Fund Named Best in U.S. for 3-Year Period
Already well-established and respected in the industry, Baird’s Bond Fund Team was recognized with a Refinitiv Lipper Fund Award in March for the 3-year performance of its Short-Term Municipal Bond Fund. The fund was rated Best Fund for the past 3 years in the Short Municipal Debt category.
|Q1 2020||1 Year||3 Years||10 Years||Since
|Baird Short-Term Municipal Bond Fund Institutional||-0.39%||4.30%||2.84%||n/a||2.33%|
|Bloomberg Barclays 1-5 Yr Short Term Municipal Bond Index||-0.41%||4.10%||2.37%||n/a||1.71%|
Returns for 1 year, 3 year and since inception are as of November 30, 2019.
Why Bigger Isn’t Always Better And Other Lessons from the Municipal Market
As investment managers, Baird Advisors spends a good deal of time surveying the market to find the best relative value ideas for our funds and portfolios. The consensus industry view of the current landscape seems to be: U.S. economic expansion will continue, credit fundamentals combined with strong technicals should keep spreads near current levels and interest rates may never go up again (or at least not by much).
While there are still relative value ideas out there, we felt it was time to take a step back and ask ourselves what offers us a competitive edge in today’s environment. The exercise led us to some interesting conclusions:
- Size: Too-large of an asset base can be a disadvantage in the municipal market
- Experience : Remembering that "pigs get slaughtered"
- Prospective: Acknowledging the full impact of ESG/Sustainable initiatives on municipalities
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund will fluctuate so that an investor's shares when redeemed may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance data quoted. For performance current to the most recent month-end, please visit www.bairdfunds.com.
Investors should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. This and other information is found in the prospectus and summary prospectus. For a prospectus or summary prospectus, contact Baird directly at 866-442-2473. Please read the prospectus or summary prospectus carefully before investing.
The Baird Short-Term Municipal Bond Fund since inception net return is based on performance from August 31, 2015, through November 30, 2019. Expense Ratio for the Institutional Share Classes is 0.30%; for the Investor Share Classes is 0.55%. The Baird Municipal Short-Term Bond Fund was awarded best fund for the past 3 years in the short municipal debt funds category which, consisted of 39 funds.
Returns shown include the reinvestment of all dividends and capital gains.
The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The reporting period for the awards is the period ending November 30, 2019. Most recent returns for the Baird Short-Term Municipal Bond Fund can be found here.
The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.
Lipper Fund Awards from Refinitiv, ©2020 Refinitiv. All rights reserved. Used under license.
This is not a complete analysis of every material fact regarding any company, industry or security. The information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. Baird does not provide tax or legal advice. Please consult your legal or tax professional for specific information.
Fixed income is generally considered to be a more conservative investment than stocks, but bonds and other fixed income investments still carry a variety of risk such as interest rate risk, regulatory risk, reinvestment risk, credit risk, inflation risk, call risk, default risk, political risk, tax policy risk and liquidity risk. In a rising interest rate environment, the value of fixed income securities generally decline and conversely, in a falling interest rate environment, the value of fixed income securities generally increase. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.