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MassMutual Diversified Bond Fund
mutual fund
MDVAX
Payout Change
Pending
Price as of:
$8.3
-0.01
-0.12%
primary theme
U.S. Intermediate-Term Bond Duration
MDVAX (Mutual Fund)
MassMutual Diversified Bond Fund
Payout Change
Pending
Price as of:
$8.3
-0.01
-0.12%
primary theme
U.S. Intermediate-Term Bond Duration
MDVAX (Mutual Fund)
MassMutual Diversified Bond Fund
Payout Change
Pending
Price as of:
$8.3
-0.01
-0.12%
primary theme
U.S. Intermediate-Term Bond Duration
Name
As of 12/10/2024Price
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
4.0%
1 yr return
7.3%
3 Yr Avg Return
-3.0%
5 Yr Avg Return
0.0%
Net Assets
$134 M
Holdings in Top 10
26.1%
52 WEEK LOW AND HIGH
$8.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.11%
SALES FEES
Front Load 4.25%
Deferred Load N/A
TRADING FEES
Turnover 192.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
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
MDVAX - Profile
Distributions
- YTD Total Return 4.0%
- 3 Yr Annualized Total Return -3.0%
- 5 Yr Annualized Total Return 0.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.33%
- Dividend Yield 3.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameMassMutual Diversified Bond Fund
-
Fund Family NameMASSMUTUAL FUNDS
-
Inception DateNov 13, 2001
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerStephen Ehrenberg
Fund Description
Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. These typically include: U.S. dollar-denominated corporate obligations and bank loans, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, U.S. and foreign issuer dollar-denominated bonds including, but not limited to, corporate obligations, government and agency issues, private placement bonds, securities subject to resale pursuant to Rule 144A, convertible bonds, and mortgage-backed and other asset-backed securities, including collateralized bond and loan obligations.
The Fund may invest up to 25% of its total assets in securities that are not denominated in U.S. dollars including, but not limited to, corporate obligations, government and agency issues, private placement bonds, convertible bonds, and mortgage-backed and other asset-backed securities, including collateralized bond and loan obligations. The Fund may also invest in non-dollar denominated high yield bonds, including bank loans, and may invest in securities subject to legal restrictions on resale, some of which may be subject to resale pursuant to Rule 144A.
The Fund may, but will not necessarily, engage in foreign currency futures and forward contracts, including derivatives thereof, for hedging purposes or to gain market exposure. In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including, but not limited to, futures contracts (for hedging
purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund’s portfolio, or as a substitute for direct investments); interest rate swaps (for hedging purposes or as a substitute for direct investments); total return swaps (for hedging purposes or to gain exposure to securities or markets in which it might not be able to invest directly); and credit default swaps (for hedging purposes or as a substitute for direct investments). The Fund may invest in common stocks, exchange-traded funds (“ETFs”), or other equity securities and derivatives thereof for hedging purposes or to enhance total return. Use of derivatives by the Fund may create investment leverage.
The Fund may invest in money market securities, including commercial paper. The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may purchase and sell securities on a when-issued, delayed delivery, to-be-announced, or forward commitment basis, and may enter into dollar roll or reverse repurchase agreement transactions.
The Fund may invest in (i) securities denominated in currencies of emerging market countries, (ii) fixed income securities or debt instruments issued by emerging market entities or sovereign nations and/or (iii) debt instruments denominated in or based on the currencies, interest rates, or issues of emerging market countries. Emerging market countries are defined to include any country that did not become a member of the Organization for Economic Cooperation and Development (O.E.C.D.) prior to 1975 and Turkey.
The Fund may invest in other investment companies, including investment companies that are advised by the Fund’s investment adviser, subadviser, sub-subadviser, or its affiliates, or by unaffiliated parties.
