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CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

mutual fund
CROSX
Payout Change
Pending
Price as of:
$9.35 +0.0 +0.0%
primary theme
U.S. Intermediate-Term Bond Duration
share class
CROSX (Mutual Fund)

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

Payout Change
Pending
Price as of:
$9.35 +0.0 +0.0%
primary theme
U.S. Intermediate-Term Bond Duration
share class
CROSX (Mutual Fund)

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

Payout Change
Pending
Price as of:
$9.35 +0.0 +0.0%
primary theme
U.S. Intermediate-Term Bond Duration
share class

Name

As of 10/10/2024

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

$9.35

$551 M

4.50%

$0.42

0.44%

Vitals

YTD Return

5.1%

1 yr return

9.5%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$551 M

Holdings in Top 10

44.1%

52 WEEK LOW AND HIGH

$9.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.44%

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 10/10/2024

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

$9.35

$551 M

4.50%

$0.42

0.44%

CROSX - Profile

Distributions

  • YTD Total Return 5.1%
  • 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 4.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND
  • Fund Family Name
    Catholic Responsible Investments Funds
  • Inception Date
    May 01, 2013
  • Shares Outstanding
    48952225
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Tracy Chen

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.

For purposes of the Fund’s 80% investment policy, fixed-income securities and debt instruments include mortgage related securities, including mortgage-backed securities, adjustable rate mortgages (“ARMs”), mortgage-pass through securities and mortgage dollar rolls; 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; collateralized loan obligations; asset-backed securities and floating rate notes. The Fund may enter into repurchase agreements covering the foregoing securities. The Fund may invest up to 20% 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. Generally, the Fund will invest in securities denominated in U.S. dollars but may invest in non-U.S. dollar securities issued by foreign 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 U.S. Treasury 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 use credit default swaps on a single issuer (CDS) or a credit default swap index (CDX) to hedge credit risk. Some of these investments 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’s use of derivatives may cause the Fund’s investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund’s total investment exposure exceeding the value of its portfolio.

A portion of the Fund’s net assets may be “illiquid” investments. The Fund may invest in variable and floating rate securities. The Fund may invest in non-U.S. debt securities, including developed and emerging market debt securities, some of which may be obligations of corporations, non-U.S. dollar denominated. The Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. The Fund may invest in futures, primarily interest rate and U.S. Treasury futures, and forward and swaps in the interest rate, currency and credit default markets. The Fund may buy or sell futures or swaps to gain or hedge exposure to risk factors or to alter the Fund’s investment characteristics. 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 Fund combines complementary active managers to enhance risk-adjusted returns by exposing the Fund to multiple return drivers. The Sub-Advisers use top-down macroeconomic analysis along with fundamental research to capture inefficiencies in the valuation of sectors and individual securities combined with duration management in pursuit of above-benchmark returns over a full market cycle. The Sub-Advisers may engage in relative value trading and asset allocation for portfolio management. The Fund seeks to combine economic and fundamental research to capture inefficiencies in the valuation of market sectors and individual securities. It is also designed to permit its sub-advisers substantial flexibility to adjust the portfolio to take advantage of volatile market conditions and to mitigate the negative impact of rising interest rates.

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 similar to the Bloomberg 1-5 Year Government Credit Index (the “Index”) duration, generally ranging within one-half years to five years. 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 +/-2.5 years of the Bloomberg 1-5 Year Government Credit 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 1-5 Year Government Credit 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).

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 1-5 Year Government Credit 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 and high yield fixed income securities, predominantly via securitized bonds without any issue or issuer concentration constraints. The long-term objective of the account is to outperform the Bloomberg 1-5 Year Government Credit 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 short duration, U.S. dollar-oriented, predominantly investment grade risk profile. The portfolio will be benchmarked against a standard short duration benchmark, the Bloomberg 1-5 Year Government Credit 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 20% 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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CROSX - Performance

Return Ranking - Trailing

Period CROSX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -48.4% 11.4% 4.90%
1 Yr 9.5% -44.6% 20.8% 88.78%
3 Yr N/A* -22.0% 28.3% 4.54%
5 Yr N/A* -12.9% 59.0% 6.04%
10 Yr N/A* -5.3% 74.0% N/A

