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Trending ETFs

Morningstar Total Return Bond Fund

mutual fund
MSTRX
Payout Change
Pending
Price as of:
$9.1 -0.02 -0.22%
primary theme
U.S. Intermediate-Term Bond Duration
share class
MSTRX (Mutual Fund)

Morningstar Total Return Bond Fund

Payout Change
Pending
Price as of:
$9.1 -0.02 -0.22%
primary theme
U.S. Intermediate-Term Bond Duration
share class
MSTRX (Mutual Fund)

Morningstar Total Return Bond Fund

Payout Change
Pending
Price as of:
$9.1 -0.02 -0.22%
primary theme
U.S. Intermediate-Term Bond Duration
share class

Name

As of 10/02/2024

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

$9.10

$872 M

3.61%

$0.33

0.74%

Vitals

YTD Return

5.1%

1 yr return

12.7%

3 Yr Avg Return

-2.5%

5 Yr Avg Return

0.0%

Net Assets

$872 M

Holdings in Top 10

52.9%

52 WEEK LOW AND HIGH

$9.1
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 10/02/2024

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

$9.10

$872 M

3.61%

$0.33

0.74%

MSTRX - Profile

Distributions

  • YTD Total Return 5.1%
  • 3 Yr Annualized Total Return -2.5%
  • 5 Yr Annualized Total Return 0.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.41%
DIVIDENDS
  • Dividend Yield 3.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Morningstar Total Return Bond Fund
  • Fund Family Name
    Morningstar
  • Inception Date
    Nov 02, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Beatty

Fund Description

In seeking to maximize total return while also generating income and preserving capital, the Fund will normally invest at least 80% of its assets in debt securities (commonly referred to as “bonds”) of varying maturity, duration, and quality. To meet its objective, the Fund may invest in investment companies such as ETFs, which could represent a significant percentage of assets.
The Fund invests primarily in investment-grade fixed-income securities. These may include U.S. and non-U.S. investment-grade corporate debt securities, U.S. government debt securities, including Treasury Inflation Protected Bond Securities and zero-coupon securities, non-U.S. government debt securities, emerging-market debt securities, and mortgage-backed and asset-backed securities. The Fund may also invest up to 20% of its 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 in collateralized debt obligations (CDOs), which may include 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.
The Fund may invest up to 10% of its assets in securities denominated in foreign currencies. The Fund may also invest in securities acquired in a private placement, such as Rule 144A securities, as well as derivatives, including options, futures, swaps, and forward foreign currency contracts, for risk management purposes or as part of its investment strategies. The Fund may also enter into reverse repurchase agreements and dollar rolls. The Fund may also invest in short-term, high-quality fixed-income securities, cash or cash equivalents, including money market funds.
The nature of the strategies in this Fund is to engage in active and frequent trading of its portfolio securities which may result in higher portfolio turnover. Turnover is mainly driven by a few strategies employed to help manage duration and curve risk.
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.
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MSTRX - Performance

Return Ranking - Trailing

Period MSTRX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -2.4% 11.9% 44.39%
1 Yr 12.7% -6.4% 29.1% 47.35%
3 Yr -2.5%* -10.0% 29.0% 86.55%
5 Yr 0.0%* -6.9% 59.3% 75.97%
10 Yr N/A* -2.4% 74.3% N/A

* Annualized

Return Ranking - Calendar

Period MSTRX Return Category Return Low Category Return High Rank in Category (%)
2023 1.4% -16.2% 8.1% 78.57%
2022 -17.5% -34.7% 131.9% 84.03%
2021 -3.6% -11.6% 4.4% 58.89%
2020 4.3% -10.1% 946.1% 46.67%
2019 3.8% -1.7% 16.9% 85.31%

Total Return Ranking - Trailing

Period MSTRX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -2.4% 11.9% 44.39%
1 Yr 12.7% -6.4% 29.1% 47.35%
3 Yr -2.5%* -10.0% 29.0% 86.55%
5 Yr 0.0%* -6.9% 59.3% 75.97%
10 Yr N/A* -2.4% 74.3% N/A

* Annualized

Total Return Ranking - Calendar

Period MSTRX Return Category Return Low Category Return High Rank in Category (%)
2023 4.9% -11.3% 11.9% 85.51%
2022 -15.5% -32.2% 131.9% 90.71%
2021 -1.8% -9.4% 9.2% 80.04%
2020 9.6% -1.9% 1009.0% 23.56%
2019 9.7% 1.1% 21668.0% 27.14%

