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Morningstar Defensive Bond Fund
mutual fund
MSTBX
Payout Change
Pending
Price as of:
$9.76
-0.01
-0.1%
primary theme
U.S. Short-Term Bond Duration
share class
MSTBX (Mutual Fund)
Morningstar Defensive Bond Fund
Payout Change
Pending
Price as of:
$9.76
-0.01
-0.1%
primary theme
U.S. Short-Term Bond Duration
share class
MSTBX (Mutual Fund)
Morningstar Defensive Bond Fund
Payout Change
Pending
Price as of:
$9.76
-0.01
-0.1%
primary theme
U.S. Short-Term Bond Duration
share class
Name
As of 10/07/2024Price
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
4.7%
1 yr return
8.6%
3 Yr Avg Return
2.1%
5 Yr Avg Return
2.3%
Net Assets
$135 M
Holdings in Top 10
54.9%
52 WEEK LOW AND HIGH
$9.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.74%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/07/2024Price
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
MSTBX - Profile
Distributions
- YTD Total Return 4.7%
- 3 Yr Annualized Total Return 2.1%
- 5 Yr Annualized Total Return 2.3%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.92%
- Dividend Yield 4.1%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameMorningstar Defensive Bond Fund
-
Fund Family NameMorningstar
-
Inception DateNov 02, 2018
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAbhijeet Patwardhan
Fund Description
In seeking capital preservation, the Fund will normally invest at least 80% of its assets in a diversified portfolio of debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality. Under normal conditions, the Fund intends to pursue a defensive strategy of limiting its interest-rate sensitivity by maintaining a portfolio duration of three years or less. The Fund may also invest in investment companies such as ETFs, which could represent a significant percentage of assets.
The Fund invests primarily in short- and intermediate-term investment-grade fixed-income securities. These may include U.S. and non-U.S. investment-grade corporate debt securities, U.S. and non-U.S. government debt securities, and mortgage-backed and asset-backed securities. In most market environments, the Fund will not invest more than 20% of assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the Fund’s subadviser(s) to be of comparable quality.
In addition, the Fund may invest a significant portion of its assets in collateralized debt obligations (CDOs), including collateralized loan obligations (CLOs). CDOs are types of asset-backed securities. CLOs are ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer.
Multimanager Approach—The Fund uses a multimanager approach, meaning the adviser may allocate assets to one or more subadvisers, in addition to open- and closed-end investment companies, ETFs, and individual securities (collectively “Allocation Decisions”). The adviser and each subadviser acts independently from the others and uses its own investment style and process to select securities, within the constraints of the Fund’s investment objective, strategies, and restrictions. Morningstar is responsible for selecting the investment strategies and making Allocation Decisions, with the goal of maximizing return in the context of pursuing the Fund’s investment objective with a prudent level of risk for the strategy. Morningstar may change subadvisers, subject to the oversight of the board of trustees, and sell holdings at any time.
MSTBX - Performance
Return Ranking - Trailing
| Period | MSTBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.7% | 1.9% | 16.0% | 44.49% |
| 1 Yr | 8.6% | 4.4% | 25.2% | 32.13% |
| 3 Yr | 2.1%* | -5.2% | 4.5% | 20.50% |
| 5 Yr | 2.3%* | -3.7% | 5.0% | 18.85% |
| 10 Yr | N/A* | -18.9% | 170.4% | N/A |
* Annualized
Return Ranking - Calendar
