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Destinations Municipal Fixed Income Fund
DMFZX (Mutual Fund)
Destinations Municipal Fixed Income Fund
Name
As of 12/09/2024Price
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
3.4%
1 yr return
4.8%
3 Yr Avg Return
0.6%
5 Yr Avg Return
1.1%
Net Assets
$793 M
Holdings in Top 10
12.9%
52 WEEK LOW AND HIGH
$9.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.78%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 41.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/09/2024Price
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
DMFZX - Profile
Distributions
- YTD Total Return 3.4%
- 3 Yr Annualized Total Return 0.6%
- 5 Yr Annualized Total Return 1.1%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.14%
- Dividend Yield 4.5%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameDestinations Municipal Fixed Income Fund
-
Fund Family NameDestinations Funds
-
Inception DateMar 20, 2017
-
Shares OutstandingN/A
-
Share ClassZ
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAmy Magnotta
Fund Description
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities that pay interest that is exempt from regular federal income tax. The Fund’s 80% policy is not fundamental and can be changed upon 60 days’ prior notice to shareholders.
The Fund employs a “multi-manager” strategy whereby the Adviser allocates the Fund’s assets among professional money managers (each, a “Sub-adviser,” collectively, the “Sub-advisers”), each of which is responsible for investing its allocated
portion of the Fund’s assets. The Adviser may also invest a portion of the Fund’s assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. ETFs may also be used to transition the Fund’s portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Fund’s assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors.
In seeking high current income exempt from regular federal income tax, the Fund will invest in municipal instruments, which are fixed-income obligations issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued (although there may not be a similar exemption under the laws of a particular state or local taxing jurisdiction), although municipal instruments issued for certain purposes may not be tax-exempt. For certain shareholders subject to the federal alternative minimum tax (“AMT”), a limited portion of the Fund’s dividends may be subject to federal tax.
The Fund primarily invests in investment grade debt obligations, but may invest to a limited extent in obligations that are rated below-investment grade (commonly referred to as “junk bonds”).
A Sub-adviser may sell a security for a variety of reasons, including, but not limited to, where the Sub-adviser believes selling the security will help the Fund to secure gains, limit losses, or redeploy assets into more promising opportunities, or the valuation is no longer attractive.
The Fund’s dollar-weighted average maturity, under normal circumstances, will range between three and thirteen years.
In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest, to a lesser extent, in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non-hedging purposes.
The Fund’s investment adviser may engage in active trading and will not consider portfolio turnover a limiting factor in making decisions for the Fund.
The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance.
DMFZX - Performance
Return Ranking - Trailing
| Period | DMFZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.4% | -4.4% | 40.7% | 58.16% |
| 1 Yr | 4.8% | -2.6% | 45.9% | 59.57% |
| 3 Yr | 0.6%* | -10.2% | 6.4% | 17.14% |
| 5 Yr | 1.1%* | -6.5% | 1105.2% | 38.36% |
| 10 Yr | N/A* | -0.9% | 249.0% | N/A |
* Annualized
Return Ranking - Calendar
| Period | DMFZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 1.7% | -1.4% | 41.0% | 82.96% |
