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Trending ETFs

Steward Select Bond Fund

mutual fund
SEAAX
Payout Change
Pending
Price as of:
$24.635 +0.05 +0.18%
primary theme
U.S. Intermediate-Term Bond Duration
SEAAX (Mutual Fund)

Steward Select Bond Fund

Payout Change
Pending
Price as of:
$24.635 +0.05 +0.18%
primary theme
U.S. Intermediate-Term Bond Duration
SEAAX (Mutual Fund)

Steward Select Bond Fund

Payout Change
Pending
Price as of:
$24.635 +0.05 +0.18%
primary theme
U.S. Intermediate-Term Bond Duration

Name

As of 04/26/2024

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

$24.64

$190 M

0.87%

$0.21

1.73%

Vitals

YTD Return

-2.4%

1 yr return

-0.8%

3 Yr Avg Return

-3.9%

5 Yr Avg Return

-2.2%

Net Assets

$190 M

Holdings in Top 10

15.8%

52 WEEK LOW AND HIGH

$24.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.73%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 24.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/26/2024

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

$24.64

$190 M

0.87%

$0.21

1.73%

SEAAX - Profile

Distributions

  • YTD Total Return -2.4%
  • 3 Yr Annualized Total Return -3.9%
  • 5 Yr Annualized Total Return -2.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.85%
DIVIDENDS
  • Dividend Yield 0.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Steward Select Bond Fund
  • Fund Family Name
    Crossmark Global Investments, Inc.
  • Inception Date
    Dec 14, 2017
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Victoria Fernandez

