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Name

As of 04/12/2024

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

$9.88

$12.8 B

0.00%

0.38%

Vitals

YTD Return

-0.1%

1 yr return

2.6%

3 Yr Avg Return

-0.4%

5 Yr Avg Return

1.5%

Net Assets

$12.8 B

Holdings in Top 10

4.9%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.38%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 18.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/12/2024

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

$9.88

$12.8 B

0.00%

0.38%

BBMUX - Profile

Distributions

  • YTD Total Return -0.1%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return 1.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.03%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Bridge Builder Municipal Bond Fund
  • Fund Family Name
    BRIDGE BUILDER TRUST
  • Inception Date
    Sep 14, 2015
  • Shares Outstanding
    1099694159
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Murphy

Fund Description

The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax. These municipal securities include debt obligations issued by or on behalf of a state or local entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for certain taxpayers subject to the federal alternative minimum tax (“Federal AMT”)). Municipal securities may be obligations of a variety of issuers, including state or local entities or other qualifying issuers. Issuers may be states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities.
The Fund invests in municipal securities financing projects, including but not limited to those relating to education, health care, and transportation. The Fund may invest in municipal securities rated below investment grade, also known as “junk bonds,” or in unrated municipal securities that a sub-adviser of the Fund believes are of comparable quality. Investment grade securities are those securities that are rated at or above Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), BBB- by Standard & Poor’s Corporation (“S&P”), or an equivalent rating by another nationally recognized securities rating organization (“NRSRO”), or securities that are unrated but deemed by the sub-adviser to be comparable in quality to instruments that are so rated. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund also invests in U.S. Treasury futures and may buy or sell futures to hedge exposure to risk factors, for speculative purposes or as a substitute for investing in conventional fixed income securities. In addition, the Fund may invest in privately issued securities (e.g., Rule 144A securities) and other investment companies, including open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment objective.
The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets.
Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub-adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub-adviser believes that it would be appropriate to do so in order to readjust the duration or asset allocation of its portion of the Fund’s investment portfolio.
The Adviser is responsible for determining the amount of Fund assets allocated to each Sub-adviser. The Adviser allocates Fund assets to the following Sub-advisers: BlackRock Investment Management, LLC (“BlackRock”), FIAM LLC (“FIAM”) and MacKay Shields LLC (“MacKay Shields”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser’s principal investment strategies.
BlackRock’s Principal Investment Strategies
BlackRock takes a top-down, bottom-up approach with a flexible investment framework in managing its allocated portion of the Fund’s assets. The investment process begins with setting a macro-outlook and broad strategy guidelines around credit, duration, yield curve, structure, and liquidity. Portfolio management works closely with BlackRock’s credit research team to determine which sectors of the municipal market provide the most value and should be overweight and which should be underweight. Once a sector view is established, BlackRock’s credit research team works to identify securities that provide the best risk reward profile. BlackRock’s security selection process is based on its relative value outlook and the quantitative assessment of the security and portfolio. In managing its allocated portion of the Fund’s assets, BlackRock seeks total return derived primarily from coupon interest, and secondarily, capital appreciation.
FIAM’s Principal Investment Strategies
FIAM uses a municipal bond index as a guide in structuring and selecting its investments for its allocated portion of the Fund’s assets. This municipal bond index represents FIAM’s view of how the portfolio’s competitive universe will perform over time. This index is a market value-weighted index of short to intermediate investment-grade fixed-rate municipal bonds. FIAM considers a variety of factors when selecting investments, including the credit quality of issuers, security-specific features, current valuations relative to alternatives in the market, short-term trading opportunities resulting from market inefficiencies, and potential future valuations. In managing the portfolio’s exposure to various risks, including interest rate risk, FIAM also considers the market’s overall risk characteristics, current pricing of those risks, and internal views of potential future market conditions.
MacKay Shields’ Principal Investment Strategies
MacKay Shields’ relative-value investment strategy combines a top-down macro view with bottom-up credit research driven security selection. MacKay Shields’ investment discipline begins by outlining a macro view of the economy, interest rates, inflation and both national and regional political concerns. The top-down component guides decisions relating to the Fund’s credit distribution, sector distribution, state exposure and yield curve positioning. The investment strategy seeks to maintain duration neutrality, typically expressed as a range around the duration of the relevant benchmark. MacKay Shields’ approach is driven by fundamental bottom-up security analysis using deep credit research and spread analysis. In doing so, the investment process seeks to identify mispricings and opportunities for total return with an emphasis and focus on risk management.
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BBMUX - Performance

Return Ranking - Trailing

Period BBMUX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -4.3% 14.6% 35.27%
1 Yr 2.6% -7.4% 35.1% 23.53%
3 Yr -0.4%* -11.1% 2.6% 19.42%
5 Yr 1.5%* -6.0% 1102.3% 12.40%
10 Yr N/A* -0.4% 248.2% N/A

