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Name

As of 05/01/2024

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

Medalist Partners Short Duration Fund

SEMIX | Fund

$9.39

$280 M

6.54%

$0.61

0.67%

Vitals

YTD Return

3.3%

1 yr return

8.5%

3 Yr Avg Return

3.5%

5 Yr Avg Return

2.6%

Net Assets

$280 M

Holdings in Top 10

15.3%

52 WEEK LOW AND HIGH

$9.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.67%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 83.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

$1,000,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 05/01/2024

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

Medalist Partners Short Duration Fund

SEMIX | Fund

$9.39

$280 M

6.54%

$0.61

0.67%

SEMIX - Profile

Distributions

  • YTD Total Return 3.3%
  • 3 Yr Annualized Total Return 3.5%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.75%
DIVIDENDS
  • Dividend Yield 6.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Medalist Partners Short Duration Fund
  • Fund Family Name
    Semper
  • Inception Date
    Dec 23, 2010
  • Shares Outstanding
    22326649
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Thomas Mandel

Fund Description

Under normal market conditions, the Short Duration Fund invests primarily in investment-grade debt securities of domestic entities. The Adviser considers securities to be of investment grade quality if they are rated BBB (or comparable) or higher by a nationally recognized credit rating organization including S&P Global Ratings (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), or if unrated, determined by the Adviser to be of comparable quality. The Fund may hold securities that, after being purchased, are downgraded to non-investment grade and would no longer qualify for initial investment. Under normal circumstances, the Fund expects to maintain a weighted average portfolio duration of up to three years. The Fund defines duration as effective duration which is the interest rate sensitivity of projected cash flows from Fund securities, adjusted for amortization, prepayments, and expected calls and puts. This means that the price of a debt security with a duration of three years would be expected to decrease by approximately 3% with a 1% increase in interest rates. The Fund believes that effective duration provides the most accurate estimation of the Fund’s interest rate sensitivity.
The Short Duration Fund may invest in asset-backed securities (“ABS”), including mortgage-backed securities (“MBS”). MBS refers to a type of fixed income instrument that represents an interest in a pool of mortgages, including residential MBS (“RMBS”), commercial MBS (“CMBS”) and securities issued by government sponsored entities (“agency MBS”). MBS, including CMBS and RMBS, include fixed and variable rate securities with underlying fixed or variable rate mortgage loans and securities issued by private entities (“non-agency MBS”). As part of the Fund’s agency RMBS investments, the Fund may invest in credit risk transfer securities. Credit risk transfer securities are fixed- or floating-rate unsecured general obligations issued from time to time by Freddie Mac, Fannie Mae or other government sponsored entities.
Debt securities may include all fixed-income securities (both fixed and floating-rate securities), Rule 144A securities, U.S. government securities, municipal securities, collateralized loan obligations (“CLOs”), special purpose entities (such as asset-backed or mortgage-backed security issuers), zero coupon securities, money market securities, repurchase agreements and private asset-backed loan participations. Certain asset-backed and mortgage-backed securities are issued with stated maturities of 15 to 40 years; however, their effective durations are generally under 3 years. U.S. government securities include U.S. Treasury bills, notes and other obligations that are issued by or guaranteed as to interest and principal by the U.S. government or by agencies or instrumentalities of the U.S. government. The Fund may also invest in high yield instruments that are rated below investment grade (i.e., “high yield” or “junk” ratings). The Fund may also invest up to 10% of its total assets in other investment companies, including exchange-traded funds (“ETFs”).
The Adviser will allocate the Short Duration Fund’s assets across different market sectors and different maturities based on its view of the relative value of each sector or maturity. The Short Duration Fund may purchase and sell securities for a variety of reasons, such as to adjust the portfolio’s average maturity, duration, or credit quality or to shift assets into and out of higher yielding or lower yielding securities or different sectors.
Read More

SEMIX - Performance

Return Ranking - Trailing

Period SEMIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -1.6% 3.6% 2.31%
1 Yr 8.5% -0.4% 13.7% 3.70%
3 Yr 3.5%* -2.1% 5.9% 6.34%
5 Yr 2.6%* -1.1% 4.1% 14.89%
10 Yr 2.4%* -4.4% 27.5% 3.42%

* Annualized

Return Ranking - Calendar

Period SEMIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.2% -2.3% 4.3% 20.37%
2022 -4.8% -6.5% 0.5% 93.78%
2021 0.2% -2.1% 0.3% 0.99%
2020 -3.1% -3.1% 1.8% 99.48%
2019 0.4% -1.2% 6.1% 54.35%

