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CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

mutual fund
CRBSX
Payout Change
Pending
Price as of:
$8.58 +0.01 +0.12%
primary theme
U.S. Intermediate-Term Bond Duration
share class
CRBSX (Mutual Fund)

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

Payout Change
Pending
Price as of:
$8.58 +0.01 +0.12%
primary theme
U.S. Intermediate-Term Bond Duration
share class
CRBSX (Mutual Fund)

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

Payout Change
Pending
Price as of:
$8.58 +0.01 +0.12%
primary theme
U.S. Intermediate-Term Bond Duration
share class

Name

As of 12/06/2024

Price

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

$8.58

$1.99 B

3.94%

$0.34

0.36%

Vitals

YTD Return

4.2%

1 yr return

6.6%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$1.99 B

Holdings in Top 10

27.8%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.36%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/06/2024

Price

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

$8.58

$1.99 B

3.94%

$0.34

0.36%

CRBSX - Profile

Distributions

  • YTD Total Return 4.2%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND
  • Fund Family Name
    Catholic Responsible Investments Funds
  • Inception Date
    Jan 27, 2022
  • Shares Outstanding
    177431479
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Anujeet Sareen

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and other debt instruments. The Fund’s assets are allocated across different fixed-income market sectors and maturities. For purposes of the Fund’s 80% investment policy, fixed-income securities and debt instruments include mortgage related securities, including mortgage-backed securities (“MBS”), adjustable rate mortgages (“ARMs”) and mortgage pass-through securities; U.S. and non-U.S. corporate debt securities; Yankee Bonds (dollar-denominated obligations issued in the U.S. by non-U.S. banks and corporations); fixed income securities issued or guaranteed by the U.S. government, non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality; municipal bonds; asset-backed

securities; debt issuances of REITs; convertible bonds; preferred stock; covered bonds and bonds issued by U.S. colleges and universities; leveraged bank loans; commercial paper; floating rate notes and other securities included in the Index (defined below). The Fund may enter into repurchase agreements covering the foregoing securities. The Fund may invest up to 10% of its assets in debt securities that are rated below investment grade (commonly referred to as “high-yield” or “junk bonds”). The Fund’s fixed income securities may include unrated securities, if deemed by the Sub-Advisers to be of comparable quality to allowable investment grade and non-investment grade securities. A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities for immediate settlement and simultaneously purchases the same type of securities for forward settlement at a discount. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments), including to be announced MBS (“TBA”). The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. Some of these investments in derivatives will cause the Fund to be, in part, indirectly exposed to companies that would otherwise be screened out by the Adviser’s Catholic Responsible Investments screening criteria. Accordingly, the Fund limits such investments to situations where they (a) do not constitute, in the aggregate, more than 5% of the Fund’s investments at any time, and (b) where the Adviser determines such investments are necessary to achieve the Fund’s investment objective and when the Adviser believes there are no reasonable alternative investments that exist that are consistent with its Catholic Responsible Investing screening criteria.

The Fund will invest primarily in securities denominated in U.S. dollars. The Fund may invest in non-U.S. dollar securities issued by foreign entities, including developed and emerging market debt securities, some of which may include obligations of corporations, non-U.S. governments or their subdivisions, agencies, government-sponsored enterprises, foreign local government entities, and supranational entities. The Fund will strive to hedge non-U.S. dollar exposure through the use of derivatives in the form of currency forwards or currency swaps. Derivatives will not be used to gain exposure to non-U.S. dollar currencies. The Fund may invest in futures, primarily U.S. Treasury futures. The Fund may buy or sell futures to manage the Fund’s portfolio duration, yield curve positioning or trade execution on a more cost effective basis than by use of physical securities alone. The Fund may not purchase private placement securities except for securities eligible for re-sale under Rule 144A of the 1933 Act. The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.

The Adviser has engaged Mercer Investments LLC (“Mercer”), the Fund’s primary sub-adviser, to provide ongoing research, opinions and recommendations of institutional asset managers and their investment funds for consideration by the Adviser, on behalf of the Fund, with respect to sub-adviser selection and portfolio construction. However, Mercer does not have discretionary authority with respect to the investment of the Fund’s assets.

