Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Baird Strategic Municipal Bond Fund
mutual fund
BSNIX
Payout Change
Pending
Price as of:
$10.25
+0.01
+0.1%
primary theme
Municipal Bond
share class
BSNIX (Mutual Fund)
Baird Strategic Municipal Bond Fund
Payout Change
Pending
Price as of:
$10.25
+0.01
+0.1%
primary theme
Municipal Bond
share class
BSNIX (Mutual Fund)
Baird Strategic Municipal Bond Fund
Payout Change
Pending
Price as of:
$10.25
+0.01
+0.1%
primary theme
Municipal Bond
share class
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
2.9%
1 yr return
3.1%
3 Yr Avg Return
1.3%
5 Yr Avg Return
2.9%
Net Assets
$1.46 B
Holdings in Top 10
5.9%
52 WEEK LOW AND HIGH
$10.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.30%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 55.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000
IRA
$10,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
BSNIX - Profile
Distributions
- YTD Total Return 2.9%
- 3 Yr Annualized Total Return 1.3%
- 5 Yr Annualized Total Return 2.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.07%
- Dividend Yield 3.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameBaird Strategic Municipal Bond Fund
-
Fund Family NameBaird
-
Inception DateNov 15, 2019
-
Shares Outstanding30531008
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerErik Schleicher
Fund Description
The Fund normally invests at least 80% of its net assets in municipal bonds and debentures, the income from which is exempt from federal income tax (including the federal alternative minimum tax (“AMT”)). These municipal obligations may include debt obligations of states, territories and possessions of the U.S., as well as political subdivisions, agencies and financing authorities thereof that provide income exempt from federal income tax (including the federal AMT).
The Fund invests in a broadly diversified portfolio of municipal obligations issued by governmental authorities throughout the U.S. and its territories. The Fund may invest in all types of municipal obligations, including pre-refunded bonds, general obligation bonds, revenue bonds and municipal lease participations. The Fund may also invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. Municipal obligations in which the Fund invests may include fixed, variable or floating rate instruments. The Fund may purchase municipal obligations on a when-issued or delayed delivery basis or enter into forward commitments to purchase municipal obligations.
The Fund invests principally in investment grade municipal obligations, rated at the time of purchase by at least one major rating agency, but may invest up to 30% of its net assets in non-investment grade municipal obligations (sometimes referred to as “high yield” or “junk” bonds). The Fund may also invest in unrated municipal obligations that are determined by Robert W. Baird & Co. Incorporated (the “Advisor”) to be comparable in quality to the rated obligations. After purchase, a municipal obligation may cease to be rated or may have its rating reduced below the minimum rating required by the Fund for purchase. In such cases, the Advisor will consider whether to continue to hold the municipal obligation. The Fund may hold municipal obligations with a “D” or similar credit rating indicating at least a partial payment default. The Fund may also invest in U.S. Treasury futures contracts for duration and yield curve management or to manage market and interest rate risk.
The Fund may invest up to 20% of its net assets in U.S. government and corporate bonds and other debt securities that are of the same quality as its investments in municipal bonds but which produce income that is taxable for federal income tax purposes.
The Advisor attempts to keep the duration of the Fund’s portfolio within ±2 years of its benchmark, the Bloomberg 1-10 Year Municipal Blend Index. The duration of the Fund’s benchmark as of March 31, 2024 was 3.92 years. While obligations of any maturity may be purchased, under normal circumstances, the Fund’s dollar-weighted average effective maturity is generally expected to be between three months and 10 years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.
The Advisor considers many market factors when selecting investments for the Fund. Among the factors considered are 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, as well as legal and regulatory trends.
The Advisor generally will sell a debt obligation when on a relative basis and in the Advisor’s opinion, it will no longer help the Fund attain its objective.
