | $0.015 | DailyAccrualFund |
May 02, 2022 | $0.014 | DailyAccrualFund |
Apr 01, 2022 | $0.013 | DailyAccrualFund |
Mar 01, 2022 | $0.012 | DailyAccrualFund |
Feb 01, 2022 | $0.013 | DailyAccrualFund |
Dec 31, 2021 | $0.014 | DailyAccrualFund |
Nov 30, 2021 | $0.014 | DailyAccrualFund |
Oct 29, 2021 | $0.014 | DailyAccrualFund |
Sep 30, 2021 | $0.013 | DailyAccrualFund |
Aug 31, 2021 | $0.013 | DailyAccrualFund |
Jul 30, 2021 | $0.014 | DailyAccrualFund |
Jun 30, 2021 | $0.016 | DailyAccrualFund |
May 28, 2021 | $0.016 | DailyAccrualFund |
Apr 30, 2021 | $0.016 | DailyAccrualFund |
Mar 31, 2021 | $0.016 | DailyAccrualFund |
Feb 26, 2021 | $0.016 | DailyAccrualFund |
Jan 29, 2021 | $0.017 | DailyAccrualFund |
Jan 04, 2021 | $0.017 | DailyAccrualFund |
Dec 01, 2020 | $0.016 | DailyAccrualFund |
Nov 02, 2020 | $0.017 | DailyAccrualFund |
Oct 01, 2020 | $0.018 | DailyAccrualFund |
Sep 01, 2020 | $0.018 | DailyAccrualFund |
Aug 03, 2020 | $0.020 | DailyAccrualFund |
Jul 01, 2020 | $0.020 | DailyAccrualFund |
Jun 01, 2020 | $0.020 | DailyAccrualFund |
May 01, 2020 | $0.020 | DailyAccrualFund |
Apr 01, 2020 | $0.021 | DailyAccrualFund |
Mar 02, 2020 | $0.021 | DailyAccrualFund |
Feb 03, 2020 | $0.021 | DailyAccrualFund |
Jan 02, 2020 | $0.022 | DailyAccrualFund |
Dec 02, 2019 | $0.022 | DailyAccrualFund |
Nov 01, 2019 | $0.022 | DailyAccrualFund |
Oct 01, 2019 | $0.022 | DailyAccrualFund |
Sep 03, 2019 | $0.023 | DailyAccrualFund |
Aug 01, 2019 | $0.023 | DailyAccrualFund |
Jul 01, 2019 | $0.023 | DailyAccrualFund |
Jun 03, 2019 | $0.024 | DailyAccrualFund |
May 01, 2019 | $0.024 | DailyAccrualFund |
Apr 01, 2019 | $0.024 | DailyAccrualFund |
Mar 01, 2019 | $0.024 | DailyAccrualFund |
Feb 01, 2019 | $0.024 | DailyAccrualFund |
Jan 02, 2019 | $0.024 | DailyAccrualFund |
Dec 03, 2018 | $0.023 | DailyAccrualFund |
Nov 01, 2018 | $0.024 | DailyAccrualFund |
Sep 04, 2018 | $0.023 | DailyAccrualFund |
Aug 01, 2018 | $0.023 | DailyAccrualFund |
Jul 02, 2018 | $0.023 | DailyAccrualFund |
Jun 01, 2018 | $0.022 | DailyAccrualFund |
May 01, 2018 | $0.023 | DailyAccrualFund |
Apr 02, 2018 | $0.022 | DailyAccrualFund |
Mar 01, 2018 | $0.022 | DailyAccrualFund |
Feb 01, 2018 | $0.021 | DailyAccrualFund |
Jan 02, 2018 | $0.021 | DailyAccrualFund |
Dec 01, 2017 | $0.021 | DailyAccrualFund |
Nov 01, 2017 | $0.020 | DailyAccrualFund |
Oct 02, 2017 | $0.023 | DailyAccrualFund |
Sep 01, 2017 | $0.021 | DailyAccrualFund |
Aug 01, 2017 | $0.021 | DailyAccrualFund |
Jul 03, 2017 | $0.021 | DailyAccrualFund |
Jun 01, 2017 | $0.020 | DailyAccrualFund |
May 01, 2017 | $0.021 | DailyAccrualFund |
Apr 03, 2017 | $0.021 | DailyAccrualFund |
Mar 01, 2017 | $0.020 | DailyAccrualFund |
Feb 01, 2017 | $0.019 | DailyAccrualFund |
Jan 03, 2017 | $0.020 | DailyAccrualFund |
Dec 01, 2016 | $0.020 | DailyAccrualFund |
Nov 01, 2016 | $0.020 | DailyAccrualFund |
Oct 03, 2016 | $0.020 | DailyAccrualFund |
Sep 01, 2016 | $0.020 | DailyAccrualFund |
Aug 01, 2016 | $0.020 | DailyAccrualFund |
Jul 01, 2016 | $0.020 | DailyAccrualFund |
Jun 01, 2016 | $0.020 | DailyAccrualFund |
May 02, 2016 | $0.020 | DailyAccrualFund |
Apr 01, 2016 | $0.019 | DailyAccrualFund |
Mar 01, 2016 | $0.020 | DailyAccrualFund |
Feb 01, 2016 | $0.019 | DailyAccrualFund |
Jan 04, 2016 | $0.019 | DailyAccrualFund |
Dec 01, 2015 | $0.019 | DailyAccrualFund |
Nov 02, 2015 | $0.019 | DailyAccrualFund |
Oct 01, 2015 | $0.019 | DailyAccrualFund |
Sep 01, 2015 | $0.020 | DailyAccrualFund |
