Strategic Municipal Bond Fund
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 30% of its assets in non-investment-grade obligations.
Performance
1 Month | 3 Month | YTD | 1 Year | 3 Years | Since Inception | |
---|---|---|---|---|---|---|
Strategic Municipal Bond Fund | 0.07 | 0.12 | 2.63 | 3.59 | 2.31 | 2.43 |
Bloomberg 1-10 Year Municipal Blend Index | -0.35 | -0.35 | 1.64 | 3.33 | 0.75 | 0.58 |
Morningstar Ratings
Category | Overall | 3 Year | |
---|---|---|---|
Strategic Municipal Bond Fund | Muni National Intermediate |
(270 funds)
|
(270 funds)
|
Distributions
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 5/24/2023 | 5/25/2023 | 5/26/2023 | 0.02642067 | 10.00 |
Income | 4/24/2023 | 4/25/2023 | 4/26/2023 | 0.02709601 | 10.12 |
Income | 3/24/2023 | 3/27/2023 | 3/28/2023 | 0.02697166 | 10.13 |
Income | 2/23/2023 | 2/24/2023 | 2/27/2023 | 0.02768876 | 10.00 |
Income | 1/24/2023 | 1/25/2023 | 1/26/2023 | 0.01960362 | 10.18 |
Income | 12/27/2022 | 12/28/2022 | 12/29/2022 | 0.02694453 | 9.96 |
Short Term Capital Gain | 12/14/2022 | 12/15/2022 | 12/16/2022 | 0.00228000 | 10.06 |
Income | 11/22/2022 | 11/23/2022 | 11/25/2022 | 0.02224755 | 9.90 |
Income | 10/24/2022 | 10/25/2022 | 10/26/2022 | 0.02342657 | 9.56 |
Income | 9/22/2022 | 9/23/2022 | 9/26/2022 | 0.02063390 | 9.75 |
Income | 8/22/2022 | 8/23/2022 | 8/24/2022 | 0.01771638 | 10.06 |
Income | 7/22/2022 | 7/25/2022 | 7/26/2022 | 0.01606613 | 10.12 |
Income | 6/22/2022 | 6/23/2022 | 6/24/2022 | 0.01513048 | 9.95 |
Income | 5/23/2022 | 5/24/2022 | 5/25/2022 | 0.01718695 | 9.99 |
Income | 4/22/2022 | 4/25/2022 | 4/26/2022 | 0.01373608 | 10.05 |
Income | 3/24/2022 | 3/25/2022 | 3/28/2022 | 0.01235609 | 10.26 |
Income | 2/23/2022 | 2/24/2022 | 2/25/2022 | 0.01257334 | 10.53 |
Income | 1/24/2022 | 1/25/2022 | 1/26/2022 | 0.00793673 | 10.64 |
Portfolio Characteristics
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.43 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.50 | 2.92 |
Effective Duration (Years) | 4.14 | 3.73 |
Effective Maturity (Years) | 4.34 | 4.05 |
Average Coupon (%) | 4.02 | 4.59 |
Annual Turnover Rate (%) | 87.75 | N/A |
Number of Holdings | 659 | 33,290 |
Average Portfolio Quality | A- | AA |
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 7.8% | 23.0% |
AA | 30.1% | 50.8% |
A | 26.1% | 22.7% |
BBB | 21.6% | 3.6% |
Below BBB | 3.2% | 0.0% |
Not Rated | 11.3% | 0.0% |
Net Derivatives Position | -2.0% | 0.0% |