NAV & Total Return History


MSTRX - Holdings

Concentration Analysis

MSTRX Category Low Category High MSTRX % Rank
Net Assets 872 M 2.9 M 314 B 58.07%
Number of Holdings 2923 1 17787 13.43%
Net Assets in Top 10 461 M 1.62 M 36.1 B 46.39%
Weighting of Top 10 52.87% 4.4% 432.9% 10.11%

Top 10 Holdings

  1. iShare Trust US TREASURY BD ETF USD DIS 23.09%
  2. Blackrock Allocation Target Shs BATS SER A PT 7.01%
  3. FUT. CBT 5Y T-NOTE SEP24 6.39%
  4. FUT. CME 3MO SOFR DEC25 5.67%
  5. FUT. YR T-NOTES SEP24 2.41%
  6. FUT. CBT 5Y T-NOTE SEP24 2.24%
  7. T 4.75 11/15/43 1.62%
  8. FUT. CME 3MO SOFR DEC24 1.61%
  9. SEP 24 US 2YR SEP 24 1.51%
  10. Northern Inst Fds TREAS PRT PRMR 1.31%

Asset Allocation

Weighting Return Low Return High MSTRX % Rank
Bonds
65.54% 0.00% 993.61% 96.45%
Stocks
30.14% 0.00% 99.99% 2.64%
Other
28.59% -16.55% 52.94% 3.36%
Cash
2.82% -54.51% 237.69% 48.32%
Convertible Bonds
0.64% 0.00% 7.93% 76.54%
Preferred Stocks
0.00% 0.00% 71.02% 44.15%

Stock Sector Breakdown

Weighting Return Low Return High MSTRX % Rank
Utilities
0.00% 0.00% 100.00% 54.51%
Technology
0.00% 0.00% 43.45% 48.24%
Real Estate
0.00% 0.00% 99.26% 50.98%
Industrials
0.00% 0.00% 48.31% 61.18%
Healthcare
0.00% 0.00% 17.70% 53.33%
Financial Services
0.00% 0.00% 100.00% 2.75%
Energy
0.00% 0.00% 100.00% 70.59%
Communication Services
0.00% 0.00% 100.00% 57.65%
Consumer Defense
0.00% 0.00% 99.67% 50.98%
Consumer Cyclical
0.00% 0.00% 100.00% 57.25%
Basic Materials
0.00% 0.00% 100.00% 53.73%

Stock Geographic Breakdown

Weighting Return Low Return High MSTRX % Rank
US
30.14% 0.00% 99.99% 2.54%
Non US
0.00% 0.00% 86.16% 25.03%

Bond Sector Breakdown

Weighting Return Low Return High MSTRX % Rank
Government
40.62% 0.00% 86.23% 17.52%
Derivative
22.16% -1.41% 44.82% 1.73%
Securitized
18.97% 0.00% 98.40% 84.22%
Corporate
12.31% 0.00% 100.00% 91.60%
Cash & Equivalents
2.82% -0.46% 237.69% 48.12%
Municipal
0.14% 0.00% 100.00% 62.30%

Bond Geographic Breakdown

Weighting Return Low Return High MSTRX % Rank
US
63.85% 0.00% 993.61% 95.63%
Non US
1.69% 0.00% 35.41% 20.65%

MSTRX - Expenses

Operational Fees

MSTRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.74% 0.01% 39.64% 45.40%
Management Fee 0.44% 0.00% 1.76% 76.77%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

MSTRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

MSTRX 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.

MSTRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 493.39% 95.49%

MSTRX - Distributions

Dividend Yield Analysis

MSTRX Category Low Category High MSTRX % Rank
Dividend Yield 3.61% 0.00% 10.11% 56.45%

Dividend Distribution Analysis

MSTRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

MSTRX Category Low Category High MSTRX % Rank
Net Income Ratio 1.41% -1.28% 4.79% 68.38%

Capital Gain Distribution Analysis

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

Distributions History

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MSTRX - Fund Manager Analysis

Managers

Scott Beatty


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

– Western Asset Management Company, LLC – Portfolio Manager, 2002- – Graduate School of Management, U.C. Irvine – Graduate Teaching Assistant, Finance, 2002 – RSM EquiCo, Capital Markets Division – Associate Intern, 2001-2002 – Air Industries Corporation – Staff/Chief Engineer, 1993-2000 – University of California, Irvine, Graduate School of Management, M.B.A. – Bucknell University, B.S. – Chartered Financial Analyst

Julien Scholnick


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

– Western Asset Management Company, LLC – Portfolio Manager, 2003- – Salomon Smith Barney – Associate, Private Client Group, 2000-2001 – Digital Coast Partners – Senior Analyst, 1999-2000 – Arthur Andersen, LLP – Senior Analyst, 1997-1999 – Cornell University, M.B.A. – University of California, Los Angeles, B.A., magna cum laude – Chartered Financial Analyst

