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Trending ETFs

Name

As of 05/09/2023

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

$9.06

$1.2 B

0.00%

0.24%

Vitals

YTD Return

-0.4%

1 yr return

-3.1%

3 Yr Avg Return

-1.1%

5 Yr Avg Return

-0.7%

Net Assets

$1.2 B

Holdings in Top 10

23.4%

52 WEEK LOW AND HIGH

$9.1
$9.04
$9.35

Expenses

OPERATING FEES

Expense Ratio 0.24%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 26.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/09/2023

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

$9.06

$1.2 B

0.00%

0.24%

TCUYX - Profile

Distributions

  • YTD Total Return -0.4%
  • 3 Yr Annualized Total Return -1.1%
  • 5 Yr Annualized Total Return -0.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.23%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Trust For Credit Unions Ultra-Short Duration Portfolio
  • Fund Family Name
    Trust for Credit Unions
  • Inception Date
    Nov 30, 2012
  • Shares Outstanding
    47606622
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Robert Perry

Fund Description

In seeking to achieve its investment objective, the Portfolio will only invest in obligations that are authorized by the Federal Credit Union Act and the rules and regulations thereunder.
Investments: The Portfolio, under normal circumstances, invests substantially all of its assets (and at least 80%, measured at the time of purchase) in fixed-income securities consisting of the following:
■    Securities issued or guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”) and related custodial receipts;
■    Repurchase agreements secured with obligations authorized by the Federal Credit Union Act; and
■    U.S. dollar denominated bank notes issued or guaranteed by banks with total assets exceeding $1 billion with weighted average maturities of less than 5 years, but only to the extent permitted under the Federal Credit Union Act and the rules and regulations thereunder.
The Portfolio expects that a substantial portion of its assets will be invested in mortgage-related securities. The Portfolio may also invest in non-U.S. government related securities, including bank notes and repurchase agreements secured by non-U.S. government related collateral. The Portfolio invests primarily in investment grade debt obligations of domestic issuers. Investment grade debt obligations are rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or determined by the Portfolio’s investment adviser to be of comparable quality. While there will be fluctuations in the net asset value (“NAV”) of the Portfolio, the Portfolio is expected to have less interest rate risk and asset value fluctuation than funds investing primarily in longer-term mortgage-backed securities paying a fixed rate of interest.
Portfolio Duration (under normal interest rate conditions):
The Portfolio’s target duration is approximately that of the ICE BofAML US 3-Month Treasury Bill Index and its maximum duration is that of a One-Year U.S. Treasury Security (the Portfolio’s duration approximates its price sensitivity to changes in interest rates). Over the past ten years, the duration of the ICE BofAML US 3-Month Treasury Bill Index and a One-Year Treasury Security have been approximately 0.19 and 0.91, respectively.
Expected Approximate Interest Rate Sensitivity: Three-Month Treasury Bill
Benchmark: ICE BofAML US 3-Month Treasury Bill Index
INVESTMENT ADVISOR’S INVESTMENT PHILOSOPHY:
The Investment Adviser believes that:
■    A portfolio of fixed income securities with wide risk-adjusted spreads properly matched to the duration of the market has the potential to produce a total return in excess of the market return.
■    The incremental return available from security selection, based on careful relative-value analysis and market research, has the potential to be significantly greater and more consistent than the incremental return from predicting the direction of interest rates.
■    Within the investment grade fixed income market, the spread sectors have the potential to offer the greatest opportunity for excess return through security selection.
■    A strong commitment to market research and experienced fixed income professionals has the opportunity to provide a better understanding of fixed income security relative value, with the goal being the identification of high credit quality investments that generate risk-adjusted returns in excess of the market return.
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TCUYX - Performance

Return Ranking - Trailing

Period TCUYX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.4% -4.7% 2.6% 75.54%
1 Yr -3.1% -6.1% 6.9% 89.66%
3 Yr -1.1%* -2.9% 3.7% 73.15%
5 Yr -0.7%* -11.1% 2.6% 80.45%
10 Yr -0.6%* -5.1% 1.5% 77.32%

* Annualized

Return Ranking - Calendar

Period TCUYX Return Category Return Low Category Return High Rank in Category (%)
2023 -3.3% -6.4% 2.3% 86.96%
2022 -0.1% -1.6% 21.9% 37.50%
2021 0.2% -21.0% 5.8% 38.89%
2020 0.0% -9.4% 2.6% 75.00%
2019 -0.1% -12.9% 6.1% 73.45%

Total Return Ranking - Trailing

Period TCUYX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.4% -6.5% 2.6% 75.54%
1 Yr -3.1% -6.1% 6.9% 89.66%
3 Yr -1.1%* -2.9% 3.7% 73.15%
5 Yr -0.7%* -11.1% 2.6% 82.12%
10 Yr -0.6%* -5.1% 1.5% 77.32%

