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Trending ETFs

Name

As of 03/26/2024

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

Core Fixed Income Fund

TIIUX | Fund

$6.80

$1.76 B

4.09%

$0.28

0.55%

Vitals

YTD Return

-1.0%

1 yr return

1.6%

3 Yr Avg Return

-3.3%

5 Yr Avg Return

0.1%

Net Assets

$1.76 B

Holdings in Top 10

39.6%

52 WEEK LOW AND HIGH

$6.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.55%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 227.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

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

Core Fixed Income Fund

TIIUX | Fund

$6.80

$1.76 B

4.09%

$0.28

0.55%

TIIUX - Profile

Distributions

  • YTD Total Return -1.0%
  • 3 Yr Annualized Total Return -3.3%
  • 5 Yr Annualized Total Return 0.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.57%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Core Fixed Income Fund
  • Fund Family Name
    MORGAN STANLEY PATHWAY FUNDS
  • Inception Date
    Nov 18, 1991
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Buchanan

Fund Description

The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. Fixed income instruments include securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (note that securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury); corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or “indexed” securities and event-linked bonds; loan participations and assignments; delayed funding loans and revolving credit facilities; bank certificates of deposit, fixed time deposits and bankers’ acceptances; repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments; debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities.
The Fund may also invest in derivatives based on fixed income instruments, including futures, forwards, options, swaps, and swaptions, and may use other investment techniques such as mortgage dollar rolls, buy-backs and securities lending to earn additional income. The Fund also may engage in short sales. The Fund may also invest in Exchange-Traded Funds (“ETFs”) to gain exposure to a particular portion of the market while allocating assets among Sub-advisers (as defined below), transitioning the Fund’s portfolio or awaiting an opportunity to purchase securities directly.
Investments may be structured to provide all types of interest rate payments, including fixed, variable, floating, inverse, zero or interest-only rates of interest. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest in currency spot and forward transactions for the purpose of active currency exposure. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 20% of the Fund’s total
assets. The Fund may invest up to 15% in emerging market securities. The Fund may also invest up to 10% of its total assets in preferred stocks, convertible securities and other equity-related securities. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help fund performance.
Credit quality. The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in non-investment grade securities (sometimes called “high yield securities” or “junk bonds”) rated CCC- or higher by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Sub-advisers to be of comparable quality.
Duration. The Fund’s average portfolio duration, as calculated by the Sub-advisers, normally ranges within two years (plus or minus) of the duration of the benchmark index. Duration is an approximate measure of the sensitivity of the market value of the Fund’s holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt security is due and payable. Individual investments may be of any maturity.
The Fund employs a “multi-manager” strategy whereby portions of the Fund are allocated to professional money managers (each, a “Sub-adviser,” collectively, the “Sub-advisers”) who are responsible for investing the assets of the Fund.
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TIIUX - Performance

Return Ranking - Trailing

Period TIIUX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.0% -6.0% 3.9% 73.99%
1 Yr 1.6% -10.3% 16.1% 86.69%
3 Yr -3.3%* -10.4% 26.2% 78.95%
5 Yr 0.1%* -6.6% 191.4% 67.95%
10 Yr 1.5%* -2.4% 73.7% 50.00%

* Annualized

Return Ranking - Calendar

Period TIIUX Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -16.2% 8.1% 65.11%
2022 -17.0% -34.7% 131.9% 76.72%
2021 -4.0% -11.6% 4.4% 77.93%
2020 2.6% -10.1% 946.1% 72.93%
2019 6.4% -1.7% 156.4% 23.01%

Total Return Ranking - Trailing

Period TIIUX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.0% -6.0% 3.9% 73.99%
1 Yr 1.6% -10.3% 16.1% 86.69%
3 Yr -3.3%* -10.4% 26.2% 78.95%
5 Yr 0.1%* -6.6% 191.4% 67.95%
10 Yr 1.5%* -2.4% 73.7% 50.00%

* Annualized

Total Return Ranking - Calendar

Period TIIUX Return Category Return Low Category Return High Rank in Category (%)
2023 6.3% -11.3% 11.0% 41.03%
2022 -14.6% -32.2% 131.9% 79.86%
2021 -1.8% -9.4% 9.2% 81.20%
2020 8.9% -1.9% 1009.0% 36.24%
2019 10.0% 1.1% 21668.0% 18.68%

