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Name

As of 12/24/2024

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

BRANDES SEPARATELY MANAGED ACCOUNT RESERVE TRUST

SMARX | Fund

$7.86

$178 M

4.76%

$0.37

-

Vitals

YTD Return

4.5%

1 yr return

5.0%

3 Yr Avg Return

0.8%

5 Yr Avg Return

2.1%

Net Assets

$178 M

Holdings in Top 10

49.5%

52 WEEK LOW AND HIGH

$7.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio N/A

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 36.89%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/24/2024

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

BRANDES SEPARATELY MANAGED ACCOUNT RESERVE TRUST

SMARX | Fund

$7.86

$178 M

4.76%

$0.37

-

SMARX - Profile

Distributions

  • YTD Total Return 4.5%
  • 3 Yr Annualized Total Return 0.8%
  • 5 Yr Annualized Total Return 2.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.04%
DIVIDENDS
  • Dividend Yield 4.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    BRANDES SEPARATELY MANAGED ACCOUNT RESERVE TRUST
  • Fund Family Name
    Brandes Funds
  • Inception Date
    Oct 03, 2005
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Charles Gramling

Fund Description

The Fund invests primarily in a diversified portfolio of debt securities. These include debt obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities, debt securities issued by U.S. and foreign companies, collateralized mortgage obligations, and U.S. and foreign mortgage-backed and asset-backed debt securities. The Fund may invest up to 60% of its total assets in non‑U.S. dollar securities, and may engage in currency hedging. Brandes Investment Partners, L.P., the investment adviser to the Fund (the “Adviser”), uses the principles of value investing to analyze and select debt securities for the Fund’s investment portfolio. As part of this process, the Adviser reviews such measures as the issuer’s free cash flow, debt‑to‑equity ratio, earnings before interest, taxes, depreciation and amortization (“EBITDA”)‑to‑interest ratio, debt‑to‑EBITDA ratio, or other measures of credit worthiness in evaluating the securities of a particular issuer.
The Fund may invest in debt instruments of any maturity or with no maturity and it may invest in both investment-grade securities and non‑investment grade securities (also known as “high-yield bonds” or “junk bonds”). Up to 60% of the Fund’s total debt securities may be junk bonds. The Fund invests in debt securities that can be purchased at prices or yield premiums over U.S. Treasury securities (or other relatively risk-free securities) which the Adviser believes to be attractive based on the Adviser’s assessment of each security’s intrinsic value.
The Adviser primarily uses effective duration and modified duration measures (“duration”) to approximate the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. Similarly, a portfolio with a
longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. The average portfolio duration of the Fund typically will vary and, under normal market conditions, will range between one and ten years.
The Adviser will typically sell a security from the Fund’s portfolio when the Adviser’s research process identifies a significantly better investment opportunity. The Adviser may also sell certain portfolio securities from time to time in order to adjust the average maturity, duration or yield of the Fund’s portfolio or to meet requirements for redemption of Fund shares.
Read More

SMARX - Performance

Return Ranking - Trailing

Period SMARX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.5% -7.8% 11.6% 3.63%
1 Yr 5.0% -7.5% 11.7% 3.11%
3 Yr 0.8%* -11.0% 27.4% 0.96%
5 Yr 2.1%* -7.6% 58.4% 3.00%
10 Yr 2.9%* -3.0% 73.8% 5.12%

* Annualized

Return Ranking - Calendar

Period SMARX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -16.2% 8.1% 1.87%
2022 -14.7% -34.7% 131.9% 16.06%
2021 -1.8% -11.6% 4.4% 3.78%
2020 3.0% -9.9% 946.1% 67.09%
2019 3.3% -1.7% 16.9% 90.88%

Total Return Ranking - Trailing

Period SMARX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.5% -7.8% 11.6% 3.63%
1 Yr 5.0% -7.5% 11.7% 3.11%
3 Yr 0.8%* -11.0% 27.4% 0.96%
5 Yr 2.1%* -7.6% 58.4% 3.00%
10 Yr 2.9%* -3.0% 73.8% 5.12%

* Annualized

Total Return Ranking - Calendar

Period SMARX Return Category Return Low Category Return High Rank in Category (%)
2023 11.0% -11.3% 11.9% 0.21%
2022 -10.9% -32.2% 131.9% 6.91%
2021 2.0% -9.4% 9.2% 2.34%
2020 7.3% -1.9% 1009.0% 74.34%
2019 7.8% 1.1% 21668.0% 77.91%