BSNIX - Performance
Return Ranking - Trailing
| Period | BSNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.9% | -6.1% | 36.1% | 20.35% |
| 1 Yr | 3.1% | -6.0% | 38.2% | 24.65% |
| 3 Yr | 1.3%* | -11.5% | 5.9% | 4.92% |
| 5 Yr | 2.9%* | -7.2% | 1103.7% | 2.38% |
| 10 Yr | N/A* | -1.1% | 248.9% | N/A |
* Annualized
Return Ranking - Calendar
| Period | BSNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.3% | -1.4% | 41.0% | 28.28% |
| 2022 | -7.3% | -39.7% | 0.3% | 16.38% |
| 2021 | 0.7% | -5.6% | 6.9% | 12.85% |
| 2020 | 6.0% | -2.6% | 310.0% | 1.75% |
| 2019 | N/A | 0.0% | 26.0% | N/A |
Total Return Ranking - Trailing
| Period | BSNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.9% | -6.1% | 36.1% | 20.35% |
| 1 Yr | 3.1% | -6.0% | 38.2% | 24.65% |
| 3 Yr | 1.3%* | -11.5% | 5.9% | 4.92% |
| 5 Yr | 2.9%* | -7.2% | 1103.7% | 2.38% |
| 10 Yr | N/A* | -1.1% | 248.9% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | BSNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.8% | -1.3% | 41.0% | 22.29% |
| 2022 | -5.4% | -39.7% | 1.1% | 15.15% |
| 2021 | 2.3% | -4.8% | 23761504.0% | 31.48% |
| 2020 | 8.4% | -1.5% | 17057.9% | 2.38% |
| 2019 | N/A | 0.2% | 3514.6% | N/A |
NAV & Total Return History
BSNIX - Holdings
Concentration Analysis
| BSNIX | Category Low | Category High | BSNIX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.46 B | 3.22 M | 71.9 B | 23.86% |
| Number of Holdings | 1236 | 4 | 13418 | 7.59% |
| Net Assets in Top 10 | 83.8 M | -317 M | 3.09 B | 50.37% |
| Weighting of Top 10 | 5.86% | 1.8% | 100.3% | 95.50% |
Top 10 Holdings
- Federated Institutional Tax-Free Cash Trust 1.13%
- Town of Wallkill NY 0.71%
- Cass County Joint Water Resource District 0.70%
- Fort Bend Independent School District 0.65%
- Village of Rosemont IL 0.52%
- New Jersey Turnpike Authority 0.45%
- North Dakota Public Finance Authority 0.45%
- Southeast Energy Authority A Cooperative District 0.43%
- Public Finance Authority 0.42%
- Utah Housing Corp 0.39%
Asset Allocation
| Weighting | Return Low | Return High | BSNIX % Rank | |
|---|---|---|---|---|
| Bonds | 98.55% | 0.00% | 150.86% | 59.19% |
| Cash | 1.45% | -50.86% | 44.62% | 41.91% |
| Stocks | 0.00% | 0.00% | 99.77% | 56.38% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 48.96% |
| Other | 0.00% | -3.69% | 53.54% | 52.72% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 48.69% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | BSNIX % Rank | |
|---|---|---|---|---|
| Municipal | 91.71% | 44.39% | 100.00% | 91.03% |
| Government | 6.22% | 0.00% | 52.02% | 0.34% |
| Cash & Equivalents | 1.13% | 0.00% | 44.41% | 32.24% |
| Corporate | 0.35% | 0.00% | 9.41% | 7.28% |
| Derivative | 0.00% | -3.69% | 53.54% | 47.82% |
| Securitized | 0.00% | 0.00% | 5.93% | 45.04% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | BSNIX % Rank | |
|---|---|---|---|---|
| US | 98.55% | 0.00% | 142.23% | 56.88% |
| Non US | 0.00% | 0.00% | 23.89% | 50.97% |
BSNIX - Expenses
Operational Fees
| BSNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.30% | 0.01% | 8.02% | 93.88% |
| Management Fee | 0.25% | 0.00% | 1.20% | 9.93% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.05% | 0.01% | 0.44% | 14.08% |
Sales Fees
| BSNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 4.75% | N/A |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| BSNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| BSNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 55.00% | 0.00% | 283.00% | 94.80% |
BSNIX - Distributions
Dividend Yield Analysis
| BSNIX | Category Low | Category High | BSNIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.82% | 0.00% | 14.51% | 16.64% |
Dividend Distribution Analysis
| BSNIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| BSNIX | Category Low | Category High | BSNIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.07% | -0.53% | 5.33% | 84.70% |
Capital Gain Distribution Analysis
| BSNIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 27, 2024 | $0.033 | OrdinaryDividend |
| Oct 25, 2024 | $0.031 | OrdinaryDividend |
| Sep 24, 2024 | $0.030 | OrdinaryDividend |
| Aug 26, 2024 | $0.030 | OrdinaryDividend |
| Jul 25, 2024 | $0.030 | OrdinaryDividend |
| Apr 25, 2024 | $0.030 | OrdinaryDividend |
| Mar 26, 2024 | $0.032 | OrdinaryDividend |
| Feb 26, 2024 | $0.031 | OrdinaryDividend |
| Jan 26, 2024 | $0.025 | OrdinaryDividend |
| Dec 28, 2023 | $0.033 | OrdinaryDividend |
| Nov 27, 2023 | $0.030 | OrdinaryDividend |
| Oct 24, 2023 | $0.029 | OrdinaryDividend |
| Sep 25, 2023 | $0.028 | OrdinaryDividend |
| Aug 24, 2023 | $0.028 | OrdinaryDividend |
| Jul 25, 2023 | $0.029 | OrdinaryDividend |
| Jun 26, 2023 | $0.027 | OrdinaryDividend |
| May 25, 2023 | $0.026 | OrdinaryDividend |
| Apr 25, 2023 | $0.027 | OrdinaryDividend |
| Mar 27, 2023 | $0.027 | OrdinaryDividend |
| Feb 24, 2023 | $0.028 | OrdinaryDividend |
| Jan 25, 2023 | $0.020 | OrdinaryDividend |
| Dec 28, 2022 | $0.027 | OrdinaryDividend |
| Dec 15, 2022 | $0.002 | CapitalGainShortTerm |
| Nov 23, 2022 | $0.022 | OrdinaryDividend |
| Oct 25, 2022 | $0.023 | OrdinaryDividend |
| Sep 23, 2022 | $0.021 | OrdinaryDividend |
| Aug 23, 2022 | $0.018 | OrdinaryDividend |
| Jul 25, 2022 | $0.016 | OrdinaryDividend |
| Jun 23, 2022 | $0.015 | OrdinaryDividend |
| May 24, 2022 | $0.017 | OrdinaryDividend |
| Apr 25, 2022 | $0.014 | OrdinaryDividend |
| Mar 25, 2022 | $0.012 | OrdinaryDividend |
| Feb 24, 2022 | $0.013 | OrdinaryDividend |
| Dec 28, 2021 | $0.011 | OrdinaryDividend |
| Dec 16, 2021 | $0.056 | CapitalGainShortTerm |
| Nov 24, 2021 | $0.009 | OrdinaryDividend |
| Oct 26, 2021 | $0.010 | OrdinaryDividend |
| Sep 24, 2021 | $0.009 | OrdinaryDividend |
| Aug 25, 2021 | $0.009 | OrdinaryDividend |
| Jul 27, 2021 | $0.010 | OrdinaryDividend |
| Jun 25, 2021 | $0.009 | OrdinaryDividend |
| May 25, 2021 | $0.009 | OrdinaryDividend |
| Apr 26, 2021 | $0.009 | OrdinaryDividend |
| Mar 25, 2021 | $0.008 | OrdinaryDividend |
| Feb 25, 2021 | $0.012 | OrdinaryDividend |
| Jan 26, 2021 | $0.008 | OrdinaryDividend |
| Dec 28, 2020 | $0.011 | OrdinaryDividend |
| Dec 17, 2020 | $0.067 | CapitalGainShortTerm |
| Nov 24, 2020 | $0.014 | OrdinaryDividend |
| Oct 26, 2020 | $0.012 | OrdinaryDividend |
| Sep 25, 2020 | $0.012 | OrdinaryDividend |
| Aug 25, 2020 | $0.014 | OrdinaryDividend |
| Jul 27, 2020 | $0.017 | OrdinaryDividend |
| Jun 26, 2020 | $0.016 | OrdinaryDividend |
| May 27, 2020 | $0.018 | OrdinaryDividend |
| Apr 27, 2020 | $0.017 | OrdinaryDividend |
| Mar 26, 2020 | $0.015 | OrdinaryDividend |
| Feb 25, 2020 | $0.015 | OrdinaryDividend |
| Jan 27, 2020 | $0.010 | OrdinaryDividend |
| Dec 26, 2019 | $0.000 | OrdinaryDividend |
| Nov 25, 2019 | $0.000 | OrdinaryDividend |
BSNIX - Fund Manager Analysis
Managers
Erik Schleicher
Start Date
Tenure
Tenure Rank
Nov 15, 2019
2.54
2.5%
Erik's responsibilities include portfolio management, credit research and strategy development in the municipal sector. Erik obtained his undergraduate degree from the University of Wisconsin-Oshkosh and his MBA from the University of Wisconsin-Milwaukee. He earned the Chartered Financial Analyst designation in 2017 and is currently a member of the CFA Institute and the CFA Society of Milwaukee. Prior to joining Baird Advisors, Erik was a Portfolio Manager with BMO Global Asset Management where he was responsible for managing tax-free fixed income strategies and credit research.