* Annualized

Return Ranking - Calendar

Period BBMUX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -1.4% 41.0% 33.23%
2022 -9.9% -39.7% 0.3% 35.61%
2021 0.1% -5.6% 6.9% 24.60%
2020 1.8% -2.6% 310.0% 44.90%
2019 4.4% 0.0% 26.0% 28.99%

Total Return Ranking - Trailing

Period BBMUX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -4.3% 14.6% 35.27%
1 Yr 2.6% -7.4% 35.1% 23.53%
3 Yr -0.4%* -11.1% 2.6% 19.42%
5 Yr 1.5%* -6.0% 1102.3% 12.40%
10 Yr N/A* -0.4% 248.2% N/A

* Annualized

Total Return Ranking - Calendar

Period BBMUX Return Category Return Low Category Return High Rank in Category (%)
2023 6.6% -1.3% 41.0% 25.58%
2022 -7.8% -39.7% 1.1% 35.28%
2021 1.9% -4.8% 23761504.0% 42.59%
2020 4.2% -1.5% 17057.9% 33.54%
2019 7.1% 0.2% 3514.6% 32.73%

NAV & Total Return History


BBMUX - Holdings

Concentration Analysis

BBMUX Category Low Category High BBMUX % Rank
Net Assets 12.8 B 3.22 M 71.9 B 1.68%
Number of Holdings 4292 2 13067 1.03%
Net Assets in Top 10 622 M -317 M 3.4 B 3.48%
Weighting of Top 10 4.86% 1.9% 100.4% 98.77%

Top 10 Holdings

  1. FIDELITY GOVERNMENT PORTFOLIO CL INSTITUTIONAL 0.00000000 1.91%
  2. CALIFORNIA ST INFRASTRUCTURE REGD V/R B/E AMT 3.65000000 0.37%
  3. SAN FRANCISCO CALIF CITY CNTY REGD N/C B/E AMT 5.00000000 0.36%
  4. LAS VEGAS VLY NV WTR DIST REGD B/E 5.00000000 0.35%
  5. MAIN STREET NATURAL GAS INC GA REGD V/R B/E 5.31100000 0.33%
  6. NEW YORK ST TRANSPRTN DEV CORP REGD B/E AMT 5.00000000 0.33%
  7. PORT OF PORT ARTHUR TX NAV DIS REGD V/R B/E 4.60000000 0.32%
  8. ILLINOIS ST TOLL HIGHWAY AUTH REGD B/E 5.00000000 0.31%
  9. MAIN STREET NATURAL GAS INC GA REGD V/R B/E 4.00000000 0.29%
  10. PATRIOTS ENERGY GROUP FING AGY REGD V/R B/E 5.25000000 0.29%

Asset Allocation

Weighting Return Low Return High BBMUX % Rank
Bonds
97.06% 0.00% 150.86% 74.24%
Stocks
1.91% 0.00% 99.81% 3.86%
Cash
1.03% -50.86% 50.09% 59.60%
Preferred Stocks
0.00% 0.00% 0.52% 61.53%
Other
0.00% -8.54% 33.35% 60.57%
Convertible Bonds
0.00% 0.00% 0.93% 61.58%

Stock Sector Breakdown

Weighting Return Low Return High BBMUX % 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 BBMUX % Rank
US
1.91% 0.00% 99.81% 3.87%
Non US
0.00% 0.00% 10.75% 61.47%

Bond Sector Breakdown

Weighting Return Low Return High BBMUX % Rank
Municipal
96.96% 44.39% 100.00% 66.49%
Cash & Equivalents
0.05% 0.00% 48.02% 52.51%
Derivative
0.00% -8.54% 23.38% 58.57%
Securitized
0.00% 0.00% 5.93% 61.19%
Corporate
0.00% 0.00% 9.41% 69.21%
Government
0.00% 0.00% 52.02% 64.55%

Bond Geographic Breakdown

Weighting Return Low Return High BBMUX % Rank
US
97.06% 0.00% 142.23% 70.49%
Non US
0.00% 0.00% 23.89% 64.37%

BBMUX - Expenses

Operational Fees

BBMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.38% 0.01% 20.65% 91.74%
Management Fee 0.36% 0.00% 1.20% 30.46%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

BBMUX 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

BBMUX 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.

BBMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 18.00% 0.00% 283.00% 53.40%

BBMUX - Distributions

Dividend Yield Analysis

BBMUX Category Low Category High BBMUX % Rank
Dividend Yield 0.00% 0.00% 14.51% 32.90%

Dividend Distribution Analysis

BBMUX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

BBMUX Category Low Category High BBMUX % Rank
Net Income Ratio 2.03% -0.53% 5.33% 45.60%

Capital Gain Distribution Analysis

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

Distributions History

View More +

BBMUX - Fund Manager Analysis

Managers

James Murphy


Start Date

Tenure

Tenure Rank

Sep 14, 2015

6.72

6.7%

Mr. Murphy, who joined T. Rowe Price in 2000, is a Vice President of T. Rowe Price Group, Inc. and T. Rowe Price Associates, Inc., and Portfolio Manager in the Fixed Income Division managing the firm's tax-free high-yield strategy. Mr. Murphy received a B.S. in finance from the University of Delaware and an M.B.A. in finance from Seton Hall University. He has also earned the Chartered Financial Analyst designation.