The Adviser, working closely with Mercer and in consideration of its recommendations, uses both a quantitative screening process and qualitative selection process when selecting investments for the Fund to implement its investment strategy. The Adviser and Mercer conduct research on various investment managers and investment options in order to establish a selection of investments to fulfill the Fund’s investment objectives. Mercer’s assistance and recommendations for selection of investment funds are made according to asset allocation, return expectations and other guidelines set by the Adviser with oversight of the Board. No assurance can be given that any or all investment strategies, or the Fund’s investment program, will be successful.

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) with

differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of the Adviser. The Sub-Advisers may engage in relative value trading and asset allocation for portfolio management. The Sub-Advisers actively manage the duration of the Fund and purchase securities such that the average weighted duration of the Fund’s portfolio will typically be within a range of +/- 20% of the Bloomberg U.S. Aggregate Bond Index (the “Index”). The Fund defines duration by reference to the Index.

Brandywine Global Investment Management, LLC (“Brandywine Global”)

Brandywine Global takes a top-down, macro, value-oriented approach to fixed income investing. Given the size of the U.S. economy and its deep interconnectedness with the global economy via trade, financial, central bank, and USD dependency, Brandywine Global seeks to understand the U.S. business and monetary cycles in relation to the broader global macro-economic picture as opposed to solely in isolation.

The Brandywine Global - U.S. Fixed Income (“USFI”) strategy utilized in the Fund is a U.S.-only strategy that emphasizes active duration management as a key alpha driver, supplemented by trigger-based allocations to investment grade credit when spreads have widened. Portfolio duration will be managed within a range of +/-25% of the Bloomberg U.S. Aggregate Bond Index. When investing in fixed income securities, Brandywine Global has a natural bias to own medium- to longer-dated fixed-rate bonds. Brandywine Global has the flexibility to reduce portfolio duration should it believe duration risk poses a significant threat to capital preservation. Brandywine Global invests primarily in U.S. government securities and investment-grade corporate credit. Brandywine Global accepts meaningful credit risk only after spreads have widened and the opportunity exists to invest in credit sectors trading at a discount, profiting as spreads normalize. Typically, the USFI strategy has employed limited use of derivatives. However, Brandywine Global has the option to use futures to adjust duration within the normal guideline bands. Credit default swaps are allowed for managing credit exposure or trading execution on a more cost-effective basis than by use of physical securities alone.

To avoid the inefficiencies of multi-sector U.S. bond benchmarks, the Brandywine Global portfolio management team takes a benchmark-agnostic approach that limits investment to only the few sectors and issues considered most attractive. The primary objective of the USFI strategy utilized in the Fund is to seek to outperform the Bloomberg U.S. Aggregate Bond Index over a full market cycle in differentiated ways than Brandywine Global’s peers while preserving the diversification benefits of core bonds (e.g. minimizing domestic equity correlations during periods of heightened market volatility).

Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Under normal market conditions, the portion of the Fund allocated to Loomis Sayles invests primarily in bonds (or fixed-income securities), which include U.S. government securities, corporate bonds issued by U.S. or foreign companies, mortgage-backed securities, including commercial mortgage-backed securities, and asset-backed securities.

The portion of the Fund managed by Loomis Sayles maintains an average duration within one year of the average duration of the Bloomberg U.S. Aggregate Index and typically within 0.25 years of the Bloomberg U.S. Aggregate Index.

In deciding which securities to buy or sell, Loomis Sayles considers a number of factors related to the bond issue and the current market, including, for example, the financial strength of the issuer, current interest rates and valuations, the stability and volatility of a country’s bond markets, and expectations regarding general trends in interest rates and currency considerations.

Loomis Sayles also considers how purchasing or selling a bond would impact the portfolio’s overall risk profile (for example, its sensitivity to currency risk, interest rate risk, and sector-specific risk) and potential return (income and capital gains). Loomis Sayles may engage in active and frequent trading of portfolio securities in managing its allocated portion of the Fund’s assets.

Sun Life Capital Management (U.S.) LLC (“SLC Management”)

The portion of the Fund managed by SLC management has an overall investment objective to seek total return versus the Bloomberg U.S. Aggregate Bond Index while providing protection against interest rate risk. SLC Management attempts to accomplish these investment objectives by investing in U.S. dollar denominated, investment grade fixed income securities. The long-term objective of the account is to outperform the Bloomberg U.S. Aggregate Bond Index when measured over 3-to-5 year periods. The sensitivity to interest rate changes is intended to track the market for domestic, investment grade fixed income securities. The effective duration of the account’s investment portfolio at the end of each calendar month during a fiscal year will typically be within half a year of the benchmark. The primary strategies utilized for value add are sector rotation, issue selection, and yield curve positioning.

