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Trending ETFs

Symmetry Panoramic Municipal Fixed Income Fund

mutual fund
SPMFX
Payout Change
Pending
Price as of:
$10.05 +0.01 +0.1%
primary theme
Municipal Bond
share class
SPMFX (Mutual Fund)

Symmetry Panoramic Municipal Fixed Income Fund

Payout Change
Pending
Price as of:
$10.05 +0.01 +0.1%
primary theme
Municipal Bond
share class
SPMFX (Mutual Fund)

Symmetry Panoramic Municipal Fixed Income Fund

Payout Change
Pending
Price as of:
$10.05 +0.01 +0.1%
primary theme
Municipal Bond
share class

Name

As of 12/06/2024

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

$10.05

$36 M

2.12%

$0.21

1.01%

Vitals

YTD Return

2.6%

1 yr return

3.3%

3 Yr Avg Return

1.0%

5 Yr Avg Return

0.8%

Net Assets

$36 M

Holdings in Top 10

100.3%

52 WEEK LOW AND HIGH

$10.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.01%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 8.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/06/2024

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

$10.05

$36 M

2.12%

$0.21

1.01%

SPMFX - Profile

Distributions

  • YTD Total Return 2.6%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.39%
DIVIDENDS
  • Dividend Yield 2.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Symmetry Panoramic Municipal Fixed Income Fund
  • Fund Family Name
    Symmetry Partners
  • Inception Date
    Nov 12, 2018
  • Shares Outstanding
    4070007
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John McDermott

Fund Description

The Fund is a diversified multi-strategy fund that seeks to achieve its investment objective primarily by implementing a market-based factor approach to fixed income that the Fund’s investment adviser, Symmetry, believes has the potential to produce positive returns before fees over time. Under normal circumstances, the Fund will, directly or indirectly, invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and may subject the investors to alternative minimum tax. The Fund may invest in securities and other instruments either directly or by investing in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”). The Fund will invest in long-term, intermediate and short-term municipal bonds. The Fund may also invest in short-term municipal money market fund securities. The Fund also may invest in obligations of the U.S. government and of U.S. government agencies. The Fund may also invest a portion of its assets in high-yield (lower rated) municipal debt instruments, which may be investment grade or below investment grade (also known as “junk bonds”, which are considered speculative). The Fund does not seek to maintain any particular weighted average maturity or duration, and may invest in fixed income instruments of any maturity or duration. Certain Underlying Funds also may engage in strategies that require heightened turnover, and the Adviser may not consider portfolio turnover a limiting factor in making decisions for the Fund.

The Adviser seeks to manage a multi-factor fund that provides exposure to different managers that in the Adviser’s view are best able to deliver certain factor exposures as identified by the Adviser. The Adviser will generally access these investment managers either through Underlying Funds, or through a direct sub-advisory relationship with an investment manager. The Adviser will make a determination for each investment manager as to which type of access it believes is most advantageous to the Fund, and will make changes at its discretion. The Adviser may look for Underlying Funds or sub-advisory mandates that will feature characteristics associated with investment style factors that have been identified in certain academic research papers and that, although there is no guarantee of future results, the Adviser has identified as having historically shown the potential to deliver greater returns over time.

Under normal market conditions, the Adviser expects to invest in the securities of Underlying Funds selected based on having characteristics associated with factors targeted by the Adviser. Such factors may include consideration to credit risk, interest rate risk, and other factors that, in the opinion of the Adviser, are appropriate for achieving the Fund’s investment objective. The Fund will diversify its investments by investing in Underlying Funds that focus on different factors in the fixed income securities market. The Adviser manages the allocation with a goal of prudently capturing returns of the municipal markets, which the Adviser expects will have low sensitivity to returns of the U.S. stock market.

There is no limit in the number of Underlying Funds in which the Fund may invest, and the Fund may invest more than 25% of its assets in one Underlying Fund.

The Adviser sets an overall asset allocation within the municipal bond market based on long-term strategic considerations and monitors this allocation on an ongoing basis. The Adviser will periodically rebalance the portfolio and may change managers and/or exposures over time based on its evolving investment views amid changing market and economic conditions. Periodically, the Fund’s Adviser will review certain factors in each Underlying Fund and may add or remove Underlying Funds without notice to shareholders. The Adviser may also temporarily over or under-weight certain exposures for tax management purposes, which may include selling Fund investments to offset gains. To the extent that this activity causes the Fund to deviate from its typical exposures, it may not meet its investment objective. The Adviser may also temporarily alter its investments if market, economic or other signals warrant doing so in the view of the Adviser.

The Trust and the Adviser were granted an exemptive order from the U.S. Securities and Exchange Commission (“SEC”) that permits Symmetry, subject to certain conditions, and without the approval of shareholders, to hire and terminate sub-advisers (“Sub-Advisers”). At this time, there are no sub-advisers to the Fund. The Adviser may add sub-advisers at its discretion. With respect to any portion of assets managed directly by a sub-adviser, the Fund utilizes a “multi-manager” approach whereby the Fund’s assets will be allocated to one or more sub-advisers, in percentages determined at the discretion of the Adviser. Each sub-adviser acts independently from the others and utilizes its own distinct investment style in investing in selecting securities. However, each sub-adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions.

The Underlying Funds in which the Fund invests may also use a variety of derivative instruments, including futures and option contracts and swaps. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, options and swaps to help the ETF track its underlying index. In addition, the Fund also may invest directly in derivatives, including but not limited to futures contracts and options on futures contracts, to adjust market exposure based on actual or expected cash inflows to or outflows from the Fund.