Aug 03, 2015 | $0.020 | DailyAccrualFund |
Jul 01, 2015 | $0.020 | DailyAccrualFund |
Jun 01, 2015 | $0.021 | DailyAccrualFund |
May 01, 2015 | $0.021 | DailyAccrualFund |
Apr 01, 2015 | $0.021 | DailyAccrualFund |
Mar 02, 2015 | $0.022 | DailyAccrualFund |
Feb 02, 2015 | $0.022 | DailyAccrualFund |
Jan 02, 2015 | $0.023 | DailyAccrualFund |
Dec 01, 2014 | $0.023 | DailyAccrualFund |
Nov 03, 2014 | $0.023 | DailyAccrualFund |
Oct 01, 2014 | $0.023 | DailyAccrualFund |
Sep 02, 2014 | $0.023 | DailyAccrualFund |
Aug 01, 2014 | $0.024 | DailyAccrualFund |
Jul 01, 2014 | $0.024 | DailyAccrualFund |
Jun 02, 2014 | $0.023 | DailyAccrualFund |
May 01, 2014 | $0.023 | DailyAccrualFund |
Apr 01, 2014 | $0.023 | DailyAccrualFund |
Mar 03, 2014 | $0.023 | DailyAccrualFund |
Feb 03, 2014 | $0.022 | DailyAccrualFund |
Jan 02, 2014 | $0.024 | DailyAccrualFund |
Dec 02, 2013 | $0.024 | DailyAccrualFund |
Nov 01, 2013 | $0.024 | DailyAccrualFund |
Oct 01, 2013 | $0.026 | DailyAccrualFund |
Sep 03, 2013 | $0.025 | DailyAccrualFund |
Aug 01, 2013 | $0.025 | DailyAccrualFund |
Jul 01, 2013 | $0.026 | DailyAccrualFund |
Jun 03, 2013 | $0.027 | DailyAccrualFund |
May 01, 2013 | $0.027 | DailyAccrualFund |
Apr 01, 2013 | $0.026 | DailyAccrualFund |
Mar 01, 2013 | $0.027 | DailyAccrualFund |
SCSSX - Fund Manager Analysis
Managers
Michael Sun
Start Date
Tenure
Tenure Rank
Feb 01, 2014
8.33
8.3%
Michael Z. Sun, CFA®, Executive Director, joined Sterling Capital Management in 2009 and has investment experience since 1998. Michael is a fixed income portfolio manager responsible for the fixed income structured products. Prior to joining Sterling, he served as vice president, portfolio manager/senior research analyst for Evergreen Investments. Michael received his B.S. in Geography from Nanjing University, his M.S. in Urban and Regional Study from Beijing University and his M.A. in Economics from Bowling Green State University. He holds the Chartered Financial Analyst® designation.
Byron Mims
Start Date
Tenure
Tenure Rank
Feb 01, 2016
6.33
6.3%
Byron G. Mims, CFA, is a Director and Portfolio Manager for Sterling Capital. He has been with Sterling Capital and its predecessors since 2012 and has investment experience since 2006. Prior to joining Sterling Capital, he worked for Smith Breeden Associates as a Vice President on the asset-backed securities team and was primarily responsible for non-agency mortgage-backed securities and also consumer asset-backed securities. Mr. Mims is a summa cum laude graduate of North Carolina State University where he received his B.S. in Economics with a concentration in Finance and was recognized as valedictorian. He is a CFA charterholder.
Jeffrey Ormsby
Start Date
Tenure
Tenure Rank
Feb 01, 2016
6.33
6.3%
Jeffrey D. Ormsby, CFA, is a Director and Portfolio Manager in the mortgage and structured product area for Sterling Capital. He has been with Sterling Capital and its predecessors since 2011 and has investment experience since 2006. Prior to joining Sterling, he worked for Smith Breeden Associates as a CMBS trader and portfolio management analyst within their investments group. Mr. Ormsby is a summa cum laude graduate of North Carolina State University where he received his B.S. in Economics and was recognized as Valedictorian. He received his M.B.A. from UNC’s Kenan-Flagler Business School, where he was the Norman Block Valedictorian Award recipient. He is a CFA charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.43 | 6.81 | 1.16 |