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Boyd Watterson Limited Duration Enhanced Income Fund
mutual fund
BWDIX
Payout Change
Pending
Price as of:
$9.79
+0.02
+0.2%
primary theme
Bond Sector Diversified
share class
BWDIX (Mutual Fund)
Boyd Watterson Limited Duration Enhanced Income Fund
Payout Change
Pending
Price as of:
$9.79
+0.02
+0.2%
primary theme
Bond Sector Diversified
share class
BWDIX (Mutual Fund)
Boyd Watterson Limited Duration Enhanced Income Fund
Payout Change
Pending
Price as of:
$9.79
+0.02
+0.2%
primary theme
Bond Sector Diversified
share class
Name
As of 11/07/2024Price
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
6.2%
1 yr return
9.4%
3 Yr Avg Return
4.0%
5 Yr Avg Return
3.8%
Net Assets
$361 M
Holdings in Top 10
24.4%
52 WEEK LOW AND HIGH
$9.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.60%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 73.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
$100,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/07/2024Price
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
BWDIX - Profile
Distributions
- YTD Total Return 6.2%
- 3 Yr Annualized Total Return 4.0%
- 5 Yr Annualized Total Return 3.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.89%
- Dividend Yield 5.8%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameBoyd Watterson Limited Duration Enhanced Income Fund
-
Fund Family NameBoyd Watterson
-
Inception DateApr 13, 2017
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBrian Convery
Fund Description
Principal Investment Strategies: Under normal market conditions, the Fund invests a majority of its assets in investments in domestic, and U.S. dollar denominated foreign, income-producing securities. These securities are (i) below investment-grade (also known as “junk” bonds) and investment grade fixed income securities, asset-backed securities, hybrid corporate securities that combine equity and debt characteristics such as preferred stocks, bank loans, and U.S. government securities, and (ii) equity securities. The Fund may make these investments directly or, from time to time, indirectly through exchange traded funds (“ETFs”), which include inverse ETFs and through closed end funds. The targeted duration range of a Fund investment is between 1.5 years and 4.5 years.
The Fund’s investment strategy seeks to capitalize on inefficiencies in the public trading markets for fixed-income securities and bank loans using the proprietary methodology of the Adviser, described below.
Industry Allocation and Security Selection
The Adviser employs a disciplined and balanced approach that combines top-down and bottom-up analysis to determine industry allocations and security selection. Top-down analysis is a method of analysis that involves looking at the industry in which a company operates or at the economy as a whole first, and then analyzing duration, sector and industry allocations. Bottom-up analysis is a method of analysis that focuses on the analysis of individual companies rather than on the industry in which that company operates or on the economy as a whole. Furthermore, the Adviser uses fundamental research to inform industry allocation and security selection decisions by assessing factors affecting the eligible securities’ and industries’ value and momentum as well as fundamental factors (i.e., forecasted cash flow and credit quality outlook, the effect of economic cyclicality, and overall management quality). The industries in which the Fund may invest are the sixty-nine industries included in the Global Industry Classifications Standards.
Sector Allocation
The Adviser uses a combination of top-down and bottom-up analysis to determine sector allocation. The Adviser assesses the relative value of the securities across the eligible sectors informed by an assessment of factors affecting each eligible sector’s value and momentum as well as fundamental factors (i.e., overall market conditions, business and credit cycle conditions, economic growth and inflation forecasts, government policy actions, and historical yield and return volatility versus forecasts). The Fund may invest in all bond market sectors except non-USD-denominated securities.
Tactical Trading Opportunities
The Fund seeks to capitalize on market volatility that is due to short-term causes in the marketplace. The Adviser quickly makes assessments of fundamentals, valuations and momentum to accommodate the short-term event, portfolio action and subsequent resolution. These opportunities take the form of incremental adjustments to security-specific weightings and sector allocations.
