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Trending ETFs

Name

As of 09/23/2022

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

$9.42

$100 M

2.04%

$0.19

0.45%

Vitals

YTD Return

-4.9%

1 yr return

-3.1%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$100 M

Holdings in Top 10

35.2%

52 WEEK LOW AND HIGH

$9.4
$9.42
$10.04

Expenses

OPERATING FEES

Expense Ratio 0.45%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 130.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

$10,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 09/23/2022

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

$9.42

$100 M

2.04%

$0.19

0.45%

RCSTX - Profile

Distributions

  • YTD Total Return -4.9%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.37%
DIVIDENDS
  • Dividend Yield 2.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Red Cedar Short Term Bond Fund
  • Fund Family Name
    Red Cedar
  • Inception Date
    Nov 15, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Patricia Younker

Fund Description

Under normal market circumstances, the Fund will invest at least 80% of its net assets in U.S. dollar-denominated debt obligations, including corporate bonds, bonds issued by municipalities and local authorities, U.S. treasury obligations, U.S. treasury inflation-protected securities (“TIPS”) and other U.S. government and agency securities, U.S. dollar denominated bonds issued by foreign governments and

corporations, asset-backed, commercial mortgage-backed, mortgage-related and mortgage-backed securities. The Fund may also invest in derivatives. To the extent the Fund’s holdings in derivatives have economic characteristics similar to these investments, the current market value of the Fund’s investments in derivatives (or fair value of OTC derivatives) will be counted toward the 80% policy.

The Fund utilizes a relative value approach to security selection and sector allocation. A variety of factors impact the assessment of relative value including yield, duration, credit quality and security optionality. The Adviser evaluates a wide variety of securities and purchases those that it believes will best position the Fund to meet its objectives.

The Fund only invests in debt obligations that, at the time of purchase, are rated at least Baa3 or higher by Moody’s Investors Services, Inc., or BBB- or higher by S&P Global Ratings or Fitch, Inc., or, if unrated, are determined by the Adviser to be of comparable quality. After purchase, a debt obligation may cease to be rated or may have its rating reduced below the minimum rating required by the Fund for purchase. If a debt obligation held by the Fund is downgraded below these levels by one or more ratings agencies, the Adviser is not obligated to immediately dispose of such debt obligation. In such a case, the Adviser may decide that the Fund should continue to hold such debt obligation if the Adviser determines, in the exercise of its discretion, that it is in the best interest of the Fund to do so. In such a case, the Fund may hold debt obligations with a “D” or similar credit rating indicating at least a partial payment default.

Under normal circumstances, the Fund’s dollar-weighted average portfolio effective maturity will be more than one year but less than three. The Fund may shorten or lengthen its average weighted effective maturity for temporary defensive purposes. Due to the Fund’s holdings in asset-backed, commercial-mortgage-backed, residential mortgage-backed and similar securities, the Fund’s dollar-weighted average portfolio effective maturity is equivalent to the average weighted maturity of the cash flows in such securities held by the Fund given certain prepayment assumptions (also known as weighted average life). The Fund may invest in debt obligations of all maturities.

The Fund may invest a significant portion of its assets in mortgage-backed securities, asset-backed securities and other securitized products. Securitized products may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities (interest-only or principal-only), commercial mortgage-backed securities, mortgage pass-through securities and other asset-backed securities.

The Fund may invest a significant portion of its assets in the financial services industry and may invest in instruments that are issued or guaranteed by financial institutions, such as banks and brokers, or that are collateralized by securities issued or guaranteed by financial institutions.

In addition to direct investments in securities, the Fund may hold a variety of derivatives, including futures contracts, options, swaps and forward contracts. Derivatives are instruments that have a value based on another instrument, exchange rate or index. Derivatives may be used as substitutes for securities in which the Fund can invest directly or to hedge investments for risk management purposes.

The Fund may invest in securities that have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), but that may be resold to qualified institutional buyers in accordance with the provisions of Rule 144A under the Securities Act (“Rule 144A securities”).

