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MassMutual Select T. Rowe Price Bond Asset Fund
mutual fund
MMBEX
Payout Change
Pending
Price as of:
$8.92
-0.01
-0.11%
primary theme
N/A
share class
MMBEX (Mutual Fund)
MassMutual Select T. Rowe Price Bond Asset Fund
MMBEX (Mutual Fund)
MassMutual Select T. Rowe Price Bond Asset Fund
Payout Change
Pending
Price as of:
$8.92
-0.01
-0.11%
primary theme
N/A
share class
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
3.8%
1 yr return
6.7%
3 Yr Avg Return
-1.4%
5 Yr Avg Return
0.2%
Net Assets
$623 M
Holdings in Top 10
21.8%
52 WEEK LOW AND HIGH
$8.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.11%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 255.00%
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
MMBEX - Profile
Distributions
- YTD Total Return 3.8%
- 3 Yr Annualized Total Return -1.4%
- 5 Yr Annualized Total Return 0.2%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.89%
- Dividend Yield 2.1%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameMassMutual Select T. Rowe Price Bond Asset Fund
-
Fund Family NameMASSMUTUAL FUNDS
-
Inception DateFeb 09, 2018
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKenneth Orchard
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 bonds. The Fund’s investments may include, but are not limited to, obligations issued by U.S. and foreign governments and their agencies, bonds issued by U.S. and foreign corporations, U.S. and non-U.S. dollar denominated foreign securities (including securities of emerging market issuers), mortgage- and asset-backed securities, Treasury inflation protected securities, and bank loans (which represent interests in amounts loaned to companies by banks and other lenders). Debt securities in which the Fund invests may pay interest at fixed, variable, or floating rates. The Fund may purchase and sell securities (including mortgage-backed securities) on a when-issued, delayed delivery, to-be-announced (“TBA”), or forward commitment basis, and may enter into dollar roll transactions. These may include so-called “short” TBA transactions, where the Fund attempts to hedge existing exposures or to increase its return by selling forward mortgages or mortgage-related assets it owns.
The Fund may invest up to 30% of its total assets in below investment grade debt securities (“junk” or “high yield” bonds), including securities in default. These “junk” or “high yield” bonds include those that are at the time of investment rated BB+ or equivalent, or lower by each of the rating
agencies that has assigned a rating to the bond or are unrated and considered by the Fund’s subadviser, T. Rowe Price Associates, Inc. (“T. Rowe Price”), to be of comparable quality. In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if T. Rowe Price considers that doing so would be consistent with the Fund’s investment objective. If a bond is split-rated (i.e., assigned different ratings by different credit ratings agencies), the higher rating will be used.
The Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, 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 in securities. Such derivatives may include futures contracts, interest rate swaps, total return swaps, credit default swaps, and options. The Fund may also, but will not necessarily, engage in foreign currency transactions, including forward contracts, options on currencies, futures contracts, and swap contracts, to seek to hedge or to attempt to protect against adverse changes in currency exchange rates or otherwise to adjust the currency exposures within the Fund’s portfolio. Use of derivatives by the Fund may create investment leverage. The Fund may hold a portion of its assets in cash or cash equivalents.
T. Rowe Price has the flexibility to invest the Fund’s assets across the global fixed income universe without constraints tied to particular benchmarks or asset classes in an effort to create a portfolio with low overall volatility and consistent income even in a rising interest rate environment. T. Rowe Price expects that the Fund will normally maintain a relatively concentrated portfolio.
T. Rowe Price has considerable flexibility in seeking income on behalf of the Fund and may invest in bonds with varying maturities. Because the Fund does not have any maturity restrictions, T. Rowe Price can purchase long-term bonds, which tend to have higher yields than shorter-term bonds. The maturities of the Fund’s holdings generally reflect T. Rowe Price’s outlook for interest rates. In addition, when there is a large yield difference between securities of various quality levels, T. Rowe Price may choose to move down the credit scale and purchase lower-rated bonds with higher yields. When the difference is small or the outlook warrants, T. Rowe Price may choose to concentrate investments in higher-rated issues. When deciding whether to adjust duration (which means the
Fund’s price sensitivity to interest rate changes) or allocations among the various sectors and asset classes, T. Rowe Price weighs such factors as expected interest rate movements and currency valuations, the outlook for inflation and the economy, and the yield advantage that lower rated bonds may offer over investment-grade bonds.
