North Square McKee Bond Fund
Name
As of 10/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.3%
1 yr return
14.8%
3 Yr Avg Return
0.1%
5 Yr Avg Return
N/A
Net Assets
$122 M
Holdings in Top 10
19.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.56%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
NMKBX - Profile
Distributions
- YTD Total Return 5.3%
- 3 Yr Annualized Total Return 0.1%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.41%
- Dividend Yield 4.4%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameNorth Square McKee Bond Fund
-
Fund Family NameNorth Square
-
Inception DateDec 28, 2020
-
Shares Outstanding13560349
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBryan Johanson
Fund Description
In seeking to achieve the Fund’s investment objective, the Adviser has selected CSM Advisors, LLC (“CS McKee” or the “Sub-Adviser”), a wholly owned subsidiary of the Adviser, to serve as the Fund’s sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly.
The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed and floating rate investment-grade securities. The Sub-Adviser seeks to create a portfolio of high quality and highly liquid securities that are intended to provide an above market yield. The Fund focuses on investments in fixed maturity and callable U.S. Government Agency securities and high-quality corporate bonds (primarily A or better), agency mortgages and other investment grade securitized holdings, seeking to minimize the potential for loss of principal due to credit risk. The Sub-Adviser believes that these securities offer favorable yields relative to specific market risks. The Sub-Adviser typically diversifies among multiple security types that it believes provide the best risk/return profile over the long term. These securities include, among others, U.S. Treasury Inflation-Protected Securities, certificates of deposit, zero coupon callable agency bonds, and mortgage-backed and other asset-backed securities (including senior, first tranche collateralized loan obligations).
The Sub-Adviser seeks to consistently add value relative to the performance of the Bloomberg Index on both a nominal and risk-adjusted basis. Employing a primary focus on security selection, the Fund seeks to outperform across a range of plausible market scenarios while maintaining superior credit quality and liquidity. The Sub-Adviser’s methodology incorporates a bottom-up approach that is opportunistic, yet risk controlled. As noted above, the Sub-Adviser’s focus on active management of high-quality and highly liquid securities is designed to mitigate credit and duration risk and provide enhanced portfolio diversification. Duration is a measure of the expected price volatility of a bond to changes in interest rates. The longer the duration of a bond, the more sensitive it will be to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%.
The Sub-Adviser assesses a broad range of economic data to develop plausible market scenarios as inputs to portfolio construction. The Fund’s portfolio alpha is expected to result primarily from active security analysis and sector weighting decisions. The Fund’s holdings are focused on the largest and most liquid credit issuers as well as a broad array of government agency holdings in an effort to produce superior risk-adjusted returns and liquidity across market scenarios. The Sub-Adviser’s tactical approach to duration is employed as a tool primarily for principal preservation, typically
operating within an 80% to 120% range versus the duration of the Bloomberg Index. The Bloomberg Index duration was 5.85 years as of October 31, 2023. The aggregate portfolio holdings are expected to generally have a maximum expected average life of 10 years or less.
NMKBX - Performance
Return Ranking - Trailing
Period | NMKBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.3% | -2.4% | 12.8% | 43.78% |
1 Yr | 14.8% | -5.4% | 26.6% | 20.31% |
3 Yr | 0.1%* | -10.0% | 28.9% | 4.80% |
5 Yr | N/A* | -7.0% | 59.3% | N/A |
10 Yr | N/A* | -2.4% | 74.3% | N/A |
