TransWestern Institutional Short Duration Government Bond Fund
Name
As of 04/19/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
$8.98
$83.1 M
0.00%
0.74%
Vitals
YTD Return
-1.0%
1 yr return
0.4%
3 Yr Avg Return
-1.5%
5 Yr Avg Return
-0.1%
Net Assets
$83.1 M
Holdings in Top 10
46.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.74%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 317.00%
Redemption Fee 0.25%
Min Investment
Standard (Taxable)
$2,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/19/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
$8.98
$83.1 M
0.00%
0.74%
TWSGX - Profile
Distributions
- YTD Total Return -1.0%
- 3 Yr Annualized Total Return -1.5%
- 5 Yr Annualized Total Return -0.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.11%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameTransWestern Institutional Short Duration Government Bond Fund
-
Fund Family NameNavigator Funds
-
Inception DateJan 03, 2011
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerClifton Rowe
Fund Description
The Fund limits its investments and strategy so as to qualify for investment by state and nationally chartered banks, federal savings institutions, and federal credit unions under current applicable federal regulations.
The Fund invests 100% of its assets in liquid, high-quality fixed and variable rate U.S. Government bonds, cash and cash equivalents. Under current federal banking regulations, these U.S. Government bonds would receive a risk weighting of 0% to 20% for the purpose of calculating risk-based capital requirements. The Fund intends that a bank’s investment in the Fund would receive a 20% risk weighting for the purpose of this calculation.
The Fund defines U.S. Government bonds as (i) United States Treasury bills, notes, and bonds, (ii) obligations of Government Sponsored Entities (“GSEs”) such as the Government National Mortgage Association (“GNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), and the Federal Home Loan Bank System (“FHLB”) and (iii) mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) that are issued by and backed by mortgage collateral guaranteed by one or more of the aforementioned GSEs.
The Fund seeks to maintain limited credit risk by restricting its investments to those rated Aaa by Moody’s Investors Service (“Moody’s”) or AAA by Standard and Poor’s Rating Group (“S&P”). In no event will the Fund purchase “whole loans,” “whole loan CMOs,” or non-GSE guaranteed corporate bonds or instruments.
The Fund seeks to maintain limited interest rate risk by typically maintaining average portfolio-level average effective duration within 12 months less than, or 6 months greater than, the Fund’s benchmark. Since inception, the benchmark index has maintained an effective duration of 1.42 and 2.98, and the Fund has stayed within a range of 1.27 to 2.82 years, Duration is a measure of sensitivity of a security’s (or fund’s) price to changes in interest rates. However, individual securities are purchased without restriction as to maturity or duration. The benchmark is comprised of a 50/50 combination of the Barclays Capital Short Treasury Index (which is composed of United States Treasury securities with a remaining maturity of 1 to 12 months) and the Barclays Capital MBS Index (which is composed of adjustable and fixed-rate MBS issued by GNMA, FNMA and FHLMC).
The Fund’s adviser delegates day-to-day execution of the Fund’s strategy to a subadviser. The adviser retains the ability to override the subadviser’s allocation of assets and its selection of specific securities if it believes an investment or allocation is not consistent with the Fund’s investment guidelines. The adviser is responsible for ongoing performance evaluation and monitoring of the subadviser. The subadviser buys securities to meet the Fund’s income goal and sells securities to adjust duration or to purchase other securities that the subadviser believes may perform better. The sub-adviser may engage in frequent trading of securities in managing the Fund’s portfolio.