The dollar-weighted average credit quality of the Fund is generally not expected to be less than BBB-/Baa3. The Fund may, however, invest up to 25% of its net assets in below investment grade debt securities (“junk” or “high yield” bonds), including securities in default, and including bank loans, or their unrated equivalent, as determined by the Fund’s subadviser, Barings LLC (“Barings”), or sub-subadviser, Baring International Investment Limited (“BIIL”). Investments in such securities will vary based upon Barings’ or BIIL’s assessment
of market conditions and the amount of additional yield offered in relation to the risk of the instruments. In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if Barings or BIIL considers that doing so would be consistent with the Fund’s investment objective. Barings or BIIL expects for the Fund’s portfolio dollar-weighted average duration generally to match (plus or minus 2.5 years) the average duration of the Bloomberg U.S. Aggregate Bond Index (as of December 31, 2023, the average duration of the Index was 6.24 years). Duration measures the price sensitivity of a bond to changes in interest rates. Duration is the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows.
Barings or BIIL selects the Fund’s investments based on its analysis of opportunities and risks of various fixed income securities and market sectors. Currently, Barings or BIIL may consider the following factors (which may change over time and in particular cases): the perceived potential for high income offered by different types of corporate and government obligations (including mortgage-backed and other asset-backed securities); diversification among industries and issuers, credit ratings, and sectors; and the relative values offered by different securities. Barings or BIIL may choose to sell securities with deteriorating credit or limited upside potential compared to other securities.
The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.
MDVAX - Performance
Return Ranking - Trailing
| Period | MDVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -6.3% | 11.5% | 44.35% |
| 1 Yr | 7.3% | -2.1% | 15.6% | 25.91% |
| 3 Yr | -3.0%* | -10.0% | 28.7% | 91.59% |
| 5 Yr | 0.0%* | -7.2% | 58.9% | 66.44% |
| 10 Yr | 1.5%* | -2.8% | 74.0% | 61.09% |
* Annualized
Return Ranking - Calendar
| Period | MDVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.7% | -16.2% | 8.1% | 91.37% |
| 2022 | -20.0% | -34.7% | 131.9% | 96.70% |
| 2021 | -2.0% | -11.6% | 4.4% | 7.34% |
| 2020 | 0.8% | -9.9% | 946.1% | 94.36% |
| 2019 | 7.0% | -1.7% | 16.9% | 10.68% |
Total Return Ranking - Trailing
| Period | MDVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -6.3% | 11.5% | 44.35% |
| 1 Yr | 7.3% | -2.1% | 15.6% | 25.91% |
| 3 Yr | -3.0%* | -10.0% | 28.7% | 91.59% |
| 5 Yr | 0.0%* | -7.2% | 58.9% | 66.44% |
| 10 Yr | 1.5%* | -2.8% | 74.0% | 61.09% |
* Annualized
Total Return Ranking - Calendar
| Period | MDVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.8% | -11.3% | 11.9% | 58.84% |
| 2022 | -17.0% | -32.2% | 131.9% | 96.49% |
| 2021 | 1.4% | -9.4% | 9.2% | 6.34% |
| 2020 | 8.1% | -1.9% | 1009.0% | 54.55% |
| 2019 | 10.1% | 1.1% | 21668.0% | 17.29% |
NAV & Total Return History
MDVAX - Holdings
Concentration Analysis
| MDVAX | Category Low | Category High | MDVAX % Rank | |
|---|---|---|---|---|
| Net Assets | 134 M | 2.9 M | 314 B | 87.88% |
| Number of Holdings | 410 | 1 | 17880 | 72.38% |
| Net Assets in Top 10 | 35.2 M | 1.62 M | 35.1 B | 86.19% |
| Weighting of Top 10 | 26.14% | 4.7% | 3984.6% | 38.69% |