* Annualized
Return Ranking - Calendar
Period | NMKBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.1% | -16.2% | 8.1% | 48.37% |
2022 | -11.3% | -34.7% | 131.9% | 3.24% |
2021 | N/A | -11.6% | 4.4% | N/A |
2020 | N/A | -10.1% | 946.1% | N/A |
2019 | N/A | -1.7% | 16.9% | N/A |
Total Return Ranking - Trailing
Period | NMKBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.3% | -2.4% | 12.8% | 43.78% |
1 Yr | 14.8% | -5.4% | 26.6% | 20.31% |
3 Yr | 0.1%* | -10.0% | 28.9% | 4.80% |
5 Yr | N/A* | -7.0% | 59.3% | N/A |
10 Yr | N/A* | -2.4% | 74.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | NMKBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.9% | -11.3% | 11.9% | 54.08% |
2022 | -9.5% | -32.2% | 131.9% | 3.76% |
2021 | N/A | -9.4% | 9.2% | N/A |
2020 | N/A | -1.9% | 1009.0% | N/A |
2019 | N/A | 1.1% | 21668.0% | N/A |
NAV & Total Return History
NMKBX - Holdings
Concentration Analysis
NMKBX | Category Low | Category High | NMKBX % Rank | |
---|---|---|---|---|
Net Assets | 122 M | 2.9 M | 314 B | 88.12% |
Number of Holdings | 345 | 1 | 17787 | 76.30% |
Net Assets in Top 10 | 26.7 M | 1.62 M | 36.1 B | 89.11% |
Weighting of Top 10 | 19.41% | 4.4% | 432.9% | 64.45% |
Top 10 Holdings
- United States Treasury Note 3.81%
- United States Treasury Bond 4.25 02/15/54 3.00%
- United States Treasury Note 2.10%
- United States Treasury Bond 4.75 11/15/53 2.00%
- United States Treasury Note/Bond 1.99%
- Federal Farm Credit Banks Funding Corp 1.63%
- Federal National Mortgage Association 1.30%
- Freddie Mac REMICS 1.28%
- Fannie Mae Pool 1.19%
- International Bk for Reconstruction Development 1.12%
Asset Allocation
Weighting | Return Low | Return High | NMKBX % Rank | |
---|---|---|---|---|
Bonds | 80.44% | 0.00% | 993.61% | 90.56% |
Other | 14.63% | -16.55% | 52.94% | 12.92% |
Cash | 4.93% | -54.51% | 237.69% | 31.74% |
Convertible Bonds | 1.80% | 0.00% | 7.93% | 36.68% |
Stocks | 0.00% | 0.00% | 99.99% | 80.81% |
Preferred Stocks | 0.00% | 0.00% | 71.02% | 78.64% |
Bond Sector Breakdown
Weighting | Return Low | Return High | NMKBX % Rank | |
---|---|---|---|---|
Securitized | 49.58% | 0.00% | 98.40% | 13.52% |
Corporate | 25.91% | 0.00% | 100.00% | 65.27% |
Government | 21.56% | 0.00% | 86.23% | 58.40% |
Cash & Equivalents | 4.11% | -0.46% | 237.69% | 37.54% |
Derivative | 0.00% | -1.41% | 44.82% | 73.04% |
Municipal | 0.00% | 0.00% | 100.00% | 90.88% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | NMKBX % Rank | |
---|---|---|---|---|
US | 80.44% | 0.00% | 993.61% | 89.22% |
Non US | 0.00% | 0.00% | 35.41% | 80.87% |
NMKBX - Expenses
Operational Fees
NMKBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.56% | 0.01% | 39.64% | 64.93% |
Management Fee | 0.24% | 0.00% | 1.76% | 13.26% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
NMKBX 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% | 4.00% | N/A |
Trading Fees
NMKBX 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.
NMKBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 2.00% | 493.39% | 82.95% |
NMKBX - Distributions
Dividend Yield Analysis
NMKBX | Category Low | Category High | NMKBX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.36% | 0.00% | 10.11% | 47.72% |
Dividend Distribution Analysis
NMKBX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
NMKBX | Category Low | Category High | NMKBX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.41% | -1.28% | 4.79% | 97.43% |
Capital Gain Distribution Analysis
NMKBX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.029 | OrdinaryDividend |
Aug 29, 2024 | $0.033 | OrdinaryDividend |
Jul 30, 2024 | $0.030 | OrdinaryDividend |
Apr 29, 2024 | $0.031 | OrdinaryDividend |
Mar 27, 2024 | $0.028 | OrdinaryDividend |
Feb 28, 2024 | $0.035 | OrdinaryDividend |
Jan 30, 2024 | $0.026 | OrdinaryDividend |
Dec 22, 2023 | $0.032 | OrdinaryDividend |
Nov 27, 2023 | $0.028 | OrdinaryDividend |
Oct 30, 2023 | $0.027 | OrdinaryDividend |
Sep 29, 2023 | $0.030 | OrdinaryDividend |
Aug 28, 2023 | $0.025 | OrdinaryDividend |
