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Trending ETFs

Name

As of 06/11/2024

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

$9.76

$30.2 M

4.81%

$0.47

0.83%

Vitals

YTD Return

2.6%

1 yr return

5.8%

3 Yr Avg Return

2.6%

5 Yr Avg Return

2.2%

Net Assets

$30.2 M

Holdings in Top 10

18.7%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.83%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 48.71%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/11/2024

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

$9.76

$30.2 M

4.81%

$0.47

0.83%

BUSRX - Profile

Distributions

  • YTD Total Return 2.6%
  • 3 Yr Annualized Total Return 2.6%
  • 5 Yr Annualized Total Return 2.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.82%
DIVIDENDS
  • Dividend Yield 4.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Sterling Capital Ultra Short Bond Fund
  • Fund Family Name
    Sterling Capital Funds
  • Inception Date
    Nov 30, 2012
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Montgomery

Fund Description

To pursue its investment objective, the Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in fixed income securities (bonds).

The Fund invests primarily in the following types of fixed income securities: (i) securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, some of which may be subject to repurchase agreements; (ii) corporate debt securities, including bonds, notes and debentures, issued by U.S. companies that are investment grade (i.e., rated at the time of purchase in one of the four highest rating categories by a nationally recognized statistical rating organization, or are determined by the portfolio manager to be of comparable quality); (iii) investment grade asset-backed securities; (iv) investment grade mortgage-backed securities, including collateralized mortgage obligations; (v) municipal securities; (vi) U.S. dollar-denominated foreign and emerging market securities; and (vii) variable and floating rate instruments. Additionally, the Fund will invest in convertible securities, including convertible bonds and preferred stocks, and cash equivalents. The Fund may invest up to 10% of its total assets in bonds that are below investment grade, which are commonly referred to as “high yield” or “junk” bonds. The Fund will maintain an average duration of 18 months or less. The Fund is generally structured to target a dollar-weighted average maturity of between zero and 24 months, although the Fund may invest in individual securities of any weighted average maturity. Duration is the expected life of a fixed-income security and is used to determine the sensitivity of the security’s price to changes in interest rates. Maturity merely measures the time until final payment is due. Unlike maturity, duration accounts for the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates.

In managing the portfolio, the portfolio manager uses a “top down” investment management approach focusing on allocation among sectors, credit risk, and individual securities selection. The portfolio manager focuses on macro trends in the economy to establish a duration target that reflects the outlook for the future direction of interest rates. For yield curve management, in addition to the trend in interest rates, other factors such as future inflation expectations, supply factors, and future interest rate expectations are considered. Sector weightings are driven by a combination of the portfolio manager’s macro view on interest rates and volatility as well as relative spread analysis. Utilizing fundamental analysis the portfolio manager then selects individual securities consistent with the target by looking for the best relative values within particular sectors. The analysis includes an attempt to understand the structure and embedded features of potential securities. Features that are analyzed include puts, calls, sinking fund requirements (scheduled early retirements of the specific debt instrument), prepayment and extension risk, and individual company financial data for potential corporate holdings. Scenario analysis is the primary tool employed for these assessments.

The portfolio manager may consider selling a security owned by the Fund to reduce exposure to a particular sector, if the portfolio manager sees a deterioration in the underlying fundamentals of an issuer or if the actions of the issuer violate the investment thesis of owning the security (or, in another words, the original reasoning for purchasing the security), when the portfolio managers finds other attractive securities that the portfolio manager believes are less expensive and offer relatively greater income or growth potential, and in response to macro level adjustments to duration and yield curve contributions (which are changes made to portfolio duration or yield curve positioning due to changes in the portfolio manager’s macroeconomic outlook). The portfolio manager may consider environmental, social and governance (“ESG”) factors as part of the investment process for selecting corporate debt securities and securitized obligations (including asset-backed securities, commercial mortgage-backed securities and collateralized mortgage obligations).

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BUSRX - Performance

Return Ranking - Trailing

Period BUSRX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% -1.5% 4.5% 53.70%
1 Yr 5.8% 0.2% 13.0% 62.04%
3 Yr 2.6%* -2.0% 6.1% 59.22%
5 Yr 2.2%* -1.1% 4.6% 48.68%
10 Yr 1.6%* -4.4% 27.6% 60.68%

* Annualized

Return Ranking - Calendar

Period BUSRX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -2.3% 4.3% 36.11%
2022 -1.4% -6.5% 0.5% 35.41%
2021 -1.0% -2.1% 0.3% 92.12%
2020 0.5% -3.1% 1.8% 29.38%
2019 0.5% -1.2% 6.1% 44.02%

Total Return Ranking - Trailing

Period BUSRX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% -1.5% 4.5% 53.70%
1 Yr 5.8% 0.2% 13.0% 62.04%
3 Yr 2.6%* -2.0% 6.1% 59.22%
5 Yr 2.2%* -1.1% 4.6% 48.68%
10 Yr 1.6%* -4.4% 27.6% 60.68%

* Annualized

Total Return Ranking - Calendar

Period BUSRX Return Category Return Low Category Return High Rank in Category (%)
2023 5.6% 0.8% 12.1% 64.81%
2022 0.2% -5.1% 2.5% 37.32%
2021 0.0% -2.1% 14.5% 57.64%
2020 2.2% -1.0% 3.6% 25.26%
2019 2.9% 0.3% 9.6% 57.07%

