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PMC Core Fixed Income Fund
mutual fund
PMFQX
Payout Change
Pending
Price as of:
$14.3357
+0.0
+0.02%
primary theme
N/A
share class
PMFQX (Mutual Fund)
PMC Core Fixed Income Fund
Payout Change
Pending
Price as of:
$14.3357
+0.0
+0.02%
primary theme
N/A
share class
PMFQX (Mutual Fund)
PMC Core Fixed Income Fund
Payout Change
Pending
Price as of:
$14.3357
+0.0
+0.02%
primary theme
N/A
share class
Name
As of 05/31/2024Price
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
15.6%
1 yr return
20.1%
3 Yr Avg Return
2.2%
5 Yr Avg Return
N/A
Net Assets
$327 M
Holdings in Top 10
17.1%
52 WEEK LOW AND HIGH
$14.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.91%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 227.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/31/2024Price
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
PMFQX - Profile
Distributions
- YTD Total Return 15.6%
- 3 Yr Annualized Total Return 2.2%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.72%
- Dividend Yield 3.9%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NamePMC Core Fixed Income Fund
-
Fund Family NamePMC Funds
-
Inception DateSep 28, 2007
-
Shares Outstanding25700939
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBrandon Thomas
Fund Description
Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities that are rated investment grade or better (i.e., securities rated in the top four ratings categories by independent rating organizations such as Standard & Poor’s Ratings Group (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) or another nationally recognized statistical rating organization (“NRSRO”), or determined to be of comparable quality by the Adviser or sub-adviser if the security is unrated). In addition, the Fund may invest up to 20% of its net assets, measured at the time of purchase, in high-yield debt securities that are rated BB+ or lower by a NRSRO, or, if unrated, securities deemed by the Adviser or a sub-adviser to be of comparable quality). Such securities are considered to be below “investment grade” and are also known as “junk bonds.” The lowest rating for any high-yield debt security in which the Fund may invest is CCC+ by a NRSRO. In the event a security is split rated by two or more NRSROs, the higher rating will be used to determine credit quality. The Fund may invest in fixed income securities with a range of maturities, from short-term obligations carrying maturities of less than one year to long-term obligations carrying maturities of more than 20 years. It is expected that the weighted average maturity of the securities in the Fund will closely approximate the weighted average maturity of the Bloomberg U.S. Aggregate Bond Index.
Read More
The Fund intends to invest in the following types of fixed income securities:
• U.S. Government and U.S. Agency Obligations | • U.S. Treasury obligations and other “stripped securities” |
• mortgage-backed securities | • asset-backed securities |
• U.S. and foreign corporate debt | • municipal securities |
• obligations of international agencies or supranational entities | • zero-coupon, pay-in-kind or deferred-payment securities |
• when-issued securities | • delayed-delivery securities |
• custodial receipts | • high-yield debt securities |
• emerging markets debt | • convertible securities |
The Fund may invest up to 20% of its net assets in fixed income securities issued by foreign corporations and foreign governments, including corporations and governments in emerging markets that are denominated in a currency other than the U.S. dollar. The foreign fixed income securities in which the Fund invests may have maturities of any length, and may be investment grade, non-investment grade or unrated. In addition to direct investments in fixed income securities, at any time the Fund may seek to achieve its investment objective by allocating up to 100% of its assets among shares of different exchange-traded funds (“ETFs”) that invest in fixed income securities that are rated investment grade or better by Moody’s, S&P or another NRSRO.
The Manager of Managers Approach. The Adviser is responsible for developing, constructing and monitoring the asset allocation and portfolio strategy for the Fund and may actively manage a portion of the Fund’s portfolio. The Adviser believes that an investment’s reward and risk characteristics can be enhanced by employing multiple sub-advisory firms, with complementary styles and approaches, who manage distinct segments of a market, asset class or investment style for the Fund. In managing the Fund, the Fund’s sub-advisers generally rely on detailed proprietary research. The sub-advisers focus on the sectors and securities they believe are undervalued relative to the market. The Fund’s sub-advisers will trade the Fund’s portfolio
securities actively, and may experience a high portfolio turnover rate. In selecting individual securities for investment, the Fund’s sub-advisers typically:
•use in-depth fundamental research to identify sectors and securities for investment by the Fund and to analyze risk;
•exploit inefficiencies in the valuation of risk and reward;
•look to capitalize on rapidly shifting market risks and dynamics caused by economic and technical factors; and
•consider the liquidity of securities and the portfolio overall as an important factor in portfolio construction.
The Fund’s sub-advisers generally sell securities in order to take advantage of investments in other securities offering what the sub-adviser believes is the potential for more attractive current income or capital gain or both.
