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Trending ETFs

Clearwater Tax-Exempt Bond Fund

mutual fund
QWVQX
Payout Change
Suspended
Price as of:
$8.93 -0.02 -0.22%
primary theme
N/A
share class
QWVQX (Mutual Fund)

Clearwater Tax-Exempt Bond Fund

Payout Change
Suspended
Price as of:
$8.93 -0.02 -0.22%
primary theme
N/A
share class
QWVQX (Mutual Fund)

Clearwater Tax-Exempt Bond Fund

Payout Change
Suspended
Price as of:
$8.93 -0.02 -0.22%
primary theme
N/A
share class

Name

As of 10/07/2024

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

$8.93

$24.1 B

0.00%

0.74%

Vitals

YTD Return

1.9%

1 yr return

9.2%

3 Yr Avg Return

-2.1%

5 Yr Avg Return

-0.1%

Net Assets

$24.1 B

Holdings in Top 10

8.7%

52 WEEK LOW AND HIGH

$9.0
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)

N/A

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/07/2024

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

$8.93

$24.1 B

0.00%

0.74%

QWVQX - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return -2.1%
  • 5 Yr Annualized Total Return -0.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Clearwater Tax-Exempt Bond Fund
  • Fund Family Name
    N/A
  • Inception Date
    Jan 27, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these bonds is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in bonds that generate interest income subject to federal alternative minimum tax for individuals.
The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality.
The Fund primarily invests in bonds rated investment grade at the time of purchase or, if unrated, determined to be of comparable quality by the Fund’s subadviser. However, the Fund may invest up to 30% of its assets in bonds rated below investment grade (rated below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) and BBB‑ by Standard and Poor’s Corporation (“S&P”) or Fitch, Inc. (“Fitch”), commonly referred to as “junk” bonds) or determined to be of comparable quality by the applicable subadviser. The Fund may not invest in bonds rated at the time of purchase lower than B3 by Moody’s or B‑ by S&P or Fitch. The Fund may invest in closed‑end funds that invest in the same types of securities in which the Fund may invest directly. The average effective duration for the portfolio is typically approximately three to eight years. Duration is a measure of the sensitivity of the price of a fixed-income security to changes in interest rates and is expressed as a number of years. A longer duration generally means the price is more sensitive to changes in interest rates. For every 1% change in interest rate, the Fund’s net asset value is expected to change inversely by approximately 1% for each year of duration. For example, a 1% increase in interest rate would be expected to cause a fixed-income portfolio with an average dollar weighted duration of five years to decrease in value by approximately 5% (1% interest rate increase multiplied by the five-year duration).
Clearwater Management Co., Inc. (“CMC”) serves as the investment manager to the Fund and is responsible for the oversight of the Fund’s subadvisers. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: MacKay Shields LLC (“MacKay Shields”) and Sit Fixed Income Advisors II, LLC (“Sit”). The allocation among subadvisers will vary over time. Fiduciary Counselling, Inc. (“FCI”) also acts as a subadviser to the Fund, but does not provide day‑to‑day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by CMC.
MacKay Shields’ relative-value investment strategy combines a top-down macro view with bottom-up credit research driven security selection. The investment process seeks to identify mispricings and opportunities for total return with an emphasis and focus on risk management. Sit selects bonds that offer high tax-exempt income. In selecting which bonds to buy and sell for the Fund, Sit analyzes the general outlook on the economy and interest rate forecasts, while also evaluating a security’s structure, credit quality, yield, maturity, and liquidity.
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QWVQX - Performance

Return Ranking - Trailing

Period QWVQX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% N/A N/A N/A
1 Yr 9.2% N/A N/A N/A
3 Yr -2.1%* N/A N/A N/A
5 Yr -0.1%* N/A N/A N/A
10 Yr 0.3%* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period QWVQX Return Category Return Low Category Return High Rank in Category (%)
2023 2.0% N/A N/A N/A
2022 -15.5% N/A N/A N/A
2021 0.3% N/A N/A N/A
2020 0.1% N/A N/A N/A
2019 3.2% N/A N/A N/A

Total Return Ranking - Trailing

Period QWVQX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% N/A N/A N/A
1 Yr 9.2% N/A N/A N/A
3 Yr -2.1%* N/A N/A N/A
5 Yr -0.1%* N/A N/A N/A
10 Yr 0.3%* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period QWVQX Return Category Return Low Category Return High Rank in Category (%)
2023 2.4% N/A N/A N/A
2022 -11.4% N/A N/A N/A
2021 3.9% N/A N/A N/A
2020 4.3% N/A N/A N/A
2019 3.2% N/A N/A N/A

NAV & Total Return History


QWVQX - Holdings

Concentration Analysis

QWVQX Category Low Category High QWVQX % Rank
Net Assets 24.1 B N/A N/A N/A
Number of Holdings 754 N/A N/A N/A
Net Assets in Top 10 64.4 M N/A N/A N/A
Weighting of Top 10 8.67% N/A N/A N/A

Top 10 Holdings

  1. Northern Inst Fds GOVT SELECT PT 3.01%
  2. MN MNSHSG 6 01/01/2053 0.70%
  3. TEXAS DEPT. OF HOU 5.125% 0.69%
  4. UT UTSHSG 6 12/21/2052 0.69%
  5. MI MISHSG 4.95 12/01/2053 0.69%
  6. Northern Inst Fds GOVT SELECT PT 0.68%
  7. MI MISHSG 2.5 06/01/2052 0.59%
  8. UT UTSHSG 6 06/21/2053 0.55%
  9. NJ NJSHSG 4.8 10/01/2053 0.54%
  10. NJ NJSHSG 4.5 10/01/2042 0.53%

Asset Allocation

Weighting Return Low Return High QWVQX % Rank
Bonds
92.95% N/A N/A N/A
Cash
14.13% N/A N/A N/A
Stocks
4.05% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Convertible Bonds
0.00% N/A N/A N/A
Other
-11.13% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High QWVQX % Rank
Utilities
0.00% N/A N/A N/A
Technology
0.00% N/A N/A N/A
Real Estate
0.00% N/A N/A N/A
Industrials
0.00% N/A N/A N/A
Healthcare
0.00% N/A N/A N/A
Financial Services
0.00% N/A N/A N/A
Energy
0.00% N/A N/A N/A
Communication Services
0.00% N/A N/A N/A
Consumer Defense
0.00% N/A N/A N/A
Consumer Cyclical
0.00% N/A N/A N/A
Basic Materials
0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High QWVQX % Rank
US
4.05% N/A N/A N/A
Non US
0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High QWVQX % Rank
Cash & Equivalents
3.69% N/A N/A N/A
Securitized
0.00% N/A N/A N/A
Corporate
0.00% N/A N/A N/A
Municipal
0.00% N/A N/A N/A
Government
0.00% N/A N/A N/A
Derivative
-11.13% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High QWVQX % Rank
US
92.95% N/A N/A N/A
Non US
0.00% N/A N/A N/A

QWVQX - Expenses

Operational Fees

QWVQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.74% N/A N/A N/A
Management Fee 0.60% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

QWVQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

QWVQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 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.

QWVQX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

QWVQX - Distributions

Dividend Yield Analysis

QWVQX Category Low Category High QWVQX % Rank
Dividend Yield 0.00% N/A N/A N/A

Dividend Distribution Analysis

QWVQX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly

Net Income Ratio Analysis

QWVQX Category Low Category High QWVQX % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

QWVQX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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QWVQX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A