* Annualized

Return Ranking - Calendar

Period CROSX Return Category Return Low Category Return High Rank in Category (%)
2023 1.0% -16.2% 8.1% 87.18%
2022 N/A -34.7% 131.9% N/A
2021 N/A -11.6% 4.4% N/A
2020 N/A -10.1% 946.1% N/A
2019 N/A -1.7% 16.9% N/A

Total Return Ranking - Trailing

Period CROSX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -48.4% 11.4% 4.90%
1 Yr 9.5% -44.6% 20.8% 88.78%
3 Yr N/A* -22.0% 28.3% 3.52%
5 Yr N/A* -12.9% 59.0% 4.52%
10 Yr N/A* -5.3% 74.0% N/A

* Annualized

Total Return Ranking - Calendar

Period CROSX Return Category Return Low Category Return High Rank in Category (%)
2023 5.7% -11.3% 11.9% 62.05%
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


CROSX - Holdings

Concentration Analysis

CROSX Category Low Category High CROSX % Rank
Net Assets 551 M 2.9 M 314 B 66.33%
Number of Holdings 304 1 17787 79.96%
Net Assets in Top 10 279 M 1.62 M 36.1 B 56.34%
Weighting of Top 10 44.15% 4.4% 432.9% 14.48%

Top 10 Holdings

  1. US 5YR NOTE (CBT) SEP24 FINANCIAL COMMODITY FUTURE. 13.74%
  2. US TREASURY FRN VARIABLE RATE 01/31/2025 7.02%
  3. US TREASURY FRN VARIABLE RATE 04/30/2025 5.75%
  4. US TREASURY N/B 4.500000% 05/31/2029 5.68%
  5. US TREASURY N/B 3.875000% 08/15/2033 3.52%
  6. US TREASURY FRN VARIABLE RATE 10/31/2025 2.27%
  7. US TREASURY N/B 3.000000% 08/15/2052 2.02%
  8. FANNIE MAE POOL FN MA4626 1.63%
  9. BROWN BROTHERS HARRIMAN SWEEP INTEREST 1.27%
  10. FANNIE MAE POOL FN MA4806 1.25%

Asset Allocation

Weighting Return Low Return High CROSX % Rank
Bonds
97.36% 0.00% 993.61% 38.67%
Other
13.74% -16.55% 52.94% 14.62%
Cash
2.30% -54.51% 237.69% 54.91%
Stocks
0.00% 0.00% 99.99% 56.84%
Preferred Stocks
0.00% 0.00% 71.02% 51.53%
Convertible Bonds
0.00% 0.00% 7.93% N/A

Bond Sector Breakdown

Weighting Return Low Return High CROSX % Rank
Derivative
13.74% -1.41% 44.82% 2.66%
Cash & Equivalents
2.30% -0.46% 237.69% 52.66%
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 CROSX % Rank
US
97.36% 0.00% 993.61% 34.87%
Non US
0.00% 0.00% 35.41% 56.75%

CROSX - Expenses

Operational Fees

CROSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.44% 0.01% 39.64% 79.75%
Management Fee 0.35% 0.00% 1.76% 47.21%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

CROSX 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

CROSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 31.58%

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.

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

CROSX - Distributions

Dividend Yield Analysis

CROSX Category Low Category High CROSX % Rank
Dividend Yield 4.50% 0.00% 10.11% 11.33%

Dividend Distribution Analysis

CROSX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

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

Capital Gain Distribution Analysis

CROSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Monthly Annually

Distributions History

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CROSX - Fund Manager Analysis

Managers

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).

Sarah Scranton


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Ms. Scranton serves as a portfolio manager, supporting the firm’s fixed income portfolio management team and acting as a resource for managing client relationships. Prior to joining LIM in 2017 following a returnship, Sarah was a consultant with Chittenden & Company, Incorporated where she advised clients on all aspects of their investment programs. Previously, she spent 17 years at Freedom Capital Management, LLC where she was a founding principal and a senior portfolio manager. Sarah was responsible for the management of Core and Core-Plus accounts for a variety of institutional clients. At Freedom, she also served as a credit specialist and a member of the management committee which oversaw firm strategy. Sarah earned a Bachelor of Business Administration from the University of Michigan and is a CFA charterholder and a member of the CFA Institute and the CFA Society Boston.