* Annualized

Total Return Ranking - Calendar

Period TCUYX Return Category Return Low Category Return High Rank in Category (%)
2023 -3.3% -6.4% 2.3% 86.96%
2022 -0.1% -1.6% 21.9% 37.50%
2021 0.2% -21.0% 5.8% 38.89%
2020 0.0% -9.4% 2.6% 75.00%
2019 -0.1% -12.9% 6.1% 77.40%

NAV & Total Return History


TCUYX - Holdings

Concentration Analysis

TCUYX Category Low Category High TCUYX % Rank
Net Assets 1.2 B 24.5 K 19.8 B 46.28%
Number of Holdings 192 1 3396 68.88%
Net Assets in Top 10 280 M -200 M 16.1 B 36.10%
Weighting of Top 10 23.37% 2.6% 100.0% 42.24%

Top 10 Holdings

  1. United States Treasury Notes 1.75% 4.02%
  2. United States Treasury Notes 1.75% 3.51%
  3. United States Treasury Notes 2% 3.10%
  4. United States Treasury Bills 0% 3.08%
  5. Government National Mortgage Association 0.88% 0.88% 2.95%
  6. FHLMC CMO 0.47% 2.65%
  7. Federal National Mortgage Association 0.68% 0.68% 2.60%
  8. United States Treasury Notes 1.63% 2.58%
  9. Fnma Pass-Thru I 0.64% 0.64% 2.57%
  10. United States Treasury Bills 0% 2.47%

Asset Allocation

Weighting Return Low Return High TCUYX % Rank
Bonds
85.37% 0.00% 123.41% 41.08%
Cash
14.63% -24.02% 100.00% 48.13%
Stocks
0.00% 0.00% 3.35% 95.85%
Preferred Stocks
0.00% 0.00% 0.00% 95.85%
Other
0.00% -10.38% 3.22% 94.61%
Convertible Bonds
0.00% 0.00% 15.25% 99.59%

Bond Sector Breakdown

Weighting Return Low Return High TCUYX % Rank
Securitized
83.23% 0.00% 100.00% 9.13%
Cash & Equivalents
14.63% 0.00% 100.00% 48.55%
Government
1.39% 0.00% 100.00% 56.02%
Corporate
0.75% 0.00% 99.91% 83.40%
Derivative
0.00% 0.00% 23.15% 96.27%
Municipal
0.00% 0.00% 70.39% 98.34%

Bond Geographic Breakdown

Weighting Return Low Return High TCUYX % Rank
US
85.37% 0.00% 100.00% 16.60%
Non US
0.00% 0.00% 72.88% 99.59%

TCUYX - Expenses

Operational Fees

TCUYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.24% 0.03% 4.12% 81.59%
Management Fee 0.08% 0.00% 1.19% 2.48%
12b-1 Fee 0.03% 0.00% 1.00% 30.85%
Administrative Fee 0.05% 0.01% 0.40% 18.27%

Sales Fees

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

Trading Fees

TCUYX 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.

TCUYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 26.00% 0.00% 369.54% 12.94%

TCUYX - Distributions

Dividend Yield Analysis

TCUYX Category Low Category High TCUYX % Rank
Dividend Yield 0.00% 0.00% 4.70% 87.97%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

TCUYX Category Low Category High TCUYX % Rank
Net Income Ratio 0.23% -1.30% 14.86% 71.12%

Capital Gain Distribution Analysis

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

Distributions History

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TCUYX - Fund Manager Analysis

Managers

Robert Perry


Start Date

Tenure

Tenure Rank

May 12, 2017

5.05

5.1%

PMr. Perry joined ALM First in 2010 and has more than 28 years of experience in the banking and bank consulting business. He leads ALM First’s ALM and Investment Strategy Groups and is responsible for the development of asset liability and investment portfolio themes for the firm. Before joining ALM First, Mr. Perry previously served as Managing Director of the ALM and Investment Strategy division of DataTech Management and Chief Investment Officer for First Coastal Bank. Previously, Mr. Perry was a Principal and Product Portfolio Manager at Smith Breeden Associates, Inc., where he managed Smith Breeden’s Enhanced Cash and Enhanced Equity strategies. Before that, he was an interest rate risk analyst for Centura Bank, and secretary to the asset/liabiity management committee. He also served as a director for Community First Financial Group, a multi-bank holding company located in Indianapolis, Indiana.

Jason Haley


Start Date

Tenure

Tenure Rank

May 12, 2017

5.05

5.1%

Mr. Haley joined ALM First in 2008. He has more than 16 of investment industry experience. Mr. Haley oversees ALM First’s Investment Management Group and is responsible for leading the investment process and investment theme development for the firm, including management of ALM First’s model portfolio strategies. Prior to joining ALM First, Mr. Haley worked for Cantor Fitzgerald LP, where he provided institutional clients with fixed-income products, portfolio analytics and strategies.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.54 7.92