Fund Overview

Share Class

I

NAV | as of 02/27/2024

$8.71
-$0.05 (-0.22%)

Morningstar | Style Box

L M E H M L

Morningstar Rating

Rated against 568 Intermediate Core-Plus Bond funds as of 01/31/2024 View Morningstar Details

Growth of $10,000 (Hypothetical)

Since Inception 07/18/2011 to 01/31/2024 = $13,947.29

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.
SEE ALL PERFORMANCE

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end, please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown.

Objective

The Fund seeks to provide income and capital growth by investing primarily in a diversified portfolio of fixed-income securities across investment-grade, high-yield, and non-traditional fixed-income asset classes.

Why Consider

  • Provides investors with exposure to a diversified portfolio of fixed income securities
  • The Fund employs a disciplined, team-based approach, seeking to add consistent value through management of duration, yield curve, and credit risk
  • The investment strategy utilizes a long-established process of macro driven duration management, yield-curve positioning, and credit allocation with the ability to tactically allocate up to 30% of the portfolio in high-yield bonds and other fixed-income asset classes as opportunities arise

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing Returns

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end, please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized.

Expense Ratios

  • Gross Expense Ratio: 0.53%
  • Net Expense Ratio: 0.49%
  • Expense Cap Expiration Date: 03/01/2024