Lyle Fitterer
Start Date
Tenure
Tenure Rank
Nov 15, 2019
2.54
2.5%
Lyle has over 30 years of investment experience managing fixed income portfolios, with a primary focus on the municipal market. He plays a lead role in the formulation and implementation of investment strategy with a major portion of his time allocated to municipal portfolio management and credit research. Lyle received his undergraduate degree in accounting from the University of North Dakota. He was awarded the Chartered Financial Analyst designation in 1996. Lyle is currently a member of the CFA Institute and is a member of the CFA Society of Milwaukee. Prior to joining Baird Advisors, Lyle served as the co-head of Global Fixed Income and the head of the Municipal Fixed Income team at Wells Fargo Asset Management (WFAM).
Joseph Czechowicz
Start Date
Tenure
Tenure Rank
Nov 15, 2019
2.54
2.5%
Joe's responsibilities include portfolio management, credit research and strategy development in the municipal sector. Joe obtained his undergraduate degree from the University of Wisconsin-Parkside and his MBA with a concentration in applied security analysis from the University of Wisconsin-Madison. He earned the Chartered Financial Analyst designation in 2017 and is currently a member of the CFA Institute and the CFA Society of Milwaukee. Prior to joining Baird Advisors, Joe was a Portfolio Manager with BMO Global Asset Management where he was responsible for managing tax-free fixed income strategies and credit research.
Duane McAllister
Start Date
Tenure
Tenure Rank
Nov 15, 2019
2.54
2.5%
Duane has more than 30 years of investment experience managing fixed income portfolios, with a primary focus on the municipal market. He plays a lead role in the formulation and implementation of investment strategy with a major portion of his time allocated to municipal portfolio management and credit research. Duane obtained his undergraduate degree from Northern Illinois University and earned the Chartered Financial Analyst designation in 1991. He is currently a member of the CFA Institute and the CFA Society of Milwaukee. Prior to joining Baird Advisors, Duane was a Managing Director and Senior Portfolio Manager at BMO Global Asset Management where he was the lead portfolio manager for tax-free fixed income strategies.
Gabe Diederich
Start Date
Tenure
Tenure Rank
May 01, 2022
0.08
0.1%
Gabe's responsibilities include helping to set and implement investment strategy with a major portion of his time allocated to municipal portfolio management and credit research. Gabe received his bachelor’s degree with distinction from the University of Wisconsin at Madison School of Business and his MBA from Marquette University magna cum laude. He earned the Chartered Financial Analyst (CFA) designation in 2012 and is active in the CFA Society of Milwaukee. Gabe is a member of the National Federation of Municipal Analysts (NFMA) and the Chicago Municipal Analysts Society. Prior to joining Baird Advisors, Gabe spent 17 years at Wells Fargo Asset Management (WFAM) and its predecessor firm, Strong Capital Management. At WFAM Gabe was a municipal portfolio manager working on over $40B in client municipal assets including mutual funds and institutional separate accounts.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.36 | 1.58 |