| 2022 | -7.8% | -39.7% | 0.3% | 19.11% |
| 2021 | -1.6% | -5.6% | 6.9% | 94.36% |
| 2020 | 1.5% | -2.6% | 310.0% | 58.40% |
| 2019 | 3.5% | 0.0% | 26.0% | 63.43% |
Total Return Ranking - Trailing
| Period | DMFZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.4% | -4.4% | 40.7% | 58.16% |
| 1 Yr | 4.8% | -2.6% | 45.9% | 59.57% |
| 3 Yr | 0.6%* | -10.2% | 6.4% | 17.14% |
| 5 Yr | 1.1%* | -6.5% | 1105.2% | 38.36% |
| 10 Yr | N/A* | -0.9% | 249.0% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | DMFZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.7% | -1.3% | 41.0% | 71.85% |
| 2022 | -6.0% | -39.7% | 1.1% | 18.84% |
| 2021 | 0.0% | -4.8% | 23761504.0% | 87.29% |
| 2020 | 4.0% | -1.5% | 17057.9% | 40.27% |
| 2019 | 6.0% | 0.2% | 3514.6% | 64.51% |
NAV & Total Return History
DMFZX - Holdings
Concentration Analysis
| DMFZX | Category Low | Category High | DMFZX % Rank | |
|---|---|---|---|---|
| Net Assets | 793 M | 3.22 M | 71.9 B | 35.15% |
| Number of Holdings | 695 | 4 | 13418 | 16.79% |
| Net Assets in Top 10 | 107 M | -317 M | 3.09 B | 42.24% |
| Weighting of Top 10 | 12.95% | 1.8% | 100.3% | 71.37% |
Top 10 Holdings
- VANGUARD TAX-EXEMPT BOND INDEX ETF CL USD INC 0.00000000 4.10%
- WEST VIRGINIA ST REGD B/E 5.00000000 1.29%
- MIAMI-DADE CNTY FL WTR SWR R REGD B/E 5.00000000 1.27%
- WASHINGTON ST REGD B/E 5.00000000 1.00%
- LAMAR TX CONSOL INDEP SCH DIST REGD B/E PSF-GTD 5.00000000 0.93%
- Federated Government Obligations Fund 0.91%
- LAMAR TX CONSOL INDEP SCH DIST REGD B/E PSF-GTD 5.00000000 0.89%
- WASHINGTON ST REGD B/E 5.00000000 0.88%
- HONOLULU CITY CNTY HI REGD B/E 4.00000000 0.88%
- PEFA INC IA GAS PROJ REVENUE REGD V/R B/E 5.00000000 0.80%
Asset Allocation
| Weighting | Return Low | Return High | DMFZX % Rank | |
|---|---|---|---|---|
| Bonds | 92.04% | 0.00% | 150.86% | 93.42% |
| Stocks | 4.10% | 0.00% | 99.78% | 1.95% |
| Cash | 3.86% | -50.86% | 44.62% | 12.83% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 72.80% |
| Other | 0.00% | -3.69% | 53.54% | 71.32% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 72.49% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | DMFZX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 0.00% | N/A |
| Technology | 0.00% | 0.00% | 0.00% | N/A |
| Real Estate | 0.00% | 0.00% | 0.00% | N/A |
| Industrials | 0.00% | 0.00% | 100.00% | N/A |
| Healthcare | 0.00% | 0.00% | 0.00% | N/A |
| Financial Services | 0.00% | 0.00% | 0.00% | N/A |
| Energy | 0.00% | 0.00% | 0.00% | N/A |
| Communication Services | 0.00% | 0.00% | 100.00% | N/A |
| Consumer Defense | 0.00% | 0.00% | 0.00% | N/A |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | N/A |
| Basic Materials | 0.00% | 0.00% | 0.00% | N/A |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | DMFZX % Rank | |
|---|---|---|---|---|
| US | 4.10% | 0.00% | 99.78% | 1.95% |
| Non US | 0.00% | 0.00% | 10.22% | 72.40% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | DMFZX % Rank | |
|---|---|---|---|---|
| Municipal | 89.09% | 44.39% | 100.00% | 94.94% |
| Cash & Equivalents | 2.52% | 0.00% | 44.41% | 19.54% |
| Derivative | 0.00% | -3.69% | 53.54% | 70.72% |
| Securitized | 0.00% | 0.00% | 5.93% | 72.56% |
| Corporate | 0.00% | 0.00% | 9.41% | 76.80% |
| Government | 0.00% | 0.00% | 52.02% | 75.12% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | DMFZX % Rank | |
|---|---|---|---|---|
| US | 92.04% | 0.00% | 142.23% | 92.95% |
| Non US | 0.00% | 0.00% | 23.89% | 74.82% |
DMFZX - Expenses
Operational Fees
| DMFZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.78% | 0.01% | 8.02% | 45.43% |
| Management Fee | 0.70% | 0.00% | 1.20% | 98.46% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| DMFZX 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
| DMFZX 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.
| DMFZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 41.00% | 0.00% | 283.00% | 88.73% |
DMFZX - Distributions
Dividend Yield Analysis
| DMFZX | Category Low | Category High | DMFZX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.48% | 0.00% | 14.51% | 41.74% |
Dividend Distribution Analysis
| DMFZX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| DMFZX | Category Low | Category High | DMFZX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.14% | -0.53% | 5.33% | 83.07% |
Capital Gain Distribution Analysis
| DMFZX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 26, 2024 | $0.037 | OrdinaryDividend |
| Oct 30, 2024 | $0.026 | OrdinaryDividend |
| Sep 27, 2024 | $0.026 | OrdinaryDividend |
| Aug 29, 2024 | $0.026 | OrdinaryDividend |
| Jul 30, 2024 | $0.023 | OrdinaryDividend |
| Apr 29, 2024 | $0.026 | OrdinaryDividend |
| Mar 27, 2024 | $0.012 | OrdinaryDividend |
| Feb 28, 2024 | $0.024 | OrdinaryDividend |
| Jan 30, 2024 | $0.024 | OrdinaryDividend |
| Dec 28, 2023 | $0.028 | OrdinaryDividend |
| Nov 29, 2023 | $0.022 | OrdinaryDividend |
| Oct 30, 2023 | $0.026 | OrdinaryDividend |
| Sep 28, 2023 | $0.026 | OrdinaryDividend |
| Aug 30, 2023 | $0.025 | OrdinaryDividend |
| Jul 27, 2023 | $0.024 | OrdinaryDividend |
| Jun 29, 2023 | $0.023 | OrdinaryDividend |
| May 25, 2023 | $0.028 | OrdinaryDividend |
| Apr 27, 2023 | $0.020 | OrdinaryDividend |
| Mar 30, 2023 | $0.018 | OrdinaryDividend |
| Feb 27, 2023 | $0.021 | OrdinaryDividend |
| Jan 30, 2023 | $0.021 | OrdinaryDividend |
| Dec 29, 2022 | $0.021 | OrdinaryDividend |
| Nov 29, 2022 | $0.017 | OrdinaryDividend |
| Oct 27, 2022 | $0.018 | OrdinaryDividend |
| Sep 29, 2022 | $0.017 | OrdinaryDividend |
| Aug 29, 2022 | $0.016 | OrdinaryDividend |
| Jul 28, 2022 | $0.016 | OrdinaryDividend |
| Jun 29, 2022 | $0.014 | OrdinaryDividend |
| May 26, 2022 | $0.015 | OrdinaryDividend |
| Apr 28, 2022 | $0.013 | OrdinaryDividend |
| Mar 30, 2022 | $0.014 | OrdinaryDividend |
| Feb 24, 2022 | $0.012 | OrdinaryDividend |
| Jan 27, 2022 | $0.012 | OrdinaryDividend |
| Dec 29, 2021 | $0.013 | OrdinaryDividend |
| Dec 16, 2021 | $0.010 | CapitalGainShortTerm |
| Dec 16, 2021 | $0.014 | CapitalGainLongTerm |
| Nov 29, 2021 | $0.011 | OrdinaryDividend |
| Oct 28, 2021 | $0.014 | OrdinaryDividend |
| Sep 29, 2021 | $0.013 | OrdinaryDividend |
| Aug 30, 2021 | $0.012 | OrdinaryDividend |
| Jul 29, 2021 | $0.013 | OrdinaryDividend |
| Jun 29, 2021 | $0.012 | OrdinaryDividend |
| May 27, 2021 | $0.012 | OrdinaryDividend |
| Apr 29, 2021 | $0.011 | OrdinaryDividend |
| Mar 30, 2021 | $0.010 | OrdinaryDividend |
| Feb 25, 2021 | $0.011 | OrdinaryDividend |
| Jan 28, 2021 | $0.012 | OrdinaryDividend |
| Dec 29, 2020 | $0.013 | OrdinaryDividend |
| Dec 16, 2020 | $0.004 | CapitalGainShortTerm |
| Dec 16, 2020 | $0.063 | CapitalGainLongTerm |
| Nov 25, 2020 | $0.014 | OrdinaryDividend |
| Oct 29, 2020 | $0.014 | OrdinaryDividend |
| Sep 29, 2020 | $0.014 | OrdinaryDividend |
| Aug 28, 2020 | $0.015 | OrdinaryDividend |
| Jul 30, 2020 | $0.016 | OrdinaryDividend |
| Jun 29, 2020 | $0.016 | OrdinaryDividend |
| May 28, 2020 | $0.017 | OrdinaryDividend |
| Apr 29, 2020 | $0.017 | OrdinaryDividend |
| Mar 30, 2020 | $0.017 | OrdinaryDividend |
| Feb 27, 2020 | $0.018 | OrdinaryDividend |
| Jan 30, 2020 | $0.017 | OrdinaryDividend |
| Dec 27, 2019 | $0.019 | OrdinaryDividend |
| Dec 16, 2019 | $0.024 | CapitalGainShortTerm |
| Dec 16, 2019 | $0.016 | CapitalGainLongTerm |