In addition, the Fund seeks to take advantage of new issues trading and special situations:
| · | New Issues Trading. Typically, new issues of fixed income securities are priced cheaply relative to the market to facilitate placement. Thereafter, the prices often tighten in the secondary market. The price for a lesser-known issuer can be significantly cheaper relative to the market. The Fund may acquire new issues of a less liquid issuer in an industry that is less closely followed since the issuer may have to provide additional yield to attract buyers. |
| · | Special Situations. Special trading opportunities arise as companies restructure, are acquired or go through other changes that can be analyzed and exploited. Such situations may offer a profit potential of several points due to tenders or make-whole calls that may come about because of an issuer’s desire to remove restrictive covenants in its bonds. |
Duration Management
The Fund seeks to maintain a limited duration in order to reduce the impact of rising interest rates on its total return. The Fund considers both duration and effective duration in determining the duration of the fixed income securities in which it invests. Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. The longer a bond’s duration, the greater impact rising interest rates have on the bond’s returns and volatility. Effective duration is a duration calculation for bonds with embedded options (meaning they have a feature that allows the bond to be called earlier than its stated duration) where the approximate percentage change in a bond’s price given a 100 bps change in interest rates is measured. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. The duration decision for the Fund is based on optimizing the positioning of the portfolio across the credit curve. The decision is dependent, in part, on the economic outlook of the market as determined by the Adviser.
BWDIX - Performance
Return Ranking - Trailing
| Period | BWDIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.2% | -9.5% | 17.0% | 46.14% |
| 1 Yr | 9.4% | -6.0% | 22.6% | 66.82% |
| 3 Yr | 4.0%* | -17.0% | 16.3% | 10.13% |
| 5 Yr | 3.8%* | -14.5% | 14.0% | 17.12% |
| 10 Yr | N/A* | -7.0% | 6.8% | N/A |
* Annualized
Return Ranking - Calendar
| Period | BWDIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.4% | -12.0% | 8.9% | 36.52% |
| 2022 | -6.9% | -31.8% | 18.4% | 19.12% |
| 2021 | -1.1% | -16.2% | 25.7% | 39.54% |
| 2020 | 1.0% | -31.1% | 18.7% | 57.02% |
| 2019 | 4.1% | -6.1% | 15.3% | 56.62% |
Total Return Ranking - Trailing
| Period | BWDIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.2% | -9.5% | 17.0% | 46.14% |
| 1 Yr | 9.4% | -6.0% | 22.6% | 66.82% |
| 3 Yr | 4.0%* | -17.0% | 16.3% | 10.13% |
| 5 Yr | 3.8%* | -14.5% | 14.0% | 17.12% |
| 10 Yr | N/A* | -7.0% | 6.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | BWDIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.5% | -6.9% | 22.2% | 29.58% |
| 2022 | -3.3% | -31.8% | 21.1% | 18.64% |
| 2021 | 2.1% | -13.5% | 49.9% | 52.12% |
| 2020 | 4.4% | -28.6% | 24.1% | 60.75% |
| 2019 | 7.8% | -4.8% | 19.1% | 60.08% |
NAV & Total Return History
BWDIX - Holdings
Concentration Analysis
| BWDIX | Category Low | Category High | BWDIX % Rank | |
|---|---|---|---|---|
| Net Assets | 361 M | 2.53 M | 143 B | 60.48% |
| Number of Holdings | 157 | 4 | 9195 | 76.36% |
| Net Assets in Top 10 | 109 M | -204 M | 80.4 B | 59.88% |
| Weighting of Top 10 | 24.39% | 5.8% | 265.8% | 54.86% |
Top 10 Holdings
- FRST AM-GV OB-X 6.06%
- T 3 1/2 02/15/33 5.60%
- EART 2021-4A E 2.27%
- FIAOT 2023-1A D 1.95%
- NEUB 2014-17A CR3 1.70%
- ARES 2018-49A B 1.57%
- MTZ 4 1/2 08/15/28 1.39%
- MS 5.424 07/21/34 1.35%
- OAKC 2017-14A D1R 1.25%
- ELM21 2022-8A AR 1.24%
Asset Allocation
| Weighting | Return Low | Return High | BWDIX % Rank | |
|---|---|---|---|---|
| Bonds | 73.61% | 0.00% | 199.60% | 75.74% |
| Other | 19.61% | -73.61% | 147.15% | 14.46% |
| Cash | 6.06% | -94.66% | 91.07% | 33.13% |
| Preferred Stocks | 1.48% | 0.00% | 26.42% | 10.26% |
| Convertible Bonds | 0.55% | 0.00% | 33.50% | 63.90% |
| Stocks | 0.00% | -6.18% | 99.66% | 90.82% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | BWDIX % Rank | |
|---|---|---|---|---|
| Corporate | 67.31% | 0.00% | 96.66% | 11.24% |
| Securitized | 29.08% | 0.00% | 99.65% | 31.46% |
| Cash & Equivalents | 6.06% | 0.00% | 88.00% | 31.36% |
| Derivative | 0.00% | -73.61% | 147.15% | 69.89% |
| Municipal | 0.00% | 0.00% | 54.26% | 78.65% |
| Government | 0.00% | 0.00% | 99.43% | 93.58% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | BWDIX % Rank | |
|---|---|---|---|---|
| US | 73.61% | 0.00% | 199.60% | 57.54% |
| Non US | 0.00% | 0.00% | 74.14% | 89.74% |
BWDIX - Expenses
Operational Fees
| BWDIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.60% | 0.03% | 20.67% | 92.40% |
| Management Fee | 0.40% | 0.00% | 2.29% | 11.88% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| BWDIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.50% | N/A |
Trading Fees
| BWDIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | 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.
| BWDIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 73.00% | 0.00% | 632.00% | 44.17% |
BWDIX - Distributions
Dividend Yield Analysis
| BWDIX | Category Low | Category High | BWDIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.82% | 0.00% | 23.30% | 32.51% |
Dividend Distribution Analysis
| BWDIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| BWDIX | Category Low | Category High | BWDIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.89% | -1.55% | 11.51% | 51.34% |
Capital Gain Distribution Analysis
| BWDIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 27, 2024 | $0.143 | OrdinaryDividend |
| Jun 27, 2024 | $0.137 | OrdinaryDividend |
| Mar 27, 2024 | $0.126 | OrdinaryDividend |
| Dec 11, 2023 | $0.152 | OrdinaryDividend |
| Sep 28, 2023 | $0.144 | OrdinaryDividend |
| Jun 29, 2023 | $0.128 | OrdinaryDividend |
| Mar 30, 2023 | $0.114 | OrdinaryDividend |
| Dec 12, 2022 | $0.121 | OrdinaryDividend |
| Dec 12, 2022 | $0.002 | CapitalGainLongTerm |
| Sep 29, 2022 | $0.090 | OrdinaryDividend |
| Jun 29, 2022 | $0.074 | OrdinaryDividend |
| Mar 30, 2022 | $0.069 | OrdinaryDividend |
| Dec 15, 2021 | $0.079 | OrdinaryDividend |
| Dec 15, 2021 | $0.003 | CapitalGainShortTerm |
| Dec 15, 2021 | $0.022 | CapitalGainLongTerm |
| Sep 29, 2021 | $0.074 | OrdinaryDividend |
| Jun 29, 2021 | $0.074 | OrdinaryDividend |
| Mar 30, 2021 | $0.072 | OrdinaryDividend |
| Dec 16, 2020 | $0.092 | OrdinaryDividend |
| Sep 29, 2020 | $0.080 | OrdinaryDividend |
| Jun 29, 2020 | $0.072 | OrdinaryDividend |
| Mar 30, 2020 | $0.079 | OrdinaryDividend |
| Dec 16, 2019 | $0.094 | OrdinaryDividend |
| Sep 27, 2019 | $0.085 | OrdinaryDividend |
| Jun 27, 2019 | $0.085 | OrdinaryDividend |
| Mar 28, 2019 | $0.084 | OrdinaryDividend |
| Dec 19, 2018 | $0.135 | OrdinaryDividend |
| Sep 27, 2018 | $0.081 | OrdinaryDividend |
| Jun 28, 2018 | $0.093 | OrdinaryDividend |
| Mar 28, 2018 | $0.093 | OrdinaryDividend |
| Dec 20, 2017 | $0.046 | OrdinaryDividend |
| Sep 28, 2017 | $0.087 | OrdinaryDividend |
| Jun 29, 2017 | $0.017 | OrdinaryDividend |
BWDIX - Fund Manager Analysis
Managers
Brian Convery
Start Date
Tenure
Tenure Rank
Jun 03, 2016
5.99
6.0%
Brian A. Convery, CFA, is the Deputy CIO of Boyd Watterson, responsible with the CIO for developing and overseeing investment strategies for the company. He is the primary portfolio manager for Boyd Watterson’s private state government fund and a member of the Real Estate Investment Committee. In addition, Brian manages the company’s research and quantitative teams. Brian joined Boyd Watterson Asset Management in 2011. Prior to joining the company, Brian was a senior investment analyst with Key Private Bank in Cleveland. Previously, he was a partner at WR Huff Asset Management. Brian has also served as a management consultant with Deloitte Touche Tohmatsu Ltd. Brian holds a CFA Charter from CFA Institute, an MBA from Georgetown University, and a BA from the University of Dayton. He is a member of the CFA Society of Cleveland and CFA Institute.