John Geissinger


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

John Geissinger, CFA is the Chief Investment Officer at CBIS, a Catholic, socially responsible investment manager with over $10.3 billion in assets under management. CBIS is positioned at the intersection of faith and finance, serving Catholic investors across the globe. Mr. Geissinger is responsible for developing investment policies and programs that achieve the investment objectives of the organization and its investors. He is responsible the development of CBIS’ overall investment philosophy and direction, including ultimate responsibility for the manager-of-managers function. He is a member of the firm's Executive Committee. John brings 30 years of portfolio and risk management experience in prominent financial services firms. He was a partner with Hewitt EnnisKnupp (2012-2014), a provider of investment consulting to corporate and public pension plans, endowments, foundations and defined contribution plans. His prior experience includes chief investment officer roles with North Dakota Retirement and Investment Office (2010-2012), Natsource, LLC (2008-2010) and Bear Stearns Asset Management (1998-2008), as well as research and portfolio management experience with Chancellor/LGT Asset Management, Putnam Investments and Aetna Life and Casualty. John holds a bachelor’s degree from Wake Forest University, MBA from New York University and is a CFA charterholder.

Constance Christian


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Constance Christian, CFA, is a Managing Director of the Adviser. As a senior member of the team, she works directly with internal and external stakeholders and is responsible for manager due diligence and research, portfolio construction and evaluating risk, marketing and product development, and product management. Prior to joining CBIS, Ms. Christian was employed at Wespath Benefits and Investments since 2016 where she held the title Manager, Fixed Income. Ms. Christian started her career in investment management at Brinson Partners as a portfolio manager managing assets for institutional clients (1991-1998). Following her employment at Brinson Partners, she was a portfolio manager at ABN AMRO Asset Management (2001-2006) also managing institutional assets. Ms. Christian then taught high school mathematics at William Howard Taft High School (2007-2016). Ms. Christian holds a BSBA-Finance from the Xavier University, an MBA - Finance from Xavier University and an MA in Mathematics Education from DePaul University. Ms. Christian is a CFA Charterholder.

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).

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).

Craig Carlozzi


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Mr. Carlozzi serves as the director of alternatives and leads LIM’s event-driven strategies, including arbitrage, SPACs, and credit opportunities. As part of his role investing in distressed securities, he has been an active participate on over a dozen restructuring committees. Prior to joining LIM in 2019, Craig founded BulwarkBay Investment Group, LLC. He also held positions as managing director and partner at MAST Capital Management, LLC, and analyst at Bank of America Merrill Lynch’s Global Corporate Investment Bank. Craig is on the board of directors of US Shale Solutions, LLC. He earned

Hoa Quach


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Hoa Quach, CFA, is a Managing Director of the Adviser. Ms. Quach, CFA, is a Managing Director with the Catholic Responsible InvestmentsSM team. As a senior member of the team, she works directly with internal and external stakeholders and is responsible for manager due diligence and research, portfolio construction and evaluating risk, marketing and product development, and product management. Hoa brings over 25 years of experience in prominent consulting and asset management firms. Ms. Quach’s prior experience includes principal, manager research consultant at Mercer, manager of quantitative research, investment office for the University of Chicago, senior portfolio analyst/portfolio manager at Duff & Phelps Investment Management and a consultant at Ibboston Associates. Ms. Quach holds a BBA in Finance and Business Economics (Cum Laude) from the University of Notre Dame, and a MBA in Finance and Economics from the University of Chicago, Booth School of Business. She is a CFA charterholder and a member of the CFA Institute and the CFA Society of Chicago.

Barbara McKenna


Start Date

Tenure

Tenure Rank

Dec 03, 2021

0.49

0.5%

Barbara J. McKenna, CFA, Managing Principal, Portfolio Manager. Ms. McKenna serves as a Managing Principal and Portfolio Manager. Barbara leads Intermediate and Core portfolio management and heads credit strategy. Prior to joining Longfellow in 2005, she was a director and senior portfolio Manager at State Street Research (SSR), responsible for $14 billion of institutional fixed income accounts. As director of corporate bond strategy, she was responsible for the development and implementation of corporate bond strategy across all fixed income mandates. Prior to joining SSR, Barbara was a director and portfolio manager at Standish, Ayer & Wood. She has also held portfolio management and investment banking positions at BayBank and Massachusetts Capital Resource Company, a private capital firm. Barbara holds a MS and BS in Finance from Boston College. Barbara is a CFA charterholder, a member of the CFA Institute and a member of the Boston Security Analysts Society.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.78 1.16