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Trending ETFs

Name

As of 05/09/2023

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

$8.85

$631 M

0.00%

0.25%

Vitals

YTD Return

-0.2%

1 yr return

-5.7%

3 Yr Avg Return

-3.5%

5 Yr Avg Return

-1.3%

Net Assets

$631 M

Holdings in Top 10

35.1%

52 WEEK LOW AND HIGH

$8.9
$8.82
$9.41

Expenses

OPERATING FEES

Expense Ratio 0.25%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 311.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/09/2023

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

$8.85

$631 M

0.00%

0.25%

TCUEX - Profile

Distributions

  • YTD Total Return -0.2%
  • 3 Yr Annualized Total Return -3.5%
  • 5 Yr Annualized Total Return -1.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.27%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Trust For Credit Unions Short Duration Portfolio
  • Fund Family Name
    Trust for Credit Unions
  • Inception Date
    Nov 30, 2012
  • Shares Outstanding
    13694204
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Jason Haley

Fund Description

In seeking to achieve its investment objective, the Portfolio will only invest in obligations that are authorized by the Federal Credit Union Act and the rules and regulations thereunder.
During normal market conditions, the Portfolio intends to invest a substantial portion of its assets in mortgage-related securities that are securities issued or guaranteed as to the principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”). Mortgage-related securities held by the Portfolio may include both adjustable rate and fixed rate mortgage pass-through securities, collateralized mortgage obligations and other multiclass mortgage-related securities, as well as other securities that are collateralized by or represent direct or indirect interests in mortgage-related securities or mortgage loans.
The Portfolio may also invest in:
■    Other U.S. Government Securities and related custodial receipts;
■    Repurchase agreements secured with obligations authorized by the Federal Credit Union Act; and
■    U.S. dollar denominated bank notes issued or guaranteed by banks with total assets exceeding $1 billion with weighted average maturities of less than 5 years, but only to the extent permitted under the Federal Credit Union Act and the rules and regulations thereunder.
The Portfolio will attempt, through the purchase of securities with short or negative durations, to limit the effect of interest rate fluctuations on the Portfolio’s NAV. The Portfolio invests primarily in investment grade debt obligations of domestic issuers. Investment grade debt obligations are rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or determined by the Portfolio’s investment adviser to be of comparable quality. The Portfolio may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.
Portfolio Duration (under normal interest rate conditions):
The Portfolio’s target duration is equal to that of the ICE BofAML Two-Year U.S. Treasury Note Index and its maximum duration is that of a Three-Year U.S. Treasury Security (the Portfolio’s duration approximates its price sensitivity to changes in interest rates). Over the
past ten years, the duration of the ICE BofAML Two-Year U.S. Treasury Note Index and a Three-Year U.S. Treasury Security have been approximately 1.91 and 2.87, respectively.
Expected Approximate Interest Rate Sensitivity: Two-Year U.S. Treasury Note
Benchmark: The ICE BofAML Two-Year U.S. Treasury Note Index
INVESTMENT ADVISER’S INVESTMENT PHILOSOPHY:
The Investment Advisor believes that:
■    A portfolio of fixed income securities with wide risk-adjusted spreads properly matched to the duration of the market has the potential to produce a total return in excess of the market return.
■    The incremental return available from security selection, based on careful relative-value analysis and market research, has the potential to be significantly greater and more consistent than the incremental return from predicting the direction of interest rates.
■    Within the investment grade fixed income market, the spread sectors have the potential to offer the greatest opportunity for excess return through security selection.
■    A strong commitment to market research and experienced fixed income professionals has the potential to provide a better understanding of fixed income security relative value, with the goal being the identification of high credit quality investments that generate risk-adjusted returns in excess of the market return.
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TCUEX - Performance

Return Ranking - Trailing

Period TCUEX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.2% -1.4% 25.4% 10.71%
1 Yr -5.7% -9.7% -0.4% 75.00%
3 Yr -3.5%* -7.1% 0.5% 70.37%
5 Yr -1.3%* -27.5% 1.3% 60.53%
10 Yr -1.0%* -14.9% 1.0% 44.78%

* Annualized

Return Ranking - Calendar

Period TCUEX Return Category Return Low Category Return High Rank in Category (%)
2023 -9.0% -10.4% -1.0% 79.52%
2022 -0.8% -3.3% 2.5% 33.73%
2021 0.8% -0.6% 1.9% 40.51%
2020 0.4% -1.0% 1.4% 35.06%
2019 -0.2% -27.5% 0.3% 53.95%

Total Return Ranking - Trailing

Period TCUEX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.2% -76.5% 0.9% 9.52%
1 Yr -5.7% -9.7% -0.4% 75.00%
3 Yr -3.5%* -7.1% 0.5% 70.37%
5 Yr -1.3%* -27.5% 1.3% 61.84%
10 Yr -1.0%* -14.9% 1.0% 49.25%