TWSGX - Performance
Return Ranking - Trailing
Period | TWSGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.0% | -5.3% | 1.8% | 79.75% |
1 Yr | 0.4% | -2.7% | 5.6% | 83.54% |
3 Yr | -1.5%* | -3.6% | 2.0% | 75.64% |
5 Yr | -0.1%* | -1.3% | 1.7% | 75.00% |
10 Yr | -0.3%* | -0.5% | 1.7% | 95.31% |
* Annualized
Return Ranking - Calendar
Period | TWSGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.7% | -1.6% | 4.4% | 55.70% |
2022 | -6.4% | -10.4% | -1.0% | 43.59% |
2021 | -1.0% | -6.4% | -0.2% | 8.97% |
2020 | 1.4% | -1.8% | 4.9% | 71.62% |
2019 | 1.1% | -1.4% | 3.3% | 50.00% |
Total Return Ranking - Trailing
Period | TWSGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.0% | -5.3% | 1.8% | 79.75% |
1 Yr | 0.4% | -2.7% | 5.6% | 83.54% |
3 Yr | -1.5%* | -3.6% | 2.0% | 75.64% |
5 Yr | -0.1%* | -1.3% | 1.7% | 75.00% |
10 Yr | -0.3%* | -0.5% | 1.7% | 95.31% |
* Annualized
Total Return Ranking - Calendar
Period | TWSGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.4% | 2.4% | 6.2% | 100.00% |
2022 | -5.0% | -9.3% | 0.2% | 43.59% |
2021 | -0.8% | -3.1% | 0.1% | 25.64% |
2020 | 2.4% | 0.4% | 6.0% | 85.14% |
2019 | 2.4% | 1.1% | 5.5% | 93.06% |
NAV & Total Return History
TWSGX - Holdings
Concentration Analysis
TWSGX | Category Low | Category High | TWSGX % Rank | |
---|---|---|---|---|
Net Assets | 83.1 M | 11.1 M | 24.8 B | 85.37% |
Number of Holdings | 169 | 7 | 1052 | 41.46% |
Net Assets in Top 10 | 38.5 M | 1.81 M | 9.39 B | 84.15% |
Weighting of Top 10 | 46.12% | 14.9% | 100.0% | 41.46% |
Top 10 Holdings
- T 4 1/8 11/15/32 6.71%
- T 4 1/4 12/31/25 5.37%
- FNMDN 01/02/24 5.35%
- T 5 08/31/25 5.33%
- T 4 1/8 07/31/28 4.95%
- GNR 2020-H02 FG 4.43%
- B 01/09/24 3.92%
- T 3 7/8 08/15/33 3.52%
- GNR 2020-H04 FP 3.28%
- B 02/08/24 3.26%
Asset Allocation
Weighting | Return Low | Return High | TWSGX % Rank | |
---|---|---|---|---|
Bonds | 73.33% | 64.98% | 123.97% | 98.78% |
Other | 33.59% | -23.15% | 33.59% | 1.22% |
Stocks | 0.00% | 0.00% | 4.55% | 30.49% |
Preferred Stocks | 0.00% | 0.00% | 0.04% | 21.95% |
Convertible Bonds | 0.00% | 0.00% | 0.00% | 18.52% |
Cash | 0.00% | 0.00% | 13.77% | 92.68% |
Bond Sector Breakdown
Weighting | Return Low | Return High | TWSGX % Rank | |
---|---|---|---|---|
Securitized | 73.11% | 0.00% | 100.00% | 27.16% |
Government | 25.36% | 0.00% | 99.96% | 61.73% |
Derivative | 0.00% | -1.60% | 15.08% | 40.24% |
Cash & Equivalents | 0.00% | 0.00% | 13.77% | 87.80% |
Corporate | 0.00% | 0.00% | 34.19% | 32.10% |
Municipal | 0.00% | 0.00% | 6.22% | 27.16% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | TWSGX % Rank | |
---|---|---|---|---|
US | 73.33% | 64.98% | 123.97% | 98.78% |
Non US | 0.00% | 0.00% | 0.00% | 18.29% |
TWSGX - Expenses
Operational Fees
TWSGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.74% | 0.03% | 2.91% | 47.56% |
Management Fee | 0.45% | 0.03% | 0.80% | 70.37% |
12b-1 Fee | 0.10% | 0.00% | 1.00% | 30.56% |
Administrative Fee | N/A | 0.10% | 0.45% | 16.98% |
Sales Fees
TWSGX 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
TWSGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 0.25% | 0.00% | 0.25% | 50.00% |
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.
TWSGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 317.00% | 0.00% | 466.00% | 78.13% |
TWSGX - Distributions
Dividend Yield Analysis
TWSGX | Category Low | Category High | TWSGX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 5.30% | 36.59% |
Dividend Distribution Analysis
TWSGX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
TWSGX | Category Low | Category High | TWSGX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.11% | -0.78% | 3.29% | 84.81% |
Capital Gain Distribution Analysis
TWSGX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 01, 2024 | $0.028 | OrdinaryDividend |
Mar 01, 2024 | $0.028 | OrdinaryDividend |
Feb 01, 2024 | $0.034 | OrdinaryDividend |
Jan 02, 2024 | $0.028 | OrdinaryDividend |
Dec 01, 2023 | $0.030 | OrdinaryDividend |
Nov 01, 2023 | $0.031 | OrdinaryDividend |
Oct 02, 2023 | $0.028 | OrdinaryDividend |
Sep 01, 2023 | $0.029 | OrdinaryDividend |
Aug 01, 2023 | $0.028 | OrdinaryDividend |
Jul 03, 2023 | $0.027 | OrdinaryDividend |
Jun 01, 2023 | $0.029 | OrdinaryDividend |
May 01, 2023 | $0.024 | OrdinaryDividend |
Apr 03, 2023 | $0.027 | OrdinaryDividend |
Mar 01, 2023 | $0.025 | OrdinaryDividend |
Feb 01, 2023 | $0.026 | OrdinaryDividend |
Jan 03, 2023 | $0.024 | DailyAccrualFund |
Dec 01, 2022 | $0.021 | DailyAccrualFund |
Nov 01, 2022 | $0.021 | DailyAccrualFund |
Oct 03, 2022 | $0.001 | DailyAccrualFund |
Sep 01, 2022 | $0.016 | DailyAccrualFund |
Aug 01, 2022 | $0.012 | DailyAccrualFund |
Jul 01, 2022 | $0.010 | DailyAccrualFund |
Jun 01, 2022 | $0.008 | DailyAccrualFund |
May 02, 2022 | $0.006 | DailyAccrualFund |
Apr 01, 2022 | $0.005 | DailyAccrualFund |
Mar 01, 2022 | $0.004 | DailyAccrualFund |
Feb 01, 2022 | $0.006 | DailyAccrualFund |
Jan 03, 2022 | $0.003 | DailyAccrualFund |
Dec 01, 2021 | $0.003 | DailyAccrualFund |
Nov 01, 2021 | $0.002 | DailyAccrualFund |
Oct 01, 2021 | $0.002 | DailyAccrualFund |
Aug 23, 2021 | $0.000 | DailyAccrualFund |
Jun 23, 2021 | $0.000 | DailyAccrualFund |
May 26, 2021 | $0.000 | DailyAccrualFund |
Apr 26, 2021 | $0.004 | DailyAccrualFund |
Mar 31, 2021 | $0.003 | DailyAccrualFund |
Feb 26, 2021 | $0.002 | DailyAccrualFund |
Jan 29, 2021 | $0.002 | DailyAccrualFund |
Jan 04, 2021 | $0.002 | DailyAccrualFund |
Dec 01, 2020 | $0.002 | DailyAccrualFund |
Nov 02, 2020 | $0.002 | DailyAccrualFund |
Oct 01, 2020 | $0.002 | DailyAccrualFund |
Sep 01, 2020 | $0.002 | DailyAccrualFund |
Aug 03, 2020 | $0.003 | DailyAccrualFund |
Jul 01, 2020 | $0.005 | DailyAccrualFund |
Jun 01, 2020 | $0.006 | DailyAccrualFund |
May 01, 2020 | $0.008 | DailyAccrualFund |
Mar 31, 2020 | $0.015 | DailyAccrualFund |
Feb 28, 2020 | $0.015 | DailyAccrualFund |
Feb 03, 2020 | $0.015 | DailyAccrualFund |
Dec 31, 2019 | $0.018 | DailyAccrualFund |
Nov 29, 2019 | $0.016 | DailyAccrualFund |
Oct 31, 2019 | $0.020 | DailyAccrualFund |
Sep 30, 2019 | $0.020 | DailyAccrualFund |
Aug 30, 2019 | $0.022 | DailyAccrualFund |
Jul 31, 2019 | $0.022 | DailyAccrualFund |
Oct 01, 2014 | $0.017 | DailyAccrualFund |
Sep 02, 2014 | $0.014 | DailyAccrualFund |
Aug 01, 2014 | $0.016 | DailyAccrualFund |
Jul 01, 2014 | $0.017 | DailyAccrualFund |
Jun 02, 2014 | $0.015 | DailyAccrualFund |
May 01, 2014 | $0.016 | DailyAccrualFund |
Mar 31, 2014 | $0.015 | DailyAccrualFund |
Feb 28, 2014 | $0.021 | DailyAccrualFund |
Jan 31, 2014 | $0.015 | DailyAccrualFund |
Dec 31, 2013 | $0.016 | DailyAccrualFund |
Nov 29, 2013 | $0.015 | DailyAccrualFund |
Oct 31, 2013 | $0.016 | DailyAccrualFund |
Sep 30, 2013 | $0.015 | DailyAccrualFund |
Aug 30, 2013 | $0.015 | DailyAccrualFund |
Jul 31, 2013 | $0.015 | DailyAccrualFund |
Jun 28, 2013 | $0.013 | DailyAccrualFund |
May 31, 2013 | $0.013 | DailyAccrualFund |
Apr 30, 2013 | $0.013 | DailyAccrualFund |
Mar 28, 2013 | $0.012 | DailyAccrualFund |
Feb 28, 2013 | $0.015 | DailyAccrualFund |
Jan 31, 2013 | $0.011 | DailyAccrualFund |
Dec 31, 2012 | $0.016 | DailyAccrualFund |
