BSNIX
Strategic Municipal Bond Fund
inception date
11/15/2019
cusip
057071516
total fund aum (millions)
$1,075.10
As of 2/29/2024
gross/net expense ratio %
0.30/0.30
morningstar category
Muni National Intermediate
Overview
The Fund invests in a broadly diversified portfolio of federally tax-exempt municipal obligations. The Fund normally invests at least 80% of its net assets in municipal bonds and may invest in all types including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations and zero coupon bonds. Baird uses a value-oriented strategy and looks for undervalued municipal securities that offer above-average return characteristics. Market factors evaluated when selecting investments include:
- the nominal level and trend in interest rates
- the slope of the municipal yield curve
- income tax rates
- market sector valuations
- credit trends
- supply and demand flows
- regional economic strength
- legal and regulatory trends
The Fund invests primarily in investment-grade municipal obligations but may invest up to 30% of its assets in non-investment-grade obligations.
Performance
ALL DATA AS OF 2/29/2024
1 Month | 3 Month | YTD | 1 Year | 3 Years | Since Inception | |
---|---|---|---|---|---|---|
Strategic Municipal Bond Fund | 0.20 | 2.25 | 0.25 | 6.01 | 1.11 | 2.96 |
Bloomberg 1-10 Year Municipal Blend Index | 0.07 | 1.37 | -0.26 | 4.12 | 0.16 | 1.08 |
Morningstar Ratings
MORNINGSTAR RATINGS BASED ON RISK ADJUSTED RETURNS AS OF 2/29/2024
Category | Overall | 3 Year | |
---|---|---|---|
Strategic Municipal Bond Fund | Muni National Intermediate |
(260 funds)
|
(260 funds)
|
Distributions
Time Period
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 3/25/2024 | 3/26/2024 | 3/27/2024 | 0.03164957 | 10.24 |
Income | 2/23/2024 | 2/26/2024 | 2/27/2024 | 0.03051226 | 10.25 |
Income | 1/25/2024 | 1/26/2024 | 1/29/2024 | 0.02485375 | 10.22 |
Income | 12/27/2023 | 12/28/2023 | 12/29/2023 | 0.03253161 | 10.29 |
Income | 11/24/2023 | 11/27/2023 | 11/28/2023 | 0.02970484 | 10.03 |
Income | 10/23/2023 | 10/24/2023 | 10/25/2023 | 0.02930847 | 9.72 |
Income | 9/22/2023 | 9/25/2023 | 9/26/2023 | 0.02763924 | 9.85 |
Income | 8/23/2023 | 8/24/2023 | 8/25/2023 | 0.02837114 | 9.98 |
Income | 7/24/2023 | 7/25/2023 | 7/26/2023 | 0.02937166 | 10.12 |
Income | 6/23/2023 | 6/26/2023 | 6/27/2023 | 0.02711092 | 10.10 |
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 |
Portfolio Characteristics
ALL DATA AS OF 2/29/2024
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.54 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.17 | 2.98 |
Effective Duration (Years) | 3.93 | 3.82 |
Effective Maturity (Years) | 4.02 | 4.22 |
Average Coupon (%) | 4.15 | 4.62 |
Annual Turnover Rate (%) | 46.56 | N/A |
Number of Holdings | 1,038 | 33,599 |
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 | 12.9% | 16.4% |
AA | 39.9% | 57.2% |
A | 23.2% | 22.8% |
BBB | 15.7% | 3.7% |
Below BBB | 2.3% | 0.0% |
Not Rated | 5.9% | 0.0% |
Net Derivatives Position | 0.0% | 0.0% |