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SPMFX - Performance

Return Ranking - Trailing

Period SPMFX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% -4.3% 40.7% 83.61%
1 Yr 3.3% -2.6% 46.0% 89.12%
3 Yr 1.0%* -10.3% 6.3% 11.00%
5 Yr 0.8%* -6.5% 1105.2% 64.52%
10 Yr N/A* -0.9% 249.0% N/A

* Annualized

Return Ranking - Calendar

Period SPMFX Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -1.4% 41.0% 76.30%
2022 -3.6% -39.7% 0.3% 3.89%
2021 -0.6% -5.6% 6.9% 52.44%
2020 0.8% -2.6% 310.0% 85.92%
2019 1.4% 0.0% 26.0% 94.96%

Total Return Ranking - Trailing

Period SPMFX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% -4.3% 40.7% 83.61%
1 Yr 3.3% -2.6% 46.0% 89.12%
3 Yr 1.0%* -10.3% 6.3% 11.00%
5 Yr 0.8%* -6.5% 1105.2% 64.52%
10 Yr N/A* -0.9% 249.0% N/A

* Annualized

Total Return Ranking - Calendar

Period SPMFX Return Category Return Low Category Return High Rank in Category (%)
2023 3.5% -1.3% 41.0% 91.65%
2022 -3.0% -39.7% 1.1% 6.28%
2021 -0.3% -4.8% 23761504.0% 92.30%
2020 1.6% -1.5% 17057.9% 92.72%
2019 2.5% 0.2% 3514.6% 96.33%

NAV & Total Return History


SPMFX - Holdings

Concentration Analysis

SPMFX Category Low Category High SPMFX % Rank
Net Assets 36 M 3.22 M 71.9 B 95.90%
Number of Holdings 6 4 13418 99.66%
Net Assets in Top 10 36 M -317 M 3.09 B 74.61%
Weighting of Top 10 100.26% 1.8% 100.3% 0.07%

Top 10 Holdings

  1. DFA SHORT-TERM MUNI BOND MUTUAL FUND 48.08%
  2. DFA INTERM TERM MUNI BD-INS MUTUAL FUND 24.97%
  3. ISHARES SHORT-TERM NATIONAL MUTUAL FUND 11.02%
  4. VANGUARD TAX-EXEMPT BOND ETF MUTUAL FUND 9.96%
  5. ISHARES NATIONAL MUNI BOND E MUTUAL FUND 5.09%
  6. DWS GOVERNMENT MONEY MARKET SERIES INSTITUTIONAL SHARES 1.14%

Asset Allocation

Weighting Return Low Return High SPMFX % Rank
Stocks
99.12% 0.00% 99.78% 0.54%
Cash
1.14% -50.86% 44.62% 46.88%
Preferred Stocks
0.00% 0.00% 0.07% 38.08%
Other
0.00% -3.69% 53.54% 45.40%
Convertible Bonds
0.00% 0.00% 0.93% 37.76%
Bonds
0.00% 0.00% 150.86% 99.66%

Stock Sector Breakdown

Weighting Return Low Return High SPMFX % Rank
Utilities
0.00% 0.00% 0.00% N/A
Technology
0.00% 0.00% 0.00% N/A
Real Estate
0.00% 0.00% 0.00% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 0.00% N/A
Financial Services
0.00% 0.00% 0.00% N/A
Energy
0.00% 0.00% 0.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 0.00% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High SPMFX % Rank
US
99.12% 0.00% 99.78% 0.54%
Non US
0.00% 0.00% 10.22% 37.68%

SPMFX - Expenses

Operational Fees

SPMFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.01% 0.01% 8.02% 29.10%
Management Fee 0.47% 0.00% 1.20% 71.01%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

SPMFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

SPMFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 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.

SPMFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 8.00% 0.00% 283.00% 13.62%

SPMFX - Distributions

Dividend Yield Analysis

SPMFX Category Low Category High SPMFX % Rank
Dividend Yield 2.12% 0.00% 14.51% 89.19%

Dividend Distribution Analysis

SPMFX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

SPMFX Category Low Category High SPMFX % Rank
Net Income Ratio 0.39% -0.53% 5.33% 97.01%

Capital Gain Distribution Analysis

SPMFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

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SPMFX - Fund Manager Analysis

Managers

John McDermott


Start Date

Tenure

Tenure Rank

Nov 12, 2018

3.55

3.6%

John McDermott is Portfolio Manager, Chief Investment Strategist at Symmetry Partners, LLC, and a member of the Investment Committee. Dr. McDermott began his affiliation with Symmetry Partners in 2005. Dr. McDermott holds a B.S. from the U.S. Coast Guard Academy, an MBA from Columbia University, and a Ph.D. from the University of Connecticut.

Rebecca Cioban


Start Date

Tenure

Tenure Rank

Nov 12, 2018

3.55

3.6%

Rebecca Cioban is Portfolio Manager and Associate Director of Investments at Symmetry Partners, LLC. Ms. Cioban joined Symmetry Partners in 2007. Ms. Cioban holds a B.A. from the University of Connecticut.

Philip McDonald


Start Date

Tenure

Tenure Rank

Nov 12, 2018

3.55

3.6%

Philip McDonald is a Portfolio Manager and Managing Director at Symmetry Partners, LLC, and a member of the Investment Committee. Mr. McDonald joined Symmetry Partners in 2010. Mr. McDonald holds a B.S. from Georgetown University and an MBA from the University of Connecticut. He became a CFA® charterholder in 2003, a CIPM certificate holder in 2011 and a CAIA® charterholder in 2012.

Kevin Scully


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Kevin Scully is a Portfolio Manager and Senior Research Associate at Symmetry Partners, LLC. Mr. Scully joined Symmetry Partners in 2015. He holds a B.S. from the University of Connecticut and became a CFA® charterholder in 2017.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58