| Nov 26, 2019 | $0.017 | OrdinaryDividend |
| Oct 30, 2019 | $0.018 | OrdinaryDividend |
| Sep 26, 2019 | $0.018 | OrdinaryDividend |
| Aug 29, 2019 | $0.017 | OrdinaryDividend |
| Jul 30, 2019 | $0.018 | OrdinaryDividend |
| Jun 27, 2019 | $0.018 | OrdinaryDividend |
| May 30, 2019 | $0.017 | OrdinaryDividend |
| Apr 29, 2019 | $0.018 | OrdinaryDividend |
| Mar 28, 2019 | $0.017 | OrdinaryDividend |
| Feb 27, 2019 | $0.015 | OrdinaryDividend |
| Jan 30, 2019 | $0.016 | OrdinaryDividend |
| Dec 27, 2018 | $0.017 | OrdinaryDividend |
| Nov 29, 2018 | $0.019 | OrdinaryDividend |
| Oct 30, 2018 | $0.016 | OrdinaryDividend |
DMFZX - Fund Manager Analysis
Managers
Amy Magnotta
Start Date
Tenure
Tenure Rank
Mar 20, 2017
5.2
5.2%
Amy Magnotta is the Co-head of Discretionary Portfolios at Brinker Capital Investments. In this role, she oversees the firm’s discretionary portfolio offerings and implementation of Brinker Capital’s asset allocation and manager selection decisions. Amy has primary portfolio management responsibilities for Brinker Capital’s mutual fund program, Destinations. She has over 20 years of industry experience. Prior to joining Brinker Capital Investments, Amy was a Consultant for Franklin Park Associates LLC, where she selected private equity investments for institutional clients. She also served in a fixed income product management and institutional client service role at BlackRock Inc. Amy graduated from Lehigh University with a Bachelor of Science in finance. She is a CFA® charterholder and a member of the CFA Institute and the CFA® Society of Philadelphia.
Timothy McGregor
Start Date
Tenure
Tenure Rank
Mar 20, 2017
5.2
5.2%
Timothy T.A. McGregor, Senior Vice President of Northern Trust Investments, Inc. Mr. McGregor has been manager for the Tax-Exempt Fund since November 1998 and has been manager for the Intermediate Tax-Exempt Fund since November 2000. Mr. McGregor joined Northern Trust Investments, Inc. in 1989 and has managed various municipal bond portfolios.
Leigh Lowman
Start Date
Tenure
Tenure Rank
Mar 20, 2017
5.2
5.2%
Leigh A. Lowman is an Investment Manager at Brinker Capital with portfolio management responsibilities for the Destinations program. Prior to joining Brinker Capital in 2015, Ms. Lowman was an outreach analyst for The Investment Fund for Foundations (TIFF) and a senior associate for Mondrian Investment Partners. Ms. Lowman was previously at Brinker Capital from 2004 to 2010 as an investment associate and operations analyst. Ms. Lowman has a B.A. in Economics from Wittenburg University.
Dusty Self
Start Date
Tenure
Tenure Rank
Aug 03, 2020
1.82
1.8%
Dusty Self is a Senior Portfolio Manager and Managing Director at Seix Investment Advisors LLC and provides analysis for all the Investment Grade Tax-Exempt Bond Funds. Ms. Self began her career as a portfolio specialist and then as a performance analyst at Seix Investment Advisors’ predecessor firm. She has worked in investment management since 1992.
Ronald Schwartz
Start Date
Tenure
Tenure Rank
Aug 03, 2020
1.82
1.8%
Ronald Schwartz joined Seix Investment Advisors LLC’ predecessor firm in 1988 and currently serves as Senior Portfolio Manager and Managing Director and leads the Investment Grade Tax-Exempt group at Seix Investment Advisors LLC. He is a member of the Seix Investment Policy Group, which determines firm-wide asset allocation policy. He has worked in investment management since 1982.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.36 | 1.58 |