Fund Description

The Fund invests primarily in fixed-income securities, including, but not limited to, corporate bonds, mortgage-backed securities and government and agency bonds and notes, subject to the limitations of the Fund’s values-based screening policies (see “Values-based Investing” below). The Fund’s investments may include U.S. dollar-denominated instruments issued in the U.S. by foreign banks and branches and foreign corporations. Other security types may include fixed-rate preferred stock and municipal bonds. Normally, the Fund will invest at least
80% (measured at the time of investment) of the value of its net assets, plus the amount of any borrowings for investment purposes, either directly or through other investment companies, in these types of instruments. (Any such other investment company will also have a policy to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in such instruments.) The Fund will give shareholders at least 60 days’ prior notice of any change in this policy.
The Fund will not purchase a security if, as a result, more than 15% of the Fund’s net assets would be invested in securities that would be deemed to be illiquid. Illiquid securities are likely to consist primarily of debt securities and mortgages of colleges, schools and other nonprofit organizations. The Fund may invest up to 5% of its total assets in U.S. dollar-denominated debt securities of non‑U.S. issuers and no more than 2% of its total assets in U.S. dollar-denominated debt securities of companies in emerging market countries. The Fund may also invest in other investment companies and real estate investment trusts.
The instruments in which the Fund invests may have fixed, variable or floating rates of interest, with small portions of its portfolio in cash or short-term money market instruments, including repurchase agreements. The Fund may purchase securities on a when-issued or forward commitment basis, meaning that the Fund agrees to purchase the securities for a fixed price at a future date beyond customary settlement time.
In an effort to achieve the Fund’s stated objective, portfolio management will:
Monitor economic, demographic and political indicators to identify short-term and long-term trends in interest rates.
Determine the appropriate maturity/duration range for the Fund relative to the market. The Fund has no specific maturity or duration targets and the Fund may purchase debt securities of any maturity. As of June 30, 2023, the Fund’s weighted average maturity was 6.2 years and the Fund’s duration was 4.6 years.
Provide diversification through investment in multiple industry and asset sectors, subject to the Fund’s values-based screening policies.
Invest only in securities rated investment grade (Baa3/BBB‑ or better) by Moody’s or Standard and Poor’s or those comparably rated by another Nationally Recognized Statistical Rating Organization (“NRSRO”) or determined to be of comparable quality (investment grade) by Crossmark at the time of purchase based on the security’s characteristics, the entity’s financial status, and any other available information.
The Fund will normally sell a security when it no longer represents a good value, when more attractive risk/return potential exists in an alternative position, or when the security no longer fits within the strategy of the portfolio. The Fund may continue to hold a security that was rated investment grade at the time of purchase, but was subsequently downgraded to a below investment grade rating.
In order to construct the most appropriate portfolio to realize the Fund’s objective, portfolio management will seek to balance three primary portfolio characteristics: duration, yield curve structure and sector allocations.
When portfolio management believes that future U.S. interest rates will trend to higher levels (largely, but not entirely, due to an expected increase in general economic activity producing a change in Federal Reserve Bank policy), portfolio management typically will decrease the portfolio’s duration. When portfolio management believes that future U.S. interest rates will trend to lower levels (largely, but not entirely, due to an expected decrease in general economic activity producing a change in Federal Reserve Bank policy), portfolio management typically will increase the portfolio’s duration. Contributing to duration target decisions is a view of future inflationary price pressures which also determine Federal Reserve Bank policymaking expectations. Other factors such as liquidity, credit concerns, and relative yield levels may also direct how duration is created across sectors and may inhibit, or augment, how portfolio duration targets are selected.
Yield curve decisions as to where investments should be concentrated begin with a bias toward intermediate maturities (i.e., two to 10 years) and, in most instances, the majority of the Fund’s investments will have intermediate maturities. Portfolio management typically will use allocations to very short maturities or very long maturities to implement the Fund’s duration positioning. When portfolio management believes the trend for nominal interest rates will be higher, shorter-term issues typically will be favored. When portfolio management believes the trend for nominal interest rates will be lower, longer-term issues typically will be favored.
Investments in U.S. Treasury issues, in lieu of agency and/or corporate issues, are generally determined by the demand for safety and liquidity of these investments. Corporate sectors may be underweighted when portfolio management believes that slowing economic activity will put increased stress on corporate balance sheets and produce potential credit downgrades or other credit events, resulting in widening credit yield spreads. Subject to the limits of the Fund’s concentration policy, which prevents the Fund from investing 25% or more of its assets in any one industry or group of industries, corporate sectors may be overweighted when portfolio management believes that increasing economic activity will improve corporate balance sheets and produce potential credit upgrades or other credit events inducing the tightening credit yield spreads.
When making investment decisions, portfolio management may also consider whether a company, through its activities, both externally and internally, seeks to reduce risk and create long-term resilience through sustainable and responsible business practices, as determined based on data and rankings generated by one or more third-party providers unaffiliated with Crossmark. Crossmark believes that such companies exhibit positive values, including, but not limited to, the fair treatment of employees, respect for the environment, positive engagement with the communities in which they operate, and responsible governance practices.
To the extent two or more securities eligible for inclusion in the Fund’s portfolio have similar economic characteristics, portfolio management will typically prefer the securities of the companies that it determines compare more favorably with respect to such positive values.
Values-based Screens. As noted above, in implementing its investment strategies, the Fund applies a set of values-based screens to use its best efforts to avoid investing in companies that are determined by Crossmark, pursuant to screening guidelines approved by the Fund’s Board of Directors, to be: (1) materially involved in the production, distribution, retail, supply or licensing of alcohol or related products; (2) materially involved in the production, distribution, retail, supply or licensing of tobacco or related products (to include vaping and other alternative smoking products); (3) materially involved in gambling (to include the manufacture, distribution and operation of facilities and equipment whose intended use is gambling); (4) directly participating in providing abortions and/or the production of drugs that are used to terminate pregnancy; (5) leasing real estate to facilities providing abortions; (6) directly engaged in scientific research using stem cells derived from human embryos, fetal tissue or human embryo cloning techniques; (7) directly involved in the production, distribution or retail of adult entertainment; or (8) directly involved in the production, distribution, retail, supply or licensing of psychoactive recreational cannabis or derivative products. Because the Fund uses its best efforts to avoid investments in companies that do not pass the values-based screening criteria, it will divest itself, in a timely manner, of securities of companies that are subsequently added to the list of prohibited companies, although the sale may be delayed if such securities are illiquid or if Crossmark determines that an immediate sale would have a negative tax or other effect on the Fund. However, the Fund may invest up to 5% of its total assets in certain collective investment vehicles or derivatives that may hold or derive value from securities issued by otherwise excluded companies.
For purposes of the alcohol, tobacco and gambling screens, material involvement means that a company derives 10% or more of its revenues from the screened activities. For purposes of the adult entertainment screen, companies directly involved in the production, distribution or retail of adult entertainment (defined as media and materials intended to appeal exclusively to the prurient interest) and companies that derive 2% or more of their revenues from the screened activities are screened. For purposes of the abortion, abortion facilities, stem cell research and cannabis screens, there is no revenue threshold; any direct involvement in the screened activities will cause a company to be screened out of the investment universe. For purposes of the abortion and abortion facilities screens, a company that is not itself directly involved in the screened activities will be screened out of the investment universe if (a) it owns 20% or more of another company that is directly participating in the screened activities, or (b) it is 50% or more owned by another company that is directly participating in the screened activities.
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SEAAX - Performance

Return Ranking - Trailing

Period SEAAX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.4% -4.5% 5.2% 99.20%
1 Yr -0.8% -7.2% 12.7% 99.29%
3 Yr -3.9%* -10.8% 26.7% 90.14%
5 Yr -2.2%* -7.1% 191.4% 99.31%
10 Yr N/A* -2.5% 73.8% 100.00%

* Annualized

Return Ranking - Calendar

Period SEAAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -16.2% 8.1% 6.46%
2022 -13.2% -34.7% 131.9% 6.82%
2021 -3.1% -11.6% 4.4% 37.54%
2020 2.1% -10.1% 946.1% 85.06%
2019 0.3% -1.7% 16.9% 99.19%

Total Return Ranking - Trailing

Period SEAAX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.4% -4.5% 5.2% 99.20%
1 Yr -0.8% -7.2% 12.7% 99.29%
3 Yr -3.9%* -10.8% 26.7% 90.14%
5 Yr -2.2%* -7.1% 191.4% 99.31%
10 Yr N/A* -2.5% 73.8% 100.00%

