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STET MASSACHUSETTS MUNICIPAL BOND FUND
mutual fund
SMAAX
Payout Change
Pending
Price as of:
$10.01
+0.0
+0.0%
primary theme
Municipal Bond
share class
SMAAX (Mutual Fund)
STET MASSACHUSETTS MUNICIPAL BOND FUND
Payout Change
Pending
Price as of:
$10.01
+0.0
+0.0%
primary theme
Municipal Bond
share class
SMAAX (Mutual Fund)
STET MASSACHUSETTS MUNICIPAL BOND FUND
Payout Change
Pending
Price as of:
$10.01
+0.0
+0.0%
primary theme
Municipal Bond
share class
Name
As of 12/24/2024Price
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
-0.4%
1 yr return
-0.3%
3 Yr Avg Return
-1.2%
5 Yr Avg Return
0.0%
Net Assets
$61 M
Holdings in Top 10
31.6%
52 WEEK LOW AND HIGH
$10.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.83%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 9.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
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
SMAAX - Profile
Distributions
- YTD Total Return -0.4%
- 3 Yr Annualized Total Return -1.2%
- 5 Yr Annualized Total Return 0.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.36%
- Dividend Yield 1.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameSTET MASSACHUSETTS MUNICIPAL BOND FUND
-
Fund Family NameSEI Funds
-
Inception DateAug 19, 1998
-
Shares Outstanding7743106
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRichard Bamford
Fund Description
The Massachusetts Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and Massachusetts state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. The principal issuers of these securities are state
and local governments and their agencies located in Massachusetts, as well as in Puerto Rico and other U.S. territories and possessions.
The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Massachusetts state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).
SMAAX - Performance
Return Ranking - Trailing
| Period | SMAAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.4% | -7.3% | 37.5% | 94.16% |
| 1 Yr | -0.3% | -7.4% | 37.6% | 94.09% |
| 3 Yr | -1.2%* | -11.8% | 5.1% | 64.28% |
| 5 Yr | 0.0%* | -7.4% | 1103.2% | 80.66% |
| 10 Yr | 1.1%* | -1.1% | 248.8% | 72.49% |
* Annualized
Return Ranking - Calendar
| Period | SMAAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.7% | -1.4% | 41.0% | 52.86% |
| 2022 | -8.0% | -39.7% | 0.3% | 20.68% |
| 2021 | -2.4% | -5.6% | 6.9% | 99.04% |
| 2020 | 2.5% | -2.6% | 310.0% | 16.74% |
| 2019 | 4.1% | 0.0% | 26.0% | 36.79% |
Total Return Ranking - Trailing
| Period | SMAAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.4% | -7.3% | 37.5% | 94.16% |
| 1 Yr | -0.3% | -7.4% | 37.6% | 94.09% |
| 3 Yr | -1.2%* | -11.8% | 5.1% | 64.28% |
| 5 Yr | 0.0%* | -7.4% | 1103.2% | 80.66% |
| 10 Yr | 1.1%* | -1.1% | 248.8% | 72.49% |
* Annualized
Total Return Ranking - Calendar
| Period | SMAAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.3% | -1.3% | 41.0% | 79.19% |
| 2022 | -6.8% | -39.7% | 1.1% | 24.51% |
| 2021 | -0.8% | -4.8% | 23761504.0% | 97.53% |
| 2020 | 4.5% | -1.5% | 17057.9% | 26.26% |
| 2019 | 6.3% | 0.2% | 3514.6% | 56.01% |
NAV & Total Return History
SMAAX - Holdings
Concentration Analysis
| SMAAX | Category Low | Category High | SMAAX % Rank | |
|---|---|---|---|---|
| Net Assets | 61 M | 3.22 M | 71.9 B | 92.14% |
| Number of Holdings | 66 | 4 | 13418 | 95.16% |
| Net Assets in Top 10 | 18.7 M | -317 M | 3.09 B | 89.19% |
| Weighting of Top 10 | 31.62% | 1.8% | 100.3% | 10.75% |
Top 10 Holdings
- MASSACHUSETTS ST DEV FIN AGY R MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 4.97%
- MASSACHUSETTS ST COMMONWEALTH OF MASSACHUSETTS 4.91%
- MASSACHUSETTS ST BAY TRANSPRTN MASSACHUSETTS BAY TRANSPORTATION AUTHORITY SALES T 3.06%
- UNIV OF MASSACHUSETTS MA BLDGA UNIVERSITY OF MASSACHUSETTS BUILDING AUTHORITY 2.83%
- LOWELL MA CITY OF LOWELL MA 2.77%
- BOSTON MA CITY OF BOSTON MA 2.75%
- MASSACHUSETTS ST COMMONWEALTH OF MASSACHUSETTS 2.74%
