BTMIX
Short-Term Municipal Bond Fund
inception date
8/31/2015
cusip
057071631
total fund aum (millions)
$1,565.10
As of 2/29/2024
gross/net expense ratio %
0.30/0.30
morningstar category
Muni National Short
Overview
The Fund invests in a broadly diversified portfolio of federally tax-exempt municipal obligations. The Fund normally invests at least 80% of its net assets in municipal bonds and may invest in all types including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations and zero coupon bonds. Baird uses a value-oriented strategy and looks for undervalued municipal securities that offer above-average return characteristics. Market factors evaluated when selecting investments include:
- the nominal level and trend in interest rates
- the slope of the municipal yield curve
- income tax rates
- market sector valuations
- credit trends
- supply and demand flows
- regional economic strength
- legal and regulatory trends
The Fund invests primarily in investment-grade municipal obligations but may invest up to 10% of its assets in non-investment-grade obligations.
Performance
ALL DATA AS OF 2/29/2024
1 Month | 3 Month | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
---|---|---|---|---|---|---|---|
Short-Term Municipal Bond Fund | 0.26 | 1.37 | 0.18 | 4.16 | 0.47 | 1.50 | 1.72 |
Bloomberg 1-5 Year Short Municipal Bond Index | 0.11 | 0.88 | -0.07 | 3.62 | 0.25 | 1.22 | 1.28 |
Morningstar Ratings
MORNINGSTAR RATINGS BASED ON RISK ADJUSTED RETURNS AS OF 2/29/2024
Category | Overall | 3 Year | 5 Year | |
---|---|---|---|---|
Short-Term Municipal Bond Fund | Muni National Short |
(211 funds)
|
(211 funds)
|
(199 funds)
|
Distributions
Time Period
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 2/23/2024 | 2/26/2024 | 2/27/2024 | 0.02624322 | 9.94 |
Income | 1/25/2024 | 1/26/2024 | 1/29/2024 | 0.02137355 | 9.93 |
Income | 12/27/2023 | 12/28/2023 | 12/29/2023 | 0.02751115 | 9.98 |
Income | 11/24/2023 | 11/27/2023 | 11/28/2023 | 0.02531043 | 9.84 |
Income | 10/23/2023 | 10/24/2023 | 10/25/2023 | 0.02557619 | 9.67 |
Income | 9/22/2023 | 9/25/2023 | 9/26/2023 | 0.02274027 | 9.73 |
Income | 8/23/2023 | 8/24/2023 | 8/25/2023 | 0.02242808 | 9.79 |
Income | 7/24/2023 | 7/25/2023 | 7/26/2023 | 0.02384183 | 9.88 |
Income | 6/23/2023 | 6/26/2023 | 6/27/2023 | 0.02168303 | 9.86 |
Income | 5/24/2023 | 5/25/2023 | 5/26/2023 | 0.02184859 | 9.79 |
Income | 4/24/2023 | 4/25/2023 | 4/26/2023 | 0.02129592 | 9.89 |
Income | 3/24/2023 | 3/27/2023 | 3/28/2023 | 0.02225914 | 9.92 |
Income | 2/23/2023 | 2/24/2023 | 2/27/2023 | 0.02112596 | 9.82 |
Income | 1/24/2023 | 1/25/2023 | 1/26/2023 | 0.01566238 | 9.97 |
Portfolio Characteristics
ALL DATA AS OF 2/29/2024
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.22 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.07 | 3.03 |
Effective Duration (Years) | 2.13 | 2.33 |
Effective Maturity (Years) | 2.45 | 2.54 |
Average Coupon (%) | 4.13 | 4.61 |
Annual Turnover Rate (%) | 43.32 | N/A |
Number of Holdings | 1,030 | 13,393 |
Average Portfolio Quality | A | AA |
ALL DATA AS OF 2/29/2024
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 18.8% | 15.7% |
AA | 37.8% | 59.3% |
A | 22.3% | 22.2% |
BBB | 12.0% | 2.7% |
Below BBB | 1.3% | 0.0% |
Not Rated | 7.7% | 0.0% |