| Period | MSTBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.9% | -1.6% | 7.6% | 18.51% |
| 2022 | -7.2% | -17.7% | -2.6% | 55.34% |
| 2021 | -1.8% | -4.0% | 4.4% | 63.07% |
| 2020 | 1.5% | -7.1% | 7.6% | 62.04% |
| 2019 | 0.8% | -2.3% | 9.3% | 97.05% |
Total Return Ranking - Trailing
| Period | MSTBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.7% | 1.9% | 16.0% | 44.49% |
| 1 Yr | 8.6% | 4.4% | 25.2% | 32.13% |
| 3 Yr | 2.1%* | -5.2% | 4.5% | 20.50% |
| 5 Yr | 2.3%* | -3.7% | 5.0% | 18.85% |
| 10 Yr | N/A* | -18.9% | 170.4% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MSTBX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.9% | 1.8% | 15.2% | 15.46% |
| 2022 | -4.7% | -17.3% | -1.3% | 46.41% |
| 2021 | 0.5% | -2.7% | 7.7% | 28.94% |
| 2020 | 4.7% | -2.4% | 14.5% | 36.94% |
| 2019 | 3.6% | 0.6% | 12.6% | 87.55% |
NAV & Total Return History
MSTBX - Holdings
Concentration Analysis
| MSTBX | Category Low | Category High | MSTBX % Rank | |
|---|---|---|---|---|
| Net Assets | 135 M | 14.5 K | 57.3 B | 87.26% |
| Number of Holdings | 233 | 2 | 8314 | 72.81% |
| Net Assets in Top 10 | 70.9 M | 1.02 M | 7.47 B | 76.81% |
| Weighting of Top 10 | 54.89% | 1.9% | 112.6% | 11.41% |
Top 10 Holdings
- Schwab Strategic Trust SHORT-TERM US TREASURY ETF 36.16%
- Northern Inst Fds TREAS PRT PRMR 9.79%
- Vanguard Malvern Funds SH-TERM INFL PROTECTED ETF 2.12%
- T 4.125 03/31/29 1.57%
- Northern Inst Fds TREAS PRT PRMR 1.33%
- PHI Group Inc COM 0.82%
- FN FS1967 0.80%
- T 4.25 02/28/29 0.79%
- T 4 01/31/29 0.76%
- FCO 2017-9A A1TR 0.74%
Asset Allocation
| Weighting | Return Low | Return High | MSTBX % Rank | |
|---|---|---|---|---|
| Stocks | 39.33% | 0.00% | 99.91% | 7.22% |
| Bonds | 26.46% | 0.00% | 131.20% | 92.21% |
| Other | 23.41% | -0.97% | 71.57% | 12.74% |
| Cash | 11.12% | -20.59% | 71.38% | 10.84% |
| Convertible Bonds | 0.97% | 0.00% | 27.71% | 86.10% |
| Preferred Stocks | 0.00% | 0.00% | 24.12% | 43.54% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MSTBX % Rank | |
|---|---|---|---|---|
| Financial Services | 100.00% | 0.00% | 100.00% | 1.67% |
| Utilities | 0.00% | 0.00% | 81.48% | 56.67% |
| Technology | 0.00% | 0.00% | 24.45% | 53.33% |
| Real Estate | 0.00% | 0.00% | 8.31% | 58.33% |
| Industrials | 0.00% | 0.00% | 100.00% | 58.33% |
| Healthcare | 0.00% | 0.00% | 23.11% | 53.33% |
| Energy | 0.00% | 0.00% | 100.00% | 83.33% |
| Communication Services | 0.00% | 0.00% | 65.64% | 66.67% |
| Consumer Defense | 0.00% | 0.00% | 21.37% | 51.67% |
| Consumer Cyclical | 0.00% | 0.00% | 10.75% | 51.67% |
| Basic Materials | 0.00% | 0.00% | 22.71% | 53.33% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MSTBX % Rank | |
|---|---|---|---|---|
| US | 39.33% | 0.00% | 99.91% | 7.22% |
| Non US | 0.00% | 0.00% | 2.07% | 29.09% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MSTBX % Rank | |
|---|---|---|---|---|
| Securitized | 40.21% | 0.00% | 97.27% | 20.95% |
| Government | 35.19% | 0.00% | 73.63% | 26.86% |
| Corporate | 18.73% | 0.00% | 99.82% | 80.00% |
| Cash & Equivalents | 11.12% | 0.00% | 71.38% | 10.46% |
| Derivative | 0.00% | -0.44% | 27.90% | 46.58% |
| Municipal | 0.00% | 0.00% | 14.41% | 67.24% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MSTBX % Rank | |
|---|---|---|---|---|
| US | 26.46% | 0.00% | 131.20% | 91.44% |
| Non US | 0.00% | 0.00% | 82.20% | 43.92% |
MSTBX - Expenses
Operational Fees
| MSTBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.74% | 0.01% | 3.24% | 42.37% |
| Management Fee | 0.36% | 0.00% | 1.19% | 62.74% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.41% | N/A |
Sales Fees
| MSTBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 5.75% | N/A |
| Deferred Load | N/A | 0.50% | 4.00% | N/A |
Trading Fees
| MSTBX 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.
| MSTBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 2.00% | 500.00% | 6.29% |
MSTBX - Distributions
Dividend Yield Analysis
| MSTBX | Category Low | Category High | MSTBX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.13% | 0.00% | 11.11% | 25.29% |
Dividend Distribution Analysis
| MSTBX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| MSTBX | Category Low | Category High | MSTBX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.92% | -1.27% | 4.98% | 11.22% |
Capital Gain Distribution Analysis
| MSTBX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 30, 2024 | $0.034 | OrdinaryDividend |
| Aug 30, 2024 | $0.035 | OrdinaryDividend |
| Jul 31, 2024 | $0.036 | OrdinaryDividend |
| Apr 30, 2024 | $0.037 | OrdinaryDividend |
| Mar 28, 2024 | $0.034 | OrdinaryDividend |
| Feb 29, 2024 | $0.033 | OrdinaryDividend |
| Jan 31, 2024 | $0.015 | OrdinaryDividend |
| Dec 28, 2023 | $0.058 | OrdinaryDividend |
| Nov 30, 2023 | $0.033 | OrdinaryDividend |
| Oct 31, 2023 | $0.036 | OrdinaryDividend |
| Sep 29, 2023 | $0.041 | OrdinaryDividend |
| Aug 31, 2023 | $0.032 | OrdinaryDividend |
| Jul 31, 2023 | $0.033 | OrdinaryDividend |
| Jun 30, 2023 | $0.033 | OrdinaryDividend |
| May 31, 2023 | $0.025 | OrdinaryDividend |
| Apr 28, 2023 | $0.010 | OrdinaryDividend |
| Mar 31, 2023 | $0.028 | OrdinaryDividend |
| Feb 28, 2023 | $0.025 | OrdinaryDividend |
| Jan 31, 2023 | $0.012 | OrdinaryDividend |
| Dec 29, 2022 | $0.045 | OrdinaryDividend |
| Nov 30, 2022 | $0.020 | OrdinaryDividend |
| Oct 31, 2022 | $0.025 | OrdinaryDividend |
| Sep 30, 2022 | $0.021 | OrdinaryDividend |
| Aug 31, 2022 | $0.019 | OrdinaryDividend |
| Jul 29, 2022 | $0.026 | OrdinaryDividend |
| Jun 30, 2022 | $0.015 | OrdinaryDividend |
| May 31, 2022 | $0.011 | OrdinaryDividend |
| Apr 29, 2022 | $0.028 | OrdinaryDividend |
| Mar 31, 2022 | $0.016 | OrdinaryDividend |
| Feb 28, 2022 | $0.011 | OrdinaryDividend |
| Jan 31, 2022 | $0.010 | OrdinaryDividend |
| Dec 17, 2021 | $0.046 | CapitalGainShortTerm |
| Dec 17, 2021 | $0.039 | CapitalGainLongTerm |
| Nov 30, 2021 | $0.016 | OrdinaryDividend |
| Oct 29, 2021 | $0.017 | OrdinaryDividend |
| Sep 30, 2021 | $0.011 | OrdinaryDividend |
| Aug 31, 2021 | $0.016 | OrdinaryDividend |
| Jul 30, 2021 | $0.017 | OrdinaryDividend |
| Jun 30, 2021 | $0.020 | OrdinaryDividend |
| May 28, 2021 | $0.013 | OrdinaryDividend |
| Apr 30, 2021 | $0.015 | OrdinaryDividend |
| Mar 31, 2021 | $0.011 | OrdinaryDividend |
| Feb 26, 2021 | $0.012 | OrdinaryDividend |
| Jan 29, 2021 | $0.003 | OrdinaryDividend |
| Dec 30, 2020 | $0.040 | OrdinaryDividend |
| Dec 18, 2020 | $0.061 | CapitalGainShortTerm |
| Dec 18, 2020 | $0.038 | CapitalGainLongTerm |
| Nov 30, 2020 | $0.019 | OrdinaryDividend |
| Oct 30, 2020 | $0.019 | OrdinaryDividend |
| Sep 30, 2020 | $0.015 | OrdinaryDividend |
| Aug 31, 2020 | $0.013 | OrdinaryDividend |
| Jul 31, 2020 | $0.015 | OrdinaryDividend |
| Jun 30, 2020 | $0.019 | OrdinaryDividend |
| May 29, 2020 | $0.009 | OrdinaryDividend |
| Apr 30, 2020 | $0.014 | OrdinaryDividend |
| Mar 31, 2020 | $0.017 | OrdinaryDividend |
| Feb 28, 2020 | $0.016 | OrdinaryDividend |
| Jan 31, 2020 | $0.030 | OrdinaryDividend |
| Dec 30, 2019 | $0.019 | OrdinaryDividend |
| Dec 20, 2019 | $0.032 | CapitalGainShortTerm |
| Nov 27, 2019 | $0.010 | OrdinaryDividend |
| Oct 31, 2019 | $0.020 | OrdinaryDividend |
| Sep 30, 2019 | $0.025 | OrdinaryDividend |
| Aug 30, 2019 | $0.033 | OrdinaryDividend |
| Jun 28, 2019 | $0.050 | OrdinaryDividend |
| Mar 29, 2019 | $0.057 | OrdinaryDividend |
| Dec 31, 2018 | $0.029 | OrdinaryDividend |
MSTBX - Fund Manager Analysis
Managers
Abhijeet Patwardhan