- MASSACHUSETTS ST BAY TRANSPRTN MASSACHUSETTS BAY TRANSPORTATION AUTHORITY SALES T 2.71%
- MASSACHUSETTS ST CLEAN WTR TRU MASSACHUSETTS CLEAN WATER TRUST/THE 2.54%
- MASSACHUSETTS ST DEV FIN AGY R MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 2.35%
Asset Allocation
| Weighting | Return Low | Return High | SMAAX % Rank | |
|---|---|---|---|---|
| Bonds | 99.03% | 0.00% | 150.86% | 47.38% |
| Cash | 0.97% | -50.86% | 44.62% | 53.73% |
| Stocks | 0.00% | 0.00% | 99.77% | 83.69% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 82.54% |
| Other | 0.00% | -3.69% | 53.54% | 82.20% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 84.83% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | SMAAX % Rank | |
|---|---|---|---|---|
| Municipal | 99.47% | 44.39% | 100.00% | 30.55% |
| Cash & Equivalents | 0.07% | 0.00% | 44.41% | 51.24% |
| Derivative | 0.00% | -3.69% | 53.54% | 81.40% |
| Securitized | 0.00% | 0.00% | 5.93% | 83.48% |
| Corporate | 0.00% | 0.00% | 9.41% | 87.12% |
| Government | 0.00% | 0.00% | 52.02% | 86.11% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | SMAAX % Rank | |
|---|---|---|---|---|
| US | 99.03% | 0.00% | 142.23% | 45.40% |
| Non US | 0.00% | 0.00% | 23.89% | 82.67% |
SMAAX - Expenses
Operational Fees
| SMAAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.83% | 0.01% | 8.02% | 40.39% |
| Management Fee | 0.33% | 0.00% | 1.20% | 22.28% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.20% | 0.01% | 0.44% | 90.48% |
Sales Fees
| SMAAX 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
| SMAAX 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.
| SMAAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 9.00% | 0.00% | 283.00% | 17.35% |
SMAAX - Distributions
Dividend Yield Analysis
| SMAAX | Category Low | Category High | SMAAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.75% | 0.00% | 14.51% | 93.96% |
Dividend Distribution Analysis
| SMAAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| SMAAX | Category Low | Category High | SMAAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.36% | -0.53% | 5.33% | 77.16% |
Capital Gain Distribution Analysis
| SMAAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.015 | OrdinaryDividend |
| Oct 31, 2024 | $0.015 | OrdinaryDividend |
| Sep 30, 2024 | $0.012 | OrdinaryDividend |
| Aug 30, 2024 | $0.015 | OrdinaryDividend |
| Jul 31, 2024 | $0.015 | OrdinaryDividend |
| Mar 28, 2024 | $0.013 | OrdinaryDividend |
| Feb 29, 2024 | $0.013 | OrdinaryDividend |
| Jan 31, 2024 | $0.014 | OrdinaryDividend |
| Dec 29, 2023 | $0.012 | OrdinaryDividend |
| Nov 30, 2023 | $0.012 | OrdinaryDividend |
| Oct 31, 2023 | $0.013 | OrdinaryDividend |
| Sep 29, 2023 | $0.012 | OrdinaryDividend |
| Aug 31, 2023 | $0.013 | OrdinaryDividend |
| Jul 31, 2023 | $0.013 | OrdinaryDividend |
| Jun 30, 2023 | $0.012 | OrdinaryDividend |
| May 31, 2023 | $0.012 | OrdinaryDividend |
| Apr 28, 2023 | $0.012 | OrdinaryDividend |
| Mar 31, 2023 | $0.011 | OrdinaryDividend |
| Feb 28, 2023 | $0.011 | OrdinaryDividend |
| Jan 31, 2023 | $0.012 | OrdinaryDividend |
| Dec 30, 2022 | $0.009 | OrdinaryDividend |
| Nov 30, 2022 | $0.012 | OrdinaryDividend |
| Oct 31, 2022 | $0.011 | OrdinaryDividend |
| Sep 30, 2022 | $0.010 | OrdinaryDividend |
| Aug 31, 2022 | $0.012 | OrdinaryDividend |
| Jul 29, 2022 | $0.010 | OrdinaryDividend |
| Jun 30, 2022 | $0.011 | OrdinaryDividend |
| May 31, 2022 | $0.011 | OrdinaryDividend |
| Apr 29, 2022 | $0.010 | OrdinaryDividend |
| Mar 31, 2022 | $0.010 | OrdinaryDividend |
| Feb 28, 2022 | $0.010 | OrdinaryDividend |
| Jan 31, 2022 | $0.010 | OrdinaryDividend |
| Dec 31, 2021 | $0.011 | OrdinaryDividend |
| Dec 15, 2021 | $0.047 | CapitalGainLongTerm |
| Nov 30, 2021 | $0.011 | OrdinaryDividend |
| Oct 29, 2021 | $0.010 | OrdinaryDividend |
| Sep 30, 2021 | $0.010 | OrdinaryDividend |
| Aug 31, 2021 | $0.011 | OrdinaryDividend |
| Jul 30, 2021 | $0.009 | OrdinaryDividend |
| Jun 30, 2021 | $0.011 | OrdinaryDividend |