NAV & Total Return History


BUSRX - Holdings

Concentration Analysis

BUSRX Category Low Category High BUSRX % Rank
Net Assets 30.2 M 25.6 K 22.6 B 93.06%
Number of Holdings 113 2 1291 80.56%
Net Assets in Top 10 5.16 M 23.7 K 17.3 B 97.22%
Weighting of Top 10 18.71% 5.6% 163.3% 50.93%

Top 10 Holdings

  1. United States Treasury Bill 3.61%
  2. Hertz Vehicle Financing LLC 1.95%
  3. Federated Hermes Treasury Obligations Fund 1.93%
  4. Enterprise Fleet Financing 2022-1 LLC 1.92%
  5. Fannie Mae REMICS 1.75%
  6. Avis Budget Rental Car Funding AESOP LLC 1.68%
  7. OneMain Financial Issuance Trust 2022-3 1.64%
  8. Wells Fargo Co 1.44%
  9. Morgan Stanley 1.41%
  10. Ford Credit Auto Owner Trust 2020-REV1 1.39%

Asset Allocation

Weighting Return Low Return High BUSRX % Rank
Bonds
73.85% 0.00% 128.16% 64.35%
Other
22.24% -7.74% 99.94% 17.59%
Convertible Bonds
2.58% 0.00% 15.25% 54.42%
Cash
2.17% 0.00% 109.88% 72.69%
Preferred Stocks
1.74% 0.00% 1.74% 0.46%
Stocks
0.00% 0.00% 95.95% 53.70%

Bond Sector Breakdown

Weighting Return Low Return High BUSRX % Rank
Corporate
51.22% 0.00% 99.91% 31.16%
Securitized
35.27% 0.00% 100.00% 32.09%
Cash & Equivalents
1.93% 0.00% 109.88% 71.76%
Municipal
1.39% 0.00% 70.39% 15.35%
Derivative
0.00% -7.49% 21.59% 46.76%
Government
0.00% 0.00% 100.00% 86.05%

Bond Geographic Breakdown

Weighting Return Low Return High BUSRX % Rank
US
73.85% 0.00% 128.16% 63.89%
Non US
0.00% 0.00% 19.76% 54.63%

BUSRX - Expenses

Operational Fees

BUSRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.83% 0.02% 29.63% 18.22%
Management Fee 0.20% 0.00% 1.19% 26.85%
12b-1 Fee 0.25% 0.00% 1.00% 60.00%
Administrative Fee 0.11% 0.01% 0.40% 51.58%

Sales Fees

BUSRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% 100.00%
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

BUSRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 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.

BUSRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 48.71% 0.00% 369.54% 24.73%

BUSRX - Distributions

Dividend Yield Analysis

BUSRX Category Low Category High BUSRX % Rank
Dividend Yield 4.81% 0.00% 8.76% 76.39%

Dividend Distribution Analysis

BUSRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

BUSRX Category Low Category High BUSRX % Rank
Net Income Ratio 0.82% -1.30% 14.86% 20.67%

Capital Gain Distribution Analysis

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

Distributions History

View More +

BUSRX - Fund Manager Analysis

Managers

Mark Montgomery


Start Date

Tenure

Tenure Rank

Nov 30, 2012

9.5

9.5%

Mr. Montgomery is a Senior Managing Director. Mr. Montgomery joined the firm in 1997 and is a Senior Fixed Income Portfolio Manager and head of Sterling Capital’s Fixed Income Portfolio Management. He has investment experience since 1990. Prior to joining Sterling Capital, he worked at The Vanguard Group for seven years working on their long-term and high-yield municipal portfolio management team. Mr. Montgomery is a graduate of West Chester University where he received his B.S. in Marketing and holds a minor in Public Administration. He received his M.B.A. from Drexel University with a concentration in investment management. He is a CFA charterholder.

Jeffrey Ormsby


Start Date

Tenure

Tenure Rank

Feb 01, 2020

2.33

2.3%

Jeffrey D. Ormsby, CFA, is a Director and Portfolio Manager in the mortgage and structured product area for Sterling Capital. He has been with Sterling Capital and its predecessors since 2011 and has investment experience since 2006. Prior to joining Sterling, he worked for Smith Breeden Associates as a CMBS trader and portfolio management analyst within their investments group. Mr. Ormsby is a summa cum laude graduate of North Carolina State University where he received his B.S. in Economics and was recognized as Valedictorian. He received his M.B.A. from UNC’s Kenan-Flagler Business School, where he was the Norman Block Valedictorian Award recipient. He is a CFA charterholder.

Byron Mims


Start Date

Tenure

Tenure Rank

Feb 01, 2020

2.33

2.3%

Byron G. Mims, CFA, is a Director and Portfolio Manager for Sterling Capital. He has been with Sterling Capital and its predecessors since 2012 and has investment experience since 2006. Prior to joining Sterling Capital, he worked for Smith Breeden Associates as a Vice President on the asset-backed securities team and was primarily responsible for non-agency mortgage-backed securities and also consumer asset-backed securities. Mr. Mims is a summa cum laude graduate of North Carolina State University where he received his B.S. in Economics with a concentration in Finance and was recognized as valedictorian. He is a CFA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.56 7.92