* Annualized

Total Return Ranking - Calendar

Period SEAAX Return Category Return Low Category Return High Rank in Category (%)
2023 4.5% -11.3% 11.0% 92.02%
2022 -12.6% -32.2% 131.9% 20.04%
2021 -2.7% -9.4% 9.2% 95.04%
2020 2.7% -1.9% 1009.0% 98.10%
2019 2.9% 1.1% 21668.0% 99.65%

NAV & Total Return History


SEAAX - Holdings

Concentration Analysis

SEAAX Category Low Category High SEAAX % Rank
Net Assets 190 M 2.9 M 314 B 81.51%
Number of Holdings 159 1 17816 90.13%
Net Assets in Top 10 30.2 M 1.57 M 34.8 B 86.61%
Weighting of Top 10 15.84% 4.4% 132.5% 75.53%

Top 10 Holdings

  1. QCOM 4.65 05/20/35 2.12%
  2. Northern Inst Fds TREAS PRT PRMR 2.00%
  3. LHX 5.4 07/31/33 1.62%
  4. CMCSA 3.7 04/15/24 1.57%
  5. AXP 4.05 05/03/29 1.55%
  6. ADBE 3.25 02/01/25 1.55%
  7. VLO 4 04/01/29 1.52%
  8. NKE 2.85 03/27/30 1.44%
  9. FHR 3779 KY 1.29%
  10. HD 5.875 12/16/36 1.16%

Asset Allocation

Weighting Return Low Return High SEAAX % Rank
Bonds
94.71% 0.00% 211.59% 53.77%
Cash
2.84% -54.51% 87.74% 46.83%
Other
2.44% -16.94% 53.20% 61.43%
Stocks
0.00% 0.00% 99.99% 96.48%
Preferred Stocks
0.00% 0.00% 74.98% 95.67%
Convertible Bonds
0.00% 0.00% 7.93% 99.09%

Bond Sector Breakdown

Weighting Return Low Return High SEAAX % Rank
Corporate
65.78% 0.00% 100.00% 1.01%
Government
23.63% 0.00% 86.23% 53.14%
Securitized
5.14% 0.00% 98.40% 95.74%
Municipal
3.39% 0.00% 100.00% 10.75%
Cash & Equivalents
2.00% 0.00% 83.04% 55.49%
Derivative
0.00% -9.72% 50.66% 83.79%

Bond Geographic Breakdown

Weighting Return Low Return High SEAAX % Rank
US
94.71% 0.00% 211.59% 48.54%
Non US
0.00% 0.00% 33.48% 96.68%

SEAAX - Expenses

Operational Fees

SEAAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.73% 0.01% 39.10% 5.77%
Management Fee 0.32% 0.00% 1.76% 39.37%
12b-1 Fee 1.00% 0.00% 1.00% 99.16%
Administrative Fee 0.08% 0.01% 0.50% 44.84%

Sales Fees

SEAAX 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% 5.00% N/A

Trading Fees

SEAAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 100.00%

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.

SEAAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 24.00% 2.00% 493.39% 6.06%

SEAAX - Distributions

Dividend Yield Analysis

SEAAX Category Low Category High SEAAX % Rank
Dividend Yield 0.87% 0.00% 10.11% 97.59%

Dividend Distribution Analysis

SEAAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly SemiAnnual Quarterly Quarterly

Net Income Ratio Analysis

SEAAX Category Low Category High SEAAX % Rank
Net Income Ratio 0.85% -1.28% 4.79% 91.62%

Capital Gain Distribution Analysis

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

Distributions History

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SEAAX - Fund Manager Analysis

Managers

Victoria Fernandez


Start Date

Tenure

Tenure Rank

Jan 01, 2014

8.42

8.4%

Victoria Fernandez joined Crossmark in July 2012 and serves as the Chief Market Strategist. She works with the firm's executive and research teams to analyze current market trends and provide comments to the media and public around Crossmark's investment outlook. She is also responsible for managing the Fixed Income Investment team and serves as Portfolio Manager on the firm's taxable fixed income products. Victoria began her career in 1994 at Fayez Sarofim & Company, a Houston-based financial advisory firm. During her 18 years at the firm, Victoria enhanced her knowledge of the industry through a variety of roles within the fixed income division including Head Trader, Municipal Portfolio Manager and as an Associate on the management team. Born and raised in Houston, Texas, Victoria remained in her hometown to ear her Bachelor of Arts from Rice University. She also earned her MBA from the May's Business School at Texas A&M University and is a CFA Charterholder. As an active member of her community, Victoria has served on the boards of local non-profit organizations and religious institutions. She stay busy supporting her two children in their athletic and academic pursuits, along with volunteering in National Charity League, a mother-daughter volunteer organization, and Literacy Strong, a non-profit developed by her daughter to fight illiteracy in Houston. Victoria currently resides in Houston, Texas and when not in the office, she enjoys walking her Labradoodle and diving into a good book.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.78 1.16