| May 28, 2021 | $0.011 | OrdinaryDividend |
| Apr 30, 2021 | $0.010 | OrdinaryDividend |
| Mar 31, 2021 | $0.012 | OrdinaryDividend |
| Feb 26, 2021 | $0.009 | OrdinaryDividend |
| Jan 29, 2021 | $0.012 | OrdinaryDividend |
| Dec 31, 2020 | $0.011 | OrdinaryDividend |
| Dec 10, 2020 | $0.049 | CapitalGainLongTerm |
| Nov 30, 2020 | $0.012 | OrdinaryDividend |
| Oct 30, 2020 | $0.012 | OrdinaryDividend |
| Sep 30, 2020 | $0.013 | OrdinaryDividend |
| Aug 31, 2020 | $0.013 | OrdinaryDividend |
| Jul 31, 2020 | $0.012 | OrdinaryDividend |
| Jun 30, 2020 | $0.014 | OrdinaryDividend |
| May 29, 2020 | $0.013 | OrdinaryDividend |
| Apr 30, 2020 | $0.013 | OrdinaryDividend |
| Mar 31, 2020 | $0.013 | OrdinaryDividend |
| Feb 28, 2020 | $0.013 | OrdinaryDividend |
| Jan 31, 2020 | $0.014 | OrdinaryDividend |
| Dec 31, 2019 | $0.014 | OrdinaryDividend |
| Dec 12, 2019 | $0.042 | CapitalGainLongTerm |
| Nov 29, 2019 | $0.014 | OrdinaryDividend |
| Oct 31, 2019 | $0.014 | OrdinaryDividend |
| Sep 30, 2019 | $0.014 | OrdinaryDividend |
| Aug 30, 2019 | $0.015 | OrdinaryDividend |
| Jul 31, 2019 | $0.014 | OrdinaryDividend |
| Jun 28, 2019 | $0.014 | OrdinaryDividend |
| Dec 13, 2018 | $0.017 | CapitalGainLongTerm |
| Dec 13, 2017 | $0.041 | CapitalGainLongTerm |
| Dec 14, 2016 | $0.058 | CapitalGainLongTerm |
| Dec 10, 2015 | $0.096 | CapitalGainLongTerm |
| Dec 06, 2011 | $0.001 | CapitalGainShortTerm |
| Dec 06, 2011 | $0.055 | CapitalGainLongTerm |
| Dec 03, 2009 | $0.036 | CapitalGainLongTerm |
| Dec 04, 2008 | $0.029 | CapitalGainLongTerm |
| Dec 05, 2007 | $0.017 | CapitalGainLongTerm |
| Dec 06, 2006 | $0.009 | CapitalGainLongTerm |
| Dec 07, 2005 | $0.000 | CapitalGainShortTerm |
| Dec 07, 2005 | $0.038 | CapitalGainLongTerm |
| Dec 08, 2004 | $0.060 | CapitalGainLongTerm |
| Dec 03, 2003 | $0.025 | CapitalGainShortTerm |
| Dec 03, 2003 | $0.143 | CapitalGainLongTerm |
| Dec 04, 2002 | $0.009 | CapitalGainShortTerm |
| Dec 04, 2002 | $0.199 | CapitalGainLongTerm |
| Dec 05, 2001 | $0.011 | CapitalGainLongTerm |
SMAAX - Fund Manager Analysis
Managers
Richard Bamford
Start Date
Tenure
Tenure Rank
Dec 31, 1999
22.43
22.4%
Richard A. Bamford serves as a Portfolio Manager for the Fixed Income Team within SIMC's Investment Management Unit. Mr. Bamford is responsible for investment grade debt and municipal bond portfolios. Mr. Bamford's duties include manager analysis and selection, strategy development and enhancement as well as investment research. Mr. Bamford has over 20 years of investment experience in investment management. Prior to joining SEI in 1999, Mr. Bamford worked as a Municipal Credit Analyst for Vanguard. Mr. Bamford received a Bachelor of Science in Economics/Finance and Accounting from the University of Scranton and an M.B.A. with a concentration in Finance from St. Joseph's University.
Daniel Rabasco
Start Date
Tenure
Tenure Rank
Dec 31, 2010
11.42
11.4%
Dan is the head of municipal bonds at Mellon Investments Corp, overseeing and guiding the investment management process for the firm’s tax-exempt strategies. Previously, he was the head of trading for tax-exempt bonds, responsible for managing the municipal bond trading desk. Before joining the firm, Dan directed the municipal bond group at Fleet where he was responsible for managing mutual fund, common trust fund and high net worth client assets. Previously, he was a portfolio manager at Evergreen Investments, where he managed national and state-specific mutual funds. His other responsibilities included hospital and high yield credit analysis. Dan began his career as a municipal analyst at Liberty Insurance Company. Dan has been in the investment industry since 1987. Dan holds a BA from Boston College and an MBA from Suffolk University. Dan has served as a member of the Municipal Securities Rulemaking Board's Investor Advisory Group (2004-2008). He holds the CFA® designation and is a member of the CFA Institute.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.36 | 1.58 |
