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Trending ETFs

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

$8.67

$17.9 M

4.39%

$0.38

2.34%

Vitals

YTD Return

-1.6%

1 yr return

2.2%

3 Yr Avg Return

-2.1%

5 Yr Avg Return

N/A

Net Assets

$17.9 M

Holdings in Top 10

21.5%

52 WEEK LOW AND HIGH

$8.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.34%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 72.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$100,000

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

$8.67

$17.9 M

4.39%

$0.38

2.34%

MFBIX - Profile

Distributions

  • YTD Total Return -1.6%
  • 3 Yr Annualized Total Return -2.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.28%
DIVIDENDS
  • Dividend Yield 4.4%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Mesirow Enhanced Core Plus Fund
  • Fund Family Name
    Mesirow Financial
  • Inception Date
    Oct 01, 2019
  • Shares Outstanding
    2127219
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joseph Hoffman

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and other financial instruments with economic characteristics similar to such securities. The Fund primarily invests in investment-grade fixed income securities with an adjusted portfolio duration that normally varies within two years (plus or minus) of the adjusted duration of the securities comprising the Bloomberg U.S. Aggregate Index. As of September 30, 2023, the average portfolio duration of securities comprising the Bloomberg U.S. Aggregate Index was approximately 6.08 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates.

For purposes of the Fund’s 80% investment policy, fixed income securities include securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate bonds, residential and commercial mortgage-backed securities, asset-backed securities, convertible securities, trust preferred securities, loan participations and assignments, and U.S. dollar-denominated foreign debt securities. The Fund typically will also invest in exchange-traded funds that invest in such instruments, preferred stocks and hybrid preferred securities. Additionally, the Fund will invest up to 15% of its net assets in foreign exchange spot transactions (including with respect to emerging market currencies) and derivative instruments, such as options, futures contracts, forward contracts or swap agreements (including non-deliverable forwards and credit default swaps), for bona fide hedging purposes, to gain exposure to certain markets or segments of markets, and for speculative purposes. The Fund may also purchase or sell securities or other assets on a when-issued or delayed delivery basis.

While the Fund primarily invests in fixed income securities rated investment grade by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by S&P Global Ratings (“S&P”) or Fitch, Inc. (“Fitch”), it may invest to a lesser extent in high yield instruments (also known as “junk bonds”). The Fund may borrow money for, among other reasons, cash management purposes, to obtain leverage and to meet redemptions.

MFIM’s investment philosophy and process for selecting investments for the Fund generally includes a neutral duration policy, meaning that MFIM does not shorten or lengthen the Fund’s duration based on interest rate forecasts, but MFIM expects that the Fund’s duration

may vary within two years (plus or minus) of the duration of the benchmark. MFIM strives to diversify at the sector, industry and issuer level when constructing the Fund’s portfolio. At the sector level, MFIM starts with the benchmark index weightings, modifies the index weightings to achieve what it believes will produce the most favorable risk-adjusted returns based on current market conditions and outlook, and then tactically adjusts sector weightings as market opportunities present themselves. MFIM believes the majority of available excess returns can be captured through sector allocation and specific security selection. This approach is designed to capture the bulk of the excess returns available in the fixed income market while minimizing the variability of those returns relative to the Fund’s benchmark. MFIM believes the key to this investment process is the responsiveness, focus and analysis provided by its in-house sector specialists, credit analysts and trading professionals.

MFIM will target spot transactions and derivative instruments on behalf of the Fund that it believes will generate consistent alpha (i.e., outperformance) in all market conditions. MFIM will allocate capital between fundamental and technical currency strategies, and will aim to profit from short- and medium-term moves in various markets’ currency pairs. When investing in high yield bonds on behalf of the Fund, MFIM will target instruments that have individual yield premiums which MFIM believes are favorable and which are viewed by MFIM as having a comparable or lower probability of default and/or the risk of loss compared to their peer group.

The Fund may invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.

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MFBIX - Performance

Return Ranking - Trailing

Period MFBIX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.6% -9.3% 2.9% 22.79%
1 Yr 2.2% -10.4% 10.8% 9.95%
3 Yr -2.1%* -10.8% 24.9% 7.03%
5 Yr N/A* -6.8% 190.9% N/A
10 Yr N/A* -2.6% 73.4% N/A

* Annualized

Return Ranking - Calendar

Period MFBIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -16.2% 8.1% 7.96%
2022 -15.5% -34.7% 131.9% 34.45%
2021 -3.6% -11.6% 4.4% 58.01%
2020 6.0% -10.1% 946.1% 16.01%
2019 N/A -1.7% 16.9% N/A

Total Return Ranking - Trailing

Period MFBIX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.6% -9.3% 2.9% 22.79%
1 Yr 2.2% -10.4% 10.8% 9.95%
3 Yr -2.1%* -10.8% 24.9% 7.03%
5 Yr N/A* -6.8% 190.9% N/A
10 Yr N/A* -2.6% 73.4% N/A

* Annualized

Total Return Ranking - Calendar

Period MFBIX Return Category Return Low Category Return High Rank in Category (%)
2023 7.5% -11.3% 11.0% 8.96%
2022 -12.7% -32.2% 131.9% 22.46%
2021 -0.8% -9.4% 9.2% 43.69%
2020 8.4% -1.9% 1009.0% 46.27%
2019 N/A 1.1% 21668.0% N/A