Teachers Advisors, LLC (“TAL”)

TAL will manage a diversified fixed income portfolio consistent with an investment objective of seeking long-term capital appreciation and current income in a core, U.S. dollar-oriented, predominantly investment grade risk profile. The portfolio will be benchmarked against a commonly used core benchmark, the Bloomberg U.S. Aggregate Index. The portfolio is actively managed, primarily through a fundamental, bottom up investment process focused on sector relative value and idiosyncratic security selection, and to a lesser extent via duration and yield curve positioning and tactical trading. Up to 12% below investment grade (off-benchmark) exposure is permitted. Any non-U.S. dollar positions will be fully hedged back to U.S. dollars.

TAL will strive to select securities for the portfolio that align with its proprietary impact investing framework for public fixed income markets. This approach seeks to direct capital to securities with use of proceeds language in offering documents and a commitment to impact reporting via project-specific key performance indicators. The portfolio management team will select securities that the team believes represent attractive relative value and favorable risk-adjusted potential as compared with the performance benchmark and that align with one of the following social or environmental themes: Affordable Housing; Community & Economic Development; Renewable Energy & Climate Change; Natural Resources. Investing on the basis of environmental and social impact is qualitative and subjective by nature. There can be no assurance that every investment by TAL will meet TAL’s impact criteria, or will do so at all times, or that the impact framework or any judgement exercised by TAL will reflect the beliefs or values of any particular investor. TAL may invest up to 20% of the current market value of the portfolio in non-impact securities in order to achieve desired portfolio level characteristics and manage risk.

Catholic Responsible Investing

The Fund will invest its assets in a manner consistent with the components, details and definitions of Catholic Responsible Investing (“CRI”) as adopted from time to time by the De La Salle Brothers of the Christian Schools. CRI is an investment strategy designed specifically to help investors seek sound financial returns while remaining faithful to the teachings of the Roman Catholic Church. The components and details of CRI are intended to reflect both the charism (or founding spirit) and the current teachings of the Roman Catholic Church and, as such, the components and details are as adopted from time to time by the De La Salle Brothers of the Christian Schools, currently through the action of its civil entity, the Adviser.

CRI blends core Roman Catholic Church teaching with a disciplined, diversified investment process aimed at delivering competitive, risk-adjusted returns over time. Currently, the three components of CRI are Catholic investment screening, active ownership and diversified investment management. For more information about the Fund’s policy to invest consistent with CRI and these three components, please see the section of the prospectus entitled “More Information about the Funds’ Investment Objectives, Principal Investment Strategies and Principal Risks, Fundamental Investment Policy of Catholic Responsible Investing.”

As part of the Fund’s Catholic Responsible Investing Process, the Adviser maintains a master list of global securities that are restricted from inclusion in the Fund’s portfolio. While the Catholic Responsible Investing screening criteria are designed to exclude certain companies or investments from the potential investment universe because these companies operate businesses deemed inconsistent with Catholic values, the Adviser does not anticipate this reduction to have a material impact on the Fund’s ability to achieve its investment objective. The Adviser seeks to balance the impact of the

Catholic Responsible Investing screening criteria by either overweighting select portfolio holdings or substituting additional holdings so that the Fund’s overall portfolio composition is adjusted to achieve its investment objective. As a result, Fund performance may be different than a fund with a similar investment strategy that does not invest in accordance with Catholic Responsible Investing screening criteria.

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CRBSX - Performance

Return Ranking - Trailing

Period CRBSX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% -4.6% 11.5% 46.01%
1 Yr 6.6% -2.8% 15.4% 41.97%
3 Yr N/A* -10.5% 28.3% 10.14%
5 Yr N/A* -7.2% 58.8% 11.77%
10 Yr N/A* -2.8% 74.0% 28.62%

* Annualized

Return Ranking - Calendar

Period CRBSX Return Category Return Low Category Return High Rank in Category (%)
2023 1.2% -16.2% 8.1% 83.99%
2022 N/A -34.7% 131.9% N/A
2021 N/A -11.6% 4.4% N/A
2020 N/A -9.9% 946.1% N/A
2019 N/A -1.7% 16.9% N/A

Total Return Ranking - Trailing

Period CRBSX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% -4.6% 11.5% 46.01%
1 Yr 6.6% -2.8% 15.4% 41.97%
3 Yr N/A* -10.5% 28.3% 9.57%
5 Yr N/A* -7.2% 58.8% 11.10%
10 Yr N/A* -2.8% 74.0% 26.73%