* Annualized

Total Return Ranking - Calendar

Period TCUEX Return Category Return Low Category Return High Rank in Category (%)
2023 -9.0% -10.7% -0.9% 79.52%
2022 -0.8% -64.0% -0.1% 32.53%
2021 0.8% -0.6% 1.9% 40.51%
2020 0.4% -1.0% 1.4% 35.06%
2019 -0.2% -27.5% 0.4% 57.89%

NAV & Total Return History


TCUEX - Holdings

Concentration Analysis

TCUEX Category Low Category High TCUEX % Rank
Net Assets 631 M 1.74 M 24.9 B 35.71%
Number of Holdings 172 8 1432 46.99%
Net Assets in Top 10 259 M -2.46 B 13.3 B 36.14%
Weighting of Top 10 35.14% 17.0% 100.0% 52.00%

Top 10 Holdings

  1. Federal National Mortgage Association 8.20%
  2. Fnci 2 6/20 7.51%
  3. Government National Mortgage Association 2% 6.53%
  4. Federal National Mortgage Association 2% 6.05%
  5. Fnci 2 3/21 5.16%
  6. Fnci 2 3/21 5.16%
  7. Fnci 2 3/21 5.16%
  8. Fnci 2 3/21 5.16%
  9. Fnci 2 3/21 5.16%
  10. Fnci 2 3/21 5.16%

Asset Allocation

Weighting Return Low Return High TCUEX % Rank
Bonds
89.75% 82.13% 115.04% 80.72%
Cash
10.25% -15.04% 17.87% 21.69%
Stocks
0.00% 0.00% 0.00% 96.39%
Preferred Stocks
0.00% 0.00% 0.00% 96.39%
Other
0.00% 0.00% 2.95% 96.39%
Convertible Bonds
0.00% 0.00% 0.00% 96.39%

Bond Sector Breakdown

Weighting Return Low Return High TCUEX % Rank
Securitized
79.26% 0.00% 100.00% 27.71%
Cash & Equivalents
10.29% 0.00% 16.80% 20.48%
Corporate
9.62% 0.00% 34.19% 3.61%
Municipal
0.83% 0.00% 6.22% 14.46%
Derivative
0.00% 0.00% 1.16% 96.39%
Government
0.00% 0.00% 99.96% 100.00%

Bond Geographic Breakdown

Weighting Return Low Return High TCUEX % Rank
US
89.75% 81.77% 115.04% 79.52%
Non US
0.00% 0.00% 12.26% 96.39%

TCUEX - Expenses

Operational Fees

TCUEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.25% 0.03% 1.80% 78.57%
Management Fee 0.10% 0.03% 0.80% 16.87%
12b-1 Fee 0.03% 0.00% 1.00% 25.71%
Administrative Fee 0.05% 0.05% 0.45% 8.33%

Sales Fees

TCUEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 4.75% N/A
Deferred Load N/A 0.50% 1.00% N/A

Trading Fees

TCUEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 0.25% 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.

TCUEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 311.00% 0.00% 466.00% 77.27%

TCUEX - Distributions

Dividend Yield Analysis

TCUEX Category Low Category High TCUEX % Rank
Dividend Yield 0.00% 0.00% 5.02% 60.71%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

TCUEX Category Low Category High TCUEX % Rank
Net Income Ratio 0.27% -0.78% 3.29% 71.60%

Capital Gain Distribution Analysis

TCUEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

TCUEX - Fund Manager Analysis

Managers

Jason Haley


Start Date

Tenure

Tenure Rank

May 12, 2017

5.05

5.1%

Mr. Haley joined ALM First in 2008. He has more than 16 of investment industry experience. Mr. Haley oversees ALM First’s Investment Management Group and is responsible for leading the investment process and investment theme development for the firm, including management of ALM First’s model portfolio strategies. Prior to joining ALM First, Mr. Haley worked for Cantor Fitzgerald LP, where he provided institutional clients with fixed-income products, portfolio analytics and strategies.

Robert Perry


Start Date

Tenure

Tenure Rank

May 12, 2017

5.05

5.1%

PMr. Perry joined ALM First in 2010 and has more than 28 years of experience in the banking and bank consulting business. He leads ALM First’s ALM and Investment Strategy Groups and is responsible for the development of asset liability and investment portfolio themes for the firm. Before joining ALM First, Mr. Perry previously served as Managing Director of the ALM and Investment Strategy division of DataTech Management and Chief Investment Officer for First Coastal Bank. Previously, Mr. Perry was a Principal and Product Portfolio Manager at Smith Breeden Associates, Inc., where he managed Smith Breeden’s Enhanced Cash and Enhanced Equity strategies. Before that, he was an interest rate risk analyst for Centura Bank, and secretary to the asset/liabiity management committee. He also served as a director for Community First Financial Group, a multi-bank holding company located in Indianapolis, Indiana.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.49 32.44 10.15 7.33