Top 10 Holdings
- 10/24 ZCP 3.71%
- Prime Portfolio 3.14%
- SHORT TERMS 2.97%
- SHORT TERMS 2.96%
- SINGLE FAMILY MORTGAGE 2.89%
- 05/26 4.875 2.65%
- SINGLE FAMILY MORTGAGE 2.10%
- NRZT 2021 NQM3 B1 144A 2.10%
- SINGLE FAMILY MORTGAGE 1.82%
- BGME 2021 VR D 144A 1.80%
Asset Allocation
| Weighting | Return Low | Return High | MDVAX % Rank | |
|---|---|---|---|---|
| Bonds | 76.48% | 0.00% | 9231.88% | 92.33% |
| Other | 19.59% | -27.25% | 1695.17% | 9.97% |
| Cash | 15.74% | -54.51% | 237.69% | 6.02% |
| Convertible Bonds | 0.62% | 0.00% | 7.93% | 78.87% |
| Stocks | 0.01% | 0.00% | 99.98% | 30.26% |
| Preferred Stocks | 0.00% | 0.00% | 72.34% | 70.20% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MDVAX % Rank | |
|---|---|---|---|---|
| Corporate | 34.32% | 0.00% | 100.00% | 37.13% |
| Securitized | 33.77% | 0.00% | 98.40% | 36.40% |
| Government | 19.28% | 0.00% | 86.23% | 64.44% |
| Cash & Equivalents | 15.74% | 0.00% | 237.69% | 6.23% |
| Derivative | 0.02% | -6.56% | 44.82% | 37.90% |
| Municipal | 0.00% | 0.00% | 100.00% | 89.12% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MDVAX % Rank | |
|---|---|---|---|---|
| US | 76.48% | 0.00% | 9042.62% | 91.59% |
| Non US | 0.00% | 0.00% | 189.26% | 75.70% |
MDVAX - Expenses
Operational Fees
| MDVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.11% | 0.01% | 39.64% | 21.21% |
| Management Fee | 0.39% | 0.00% | 1.76% | 58.45% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 45.08% |
| Administrative Fee | 0.30% | 0.01% | 0.50% | 96.29% |
Sales Fees
| MDVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 4.25% | 2.00% | 5.75% | 23.70% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| MDVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | 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.
| MDVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 192.00% | 2.00% | 493.39% | 67.11% |
MDVAX - Distributions
Dividend Yield Analysis
| MDVAX | Category Low | Category High | MDVAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.73% | 0.00% | 10.11% | 7.46% |
Dividend Distribution Analysis
| MDVAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| MDVAX | Category Low | Category High | MDVAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.33% | -1.28% | 4.79% | 15.33% |
Capital Gain Distribution Analysis
| MDVAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.026 | OrdinaryDividend |
| Oct 31, 2024 | $0.029 | OrdinaryDividend |
| Sep 30, 2024 | $0.030 | OrdinaryDividend |
| Aug 30, 2024 | $0.028 | OrdinaryDividend |
| Jul 31, 2024 | $0.031 | OrdinaryDividend |
| Jun 28, 2024 | $0.027 | OrdinaryDividend |
| Dec 12, 2023 | $0.397 | OrdinaryDividend |
| Dec 13, 2022 | $0.304 | OrdinaryDividend |
| Dec 15, 2021 | $0.226 | OrdinaryDividend |
| Dec 15, 2021 | $0.003 | CapitalGainShortTerm |
| Dec 15, 2021 | $0.137 | CapitalGainLongTerm |
| Dec 11, 2020 | $0.369 | OrdinaryDividend |
| Dec 11, 2020 | $0.198 | CapitalGainShortTerm |
| Dec 11, 2020 | $0.176 | CapitalGainLongTerm |
| Dec 13, 2019 | $0.296 | OrdinaryDividend |
| Dec 13, 2019 | $0.001 | CapitalGainShortTerm |
| Dec 14, 2018 | $0.274 | OrdinaryDividend |
| Dec 18, 2017 | $0.264 | OrdinaryDividend |
| Dec 19, 2016 | $0.208 | OrdinaryDividend |
| Dec 17, 2015 | $0.051 | CapitalGainShortTerm |
| Dec 17, 2015 | $0.201 | OrdinaryDividend |
| Dec 17, 2014 | $0.005 | CapitalGainShortTerm |
| Dec 17, 2014 | $0.157 | OrdinaryDividend |
| Dec 18, 2013 | $0.007 | CapitalGainShortTerm |
| Dec 18, 2013 | $0.003 | CapitalGainLongTerm |
| Dec 18, 2013 | $0.249 | OrdinaryDividend |