* Annualized

Total Return Ranking - Calendar

Period CRBSX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -11.3% 11.9% 71.31%
2022 N/A -32.2% 131.9% N/A
2021 N/A -9.4% 9.2% N/A
2020 N/A -1.9% 1009.0% N/A
2019 N/A 1.1% 21668.0% N/A

NAV & Total Return History


CRBSX - Holdings

Concentration Analysis

CRBSX Category Low Category High CRBSX % Rank
Net Assets 1.99 B 2.9 M 314 B 43.11%
Number of Holdings 1162 1 17880 35.10%
Net Assets in Top 10 621 M 1.62 M 35.1 B 42.06%
Weighting of Top 10 27.76% 4.7% 3984.6% 35.14%

Top 10 Holdings

  1. US 5YR NOTE (CBT) SEP24 FINANCIAL COMMODITY FUTURE. 10.36%
  2. US TREASURY FRN VARIABLE RATE 04/30/2025 3.17%
  3. US TREASURY N/B 3.000000% 08/15/2052 2.68%
  4. US TREASURY FRN VARIABLE RATE 01/31/2025 2.46%
  5. US TREASURY N/B 3.875000% 08/15/2033 2.09%
  6. US TREASURY N/B 4.250000% 06/30/2029 2.06%
  7. FANNIE MAE POOL FN MA4626 1.31%
  8. US TREASURY N/B 4.625000% 06/30/2026 1.29%
  9. US TREASURY FRN VARIABLE RATE 10/31/2025 1.17%
  10. US 10YR ULTRA FUT SEP24 FINANCIAL COMMODITY FUTURE. 1.15%

Asset Allocation

Weighting Return Low Return High CRBSX % Rank
Bonds
97.59% 0.00% 9231.88% 36.68%
Other
11.51% -27.25% 1695.17% 22.53%
Cash
1.99% -54.51% 237.69% 61.27%
Stocks
0.00% 0.00% 99.98% 37.82%
Preferred Stocks
0.00% 0.00% 72.34% 31.46%
Convertible Bonds
0.00% 0.00% 7.93% N/A

Bond Sector Breakdown

Weighting Return Low Return High CRBSX % Rank
Derivative
11.51% -6.56% 44.82% 3.22%
Cash & Equivalents
1.99% 0.00% 237.69% 58.57%
Securitized
0.00% 0.00% 98.40% N/A
Corporate
0.00% 0.00% 100.00% N/A
Municipal
0.00% 0.00% 100.00% N/A
Government
0.00% 0.00% 86.23% N/A

Bond Geographic Breakdown

Weighting Return Low Return High CRBSX % Rank
US
97.59% 0.00% 9042.62% 35.10%
Non US
0.00% 0.00% 189.26% 41.43%

CRBSX - Expenses

Operational Fees

CRBSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.36% 0.01% 39.64% 86.52%
Management Fee 0.30% 0.00% 1.76% 31.48%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

CRBSX 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% 4.00% N/A

Trading Fees

CRBSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 10.53%

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.

CRBSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 493.39% N/A

CRBSX - Distributions

Dividend Yield Analysis

CRBSX Category Low Category High CRBSX % Rank
Dividend Yield 3.94% 0.00% 10.11% 22.69%

Dividend Distribution Analysis

CRBSX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

CRBSX Category Low Category High CRBSX % Rank
Net Income Ratio N/A -1.28% 4.79% N/A

Capital Gain Distribution Analysis

CRBSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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CRBSX - Fund Manager Analysis

Managers

Anujeet Sareen


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Anujeet Sareen is a portfolio manager for the Firm’s Global Fixed Income and related strategies. Prior to joining the Firm in 2016, Anujeet was a managing director of global fixed income and a global macro strategist, as well as chair of the Currency Strategy Group at Wellington Management in Boston. Over his 22-year career at Wellington (1994-2016), he held a variety of roles while cultivating extensive fixed income and currency management experience. Anujeet is a CFA® charterholder and earned a B.A. in Computer Science from Brown University.

Jack McIntyre


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

John(Jack) P. McIntyre, CFA is Associate Portfolio Manager/Senior Research Analyst and is responsible for research and market insight. Mr. McIntyre has been employed at Brandywine Global since 1998. Previously, he held positions as market strategist with McCarthy, Crisanti & Maffei, Inc. (1995-1998); senior fixed income analyst with Technical Data (1992-1995); quantitative associate with Brown Brothers Harriman & Co. (1990), and investment analyst with the Public Employee Retirement Administration of Massachusetts (1987-1989).