Cormac Cullen


Start Date

Tenure

Tenure Rank

Oct 28, 2017

4.59

4.6%

Mr. Cullen has worked as a research analyst and portfolio manager with Fidelity since 2010. Prior to assuming his current position, from 2007 to 2010, Mr. Cullen supported FIAM’s Fixed Income Division as senior legal counsel.

Elizah McLaughlin


Start Date

Tenure

Tenure Rank

Sep 30, 2018

3.67

3.7%

Since joining Fidelity Investments in 1997, Ms. McLaughlin has worked as an analyst and portfolio manager.

Kevin Maloney


Start Date

Tenure

Tenure Rank

Oct 01, 2018

3.67

3.7%

Kevin Maloney, CFA, Vice President, is a Portfolio Manager for the Municipal Mutual Fund Desk within BlackRock’s Global Fixed Income Group. Mr. Maloney began his career at BlackRock in 2011 as an Analyst on the Municipal Credit Research Team. He graduated from Drexel University in 2011 with a B.S. in Finance.

Walter O'Connor


Start Date

Tenure

Tenure Rank

Oct 01, 2018

3.67

3.7%

Walter O’Connor, CFA, is a Managing Director and Co-Head of the Municipal Funds team within BlackRock’s Global Fixed Income Group. He is also a member of the Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities. Mr. O’Connor’s service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond retail mutual funds. Prior to joining MLIM, Mr. O’Connor was with Prudential Securities, where he was involved in trading, underwriting, and arbitrage for municipal securities and financial futures. Mr. O’Connor earned a B.A. degree in finance and philosophy from the University of Notre Dame in 1984.

Michael Kalinoski


Start Date

Tenure

Tenure Rank

Oct 01, 2018

3.67

3.7%

Kalinoski, director at BlackRock, joined BlackRock following the merger with Merrill Lynch Investment Managers(MLIM) in 2006. Prior to joining MLIM in 1999, he was with Strong Capital Management. Mr. Kalinoski earned a B.S. degree in accounting from Marquette University in 1992. Kalinoski holds the Chartered Financial Analyst designation.

Michael Maka


Start Date

Tenure

Tenure Rank

Mar 01, 2020

2.25

2.3%

Michael Denlinger


Start Date

Tenure

Tenure Rank

Jan 11, 2021

1.38

1.4%

Mr. Denlinger joined MacKay Shields in 2019 and is currently a Director. Prior to joining MacKay Shields, he was an institutional municipal credit trader at Bank of America Merrill Lynch with a primary focus on taxable and healthcare securities. Prior to trading credit, he was a high grade municipal trader. Mr. Denlinger earned a Bachelor’s degree in Economics from Johns Hopkins University in 2014. Mr. Denlinger is a CFA Charterholder and has been in the financial services industry since 2014.

David Dowden


Start Date

Tenure

Tenure Rank

Jan 11, 2021

1.38

1.4%

Mr. Dowden is a Managing Director and Portfolio Manager at MacKay Shields. He joined MacKay Shields in 2009 as a Portfolio Manager in the Municipal Bond Division. He has managed the MainStay MacKay New York Tax Free Opportunities Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2012, MainStay MacKay California Tax Free Opportunities Fund since 2013, MainStay MacKay High Yield Municipal Bond Fund, MainStay MacKay Tax Free Bond Fund since 2014 and MainStay MacKay U.S. Infrastructure Bond Fund since 2019. Before joining the firm, he was Chief Investment Officer at Financial Guaranty Insurance Company. He was previously with Alliance Capital Management as a Senior Portfolio Manager and at Merrill Lynch & Co. as a Municipal Strategist. He has an AB from Brown University and an MBA from Columbia University. He has been in the investment management industry since 1989.

Robert DiMella


Start Date

Tenure

Tenure Rank

Jan 11, 2021

1.38

1.4%

Robert joined MacKay Shields in July 2009 when the firm acquired the assets of Mariner Municipal Managers LLC. He was the President and co-founder of Mariner Municipal Managers from 2007 to 2009. He has been a municipal portfolio manager since 1992, with a broad range of trading and portfolio management experience in the municipal markets. Robert was a Managing Director and Co-Head of BlackRock’s Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock’s merger with Merrill Lynch Investment Managers, he served as a Senior Portfolio Manager and Managing Director of the Municipal Products Group. He was employed by Merrill Lynch from 1993 to 2006. Robert is a member of the firm’s Senior Leadership Team. He earned his Master’s degree at Rutgers University Business School and an undergraduate degree at the University of Connecticut. He is a CFA Charterholder.

Tenure Analysis

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