Nov 30, 2012 | $0.014 | DailyAccrualFund |
Oct 31, 2012 | $0.014 | DailyAccrualFund |
Sep 28, 2012 | $0.014 | DailyAccrualFund |
Aug 31, 2012 | $0.013 | DailyAccrualFund |
Jul 31, 2012 | $0.015 | DailyAccrualFund |
Jun 29, 2012 | $0.013 | DailyAccrualFund |
May 31, 2012 | $0.013 | DailyAccrualFund |
Apr 30, 2012 | $0.015 | DailyAccrualFund |
Mar 30, 2012 | $0.013 | DailyAccrualFund |
Feb 29, 2012 | $0.013 | DailyAccrualFund |
Jan 31, 2012 | $0.017 | DailyAccrualFund |
Dec 30, 2011 | $0.016 | DailyAccrualFund |
Dec 19, 2011 | $0.002 | DailyAccrualFund |
Nov 30, 2011 | $0.013 | DailyAccrualFund |
Oct 31, 2011 | $0.017 | DailyAccrualFund |
Sep 30, 2011 | $0.013 | DailyAccrualFund |
Aug 31, 2011 | $0.016 | DailyAccrualFund |
Jul 29, 2011 | $0.014 | DailyAccrualFund |
Jun 30, 2011 | $0.013 | DailyAccrualFund |
May 31, 2011 | $0.013 | DailyAccrualFund |
Apr 29, 2011 | $0.015 | DailyAccrualFund |
Mar 31, 2011 | $0.015 | DailyAccrualFund |
Feb 25, 2011 | $0.004 | OrdinaryDividend |
TWSGX - Fund Manager Analysis
Managers
Clifton Rowe
Start Date
Tenure
Tenure Rank
Jan 03, 2011
11.41
11.4%
Cliff Rowe is a vice president of Loomis, Sayles & Company and portfolio manager for the Loomis Sayles fixed income group and the mortgage and structured finance group. He co-manages the Loomis Sayles Limited Term Government & Agency and Intermediate Duration Bond funds, in addition to the Natixis Loomis Sayles Short Duration Income ETF. Cliff also co-manages the Loomis Sayles Core, Short Duration and Intermediate Duration strategies and the Loomis Sayles Securitized Asset Fund. He has 26 years of investment industry experience that began when he joined Loomis Sayles in 1992. During his tenure, Cliff has held the successive positions of portfolio assistant, research analyst, mortgage trader and portfolio manager. He earned a BBA from James Madison University and an MBA from the University of Chicago.
Christopher Harms
Start Date
Tenure
Tenure Rank
Dec 31, 2012
9.42
9.4%
Chris Harms is a vice president of Loomis, Sayles & Company, portfolio manager for the Loomis Sayles fixed income group and co-head of the relative return team. He co-manages the Loomis Sayles Limited Term Government & Agency and Intermediate Duration Bond funds, in addition to the Natixis Loomis Sayles Short Duration Income ETF. Chris also co-manages the Loomis Sayles Core, Intermediate Duration and Short Duration strategies. He has 38 years of investment industry experience and joined Loomis Sayles in 2010. Previously, Chris was a senior vice president and managing director of an investment management team at CapitalSource Bank. Prior to CapitalSource, he was a managing director and senior fixed income portfolio manager at Mackay Shields. Chris earned a BSBA from Villanova University and an MBA from Drexel University.
Daniel Conklin
Start Date
Tenure
Tenure Rank
Jun 30, 2020
1.92
1.9%
Dan Conklin is a vice president of Loomis, Sayles & Company, and an associate portfolio manager for the relative return team. He co-manages the Loomis Sayles Intermediate Duration Bond and Limited Term Government & Agency funds, as well as the Natixis Loomis Sayles Short Duration Income ETF. Dan also co-manages the Loomis Sayles Core Fixed Income, Short Duration Fixed Income and Intermediate Duration Fixed Income strategies. Dan has 10 years of investment industry experience and joined Loomis Sayles in 2012 as a fixed income client portfolio analyst. He moved to the relative return team in 2014 as an investment analyst and was promoted to senior investment analyst in 2018, and then to associate portfolio manager in 2019. Previously, Dan was a middle office analyst at Putnam Investments, supporting the firm’s derivative collateralization process. Dan earned a BS from the University of Massachusetts, Lowell and an MS in Finance from Northeastern University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.49 | 32.44 | 10.28 | 7.33 |