Anthony Brekke


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Mr. Brekke received his B.A. degree from the University of Iowa in 1997 and his M.B.A. degree from the Haas School of Business at the University of California, Berkeley in 2003. Prior to entering the Haas School, he worked for four years as an auditor with the National Futures Association. He joined Dodge & Cox in 2003. Mr. Brekke is a shareholder of the firm and a CFA charterholder.

Richard Familetti


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Richard S. Familetti, CFA is a portfolio manager of the Long Credit Fund. Mr. Familetti joined the SLC Management in 2009. Mr. Familetti is a portfolio manager and the Senior Managing Director at the SLC Management focused on credit strategies and fixed income asset allocation. Prior to joining the SLC Management, Mr. Familetti was a senior portfolio manager at Halbis Capital Management, a proprietary trader at Calyon Bank and a managing director at Credit Suisse Asset Management. Mr. Familetti earned a B.A. from Hofstra University and an M.B.A. from Fordham University and is a CFA charterholder.

Adam Rubinson


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Mr. Rubinson received his B.A. degree (summa cum laude) from Columbia College in 1988 and his J.D. degree from the Stanford Law School in 1991. From 1991 to 1997 he practiced corporate law at Sullivan & Cromwell. Prior to joining Dodge & Cox in 2002, he worked in the fixed income and investment banking divisions of Goldman Sachs. Mr. Rubinson is a shareholder of the firm and a CFA charterholder.

Brian Kloss


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Brian L. Kloss, JD, CPA, is a portfolio manager and head of high yield for Brandywine Global. Brian joined Brandywine Global in December 2009。Previously, Brian was co-portfolio manager at Dreman Value Management, LLC (2007-2009); high yield analyst/trader at Gartmore Global Investments (2002-2007); high yield and equity portfolio manager and general analyst at Penn Capital Management, Ltd. (2000-2002); an analyst with The Concord Advisory Group, Ltd. (1998-2000); and an international tax consultant with Deloitte & Touche LLP (1995-1998).

Lucinda Johns


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Vice President and Associate Director of Fixed Income. Ms. Johns received her B.A. degree (magna cum laude) from Williams College in 1996 and her M.B.A. degree from the University of California, Los Angeles Anderson School of Management in 2004. Prior to graduate school, she worked for approximately two years each at Merrill Lynch as a financial analyst, Dodge & Cox as a research assistant, and NBC Internet as a Senior Product Manager. Ms. Johns rejoined Dodge & Cox in 2004. She is a shareholder of the firm and a CFA charterholder.

Philip Mendonca


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Philip N. Mendonca is a portfolio manager of the Long Credit Fund. Mr. Mendonca joined the SLC Management in 2003. Mr. Mendonca is Managing Director and a portfolio manager at the SLC Management responsible for the SLC Management’s structured product investments and credit strategies and also serves as co-manager of the SLC Management’s real return, short duration, core and custom liability driven investing (LDI) portfolios. Philip majored in Operations Research and minored in Finance and Mathematics at Pace University. Mr. Donelan earned a B.S. in Finance from Seton Hall and an M.B.A. from Fordham University and is a CFA charterholder.

Daniel Lucey


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Mr. Lucey joined Ryan Labs in 2009. Mr. Lucey is Managing Director and Portfolio Manager at the Adviser focused on structured product investments and credit strategies and also serves as co-manager of the Adviser’s short duration, core and custom liability driven investing (LDI) portfolios. Prior to joining Ryan Labs, Mr. Lucey was a senior research analyst at Cerulli Associates and was an actuarial analyst at Fidelity Investments. Mr. Lucey earned a B.A. from the College of the Holy Cross and is a CFA charterholder

Tracy Chen


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Tracy Chen, CFA®, CAIA is a portfolio manager and head of Structured Credit for Brandywine Global. She joined the firm in August 2008. Prior to joining Brandywine Global, she was with UBS Investment Bank as director of the fixed income valuation group (2006-2008), GMAC Mortgage Group as a mortgage pricing analyst (2003-2006), Deloitte Consulting as a senior corporate strategy consultant (2001-2003), and J&A Securities Ltd. in Shenzhen, China, as an international corporate finance associate (1995-1999).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16