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Short Term Tax Aware Fixed Income Portfolio

mutual fund
GTAWX
Payout Change
Pending
Price as of:
$9.87 +0.0 +0.0%
primary theme
Municipal Bond
share class
GTAWX (Mutual Fund)

Short Term Tax Aware Fixed Income Portfolio

Payout Change
Pending
Price as of:
$9.87 +0.0 +0.0%
primary theme
Municipal Bond
share class
GTAWX (Mutual Fund)

Short Term Tax Aware Fixed Income Portfolio

Payout Change
Pending
Price as of:
$9.87 +0.0 +0.0%
primary theme
Municipal Bond
share class

Name

As of 05/24/2024

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

$9.87

$34.5 M

2.48%

$0.24

0.69%

Vitals

YTD Return

0.1%

1 yr return

3.3%

3 Yr Avg Return

0.1%

5 Yr Avg Return

0.7%

Net Assets

$34.5 M

Holdings in Top 10

26.1%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.69%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 25.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/24/2024

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

$9.87

$34.5 M

2.48%

$0.24

0.69%

GTAWX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return 0.1%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.77%
DIVIDENDS
  • Dividend Yield 2.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Short Term Tax Aware Fixed Income Portfolio
  • Fund Family Name
    GLENMEDEFU
  • Inception Date
    Jun 29, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    J. Wilson

Fund Description

Under normal circumstances, the Portfolio will invest at least 80% of the value of its net assets (including borrowings for investment purposes) in fixed-income securities. The Portfolio invests primarily in short-term municipal securities, corporate bonds, exchange-traded funds (“ETFs”) and closed-end funds that invest in fixed-income securities and U.S. Government Securities. The Portfolio may also invest in preferred stocks. The Portfolio expects to maintain a dollar- weighted average maturity of 1 to 3 years.
Under normal circumstances, at least 50% of the value of the Portfolio’s total assets will be invested in investment grade municipal securities that pay interest that is exempt from regular Federal income tax, but may, in certain
instances, subject you to Federal alternative minimum tax. Municipal securities are debt obligations generally issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof to obtain funds for various public purposes, including the construction of public facilities. A security is investment grade if it is rated within the top four rating categories by a nationally recognized statistical rating organization (a “NRSRO”) or unrated but determined to be of comparable quality by the Advisor at the time of purchase. If a portfolio security’s rating is reduced to below the above levels, the Advisor will dispose of the security in an orderly fashion as soon as practicable.
The Portfolio may invest, without limitation, in municipal securities that pay interest that may subject you to Federal alternative minimum tax. The Federal alternative minimum tax is a Federal income tax imposed on non-corporate taxpayers calculated separately from the regular Federal income tax. It is designed to prevent non-corporate taxpayers from using certain deductions and credits (called tax-preference items) to pay little or no taxes. Certain private activity bonds pay interest that may be treated as a tax-preference item under the Federal alternative minimum tax. To the extent that the Portfolio invests in private activity bonds, a portion of the Portfolio’s dividends may be subject to Federal income tax for shareholders subject to Federal alternative minimum tax.
The Portfolio may invest in investment grade corporate bonds and preferred stock. Corporate bonds are debt obligations of domestic or foreign companies issued to raise money for capital expenditures, operations and acquisitions. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should the issuer be liquidated. Preferred stock is usually junior to the debt securities of the issuer and the payment of dividends is not guaranteed as with a bond.
The Portfolio may invest in common shares or preferred shares of closed-end funds that primarily invest in fixed-income securities. The Portfolio may also invest in ETFs that primarily invest in fixed-income securities. The Portfolio may invest in closed-end funds and ETFs that hold high yield fixed-income securities which are rated below investment grade and are commonly referred to as “junk bonds.” The ETFs in which the Portfolio may invest are registered investment companies that may seek to track the performance of a particular market index or security. These indices include not only broad-based market indices but more specific indices as well, including those relating to particular sectors, markets, regions or industries.
The Portfolio may also invest in U.S. Government Securities which are fixed-income securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or other agencies or instrumentalities sponsored by the U.S. Government. Debt obligations of companies or other entities guaranteed by the U.S. Government, its agencies or instrumentalities are considered by the Portfolio to be obligations of the guarantor. The Portfolio may also invest in investment grade privately issued mortgage-backed securities and enter into repurchase agreements collateralized by U.S. Government Securities and reverse repurchase agreements.
The Portfolio seeks to balance investment considerations to achieve a best net after-tax total return for an investor in the maximum Federal income tax bracket. The tax aware strategies used by the Portfolio include maintaining diversification across different securities in the fixed-income market and seeking best net after-tax yield and total return opportunities in both taxable and tax-exempt securities. For example, during certain market cycles, a two-year corporate bond may offer a significantly higher yield to maturity both gross of taxes and net of the highest Federal tax rate versus a two-year tax-exempt municipal security. In such a scenario, the Portfolio may purchase the corporate bond if a clear net of tax yield advantage can be determined over tax-exempt municipal alternatives. The Advisor will seek to capture such net of tax yield advantages on an opportunistic basis within the Portfolio’s maturity limitations.
The Advisor uses a combination of quantitative and fundamental research to select securities. The Advisor uses a quantitative proprietary multi-factor computer model which conducts an analysis of general economic and market conditions, compares expected returns and identifies a list of attractive securities having favorable net after-tax return profiles, then applies fundamental research to select which securities to buy and sell for this Portfolio.
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GTAWX - Performance

Return Ranking - Trailing

Period GTAWX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -4.8% 14.5% 13.97%
1 Yr 3.3% -1.4% 30.1% 67.17%
3 Yr 0.1%* -11.5% 2.6% 7.54%
5 Yr 0.7%* -6.6% 1100.8% 38.12%
10 Yr N/A* -0.7% 248.1% N/A