Jul 31, 2023 | $0.025 | OrdinaryDividend |
Jun 30, 2023 | $0.026 | OrdinaryDividend |
May 30, 2023 | $0.027 | OrdinaryDividend |
Apr 28, 2023 | $0.026 | OrdinaryDividend |
Mar 27, 2023 | $0.025 | OrdinaryDividend |
Feb 27, 2023 | $0.022 | OrdinaryDividend |
Jan 30, 2023 | $0.024 | OrdinaryDividend |
Dec 22, 2022 | $0.020 | OrdinaryDividend |
Nov 29, 2022 | $0.020 | OrdinaryDividend |
Oct 28, 2022 | $0.018 | OrdinaryDividend |
Sep 28, 2022 | $0.017 | OrdinaryDividend |
Aug 29, 2022 | $0.018 | OrdinaryDividend |
Jul 28, 2022 | $0.015 | OrdinaryDividend |
Jun 28, 2022 | $0.015 | OrdinaryDividend |
May 27, 2022 | $0.013 | OrdinaryDividend |
Apr 28, 2022 | $0.012 | OrdinaryDividend |
Mar 28, 2022 | $0.013 | OrdinaryDividend |
Feb 25, 2022 | $0.009 | OrdinaryDividend |
Jan 28, 2022 | $0.014 | OrdinaryDividend |
Dec 22, 2021 | $0.003 | OrdinaryDividend |
Nov 29, 2021 | $0.007 | OrdinaryDividend |
Oct 28, 2021 | $0.007 | OrdinaryDividend |
Sep 28, 2021 | $0.007 | OrdinaryDividend |
Aug 30, 2021 | $0.007 | OrdinaryDividend |
Jul 28, 2021 | $0.008 | OrdinaryDividend |
Jun 29, 2021 | $0.008 | OrdinaryDividend |
May 28, 2021 | $0.007 | OrdinaryDividend |
Apr 27, 2021 | $0.003 | OrdinaryDividend |
Mar 30, 2021 | $0.009 | OrdinaryDividend |
Feb 25, 2021 | $0.005 | OrdinaryDividend |
Jan 28, 2021 | $0.005 | OrdinaryDividend |
NMKBX - Fund Manager Analysis
Managers
Bryan Johanson
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Bryan Johanson joined C.S. McKee in 1994 as a fixed income portfolio manager and has held that position since that time. His primary responsibility is security selection within the corporate sector. He also provides input to the sector-allocation, duration and yield-curve decisions. Prior to joining to C.S. McKee, Mr. Johanson was a manager of mortgage-backed and asset backed securities for the Indiana Corporate Federal Credit Union from 1992 until joining McKee. Prior to that Mr. Johanson worked as an analyst for National City Bank from 1988 to 1992. A Chartered Financial Analyst, Mr. Johanson holds an MBA degree in Finance from Indiana University and a Bachelor's degree in Accounting from Bowling Green University.
Brian Allen
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Brian Allen joined C.S. McKee in 1999 as a fixed income portfolio manager and has held that position since that time. He is primarily responsible for investment decisions related to the mortgage-backed and asset-backed sectors. He also provides input to the sector-allocation, duration and yield-curve decisions. Prior to joining C.S. McKee, Mr. Allen managed fixed income funds for institutional clients at Patterson Capital Corporation in Los Angeles from 1993 until 1998. Prior to that Mr. Allen worked as an equity and fixed income manager for C&S/Sovran Trust Company from 1987 to 1991. A Chartered Financial Analyst, Mr. Allen holds an MBA degree in Finance from the Wharton School and a Bachelor's degree in Business Administration from James Madison University.
Andrew Faderewski
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Andrew Faderewski joined C.S. McKee in 2007 as a portfolio accountant and was promoted to fixed income analyst in 2008. His primary responsibilities include monitoring portfolio analytics, managing client reporting and compliance, and performing various economic and sector research. A Chartered Financial Analyst, Mr. Faderewski received his BS in Finance and Investment Management from Duquesne University.
Jack White
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Jack White joined C.S. McKee in 1997 as a fixed income analyst and was promoted to portfolio manager in 1999. His primary responsibility is to make investment decisions related to the government and structured securities sectors. He also provides input into the sector allocation, duration and yield-curve decisions. A Chartered Financial Analyst, Mr. White holds an MBA degree in Finance and a Bachelor's degree in Finance from Youngstown State University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 33.43 | 6.79 | 1.16 |