PMFQX - Performance
Return Ranking - Trailing
| Period | PMFQX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.6% | -9.6% | 5.2% | 90.57% |
| 1 Yr | 20.1% | -8.6% | 12.4% | 60.46% |
| 3 Yr | 2.2%* | -10.8% | 25.0% | 51.38% |
| 5 Yr | N/A* | -7.3% | 190.4% | 36.95% |
| 10 Yr | N/A* | -2.8% | 73.4% | 63.45% |
* Annualized
Return Ranking - Calendar
| Period | PMFQX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.4% | -16.2% | 8.1% | 31.85% |
| 2022 | -15.6% | -34.7% | 131.9% | 39.48% |
| 2021 | -4.0% | -11.6% | 4.4% | 76.75% |
| 2020 | 3.3% | -10.1% | 946.1% | 64.63% |
| 2019 | N/A | -1.7% | 16.9% | N/A |
Total Return Ranking - Trailing
| Period | PMFQX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.6% | -9.6% | 5.2% | 90.57% |
| 1 Yr | 20.1% | -8.6% | 12.4% | 60.46% |
| 3 Yr | 2.2%* | -10.8% | 25.0% | 51.38% |
| 5 Yr | N/A* | -7.3% | 190.4% | 33.71% |
| 10 Yr | N/A* | -2.8% | 73.4% | 60.14% |
* Annualized
Total Return Ranking - Calendar
| Period | PMFQX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.4% | -11.3% | 11.0% | 37.20% |
| 2022 | -13.5% | -32.2% | 131.9% | 45.36% |
| 2021 | -1.1% | -9.4% | 9.2% | 53.82% |
| 2020 | 9.9% | -1.9% | 1009.0% | 19.91% |
| 2019 | N/A | 1.1% | 21668.0% | N/A |
NAV & Total Return History
PMFQX - Holdings
Concentration Analysis
| PMFQX | Category Low | Category High | PMFQX % Rank | |
|---|---|---|---|---|
| Net Assets | 327 M | 2.9 M | 314 B | 73.22% |
| Number of Holdings | 694 | 1 | 17889 | 50.45% |
| Net Assets in Top 10 | 49.4 M | 1.57 M | 34.8 B | 81.11% |
| Weighting of Top 10 | 17.14% | 4.4% | 132.5% | 72.45% |
Top 10 Holdings
- Mount Vernon Liquid Assets Portfolio, LLC 8.55%
- iShares Core U.S. Aggregate Bond ETF 1.48%
- United States Treasury Note/Bond 1.38%
- Apple Inc 0.96%
- Microsoft Corp 0.91%
- Public Storage Operating Co 0.90%
- First American Government Obligations Fund 0.87%
- Trinitas CLO XXV Ltd 0.70%
- Delta Air Lines Inc / SkyMiles IP Ltd 0.70%
- Fort Washington CLO 2021-2 LTD 0.70%
Asset Allocation
| Weighting | Return Low | Return High | PMFQX % Rank | |
|---|---|---|---|---|
| Bonds | 92.61% | 0.00% | 215.98% | 66.00% |
| Cash | 9.42% | -54.51% | 87.74% | 15.08% |
| Other | 5.24% | -10.23% | 53.20% | 43.22% |
| Convertible Bonds | 3.52% | 0.00% | 7.93% | 6.07% |
| Stocks | 1.48% | 0.00% | 99.99% | 7.22% |
| Preferred Stocks | 0.06% | 0.00% | 74.98% | 21.01% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PMFQX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 35.05% |
| Technology | 0.00% | 0.00% | 43.45% | 15.43% |
| Real Estate | 0.00% | 0.00% | 99.26% | 22.83% |
| Industrials | 0.00% | 0.00% | 48.31% | 28.94% |
| Healthcare | 0.00% | 0.00% | 17.70% | 27.97% |
| Financial Services | 0.00% | 0.00% | 100.00% | 2.25% |
| Energy | 0.00% | 0.00% | 100.00% | 62.70% |
| Communication Services | 0.00% | 0.00% | 100.00% | 39.23% |
| Consumer Defense | 0.00% | 0.00% | 99.67% | 19.29% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 30.23% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 28.30% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PMFQX % Rank | |
|---|---|---|---|---|
| US | 1.48% | 0.00% | 99.99% | 7.24% |
| Non US | 0.00% | 0.00% | 86.42% | 22.91% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PMFQX % Rank | |
|---|---|---|---|---|
| Securitized | 41.77% | 0.00% | 98.40% | 20.34% |
| Corporate | 40.38% | 0.00% | 100.00% | 20.45% |
| Government | 15.94% | 0.00% | 86.23% | 72.27% |
| Cash & Equivalents | 9.42% | 0.00% | 83.04% | 15.68% |
| Derivative | 0.00% | -9.72% | 50.66% | 61.11% |
| Municipal | 0.00% | 0.00% | 100.00% | 77.53% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PMFQX % Rank | |
|---|---|---|---|---|
| US | 92.61% | 0.00% | 215.98% | 57.79% |
| Non US | 0.00% | 0.00% | 33.48% | 47.84% |
PMFQX - Expenses
Operational Fees
| PMFQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.91% | 0.01% | 39.10% | 31.62% |
| Management Fee | 0.65% | 0.00% | 1.76% | 97.46% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
| PMFQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| PMFQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 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.
| PMFQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 227.00% | 2.00% | 493.39% | 73.46% |
PMFQX - Distributions
Dividend Yield Analysis
| PMFQX | Category Low | Category High | PMFQX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.90% | 0.00% | 10.11% | 50.35% |
Dividend Distribution Analysis
| PMFQX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | SemiAnnual | Quarterly | SemiAnnual |
Net Income Ratio Analysis
| PMFQX | Category Low | Category High | PMFQX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.72% | -1.28% | 4.79% | 48.36% |
Capital Gain Distribution Analysis
| PMFQX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 15, 2023 | $0.559 | OrdinaryDividend |
| Dec 16, 2022 | $0.379 | OrdinaryDividend |
| Dec 17, 2021 | $0.285 | OrdinaryDividend |
| Dec 17, 2021 | $0.053 | CapitalGainShortTerm |
| Dec 17, 2021 | $0.168 | CapitalGainLongTerm |
| Dec 18, 2020 | $0.409 | OrdinaryDividend |
| Dec 18, 2020 | $0.423 | CapitalGainShortTerm |
| Dec 18, 2020 | $0.292 | CapitalGainLongTerm |
| Dec 19, 2019 | $0.480 | OrdinaryDividend |
| Dec 19, 2019 | $0.022 | CapitalGainShortTerm |
PMFQX - Fund Manager Analysis
Managers
Brandon Thomas
Start Date
Tenure
Tenure Rank
May 06, 2010
12.08
12.1%
As a Co-Founder and Chief Investment Officer of Envestnet, Mr. Thomas is responsible for the development of the firm's investment policy and leads the firm’s Quantitative Research Group (QRG). Mr. Thomas co-chairs the firm’s Investment Committee. Mr. Thomas received an AB in Economics from Brown University, an MBA in Finance and Accounting from the University of Chicago, and a JD from DePaul University.
Thanos Bardas
Start Date
Tenure
Tenure Rank
Jul 01, 2019
2.92
2.9%
Thanos Bardas, PhD, Managing Director, joined the firm in 1998. Thanos is the Head of Global Rates and serves as a Senior Portfolio Manager on Global Investment Grade and Multi-Sector Fixed income strategies. He sits on the firm’s Asset Allocation Committee and Fixed Income’s Investment Strategy Committee, and is a member of the Fixed Income Multi-Sector Group. Thanos also leads the Global Rates team in determining rates exposure across various portfolio strategies and oversees both inflation and LDI investments. Thanos graduated with honors from Aristotle University, Greece, earned his MS from the University of Crete, Greece, and holdsa PhD in Theoretical Physics from State University of New York at Stony Brook. He holds FINRA Series 7 and Series 66 licenses.
David Brown
Start Date
Tenure
Tenure Rank
Jul 01, 2019
2.92
2.9%
David M. Brown, CFA, Managing Director, rejoined the firm in 2003. Dave is Global Co-Head of Investment Grade and acts as Senior Portfolio Manager on both Global Investment Grade and Multi-Sector Fixed Income strategies. He is a member of the Fixed Income Investment Strategy Committee and the Fixed Income Multi-Sector Group. Dave also leads the Investment Grade Credit team in determining credit exposures across both Global Investment Grade and Multi-Sector Fixed Income strategies. Dave initially joined the firm in 1991 after graduating from the University of Notre Dame with a BA in Government and subsequently received his MBA in Finance from Northwestern University. Prior to his return, he was a senior credit analyst at Zurich Scudder Investments and later a credit analyst and portfolio manager at Deerfield Capital. Dave has been awarded the Chartered Financial Analyst designation.
Nathan Kush
Start Date
Tenure
Tenure Rank
Jul 01, 2019
2.92
2.9%
Nathan Kush is a Managing Director of Neuberger Berman Investment Advisers LLC. He joined the firm in 2001. He is a member of the portfolio management team for the firm’s Global Investment Grade strategies. Additionally, he is involved in investment grade credit research and, previously, covered the banking, brokerage, finance, insurance and REIT sectors. Before joining the investment grade team, he spent three years in Debt Capital Markets in the Investment Banking Division of Lehman Brothers. Nathan earned a BS in Finance and Accounting from Tulane University and an MBA from the University of Chicago.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 33.43 | 6.78 | 1.16 |