Daniel McNeela


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Dan McNeela is a senior portfolio manager and co-head of target risk strategies with Morningstar Investment Management. McNeela is focused on portfolio construction, asset allocation, and manager due diligence. Prior to joining the investment management group in 2006, McNeela was associate director of mutual fund analysis for Morningstar, Inc. McNeela served as the editor of Morningstar’s flagship newsletter, Morningstar Mutual Funds and appeared before House and Senate subcommittees to testify as an investor advocate regarding the effectiveness of 529 college savings plans. He joined Morningstar in 2000 as a fund analyst with the individual investor group, specializing in domestic equity funds, with subspecialties in real estate and long-short funds and was the lead analyst on funds offered by Janus, Putnam, Royce and Goldman Sachs. Prior to Morningstar, he held a number of corporate finance positions at Scott Foresman, a leading educational publisher. McNeela holds a bachelor’s degree in finance from Indiana University and a master’s degree in business administration from the from the University of Illinois. McNeela also holds the Chartered Financial Analyst® designation.

David Rogal


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Mr. Rogal began his career at BlackRock in 2006 as an analyst in the Financial Institutions Group. Mr. Rogal earned a BA degree in economics and biology from Cornell University in 2006, with concentrations in statistics and genetics. He is a member of the Phi Beta Kappa society, for which he currently serves on the alumni board of directors.

Mark Lindbloom


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

– Western Asset Management Company, LLC – Portfolio Manager, 2005- – Citigroup Asset Management – Portfolio Manager, 1986-2005 – Brown Brothers Harriman & Co. – Portfolio Manager, 1981-1986 – New York Life Ins. – Analyst, 1978-1980 – Pace University, M.B.A. – Rider University, B.S.

Robert Miller


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Robert Miller is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments, where he manages mutual funds and separate accounts. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Prior to joining WFAM, Robert worked for American Century Investments, where he was part of a team managing the firm’s municipal bond portfolios. Robert had direct responsibility for the firm’s national intermediate- and long-term investment-grade strategies. In addition, he managed several other state-specific funds for the firm. Robert also served as a member of its analytical team. Earlier, Robert was a municipal bond analyst with Moody’s Investors Service, where he served as an analyst in the States and High Profile Ratings Group as well as the Airport Credit Group, the Southeast Regional Ratings Group, and the Mid-Atlantic Regional Ratings Group. He also founded a small venture capital firm and served as a consultant with Black and Veatch and KPMG Peat Marwick, where he specialized in conducting financial feasibility studies in support of large infrastructure projects. Robert earned a bachelor’s degree in business administration with an emphasis in finance from San Jose State University and a master’s degree in business administration from the Leonard N. Stern School of Business at New York University.

John Bellows


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

– Western Asset Management Company, LLC – Portfolio Manager, 2012- – U.S. Department of the Treasury – Acting Assistant Secretary for Economic Policy; Deputy Assistant Secretary for Microeconomic Analysis; Senior Advisor in the Office of Economic Policy, 2009-2011 – University of California, Berkeley, PhD Economics – Dartmouth College, B.A. Economics, magna cum laude – Chartered Financial Analyst

Richard Rieder


Start Date

Tenure

Tenure Rank

Nov 02, 2018

3.58

3.6%

Michelle R. Ward, CFA (Morningstar Total Return Bond Fund, Morningstar Multisector Bond Fund, and Morningstar Municipal Bond Fund)—Michelle Ward is an associate portfolio manager for Morningstar’s Investment Management group. Ward focuses on portfolio construction, fixed-income asset class research, and investment due diligence and is a member of the U.S. outcome-based strategies team, which focuses on inflation-plus, cash-plus, and income investment strategies. Along with the other comanagers of the Funds, she is responsible for subadviser selection and oversight, allocating the Funds’ assets to the subadvisers and any ETFs that are selected, constructing the portfolios to achieve desired asset class exposures including any residual cash, in addition to other portfolio management responsibilities. Prior to joining the investment management group in 2014, Ward was a senior analyst and team lead covering active strategies on Morningstar, Inc.’s manager research team. Her focus was on fixed-income and real return strategies. Before joining Morningstar in 2012, Ward was a research analyst for Ellwood Associates, an institutional investment consulting firm, where she was a member of a consulting team on a variety of plan types and served as a member of the firm’s fixed-income and real asset manager research teams. Ward holds a BA in Economics from the University of Michigan. Ward has served as a portfolio manager for the Funds since their inception.

Hong Cheng


Start Date

Tenure

Tenure Rank

May 02, 2022

0.08

0.1%

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.

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
0.08 33.43 6.79 1.16