David Dirk
Start Date
Tenure
Tenure Rank
Jun 03, 2016
5.99
6.0%
David M. Dirk, CFA, is Director of Portfolio Management and Trading. David joined Duff & Phelps Investment Management Co., predecessor to Boyd Watterson, in 1996. David holds a CFA Charter from CFA Institute, an MBA from Case Western Reserve University, and a BA from Baldwin Wallace University. He is also a member of the CFA Society of Cleveland and CFA Institute.
Michael Vandenbossche
Start Date
Tenure
Tenure Rank
Jun 03, 2016
5.99
6.0%
Mike R. Vandenbossche, CFA, is CIO of Fixed Income and oversees the company’s fixed income strategies. Mike joined Boyd Watterson Asset Management in 2014. Prior to joining the company, Mike was a portfolio manager with Ambassador Capital Management and Munder Capital Management. At Munder, he was a member of the investment strategy team, headed the captive insurance team and managed the corporate and CMBS sectors. Prior to joining Munder, Mike managed institutional fixed income portfolios for Victory Capital Management. Mike started his investment career at First of America Bank in 1990, holding multiple positions including portfolio manager, asset/liability manager, and municipal analyst. Mike holds a CFA Charter from CFA Institute, an MBA from Western Michigan University, and a BA from Central Michigan University. He is also a member of the CFA Society of Detroit and CFA Institute.
Brian Gevry
Start Date
Tenure
Tenure Rank
Jun 03, 2016
5.99
6.0%
Brian L. Gevry, CFA, is CEO and CIO of Boyd Watterson Asset Management, LLC, responsible for the strategic leadership of the company and the oversight of the company’s investment processes and committees. Brian also serves as a Manager of Boyd Watterson and as Chairman of the Real Estate Investment Committee. Prior to his role as CEO, Brian served as Boyd Watterson’s Chief Operating Officer from 2000–2006. Previous leadership roles with the company include Executive Vice President and member of the Operating Committee of Duff & Phelps Investment Management Co., Boyd Watterson’s predecessor company. Brian also held positions as a fixed income portfolio manager and senior strategist on the Conservative Value Equity and Fixed Income committees. Brian began his career with the company in 1991. Brian holds a CFA Charter from CFA Institute, an MBA from Case Western Reserve University, and a BA from Cleveland State University. He is a member of CFA Society Cleveland and of CFA Institute.
Michael Krushena
Start Date
Tenure
Tenure Rank
Jul 31, 2017
4.84
4.8%
Michael J. Krushena, CFA, is Deputy CIO of Fixed Income focusing on the high yield and securitized sectors. Prior to joining Boyd Watterson Asset Management in 2017, Michael was the deputy chief investment officer for the Retirement Systems of the City of Detroit. Earlier in his career, Michael served as a senior portfolio manager with Ambassador Capital Management and Munder Capital Management. At both institutions, Michael was a member of the Corporate Credit Strategy team and traded the corporate and asset-backed sectors. He also managed Munder Capital Management’s Enhanced Core institutional composite and the Munder Bond Fund. Michael started his investment career with First Chicago Capital Markets in 1995. Michael holds a CFA Charter from CFA Institute, an MBA from the University of Michigan, and a BA from the University of Michigan. He is also a member of the CFA Society of Detroit and the CFA Institute.
S.Brad Fush
Start Date
Tenure
Tenure Rank
Jul 31, 2021
0.83
0.8%
S. Brad Fush, CFA, is Director of Credit Research for the company’s fixed income strategies. Brad joined Boyd Watterson Asset Management in 2019. Prior to joining the company, Brad was the Director of Credit Research for Incore Capital Management and Munder Capital Management. At Incore, he was a senior member of the investment strategy committee and focused on credit analysis and credit modeling for the corporate sector. Brad started his career at Comerica Bank holding multiple positions including Manager, Commercial Lender and Commercial Credit Analyst. Brad holds a CFA Charter from the CFA Institute, an MS in Accounting and MBA in Finance from Wayne State University, and a BA in Economics from Albion College. He is also a member of the CFA Society of Detroit and the CFA Institute.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.71 | 3.19 |