NAV & Total Return History

SMARX - Holdings

Concentration Analysis

SMARX Category Low Category High SMARX % Rank
Net Assets 178 M 2.9 M 314 B 83.83%
Number of Holdings 54 1 17880 96.68%
Net Assets in Top 10 84.1 M 1.62 M 35.1 B 74.56%
Weighting of Top 10 49.53% 4.7% 3984.6% 10.22%

Top 10 Holdings

  1. T 4.75 02/15/37 9.57%
  2. T 3 05/15/47 7.59%
  3. T 3.5 02/15/39 5.90%
  4. T 3.75 11/15/43 4.99%
  5. Northern Institutional Funds TREAS PRT PRMR 4.71%
  6. USB V0 PERP 4.22%
  7. BAC 4.45 03/03/26 MTN 3.61%
  8. C 4.4 06/10/25 3.16%
  9. RRC 4.875 05/15/25 2.89%
  10. PRSESE 5.75 04/15/26 144A 2.88%

Asset Allocation

Weighting Return Low Return High SMARX % Rank
Bonds 		92.90% 0.00% 9231.88% 61.35%
Cash 		5.34% -54.51% 237.69% 30.01%
Convertible Bonds 		2.57% 0.00% 7.93% 15.69%
Other 		1.76% -27.25% 1695.17% 66.98%
Stocks 		0.00% 0.00% 99.98% 61.66%
Preferred Stocks 		0.00% 0.00% 72.34% 57.01%

Bond Sector Breakdown

Weighting Return Low Return High SMARX % Rank
Corporate 		64.27% 0.00% 100.00% 1.26%
Government 		28.72% 0.00% 86.23% 42.99%
Securitized 		6.41% 0.00% 98.40% 94.14%
Cash & Equivalents 		4.71% 0.00% 237.69% 32.50%
Derivative 		0.00% -6.56% 43.84% 43.09%
Municipal 		0.00% 0.00% 100.00% 84.52%

Bond Geographic Breakdown

Weighting Return Low Return High SMARX % Rank
US 		92.90% 0.00% 9042.62% 53.37%
Non US 		0.00% 0.00% 189.26% 63.86%

SMARX - Expenses

Operational Fees

SMARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio N/A 0.01% 39.64% 100.00%
Management Fee 0.00% 0.00% 1.76% 1.05%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.03% 0.01% 0.50% 5.31%

Sales Fees

SMARX 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% 4.00% N/A

Trading Fees

SMARX 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.

SMARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 36.89% 2.00% 493.39% 10.80%

SMARX - Distributions

Dividend Yield Analysis

SMARX Category Low Category High SMARX % Rank
Dividend Yield 4.76% 0.00% 10.11% 10.88%

Dividend Distribution Analysis

SMARX Category Low Category High Category Mod
Dividend Distribution Frequency None SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

SMARX Category Low Category High SMARX % Rank
Net Income Ratio 3.04% -1.28% 4.79% 2.96%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SMARX - Fund Manager Analysis

Managers

Charles Gramling

Start Date

Tenure

Tenure Rank

Jan 29, 2007

15.35

15.4%

Director, Fixed Income Charles S. Gramling is Fixed Income Director for the Brandes Fixed Income Group, leading the group in all areas, including strategy development, portfolio management and trading. He is a member of the Fixed Income Investment Committee. Prior to joining Brandes, he was Senior Vice President and Portfolio Manager with Scudder Kemper Investments (which later became Deutsche Asset Management). He earned his BS in accounting from Marquette University. His experience began in 1993, and he joined Brandes in 1999.

David Gilson

Start Date

Tenure

Tenure Rank

Jan 29, 2007

15.35

15.4%

Senior Fixed Income Analyst David J. Gilson is an Associate Portfolio Manager and Analyst for the Brandes Fixed Income Group. His responsibilities include corporate bond research, strategy development, portfolio management and trading. He is a member of the Fixed Income Investment Committee. Prior to joining Brandes, he was President of VALUE Restoration (consulting to corporations in turnaround situations). He earned his BBA from Baylor University. His experience began in 1988, and he joined Brandes in 2002.

Timothy Doyle

Start Date

Tenure

Tenure Rank

May 01, 2012

10.09

10.1%

Fixed Income Portfolio Manager Timothy M. Doyle is Fixed Income Portfolio Manager and Analyst, primarily responsible for strategy development, portfolio management and trading. He is a member of the Fixed Income Investment Committee. Prior to joining Brandes, he was Assistant Vice President and Portfolio Manager with Scudder Kemper Investments (which later became Deutsche Asset Management). He earned his MBA in finance and economics from Loyola University, and BS in finance from Marquette University. His experience began in 1985, and he joined Brandes in 2000.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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