| Dec 19, 2012 | $0.101 | CapitalGainShortTerm |
| Dec 19, 2012 | $0.194 | CapitalGainLongTerm |
| Dec 19, 2012 | $0.375 | OrdinaryDividend |
| Dec 19, 2011 | $0.396 | CapitalGainShortTerm |
| Dec 19, 2011 | $0.365 | CapitalGainLongTerm |
| Dec 19, 2011 | $0.459 | OrdinaryDividend |
| Dec 17, 2010 | $0.092 | CapitalGainLongTerm |
| Dec 17, 2010 | $0.416 | OrdinaryDividend |
| Dec 18, 2009 | $0.553 | OrdinaryDividend |
| Dec 18, 2008 | $0.592 | OrdinaryDividend |
| Dec 17, 2007 | $0.571 | OrdinaryDividend |
| Dec 05, 2007 | $0.043 | CapitalGainShortTerm |
| Dec 26, 2006 | $0.446 | OrdinaryDividend |
| Dec 28, 2005 | $0.394 | OrdinaryDividend |
| Dec 28, 2004 | $0.358 | OrdinaryDividend |
| Dec 28, 2004 | $0.046 | CapitalGainShortTerm |
| Dec 28, 2004 | $0.005 | CapitalGainLongTerm |
MDVAX - Fund Manager Analysis
Managers
Stephen Ehrenberg
Start Date
Tenure
Tenure Rank
Nov 01, 2017
4.58
4.6%
Stephen Ehrenberg is a portfolio manager for Barings’ Investment Grade Fixed Income Group. Steve has worked in the industry since 2002 and his experience has encompassed portfolio management and credit analysis for both investment grade and high yield corporate credit. Prior to joining the firm in 2004, he worked in capital markets at MassMutual as part of the firm’s executive development program. Steve holds a B.S. in Mechanical Engineering from the United States Military Academy at West Point (Phi Beta Kappa), an M.B.A. from the University of Michigan Business School (High Distinction) and is a member of the CFA Institute. Prior to attending business school, Steve served as a Captain in the U.S. Army, where he held numerous leadership positions and graduated from both Airborne and Ranger School.
Douglas Trevallion
Start Date
Tenure
Tenure Rank
Jun 14, 2018
3.96
4.0%
Douglas Trevallion is a member of the Barings Investment Grade Fixed Income Group and the Head of Global Securitized and Liquid Products. Doug is responsible for the portfolio management of the firm’s securitized and multi-asset portfolio strategies. Doug has worked in the industry since 1987 and his experience has encompassed stable value, core, core plus, active short and leveraged inflation strategies. Prior to joining the firm in 2000, he worked at Massachusetts Mutual Life Insurance Company where he established fixed income analytical and risk capabilities for the company. Doug holds a B.A. from the University of Massachusetts and is a member of the CFA Institute.
Yulia Alekseeva
Start Date
Tenure
Tenure Rank
Dec 31, 2020
1.41
1.4%
Yulia Alekseeva is a Portfolio Manager in the Barings Investment Grade Fixed Income Group and Head of Securitized Credit Research. Yulia has worked in the industry since 2005. Prior to re-joining the firm in 2019, Yulia was employed at Canada Pension Plan Investment Board as a Principal in the Structured Credit department following positions at Bank of America Merrill Lynch and PricewaterhouseCoopers. Yulia holds a B.A. in Economics & Finance from the Plekhanov Russian University of Economics and an M.B.A. degree from the Wharton School at the University of Pennsylvania. She is a member of the CFA Institute and an Associate Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW).
Charles Sanford
Start Date
Tenure
Tenure Rank
Dec 31, 2020
1.41
1.4%
Charles S. Sanford is a Managing Director and member of Barings’ Global Fixed Income Team. Prior to joining Barings in 2004, was employed by Booz, Allen and Hamilton and BellSouth.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 33.43 | 6.77 | 1.16 |