* Annualized

Return Ranking - Calendar

Period GTAWX Return Category Return Low Category Return High Rank in Category (%)
2023 1.7% -1.4% 41.0% 80.65%
2022 -2.9% -39.7% 0.3% 3.10%
2021 -0.9% -5.6% 6.9% 68.88%
2020 0.9% -2.6% 310.0% 83.41%
2019 1.4% 0.0% 26.0% 94.97%

Total Return Ranking - Trailing

Period GTAWX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -4.8% 14.5% 13.97%
1 Yr 3.3% -1.4% 30.1% 67.17%
3 Yr 0.1%* -11.5% 2.6% 7.54%
5 Yr 0.7%* -6.6% 1100.8% 38.12%
10 Yr N/A* -0.7% 248.1% N/A

* Annualized

Total Return Ranking - Calendar

Period GTAWX Return Category Return Low Category Return High Rank in Category (%)
2023 3.6% -1.3% 41.0% 89.64%
2022 -2.9% -39.7% 1.1% 5.81%
2021 -0.2% -4.8% 23761504.0% 91.95%
2020 2.0% -1.5% 17057.9% 90.14%
2019 2.6% 0.2% 3514.6% 95.88%

NAV & Total Return History


GTAWX - Holdings

Concentration Analysis

GTAWX Category Low Category High GTAWX % Rank
Net Assets 34.5 M 3.22 M 71.9 B 95.90%
Number of Holdings 83 2 13067 91.03%
Net Assets in Top 10 8.96 M -317 M 3.56 B 95.32%
Weighting of Top 10 26.14% 2.0% 100.2% 18.79%

Top 10 Holdings

  1. United States Treasury Bill 8.26%
  2. U.S. Treasury Bills 4.31%
  3. E-470 CO PUBLIC HIGHWAY AUTH 2.18%
  4. VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE PUBLIC HGR ED 1.77%
  5. MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE 1.69%
  6. ATLANTA GA ARPT REVENUE 1.62%
  7. SAN MARCOS TX CONSOL INDEP SCH DIST 1.61%
  8. NEBRASKA ST PUBLIC PWR DIST REVENUE 1.59%
  9. NEW JERSEY ST TRANSPRTN TRUST FUND AUTH 1.56%
  10. N TX TOLLWAY AUTH REVENUE 1.55%

Asset Allocation

Weighting Return Low Return High GTAWX % Rank
Bonds
85.17% 0.00% 150.86% 97.53%
Cash
14.73% -50.86% 46.80% 1.23%
Other
0.10% -3.18% 33.35% 8.19%
Stocks
0.00% 0.00% 99.81% 17.73%
Preferred Stocks
0.00% 0.00% 0.56% 7.34%
Convertible Bonds
0.00% 0.00% 0.93% 7.24%

Bond Sector Breakdown

Weighting Return Low Return High GTAWX % Rank
Municipal
92.09% 44.39% 100.00% 90.08%
Cash & Equivalents
13.97% 0.00% 46.24% 0.91%
Corporate
1.09% 0.00% 9.41% 2.80%
Derivative
0.00% -3.18% 19.67% 15.59%
Securitized
0.00% 0.00% 5.93% 9.07%
Government
0.00% 0.00% 52.02% 14.61%

Bond Geographic Breakdown

Weighting Return Low Return High GTAWX % Rank
US
85.17% 0.00% 142.23% 97.34%
Non US
0.00% 0.00% 23.89% 11.89%

GTAWX - Expenses

Operational Fees

GTAWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.69% 0.01% 20.65% 54.81%
Management Fee 0.35% 0.00% 1.20% 24.35%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.25% 0.01% 0.44% 93.90%

Sales Fees

GTAWX 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

GTAWX 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.

GTAWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 25.00% 0.00% 283.00% 71.59%

GTAWX - Distributions

Dividend Yield Analysis

GTAWX Category Low Category High GTAWX % Rank
Dividend Yield 2.48% 0.00% 14.51% 77.14%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

GTAWX Category Low Category High GTAWX % Rank
Net Income Ratio 0.77% -0.53% 5.33% 92.04%

Capital Gain Distribution Analysis

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

Distributions History

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GTAWX - Fund Manager Analysis

Managers

J. Wilson


Start Date

Tenure

Tenure Rank

Mar 26, 2020

2.18

2.2%

Mr. Daly has been employed by the Advisor and Glenmede Trust as the Director of Fixed Income since September 2018. Prior to that time, Mr. Daly served as a senior portfolio manager for U.S. and global fixed income strategies at BlackRock Financial Management, Inc. Mr. Wilson has been employed by the Advisor since September 2011. Prior to that time, Mr. Wilson served as a bond trader for AllianceBernstein Holding L.P.

Robert Daly


Start Date

Tenure

Tenure Rank

Mar 26, 2020

2.18

2.2%

Robert Daly is Glenmede’s Director of Fixed Income. He is responsible for the management of over $4 billion of tax-exempt and taxable fixed income strategies for institutions, consultants and private clients. Mr. Daly works closely with a team of traders, portfolio managers, credit analysts and other professionals to broaden exposure to GIM’s fixed income suite. He also serves as a member of GTC’s Investment Policy Committee. Prior to joining Glenmede, Mr. Daly served as a Senior Portfolio Manager for U.S. and global fixed income strategies at BlackRock in New York. In this role, he was instrumental in establishing and managing a team responsible for asset allocation development, portfolio construction, risk budgeting and formulating investment process. Previously, Mr. Daly managed multi- sector and investment grade credit fixed income portfolios for institutional clients. Mr. Daly earned a Master of Business Administration degree in finance and accounting from Columbia University and his Bachelor of Arts degree in government from Dartmouth College.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58