T. Rowe Price may sell assets for a variety of reasons, including in response to a change in the original investment considerations or to limit losses, adjust the characteristics of the overall portfolio, or redeploy assets into different opportunities.
The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.
MMBEX - Performance
Return Ranking - Trailing
| Period | MMBEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.8% | -59.5% | 0.9% | 28.16% |
| 1 Yr | 6.7% | -15.5% | 19.7% | 15.87% |
| 3 Yr | -1.4%* | -4.3% | 4.2% | 13.93% |
| 5 Yr | 0.2%* | -2.5% | 4.1% | N/A |
| 10 Yr | N/A* | -3.0% | 2.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | MMBEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.2% | -15.2% | 0.9% | 12.50% |
| 2022 | -18.5% | -10.9% | 12.2% | 83.51% |
| 2021 | -3.6% | -10.8% | 14.8% | 23.96% |
| 2020 | 2.2% | -15.3% | 0.6% | N/A |
| 2019 | 5.6% | -44.4% | 14.4% | N/A |
Total Return Ranking - Trailing
| Period | MMBEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.8% | -59.5% | 0.9% | 25.24% |
| 1 Yr | 6.7% | -16.6% | 30.5% | 13.74% |
| 3 Yr | -1.4%* | -5.2% | 10.9% | 14.49% |
| 5 Yr | 0.2%* | -2.8% | 7.4% | N/A |
| 10 Yr | N/A* | -3.0% | 3.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MMBEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.6% | -15.2% | 0.9% | 12.50% |
| 2022 | -13.3% | -10.9% | 12.2% | 83.51% |
| 2021 | -0.4% | -10.8% | 14.8% | 27.60% |
| 2020 | 5.7% | -15.3% | 3.8% | N/A |
| 2019 | 9.3% | -44.4% | 14.4% | N/A |
NAV & Total Return History
MMBEX - Holdings
Concentration Analysis
| MMBEX | Category Low | Category High | MMBEX % Rank | |
|---|---|---|---|---|
| Net Assets | 623 M | 74.5 K | 14.7 B | 41.18% |
| Number of Holdings | 1631 | 4 | 4562 | 18.96% |
| Net Assets in Top 10 | 115 M | -112 M | 3.66 B | 34.12% |
| Weighting of Top 10 | 21.84% | 4.7% | 100.0% | 28.37% |
Top 10 Holdings
- 01/27 1.5 4.12%
- STIF-TYPE INSTRUMENT 3.96%
- 05/34 4.375 3.34%
- 10/26 4.625 2.31%
- 11/24 0.00000 1.96%
- 08/42 3.375 1.65%
- 11/42 4 1.51%
- 09/27 4.125 1.10%
- 09/26 4.625 1.02%
- 02/44 4.5 0.87%
Asset Allocation
| Weighting | Return Low | Return High | MMBEX % Rank | |
|---|---|---|---|---|
| Bonds | 92.20% | 0.00% | 220.33% | 60.66% |
| Other | 6.39% | -9.71% | 100.00% | 82.94% |
| Cash | 4.20% | -130.07% | 95.62% | 35.07% |
| Convertible Bonds | 1.35% | 0.00% | 11.19% | 47.39% |
| Stocks | 0.00% | 0.00% | 7.47% | 89.10% |
| Preferred Stocks | 0.00% | 0.00% | 2.87% | 23.70% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MMBEX % Rank | |
|---|---|---|---|---|
| Government | 42.84% | 0.30% | 99.47% | 58.17% |
| Corporate | 22.21% | 0.00% | 98.62% | 42.31% |
| Securitized | 20.69% | 0.00% | 52.02% | 11.06% |
| Cash & Equivalents | 4.20% | 0.00% | 95.62% | 22.12% |
| Municipal | 0.05% | 0.00% | 7.95% | 33.65% |
| Derivative | -0.61% | 0.00% | 74.77% | 42.79% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MMBEX % Rank | |
|---|---|---|---|---|
| US | 68.19% | -5.52% | 107.53% | 5.69% |
| Non US | 24.01% | 0.00% | 112.80% | 95.73% |
MMBEX - Expenses
Operational Fees
| MMBEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.11% | 0.02% | 3.65% | 96.24% |
| Management Fee | 0.00% | 0.00% | 2.08% | 0.98% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 13.33% |
| Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
| MMBEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.00% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| MMBEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 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.
| MMBEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 255.00% | 6.00% | 354.00% | 95.86% |
MMBEX - Distributions
Dividend Yield Analysis
| MMBEX | Category Low | Category High | MMBEX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.13% | 0.00% | 17.40% | 86.73% |
Dividend Distribution Analysis
| MMBEX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| MMBEX | Category Low | Category High | MMBEX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.89% | -1.08% | 5.77% | 41.67% |
Capital Gain Distribution Analysis
| MMBEX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 13, 2023 | $0.190 | OrdinaryDividend |
| Dec 14, 2022 | $0.542 | OrdinaryDividend |
| Dec 16, 2021 | $0.312 | OrdinaryDividend |
| Dec 16, 2021 | $0.004 | CapitalGainShortTerm |
| Dec 16, 2021 | $0.023 | CapitalGainLongTerm |
| Dec 14, 2020 | $0.162 | OrdinaryDividend |
| Dec 14, 2020 | $0.046 | CapitalGainShortTerm |
| Dec 14, 2020 | $0.147 | CapitalGainLongTerm |
| Dec 16, 2019 | $0.312 | OrdinaryDividend |
| Dec 16, 2019 | $0.043 | CapitalGainShortTerm |
| Dec 16, 2019 | $0.010 | CapitalGainLongTerm |
| Dec 17, 2018 | $0.333 | OrdinaryDividend |
MMBEX - Fund Manager Analysis
Managers
Kenneth Orchard
Start Date
Tenure
Tenure Rank
Feb 09, 2018
4.31
4.3%
Kenneth Orchard is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the Global Fixed Income Investment Team. He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies. Mr. Orchard earned a B.A. in international relations from the University of British Columbia and an M.Sc. in public financial policy from the London School of Economics. He has also earned the Chartered Financial Analyst designation.
Arif Husain
Start Date
Tenure
Tenure Rank
Feb 09, 2018
4.31
4.3%
Arif Husain is head of International Fixed Income at T. Rowe Price and a member of the Global Fixed Income Investment Team. Mr. Husain is lead portfolio manager for the Global Aggregate and Global Unconstrained Bond Strategies and is co-portfolio manager for the firm's International Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd. Mr. Husain has 20 years of investment experience, two of which have been with T. Rowe Price. Prior to joining the firm in 2013, he spent 14 years as director of both European Fixed Income and Euro Portfolio Management at AllianceBernstein. He was also a member of the global fixed income and absolute return portfolio management teams. Mr. Husain previously worked as assistant director of European Derivatives Trading at Greenwich NatWest and also traded interest rate swaps at Bank of America National Trust & Savings Association. Mr. Husain received a B.Sc. (hons.) in banking and international finance from the City University, London Business School. He also has earned the Chartered Financial Analyst designation.
Stephen Bartolini
Start Date
Tenure
Tenure Rank
Feb 09, 2018
4.31
4.3%
Steve Bartolini has served as cochairman of the Investment Advisory Committee since January 2018 and became sole chairman in December 2018 at T. Rowe Price Associates, Inc. He joined the Firm in 2010 and his investment experience dates from 2000. During the past several years, he has served as a portfolio manager (beginning in 2016) and, prior to that, as an associate portfolio manager of the U.S. Inflation Protected Bond and U.S. Short-Term Inflation Focused Bond strategies, a member of the fixed income division’s Global Interest Rates and Currencies Strategy team, and a fixed income trader. Before joining T. Rowe Price in 2010, he spent nine years at Fannie Mae in the capital markets area, where he worked as director of portfolio management, senior trader, and analyst. He earned a B.S. in economics from George Washington University and an M.B.A. in finance from the University of Maryland, Robert H. Smith School of Business. Steve also has earned the Chartered Financial Analyst designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 28.31 | 6.8 | 3.67 |
