BMQIX
Municipal Bond Fund
inception date
11/15/2019
cusip
057071482
total fund aum (millions)
$157.30
As of 8/31/2023
gross/net expense ratio %
0.30/0.30
morningstar category
Muni National Long
Overview
The Fund invests in a broadly diversified portfolio of federally tax-exempt municipal obligations. The Fund normally invests at least 80% of its net assets in municipal bonds and may invest in all types including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations and zero coupon bonds. Baird uses a value-oriented strategy and looks for undervalued municipal securities that offer above-average return characteristics. Market factors evaluated when selecting investments include:
- the nominal level and trend in interest rates
- the slope of the municipal yield curve
- income tax rates
- market sector valuations
- credit trends
- supply and demand flows
- regional economic strength
- legal and regulatory trends
The Fund invests primarily in investment-grade municipal obligations but may invest up to 15% of its assets in non-investment-grade obligations.
Performance
ALL DATA AS OF 8/31/2023
1 Month | 3 Month | YTD | 1 Year | 3 Years | Since Inception | |
---|---|---|---|---|---|---|
Municipal Bond Fund | -0.83 | 0.36 | 2.46 | 2.72 | 0.22 | 2.25 |
Bloomberg Municipal Bond Index | -1.44 | -0.06 | 1.59 | 1.70 | -1.32 | 0.02 |
Morningstar Ratings
MORNINGSTAR RATINGS BASED ON RISK ADJUSTED RETURNS AS OF 7/31/2023
Category | Overall | 3 Year | |
---|---|---|---|
Municipal Bond Fund | Muni National Long |
(157 funds)
|
(157 funds)
|
Distributions
Time Period
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 8/23/2023 | 8/24/2023 | 8/25/2023 | 0.02833172 | 9.65 |
Income | 7/24/2023 | 7/25/2023 | 7/26/2023 | 0.03008059 | 9.85 |
Income | 6/23/2023 | 6/26/2023 | 6/27/2023 | 0.02750260 | 9.82 |
Income | 5/24/2023 | 5/25/2023 | 5/26/2023 | 0.02907317 | 9.69 |
Income | 4/24/2023 | 4/25/2023 | 4/26/2023 | 0.02827959 | 9.85 |
Income | 3/24/2023 | 3/27/2023 | 3/28/2023 | 0.02621665 | 9.85 |
Income | 2/23/2023 | 2/24/2023 | 2/27/2023 | 0.02718610 | 9.71 |
Income | 1/24/2023 | 1/25/2023 | 1/26/2023 | 0.02112392 | 9.95 |
Income | 12/27/2022 | 12/28/2022 | 12/29/2022 | 0.03087221 | 9.68 |
Income | 11/22/2022 | 11/23/2022 | 11/25/2022 | 0.02426921 | 9.63 |
Income | 10/24/2022 | 10/25/2022 | 10/26/2022 | 0.02447280 | 9.21 |
Income | 9/22/2022 | 9/23/2022 | 9/26/2022 | 0.02294483 | 9.45 |
Income | 8/22/2022 | 8/23/2022 | 8/24/2022 | 0.02190885 | 9.86 |
Income | 7/22/2022 | 7/25/2022 | 7/26/2022 | 0.02125010 | 9.91 |
Income | 6/22/2022 | 6/23/2022 | 6/24/2022 | 0.01781003 | 9.70 |
Income | 5/23/2022 | 5/24/2022 | 5/25/2022 | 0.01837530 | 9.76 |
Income | 4/22/2022 | 4/25/2022 | 4/26/2022 | 0.01717867 | 9.85 |
Income | 3/24/2022 | 3/25/2022 | 3/28/2022 | 0.01570348 | 10.12 |
Income | 2/23/2022 | 2/24/2022 | 2/25/2022 | 0.02009764 | 10.44 |
Income | 1/24/2022 | 1/25/2022 | 1/26/2022 | 0.01330337 | 10.59 |
Portfolio Characteristics
ALL DATA AS OF 8/31/2023
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.94 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.64 | 3.79 |
Effective Duration (Years) | 6.16 | 6.19 |
Effective Maturity (Years) | 7.66 | 8.35 |
Average Coupon (%) | 4.18 | 4.51 |
Annual Turnover Rate (%) | 70.55 | N/A |
Number of Holdings | 398 | 56,509 |
Average Portfolio Quality | A | AA |
ALL DATA AS OF 8/31/2023
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 10.5% | 15.4% |
AA | 41.5% | 55.8% |
A | 22.4% | 23.3% |
BBB | 14.4% | 5.5% |
Below BBB | 2.1% | 0.0% |
Not Rated | 9.2% | 0.0% |