Total Return Ranking - Trailing

Period SEMIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -1.6% 3.6% 2.31%
1 Yr 8.5% -0.4% 13.7% 3.70%
3 Yr 3.5%* -2.1% 5.9% 6.34%
5 Yr 2.6%* -1.1% 4.1% 14.89%
10 Yr 2.4%* -4.4% 27.5% 3.42%

* Annualized

Total Return Ranking - Calendar

Period SEMIX Return Category Return Low Category Return High Rank in Category (%)
2023 9.4% 0.8% 12.1% 2.31%
2022 -1.4% -5.1% 2.5% 83.73%
2021 2.2% -2.1% 14.5% 2.46%
2020 -0.8% -1.0% 3.6% 98.45%
2019 4.0% 0.3% 9.6% 12.50%

NAV & Total Return History

SEMIX - Holdings

Concentration Analysis

SEMIX Category Low Category High SEMIX % Rank
Net Assets 280 M 25.6 K 22.6 B 74.54%
Number of Holdings 165 2 1291 75.00%
Net Assets in Top 10 43 M 23.7 K 17.3 B 77.78%
Weighting of Top 10 15.33% 5.6% 163.3% 63.89%

Top 10 Holdings

  1. First American Government Obligations Fund 4.25%
  2. JP Morgan Mortgage Trust 2019-6 1.33%
  3. Freddie Mac STACR REMIC Trust 2020-DNA2 1.29%
  4. TRTX 2022-FL5 Issuer Ltd 1.27%
  5. Freddie Mac STACR REMIC Trust 2022-DNA1 1.26%
  6. Freddie Mac STACR REMIC Trust 2021-DNA5 1.23%
  7. STAR 2021-SFR1 Trust 1.20%
  8. Connecticut Avenue Securities Trust 2021-R01 1.20%
  9. BDS 2021-FL7 Ltd 1.14%
  10. Freddie Mac Multifamily Structured Credit Risk 1.14%

Asset Allocation

Weighting Return Low Return High SEMIX % Rank
Bonds 		76.62% 0.00% 128.16% 60.19%
Other 		20.34% -7.74% 99.94% 20.83%
Cash 		4.25% 0.00% 109.89% 47.22%
Stocks 		0.00% 0.00% 95.95% 28.24%
Preferred Stocks 		0.00% 0.00% 0.00% 13.43%
Convertible Bonds 		0.00% 0.00% 15.25% 79.07%

Bond Sector Breakdown

Weighting Return Low Return High SEMIX % Rank
Securitized 		97.24% 0.00% 100.00% 2.79%
Cash & Equivalents 		4.25% 0.00% 109.89% 45.83%
Corporate 		0.81% 0.00% 99.91% 83.72%
Municipal 		0.04% 0.00% 70.39% 40.47%
Derivative 		0.00% -7.49% 21.59% 18.52%
Government 		0.00% 0.00% 100.00% 76.28%

Bond Geographic Breakdown

Weighting Return Low Return High SEMIX % Rank
US 		76.62% 0.00% 128.16% 55.56%
Non US 		0.00% 0.00% 22.24% 26.39%

SEMIX - Expenses

Operational Fees

SEMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.67% 0.02% 29.63% 27.57%
Management Fee 0.35% 0.00% 1.19% 77.78%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% 42.80%

Sales Fees

SEMIX 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

SEMIX 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.

SEMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 83.00% 0.00% 369.54% 63.74%

SEMIX - Distributions

Dividend Yield Analysis

SEMIX Category Low Category High SEMIX % Rank
Dividend Yield 6.54% 0.00% 8.74% 2.31%

Dividend Distribution Analysis

SEMIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SEMIX Category Low Category High SEMIX % Rank
Net Income Ratio 1.75% -1.30% 14.86% 2.88%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SEMIX - Fund Manager Analysis

Managers

Thomas Mandel

Start Date

Tenure

Tenure Rank

Dec 23, 2010

11.44

11.4%

Thomas Mandel, CFA and Senior Managing Director, co-founded Semper Capital Management in 1992 and was Chief Investment Officer from from 1992-2005. He remains a senior member of the investment team as well as having primary responsibility for client interface with respect to our investment strategies. Tom serves on the Risk Management Committee. Prior to founding Semper Capital, Tom served as a Principal and Fixed Income Portfolio Manager at 1838 Investment Advisors. He previously served as a Senior Vice President and Portfolio Manager at Century Institutional Advisors. Tom began his career as a Portfolio Manager and Credit Analyst at Chase Investors Management Corp. Tom earned an MBA and a BS from the Wharton School, University of Pennsylvania.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.56 7.92

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