Fund Characteristics


Portfolio Composition

Primary: Deeply discounted residential MBS (60 – 100% of the portfolio*)

Secondary: Deeply discounted other ABS such as - manufactured housing, autos, franchise, airplane, commercial real estate, REITs and/or credit default swaps (0 – 40% of the portfolio*)

Highly diversified

Largest holdings typically 1.5 – 5% of portfolio

 

*Allocation ranges are dependent on market conditions and opportunities and may deviate accordingly.

 

Pie graph

 

Portfolio composition is subject to change and should not be considered investment advice. Portfolio composition excludes cash and equivalents.

Weights may not equal 100% due to rounding. As of 4/30/2017.

Portfolio Characteristics
Weighted Average Life 8.68 Years
# of Holdings 261
Average Price $78.17
Yield to Maturity 7.68%

 

Glossary

 

Weighted Average Life

Measures the weighted average allocation of the Fund's capital to different maturities that are associated with each of the securities held in the Fund given security-specific covenants.

 

Modified Duration

Provides a measure of interest-rate sensitivity. Longer duration means more sensitivity to interest rate shifts.

 

Average Price

The weighted average price of the portfolio holdings.

 

Yield to Maturity

The percentage rate of return paid if the instrument is held until its maturity date, expressed as an annual rate. The calculation is based on the coupon rate, length of time to maturity, and the market price. It assumes the coupon interest paid over the life of the instrument is reinvested at the same rate.

 

 

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