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RCSTX - Performance

Return Ranking - Trailing

Period RCSTX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -18.7% -1.0% 11.95%
1 Yr -3.1% -8.2% 2.6% 16.53%
3 Yr N/A* -1.1% 5.1% N/A
5 Yr N/A* -0.4% 4.6% N/A
10 Yr N/A* -0.3% 4.0% N/A

* Annualized

Return Ranking - Calendar

Period RCSTX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.0% -15.4% 94.2% 71.18%
2022 1.2% -20.8% 7.6% 73.05%
2021 N/A -74.0% 9.3% N/A
2020 N/A -50.6% 1.0% N/A
2019 N/A -2.6% 9.2% N/A

Total Return Ranking - Trailing

Period RCSTX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -18.7% -1.4% 7.58%
1 Yr -3.1% -10.9% 2.4% 15.21%
3 Yr N/A* -2.6% 5.1% N/A
5 Yr N/A* -1.1% 4.6% N/A
10 Yr N/A* -0.4% 4.0% N/A

* Annualized

Total Return Ranking - Calendar

Period RCSTX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.0% -15.4% 94.2% 71.18%
2022 1.2% -20.8% 7.6% 73.05%
2021 N/A -74.0% 9.3% N/A
2020 N/A -50.6% 6.5% N/A
2019 N/A -2.6% 20.5% N/A

NAV & Total Return History


RCSTX - Holdings

Concentration Analysis

RCSTX Category Low Category High RCSTX % Rank
Net Assets 100 M 5.81 M 70.5 B 86.13%
Number of Holdings 150 4 4919 78.18%
Net Assets in Top 10 16 M -23.9 M 9.45 B 88.44%
Weighting of Top 10 35.21% 1.7% 100.0% 25.86%

Top 10 Holdings

  1. 5 Year Treasury Note Future Mar 22 10.09%
  2. 5 Year Treasury Note Future Mar 22 10.09%
  3. 5 Year Treasury Note Future Mar 22 10.09%
  4. 5 Year Treasury Note Future Mar 22 10.09%
  5. 5 Year Treasury Note Future Mar 22 10.09%
  6. 5 Year Treasury Note Future Mar 22 10.09%
  7. 5 Year Treasury Note Future Mar 22 10.09%
  8. 5 Year Treasury Note Future Mar 22 10.09%
  9. 5 Year Treasury Note Future Mar 22 10.09%
  10. 5 Year Treasury Note Future Mar 22 10.09%

Asset Allocation

Weighting Return Low Return High RCSTX % Rank
Bonds
99.15% 49.71% 194.71% 8.96%
Convertible Bonds
1.84% 0.00% 27.71% 57.98%
Stocks
0.00% -0.66% 11.31% 44.14%
Preferred Stocks
0.00% 0.00% 25.64% 46.09%
Other
-0.09% -2.59% 10.19% 98.05%
Cash
-0.90% -102.46% 39.20% 90.72%

Bond Sector Breakdown

Weighting Return Low Return High RCSTX % Rank
Securitized
51.61% 0.00% 97.27% 9.93%
Corporate
30.18% 0.00% 100.00% 68.73%
Government
16.91% 0.00% 73.63% 49.51%
Cash & Equivalents
1.30% 0.00% 44.09% 88.11%
Derivative
0.00% 0.00% 45.97% 44.46%
Municipal
0.00% 0.00% 17.46% 64.66%

Bond Geographic Breakdown

Weighting Return Low Return High RCSTX % Rank
US
89.81% 0.00% 165.96% 16.29%
Non US
9.34% 0.00% 72.71% 68.40%

RCSTX - Expenses

Operational Fees

RCSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.45% 0.02% 2.48% 66.78%
Management Fee 0.30% 0.00% 1.19% 37.85%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

RCSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.50% 5.00% N/A

Trading Fees

RCSTX 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.

RCSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 130.00% 0.00% 500.00% 76.64%

RCSTX - Distributions

Dividend Yield Analysis

RCSTX Category Low Category High RCSTX % Rank
Dividend Yield 2.04% 0.00% 6.18% 44.23%

Dividend Distribution Analysis

RCSTX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

RCSTX Category Low Category High RCSTX % Rank
Net Income Ratio 1.37% -1.27% 4.98% 37.79%

Capital Gain Distribution Analysis

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

Distributions History

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RCSTX - Fund Manager Analysis

Managers

Patricia Younker


Start Date

Tenure

Tenure Rank

Nov 15, 2019

2.54

2.5%

Patricia Younker is a Partner, Senior Portfolio Manager for Red Cedar Investment Management. She started in the industry in 1987 and joined Red Cedar in 2018. She is responsible for the management of Tax-Exempt and Taxable Fixed Income accounts. Prior to joining Red Cedar Investment Management, she held a similar position at ClearArc Capital from 2001- 2018. Previously, she served as a Portfolio Manager at Lyon Street Asset Management, a subsidiary of Old Kent Bank, which was acquired by Fifth Third Bank (an affiliated company of ClearArc Capital). Her previous experience includes working as a Tax-Exempt Money Market Trader and as a Fixed Income Trader. Mrs. Younker graduated from Davenport University with a Bachelor of Applied Science.

Jason Schwartz


Start Date

Tenure

Tenure Rank

Nov 15, 2019

2.54

2.5%

Jason M. Schwartz is a Partner, Senior Portfolio Manager for Red Cedar Investment Management. He started in the industry in 2004 and joined Red Cedar in 2018. Prior to joining Red Cedar, he served in various roles at ClearArc Capital including his latest position as Senior Portfolio Manager. His responsibilities comprised several investment strategies over time including multi-sector, Core Plus Fixed Income, Core Fixed Income and Intermediate Government Credit Fixed Income. In addition, Mr. Schwartz was head of securitized products research and trading responsible for oversight of the firm’s entire Asset-Backed Securities (ABS), Mortgage-Backed Securities (MBS) and Commercial Mortgage-Backed Securities (CMBS) portfolio. He also supported the risk management function by providing the firm with derivatives and hedging analysis. He is a member of the Cincinnati Society of Financial Analysts. Mr. Schwartz graduated summa cum laude from the University of Kentucky with a B.B.A. in Finance and is a CFA® charterholder.

Michael Martin


Start Date

Tenure

Tenure Rank

Nov 15, 2019

2.54

2.5%

Michael J. Martin is a Partner, Senior Portfolio Manager for Red Cedar Investment Management. He started in the industry in 1994 and joined Red Cedar in 2018. Previously, he was the Director of Credit Research and Investment Risk Oversight for ClearArc Capital (a subsidiary of Fifth Third Bank). Prior to that, he served as the Director of Tax Free Fixed Income at Lyon Street Asset Management, a subsidiary of Old Kent Bank, which was acquired by Fifth Third Bank. He is a CFA® charterholder and member of the CFA Society West Michigan. Mr. Martin graduated from Michigan Technological University with a B.S. in Geological Engineering and received an MBA from Michigan State University.

John Cassady


Start Date

Tenure

Tenure Rank

Nov 15, 2019

2.54

2.5%

John L. Cassady III is Managing Partner, Chief Executive Officer and Chief Investment Officer for Red Cedar Investment Management. He started in the industry in 1987 and joined Red Cedar in 2018. Prior to that, he was an investment professional for ClearArc Capital where he served in varying roles from 2001- 2018, including Director of Fixed Income and Senior Portfolio Manager. While at ClearArc Capital, Mr. Cassady managed Core Fixed Income, Core Plus Fixed Income, Asset Allocation and a multi-sector low correlation strategy. Before joining ClearArc Capital, he held a similar position at Lyon Street Asset Management, a subsidiary of Old Kent Bank, which was acquired by Fifth Third Bank (an affiliated company of ClearArc Capital). Previously, he was a fixed income Portfolio Manager at Atlantic Portfolio Analytics & Management (APAM) which has since been acquired by Semper Capital Management. He is a CFA® charterholder and member of the CFA Society West Michigan. Mr. Cassady graduated from Georgia Institute of Technology with a B.S. in Industrial Management.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.16 2.41