SUMAX: SEI Short Duration Municipal F (STET)

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SUMAX SEI Short Duration Municipal F (STET)

  • Fund
  • SUMAX
  • Price as of: Dec 12, 2019
  • $10.07
    - $0.00 - 0.00%
  • Fund Company
  • SEI

Profile

SUMAX - Profile

Vitals

  • YTD Return 0.8%
  • 3 Yr Annualized Return 0.3%
  • 5 Yr Annualized Return 0.0%
  • Net Assets $1.31 B
  • Holdings in Top 10 13.0%

52 WEEK LOW AND HIGH

$10.07
$9.99
$10.09

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.81%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 53.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $100,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return 0.3%
  • 5 Yr Annualized Total Return 0.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.33%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    SEI Tax Exempt Trust Short Duration Municipal Fund
  • Fund Family Name
    SEI
  • Inception Date
    Nov 13, 2003
  • Shares Outstanding
    124063635
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Richard A. Bamford

Fund Description

The fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax, including, but not limited to, municipal bonds, notes, variable rate demand notes and commercial paper.


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Categories

Performance

SUMAX - Performance

Return Ranking - Trailing

Period SUMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -0.2% 83.9% 96.61%
1 Yr 0.8% -0.2% 26.6% 98.20%
3 Yr 0.3%* -2.1% 9.4% 85.67%
5 Yr 0.0%* -14.7% 6.6% 60.56%
10 Yr -0.1%* -8.6% 8.5% 88.40%

* Annualized

Return Ranking - Calendar

Period SUMAX Return Category Return Low Category Return High Rank in Category (%)
2018 0.0% -12.4% 0.8% 1.49%
2017 0.2% -2.8% 17.1% 75.99%
2016 -0.7% -58.1% 8.6% 51.22%
2015 -0.1% -18.3% 3.0% 17.75%
2014 0.1% -60.4% 26.9% 79.31%

Total Return Ranking - Trailing

Period SUMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -0.2% 83.9% 96.79%
1 Yr 0.8% -5.2% 26.6% 97.77%
3 Yr 0.3%* -2.1% 9.4% 88.72%
5 Yr 0.0%* -14.7% 6.6% 69.56%
10 Yr -0.1%* -8.6% 8.5% 92.90%

* Annualized

Total Return Ranking - Calendar

Period SUMAX Return Category Return Low Category Return High Rank in Category (%)
2018 0.0% -11.7% 6.5% 6.77%
2017 0.2% -2.7% 27.0% 79.74%
2016 -0.7% -58.1% 10.7% 54.86%
2015 -0.1% -14.6% 4.2% 26.43%
2014 0.1% -60.4% 26.9% 83.58%

NAV & Total Return History


Holdings

SUMAX - Holdings

Concentration Analysis

SUMAX Category Low Category High SUMAX % Rank
Net Assets 1.31 B 691 K 247 B 31.40%
Number of Holdings 475 2 17572 35.03%
Net Assets in Top 10 176 M -203 M 25.7 B 41.63%
Weighting of Top 10 13.01% 2.5% 138.1% 76.84%

Top 10 Holdings

  1. METROPOLITAN TRANSN AUTH N Y REV 5% 2.37%
  2. BURKE CNTY GA DEV AUTH POLLUTN CTL REV 2.5% 1.43%
  3. GREATER SOUTHN TIER BRD COOP EDL SVCS SOLE SUPERVISORY DIST N Y 2% 1.41%
  4. SOUTHEAST ALA GAS SUPPLY DIST GAS SUPPLY REV 2.04% 1.33%
  5. ILLINOIS ST 5% 1.26%
  6. SUFFOLK CNTY N Y 2% 1.18%
  7. VALDOSTA GA HSG AUTH MULTIFAMILY REV 2.25% 1.10%
  8. PENNSYLVANIA ST HIGHER EDL FACS AUTH REV 5% 1.01%
  9. BLACK BELT ENERGY GAS DIST ALA GAS PREPAY REV 2.09% 0.99%
  10. NEW YORK ST ENERGY RESH & DEV AUTH POLLUTN CTL REV 2% 0.94%

Asset Allocation

Weighting Return Low Return High SUMAX % Rank
Bonds
94.92% 80.25% 160.29% 72.42%
Cash
5.08% -60.29% 28.73% 21.10%
Stocks
0.00% -17.64% 26.52% 23.91%
Preferred Stocks
0.00% 0.00% 8.19% 30.72%
Other
0.00% -36.80% 29.62% 25.16%
Convertible Bonds
0.00% 0.00% 6.26% 53.31%

Bond Sector Breakdown

Weighting Return Low Return High SUMAX % Rank
Municipal
94.92% 0.00% 149.42% 39.34%
Cash & Equivalents
5.08% -60.29% 28.73% 21.35%
Derivative
0.00% -25.78% 41.91% 24.41%
Securitized
0.00% 0.00% 136.75% 62.87%
Corporate
0.00% 0.00% 98.80% 69.32%
Government
0.00% -86.06% 125.74% 63.26%

Bond Geographic Breakdown

Weighting Return Low Return High SUMAX % Rank
US
94.92% 60.74% 157.48% 44.16%
Non US
0.00% -27.08% 24.33% 85.32%

Expenses

SUMAX - Expenses

Operational Fees

SUMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.81% 0.00% 209.96% 46.88%
Management Fee 0.33% 0.00% 1.25% 30.26%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.20% 0.00% 0.63% 91.07%

Sales Fees

SUMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.00% 5.50% N/A

Trading Fees

SUMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

SUMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 53.00% 0.00% 2053.00% 54.47%

