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 | Since Inception | |
---|---|---|---|---|---|
Strategic Municipal Bond Fund | -2.30 | -4.75 | -6.19 | -5.11 | 1.96 |
Bloomberg 1-10 Year Municipal Blend Index | -1.72 | -4.27 | -6.40 | -6.10 | -0.52 |
Distributions
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
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 |
Income | 12/27/2021 | 12/28/2021 | 12/29/2021 | 0.01142738 | 10.74 |
Short Term Capital Gain | 12/15/2021 | 12/16/2021 | 12/17/2021 | 0.05629000 | 10.74 |
Income | 11/23/2021 | 11/24/2021 | 11/26/2021 | 0.00941006 | 10.77 |
Income | 10/25/2021 | 10/26/2021 | 10/27/2021 | 0.01020984 | 10.74 |
Income | 9/23/2021 | 9/24/2021 | 9/27/2021 | 0.00878804 | 10.79 |
Income | 8/24/2021 | 8/25/2021 | 8/26/2021 | 0.00870137 | 10.81 |
Income | 7/26/2021 | 7/27/2021 | 7/28/2021 | 0.00989806 | 10.82 |
Income | 6/24/2021 | 6/25/2021 | 6/28/2021 | 0.00927758 | 10.79 |
Income | 5/24/2021 | 5/25/2021 | 5/26/2021 | 0.00923491 | 10.76 |
Income | 4/23/2021 | 4/26/2021 | 4/27/2021 | 0.00872627 | 10.75 |
Income | 3/24/2021 | 3/25/2021 | 3/26/2021 | 0.00771689 | 10.70 |
Income | 2/24/2021 | 2/25/2021 | 2/26/2021 | 0.01168420 | 10.68 |
Income | 1/25/2021 | 1/26/2021 | 1/27/2021 | 0.00838519 | 10.71 |
Portfolio Characteristics
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 5.5% | 17.8% |
AA | 38.9% | 53.1% |
A | 25.2% | 22.4% |
BBB | 15.2% | 6.8% |
Below BBB | 4.0% | 0.0% |
Not Rated | 11.4% | 0.0% |
Net Derivatives Position | 6.7% | 0.0% |