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Abhijeet Patwardhan is a Partner (since January 2017) and a Director of Research (since April 2015) of First Pacific Advisors, LLC. Previously Mr. Patwardhan served as Managing Director of the Adviser from November 2015 to January 2017, Senior Vice President from January 2014 to November 2015 and as an analyst and Vice President from June 2010 to December 2013
Thomas Atteberry
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Thomas H. Atteberry, CFA, Partner at FPA, joined the firm in 1997. Thomas is the CEO of FPA New Income and a manager of the Absolute Fixed Income Strategy. Prior to joining FPA, Tom served as Chief Fixed Income Strategist of Fifth Third Bank and Chief Investment Officer of Mercantile Bank in Joplin, MO. He received a Bachelor’s degree in Business Administration from Texas Christian University.
Hong Cheng
Start Date
Tenure
Tenure Rank
Dec 30, 2020
1.42
1.4%
Hong Cheng is a portfolio manager within Morningstar's Investment Management group. Hong's primary responsibilities include managing the income focused strategies, including portfolio construction, subadvisor and ETF selection. Hong also co-manages Morningstar Global Income fund, Morningstar Multisector Bond fund and Morningstar Defensive Bond fund. Hong is a member of Investment Management's Global Asset Allocation team focusing on U.S. below-investment grade credit sectors. Hong is a CFA Charter Holder, a member of the CFA Institute and the CFA Society of Chicago.
Ricky Williamson
Start Date
Tenure
Tenure Rank
Dec 30, 2020
1.42
1.4%
Ricky Williamson is a portfolio manager within Morningstar Investment Management. He is focused on portfolio construction, asset allocation, and manager due diligence. Williamson is also a member of Investment Management’s Global Asset Allocation team, focusing on emerging-market debt as well as general fixed-income research. He develops and implements asset-class positioning and fund-of-funds portfolios, evaluates investment managers, and performs capital-market research. He currently serves as a co-manager for three Morningstar mutual funds: Morningstar Total Return Bond Fund, Morningstar Municipal Bond Fund, and Morningstar Multisector Bond Fund. Prior to joining Morningstar Investment Management in 2013, Williamson was a consultant and analyst with Cardinal Investment Advisors, LLC., where he built asset-allocation models for defined-benefit plans, performed manager due diligence, and worked on capital-market research. Williamson holds a bachelor’s degree in economics and government from the University of Virginia. He also holds a Certificate in Investment Performance Measurement and the Chartered Financial Analyst® designation.
Alfonzo Bruno
Start Date
Tenure
Tenure Rank
May 02, 2022
0.08
0.1%
Alfonzo Bruno is an associate portfolio manager with Morningstar’s Investment Management group. Along with the other Morningstar portfolios managers for the Funds, Bruno is responsible for subadviser selection and oversight, subadviser and exchange traded funds (ETFs) allocations, in addition to other portfolio management responsibilities. Bruno is also a member of Investment Management’s Global Asset Allocation team focusing on U.S. treasuries and agency mortgage-backed securities. Previously, Bruno was a manager research analyst at Morningstar, where he focused on fixed income manager research. Prior to joining Morningstar, Bruno was an investment analyst for the Illinois Municipal Retirement Fund where he focused on public markets portfolio and risk management. Bruno holds a bachelor’s degree in finance from the University of Iowa. Bruno is a CFA Charterholder. Bruno has served as a portfolio manager for the Funds since May 2022.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 28.77 | 6.19 | 2.41 |