NAV & Total Return History


TIIUX - Holdings

Concentration Analysis

TIIUX Category Low Category High TIIUX % Rank
Net Assets 1.76 B 2.73 M 292 B 42.48%
Number of Holdings 3386 1 17889 10.67%
Net Assets in Top 10 715 M -106 M 36.5 B 35.32%
Weighting of Top 10 39.59% 4.4% 134.1% 19.09%

Top 10 Holdings

  1. FUTURE CONTRACT ON US 2YR NOTE (CBT) MAR24 0.00000000 13.14%
  2. FUTURE CONTRACT ON US 10YR NOTE (CBT)MAR24 0.00000000 7.19%
  3. FUTURE CONTRACT ON 3 MONTH SOFR FUT DEC25 0.00000000 6.13%
  4. UNITED STATES TREASURY NOTE 4.87500000 2.58%
  5. FUTURE CONTRACT ON US 5YR NOTE (CBT) MAR24 0.00000000 2.53%
  6. FUTURE CONTRACT ON US ULTRA BOND CBT MAR24 0.00000000 2.25%
  7. UNITED STATES TREASURY BOND 4.37500000 1.82%
  8. UNITED STATES TREASURY NOTE 4.87500000 1.35%
  9. UNITED STATES TREASURY BOND 4.75000000 1.31%
  10. UNITED STATES TREASURY NOTE 4.37500000 1.29%

Asset Allocation

Weighting Return Low Return High TIIUX % Rank
Bonds
101.66% 0.00% 215.98% 20.31%
Other
12.98% -13.23% 58.65% 18.98%
Cash
1.48% -54.51% 88.26% 70.35%
Convertible Bonds
1.08% 0.00% 7.93% 62.66%
Stocks
0.02% 0.00% 99.93% 28.32%
Preferred Stocks
0.00% 0.00% 74.68% 70.06%

Stock Sector Breakdown

Weighting Return Low Return High TIIUX % Rank
Communication Services
100.00% 0.00% 100.00% 0.58%
Utilities
0.00% 0.00% 100.00% 64.91%
Technology
0.00% 0.00% 43.45% 65.50%
Real Estate
0.00% 0.00% 99.26% 64.33%
Industrials
0.00% 0.00% 48.31% 70.18%
Healthcare
0.00% 0.00% 17.70% 61.40%
Financial Services
0.00% 0.00% 100.00% 72.51%
Energy
0.00% 0.00% 100.00% 74.27%
Consumer Defense
0.00% 0.00% 99.67% 63.74%
Consumer Cyclical
0.00% 0.00% 100.00% 70.76%
Basic Materials
0.00% 0.00% 100.00% 66.08%

Stock Geographic Breakdown

Weighting Return Low Return High TIIUX % Rank
US
0.02% 0.00% 99.93% 27.59%
Non US
0.00% 0.00% 86.52% 59.59%

Bond Sector Breakdown

Weighting Return Low Return High TIIUX % Rank
Government
48.97% 0.00% 86.23% 4.33%
Securitized
22.98% 0.00% 98.40% 74.58%
Corporate
20.80% 0.00% 100.00% 83.45%
Derivative
12.74% -5.38% 58.65% 1.96%
Cash & Equivalents
1.48% 0.00% 88.06% 65.46%
Municipal
0.22% 0.00% 100.00% 59.70%

Bond Geographic Breakdown

Weighting Return Low Return High TIIUX % Rank
US
100.00% 0.00% 215.98% 20.74%
Non US
1.66% 0.00% 39.04% 21.72%

TIIUX - Expenses

Operational Fees

TIIUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.55% 0.01% 39.10% 66.57%
Management Fee 0.40% 0.00% 1.76% 65.81%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.03% 0.01% 0.50% 3.94%

Sales Fees

TIIUX 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% 5.00% N/A

Trading Fees

TIIUX 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.

TIIUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 227.00% 2.00% 493.39% 73.96%

TIIUX - Distributions

Dividend Yield Analysis

TIIUX Category Low Category High TIIUX % Rank
Dividend Yield 4.09% 0.00% 9.75% 83.98%

Dividend Distribution Analysis

TIIUX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

TIIUX Category Low Category High TIIUX % Rank
Net Income Ratio 1.57% -1.28% 4.79% 57.82%

Capital Gain Distribution Analysis

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

Distributions History

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TIIUX - Fund Manager Analysis

Managers

Michael Buchanan


Start Date

Tenure

Tenure Rank

Dec 31, 2005

16.42

16.4%

– Western Asset Management Company, LLC – Deputy Chief Investment Officer, 2005– – Credit Suisse Asset Management – Managing Director, Head of U.S. Credit Products, 2003–2005 – Janus Capital Management – Executive Vice President, Portfolio Manager, 2003 – BlackRock Financial Management – Managing Director, Portfolio Manager, 1998–2003 – Conseco Capital Management – Vice President, Portfolio Manager, 1990–1998 – Brown University, B.A. – Chartered Financial Analyst

Stephen Kane


Start Date

Tenure

Tenure Rank

Apr 01, 2007

15.18

15.2%

Stephen M. Kane, CFA Group Managing Director U.S. Fixed Income Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.