Distributions

SUMAX - Distributions

Dividend Yield Analysis

SUMAX Category Low Category High SUMAX % Rank
Dividend Yield 0.23% 0.00% 96.19% 95.47%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SUMAX Category Low Category High SUMAX % Rank
Net Income Ratio 1.33% 0.00% 6.30% 95.08%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

SUMAX - Fund Manager Analysis

Managers

Richard A. Bamford


Start Date

Tenure

Tenure Rank

Dec 31, 2003

15.93

15.9%

Richard A. Bamford serves as a Portfolio Manager for the Fixed Income Team within SIMC's Investment Management Unit. Mr. Bamford is responsible for investment grade debt and municipal bond portfolios. Mr. Bamford's duties include manager analysis and selection, strategy development and enhancement as well as investment research. Mr. Bamford has over 20 years of investment experience in investment management. Prior to joining SEI in 1999, Mr. Bamford worked as a Municipal Credit Analyst for Vanguard. Mr. Bamford received a Bachelor of Science in Economics/Finance and Accounting from the University of Scranton and an M.B.A. with a concentration in Finance from St. Joseph's University.

Kristian J. Lind


Start Date

Tenure

Tenure Rank

Oct 07, 2011

8.15

8.2%

Kristian J. Lind, Managing Director, joined the firm in 2005. Kristian is a Portfolio Manager for the Municipal Fixed Income team. Prior to this, he worked for Weiss, Peck & Greer as an assistant portfolio manager working in the Municipal Fixed Income group, where he worked since 2003. Prior to Weiss, Peck & Greer, he began his career as an operations analyst at Barclays Capital in their Operations Control group. Kristian holds a BS in Finance from Purdue University.

Wendy Casetta


Start Date

Tenure

Tenure Rank

Dec 22, 2011

7.95

8.0%

Wendy Casetta is a senior portfolio manager for the Wells Fargo Asset Management (WFAM) Municipal Fixed Income team. She joined Wells Fargo Asset Management (WFAM) from Strong Capital Management where she held a similar position. Prior to joining Strong, Wendy was a fixed income trader and investment associate at Barnett Capital Advisors in Jacksonville, FL. She began her investment industry career in 1993 as a registered representative at the Nicholas Company in Milwaukee, WI. Wendy earned a bachelor’s degree in finance from the University of Wisconsin, Oshkosh, and a master’s degree in business administration from the University of North Florida, Jacksonville.

Lyle J. Fitterer


Start Date

Tenure

Tenure Rank

Dec 22, 2011

7.95

8.0%

Mr. Fitterer is a Managing Director and Senior Portfolio Manager of Robert W. Baird & Co. Incorporated. Prior to joining Baird Advisors in August 2019, Mr. Fitterer served as the co-head of Global Fixed Income and the head of the Municipal Fixed Income team at Wells Fargo Asset Management (WFAM) from September 2017 to June 2019. From May 1989 to August 2017, Mr. Fitterer held various roles at WFAM and its predecessor firm (Strong Capital Management) including Head of the Municipal Fixed Income team, Senior Portfolio Manager and Research Analyst with the Strong Taxable Fixed Income team and Managing Director of Strong’s Institutional Client Services team. Mr. Fitterer is currently a member of the CFA Institute and the CFA Society Milwaukee.

Erin K. Garrett


Start Date

Tenure

Tenure Rank

Dec 31, 2014

4.92

4.9%

Ms. Garrett serves as a Portfolio Manager for the SEI US Investment Grade fixed income strategies within the Investment Management Unit. Ms. Garrett is responsible for the selection of fund sub-advisers and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, Ms. Garrett primarily oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution. In her preceding role, Ms. Garrett was an Analyst on the Global Fixed Income team responsible for in-depth due diligence on existing and prospective investment managers for SEI's US fixed-income portfolios. Ms. Garrett earned a Bachelor of Science in Business Administration/Finance and her M.B.A. with concentrations in Strategic Management and International Business from the Villanova University School of Business, where she graduated magna cum laude. Ms. Garrett is the former President of SEI's Women's Network and currently serves on the SEI Corporate Innovation team.

Peter Moukios


Start Date

Tenure

Tenure Rank

Dec 31, 2016

2.92

2.9%

Peter Moukios, Senior Vice President, joined the firm in 2008. Pete is a Portfolio Manager for the Municipal Fixed Income team. Additionally, he co-manages the sub-advised SEI Short Duration Bond Fund. Prior to this, he was a portfolio manager in Municipal Securities at Weiss, Peck & Greer, where he worked since 1987. Previously he worked at Manufacturers Hanover Trust where he was the supervisor of broker custody. Pete is a member of the Municipal Analysts Group of New York and a member of the National Federation of Municipal Analysts. He holds a BS degree in management from St. John's University and a MBA from Fordham University.

S. Kenneth Leech


Start Date

Tenure

Tenure Rank

Apr 27, 2017

2.59

2.6%

– Western Asset Management Company, LLC – Chief Investment Officer, 1990– – Greenwich Capital Markets – Portfolio Manager, 1988–1990 – The First Boston Corporation – Fixed Income Manager, 1980–1988 – National Bank of Detroit – Portfolio Manager, 1977–1980 – The Wharton School, University of Pennsylvania, M.B.A., B.S., B.A., summa cum laude, 1972–1976

John C. Mooney


Start Date

Tenure

Tenure Rank

Apr 27, 2017

2.59

2.6%

John C. Mooney is a Portfolio Manager at Western Asset. He has been with Western Asset since 2005.

Robert E. Amodeo


Start Date

Tenure

Tenure Rank

Apr 27, 2017

2.59

2.6%

Robert E. Amodeo is the Head of Municipals at Western Asset. He has been with Western Asset since 2005.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.0 33.02 7.69 7.54