NAV & Total Return History


MFBIX - Holdings

Concentration Analysis

MFBIX Category Low Category High MFBIX % Rank
Net Assets 17.9 M 2.9 M 314 B 98.43%
Number of Holdings 386 1 17889 71.12%
Net Assets in Top 10 3.85 M -106 M 36.5 B 98.82%
Weighting of Top 10 21.46% 4.4% 134.1% 61.76%

Top 10 Holdings

  1. US TREASURY N/B 5.000000% 09/30/2025 3.86%
  2. FREDDIE MAC POOL FR RA5715 2.58%
  3. US TREASURY N/B 4.375000% 08/15/2043 2.56%
  4. US TREASURY N/B 4.125000% 08/15/2053 1.94%
  5. FREDDIE MAC POOL FR QE2352 1.90%
  6. US TREASURY N/B 3.875000% 08/15/2033 1.89%
  7. FREDDIE MAC POOL FR SD8193 1.80%
  8. FREDDIE MAC POOL FR SD8220 1.67%
  9. US TREASURY N/B 4.500000% 11/15/2033 1.67%
  10. BROWN BROTHERS HARRIMAN SWEEP INTEREST 1.60%

Asset Allocation

Weighting Return Low Return High MFBIX % Rank
Bonds
97.52% 0.00% 215.98% 36.96%
Cash
2.40% -54.51% 79.52% 57.07%
Convertible Bonds
0.62% 0.00% 7.93% 77.15%
Other
0.08% -13.23% 50.66% 75.05%
Stocks
0.00% 0.00% 99.93% 74.61%
Preferred Stocks
0.00% 0.00% 74.68% 72.40%

Bond Sector Breakdown

Weighting Return Low Return High MFBIX % Rank
Corporate
83.21% 0.00% 100.00% 0.49%
Government
9.17% 0.00% 86.23% 87.24%
Securitized
4.14% 0.00% 98.40% 96.24%
Cash & Equivalents
1.59% 0.00% 76.23% 63.85%
Municipal
0.49% 0.00% 100.00% 46.88%
Derivative
0.08% -5.38% 50.66% 43.32%

Bond Geographic Breakdown

Weighting Return Low Return High MFBIX % Rank
US
97.52% 0.00% 215.98% 33.01%
Non US
0.00% 0.00% 39.04% 76.72%

MFBIX - Expenses

Operational Fees

MFBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.34% 0.01% 39.10% 2.57%
Management Fee 0.37% 0.00% 1.76% 51.09%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

MFBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% 56.03%

Trading Fees

MFBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 78.95%

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.

MFBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 72.00% 2.00% 493.39% 30.68%

MFBIX - Distributions

Dividend Yield Analysis

MFBIX Category Low Category High MFBIX % Rank
Dividend Yield 4.39% 0.00% 9.87% 28.14%

Dividend Distribution Analysis

MFBIX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Monthly

Net Income Ratio Analysis

MFBIX Category Low Category High MFBIX % Rank
Net Income Ratio 2.28% -1.28% 4.79% 17.36%

Capital Gain Distribution Analysis

MFBIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Monthly Annually

Distributions History

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MFBIX - Fund Manager Analysis

Managers

Joseph Hoffman


Start Date

Tenure

Tenure Rank

Oct 01, 2019

2.67

2.7%

Joseph P. Hoffman, CFA, serves as Senior Managing Director and portfolio manager at Mesirow Financial Investment Management. Prior to joining Mesirow Financial Investment Management in 2017, Mr. Hoffman worked at Russell Investments, where he spent the last 20 years focused on currency and derivatives. He co-founded Russell Investments’ currency implementation business in 2003 and, most recently, was the global head of currency. Mr. Hoffman earned a BS from Central Washington University and an MS in finance from Seattle University. He is a CFA charterholder and also holds FINRA series 7, 24, 63 and 65 licenses.

Peter Hegel


Start Date

Tenure

Tenure Rank

Oct 01, 2019

2.67

2.7%

Peter W. Hegel serves as Senior Managing Director and portfolio manager for Mesirow Financial Investment Management, Inc.. Prior to joining Mesirow in 2005, Mr. Hegel was a senior vice president and portfolio manager at Columbia Management. Before that, he was a founding member of Van Kampen Funds, where he served as chief fixed income investment officer. During that time, he also served as chief investment officer for Xerox Life. He is a board member of the Barnabas Foundation and the Timothy Christian School Foundation. Mr. Hegel earned a B.S. from Purdue University, graduating cum laude, and an M.B.A. from the University of Chicago.

James Lisko


Start Date

Tenure

Tenure Rank

Jan 28, 2022

0.34

0.3%

James Lisko, Managing Director and Portfolio Manager, serves as a portfolio manager for Mesirow Financial Investment Management, Inc. Mr. Lisko joined Mesirow Financial in 2017. Prior to joining Mesirow Financial in 2017, Mr. Lisko was a senior vice president at Pacific Income Advisers from 2010 to 2017. Previously, he was a portfolio manager at Grandview Capital, portfolio manager at JPBT Advisors, senior analyst at Western Asset Management and SunAmerica Investments, and a director of research at Papillon Partners. Mr. Lisko earned an undergraduate degree in Finance from Ohio State University and an M.B.A. from the University of Miami. Mr. Lisko has 25 years of industry experience.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.8 1.16