Laird Landmann


Start Date

Tenure

Tenure Rank

Apr 01, 2007

15.18

15.2%

Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

Bryan Whalen


Start Date

Tenure

Tenure Rank

Dec 31, 2007

14.42

14.4%

Bryan T. Whalen, CFA Group Managing Director U.S. Fixed Income Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.

Mark Lindbloom


Start Date

Tenure

Tenure Rank

Jan 02, 2008

14.42

14.4%

– Western Asset Management Company, LLC – Portfolio Manager, 2005- – Citigroup Asset Management – Portfolio Manager, 1986-2005 – Brown Brothers Harriman & Co. – Portfolio Manager, 1981-1986 – New York Life Ins. – Analyst, 1978-1980 – Pace University, M.B.A. – Rider University, B.S.

David Antonelli


Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

David Antonelli, Managing Director, is the Deputy Head of New York Core Portfolio Management (Core PM) within Global Fixed Income. Mr. Antonelli runs the Multi Sector and Rates Core PM team which focuses on asset allocation, risk budgeting and consistency across various Fundamental businesses. Prior to joining the Core PM team, he was a Portfolio Manager on the Institutional Multi Sector business focused on macro positioning, rates and consistency. Mr. Antonelli joined BlackRock in 2002 as an analyst in the Operations group, spending time in both Trading and Custody Operations. Mr. Antonelli earned a BS degree in Finance and Accounting, with a minor in Computer Science from Georgetown University.

S. Leech


Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

– 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

Akiva Dickstein


Start Date

Tenure

Tenure Rank

Jul 01, 2014

7.92

7.9%

Akiva Dickstein, Managing Director, is Head of Customized Core Portfolios within BlackRock's Americas Fixed Income Alpha Strategies and a member of the Americas Fixed Income Executive Team. Mr. Dickstein has been the lead portfolio manager on BlackRock's mortgage portfolios since joining BlackRock in 2009. Prior to that, Mr. Dickstein spent eight years at Merrill Lynch, where he served as Managing Director and head of the U.S. Rates & Structured Credit Research Group. He was responsible for the team that produced MBS, ABS, CMBS, Treasuries, swaps, and interest rate derivatives research. Mr. Dickstein's publications on MBS strategy included the weekly Mortgage Investor as well as numerous lengthier articles on topics such as optimal loan modifications, the valuation of credit-sensitive MBS and ABS, and the pricing of mortgage derivatives, options, and pass-throughs. In addition, he developed Merrill's prepayment models for fixed rate and hybrid MBS. From 1993 to 2001, Mr. Dickstein was with Lehman Brothers, most recently as a Senior Vice President in Mortgage Derivatives Trading. In this role, he traded mortgage derivatives and developed Lehman's credit default model. He joined Lehman as a mortgage and asset-backed securities analyst and was named to Institutional Investor's All American Fixed Income Research Team in pass-throughs, non-agency mortgages, and asset-backed securities. Mr. Dickstein earned a BA degree in economics, summa cum laude, from Yale University in 1990, and an MA degree in physics from Princeton University in 1993.

Chia-Liang Lian


Start Date

Tenure

Tenure Rank

Jan 01, 2015

7.42

7.4%

Chia-Liang Lian is currently Head of Emerging Markets Debt at Western Asset. Mr. Lian joined Western Asset in 2011 after approximately six years with Pacific Investment Management Company (PIMCO), where he served as Head of Emerging Asia Portfolio Management. Mr. Lian also spent eight years as a sovereign debt strategist at JPMorgan Chase and Merrill Lynch, and four years at the Monetary Authority of Singapore (MAS) as a senior economist responsible for formulating exchange rate policy. Under his leadership, Western Asset received Benchmark Magazine’s Best-In-Class House Award in Asia Fixed Income in 2012. Mr. Lian holds the Chartered Financial Analyst designation and has an undergraduate degree in Economics from the National University of Singapore where he graduated as part of the MAS scholars program.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.82 1.16