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Feb 27, 2024 $0.030700 $0.030700
Jan 29, 2024 $0.032600 $0.032600
Dec 14, 2023 $0.036600 $0.036600
Nov 28, 2023 $0.033200 $0.033200
Oct 27, 2023 $0.028800 $0.028800
Sep 27, 2023 $0.029100 $0.029100
Aug 29, 2023 $0.030400 $0.030400
Jul 27, 2023 $0.027800 $0.027800
Jun 28, 2023 $0.029500 $0.029500
May 26, 2023 $0.029600 $0.029600
Apr 26, 2023 $0.029600 $0.029600
Mar 29, 2023 $0.031400 $0.031400
Feb 24, 2023 $0.027900 $0.027900
Jan 27, 2023 $0.026400 $0.026400
Dec 15, 2022 $0.047500 $0.047500
Nov 28, 2022 $0.037300 $0.037300
Oct 27, 2022 $0.034600 $0.034600
Sep 28, 2022 $0.027600 $0.027600
Aug 29, 2022 $0.024900 $0.024900
Jul 27, 2022 $0.029200 $0.029200
Jun 28, 2022 $0.026100 $0.026100
May 26, 2022 $0.025700 $0.025700
Apr 27, 2022 $0.024900 $0.024900
Mar 29, 2022 $0.024200 $0.024200
Feb 24, 2022 $0.023200 $0.023200
Jan 27, 2022 $0.022600 $0.022600
Dec 15, 2021 $0.024400 $0.024400
Nov 26, 2021 $0.027700 $0.027700
Oct 27, 2021 $0.025300 $0.025300
Sep 28, 2021 $0.022700 $0.022700
Aug 27, 2021 $0.021200 $0.021200
Jul 28, 2021 $0.021100 $0.021100
Jun 28, 2021 $0.020600 $0.020600
May 26, 2021 $0.020100 $0.020100
Apr 28, 2021 $0.023200 $0.023200
Mar 29, 2021 $0.022300 $0.022300
Feb 24, 2021 $0.020700 $0.020700
Jan 27, 2021 $0.022200 $0.022200
Dec 16, 2020 $0.050600 $0.050600
Nov 25, 2020 $0.031500 $0.031500
Oct 28, 2020 $0.024700 $0.024700
Sep 28, 2020 $0.023300 $0.023300
Aug 27, 2020 $0.021700 $0.021700
Jul 29, 2020 $0.021400 $0.021400
Jun 26, 2020 $0.025100 $0.025100
May 27, 2020 $0.019000 $0.019000
Apr 28, 2020 $0.033300 $0.033300
Mar 27, 2020 $0.035200 $0.035200
Feb 26, 2020 $0.025500 $0.025500
Jan 29, 2020 $0.026600 $0.026600
Dec 16, 2019 $0.030300 $0.030300
Nov 26, 2019 $0.035800 $0.035800
Oct 29, 2019 $0.035100 $0.035100
Sep 26, 2019 $0.029800 $0.029800
Aug 28, 2019 $0.029800 $0.029800
Jul 29, 2019 $0.032800 $0.032800
Jun 26, 2019 $0.032100 $0.032100
May 29, 2019 $0.030600 $0.030600
Apr 26, 2019 $0.031800 $0.031800
Mar 27, 2019 $0.034000 $0.034000
Feb 26, 2019 $0.026400 $0.026400
Jan 29, 2019 $0.028800 $0.028800
Dec 27, 2018 $0.043000 $0.043000
Nov 28, 2018 $0.034300 $0.034300
Oct 29, 2018 $0.028300 $0.028300
Sep 26, 2018 $0.034300 $0.034300
Aug 29, 2018 $0.035000 $0.035000
Jul 27, 2018 $0.034300 $0.034300
Jun 27, 2018 $0.026900 $0.026900
May 29, 2018 $0.026800 $0.026800
Apr 26, 2018 $0.025500 $0.025500
Mar 27, 2018 $0.026300 $0.026300
Feb 26, 2018 $0.024900 $0.024900
Jan 29, 2018 $0.024300 $0.024300
Dec 27, 2017 $0.023700 $0.023700
Nov 27, 2017 $0.026300 $0.026300
Oct 26, 2017 $0.026900 $0.026900
Sep 26, 2017 $0.026900 $0.026900
Aug 28, 2017 $0.029400 $0.029400
Jul 26, 2017 $0.024400 $0.024400
Jun 27, 2017 $0.034600 $0.034600
May 25, 2017 $0.034300 $0.034300
Apr 25, 2017 $0.034300 $0.034300
Mar 28, 2017 $0.029300 $0.029300
Feb 23, 2017 $0.026700 $0.026700
Jan 26, 2017 $0.027300 $0.027300
Dec 27, 2016 $0.075800 $0.055000 $0.020800
Nov 25, 2016 $0.027300 $0.027300
Oct 26, 2016 $0.027600 $0.027600
Sep 30, 2016 $0.028200 $0.028200
Aug 31, 2016 $0.031200 $0.031200
Jul 29, 2016 $0.027100 $0.027100
Jun 30, 2016 $0.028600 $0.028600
May 31, 2016 $0.028900 $0.028900
Apr 29, 2016 $0.025600 $0.025600
Mar 31, 2016 $0.028400 $0.028400
Feb 29, 2016 $0.025400 $0.025400
Jan 29, 2016 $0.020500 $0.020500
Dec 30, 2015 $0.034200 $0.034200
Nov 30, 2015 $0.033100 $0.033100
Oct 30, 2015 $0.028900 $0.028900
Sep 30, 2015 $0.030200 $0.030200
Aug 31, 2015 $0.034000 $0.034000
Jul 31, 2015 $0.035400 $0.035400
Jun 30, 2015 $0.038000 $0.038000
May 29, 2015 $0.033200 $0.033200
Apr 30, 2015 $0.034300 $0.034300
Mar 31, 2015 $0.033100 $0.033100
Feb 27, 2015 $0.035200 $0.035200
Jan 30, 2015 $0.034500 $0.034500
Dec 30, 2014 $0.036000 $0.036000
Nov 28, 2014 $0.025700 $0.025700
Oct 31, 2014 $0.027000 $0.027000
Sep 30, 2014 $0.038000 $0.038000
Aug 29, 2014 $0.032600 $0.032600
Jul 31, 2014 $0.039800 $0.039800
Jun 30, 2014 $0.042100 $0.042100
May 30, 2014 $0.037700 $0.037700
Apr 30, 2014 $0.039700 $0.039700
Mar 31, 2014 $0.039400 $0.039400
Feb 28, 2014 $0.033200 $0.033200
Jan 31, 2014 $0.037600 $0.037600
Dec 30, 2013 $0.039400 $0.039400
Nov 29, 2013 $0.032900 $0.032900
Oct 31, 2013 $0.035300 $0.035300
Sep 30, 2013 $0.037500 $0.037500
Aug 30, 2013 $0.033200 $0.033200
Jul 31, 2013 $0.035900 $0.035900
Jun 28, 2013 $0.028300 $0.028300
May 31, 2013 $0.031000 $0.031000
Apr 30, 2013 $0.033300 $0.033300
Mar 28, 2013 $0.027300 $0.027300
Feb 28, 2013 $0.028200 $0.028200
Jan 31, 2013 $0.027300 $0.027300
Dec 28, 2012 $0.090200 $0.030100 $0.058800 $0.001300
Nov 30, 2012 $0.039200 $0.039200
Oct 31, 2012 $0.034300 $0.034300
Sep 28, 2012 $0.028000 $0.028000
Aug 31, 2012 $0.030500 $0.030500
Jul 31, 2012 $0.028200 $0.028200
Jun 29, 2012 $0.026900 $0.026900
May 31, 2012 $0.033700 $0.033700
Apr 30, 2012 $0.034300 $0.034300
Mar 30, 2012 $0.029800 $0.029800
Feb 29, 2012 $0.030600 $0.030600
Jan 31, 2012 $0.031800 $0.031800
Dec 29, 2011 $0.068000 $0.052700 $0.015300
Nov 30, 2011 $0.040900 $0.040900
Oct 31, 2011 $0.038300 $0.038300
Sep 30, 2011 $0.029800 $0.029800
Aug 31, 2011 $0.024600 $0.024600
Jul 29, 2011 $0.005000 $0.005000

Risk & Return Statistics

As of: 01/31/2024

3YR 5YR 10YR
Alpha
Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha.
-0.03 -0.39 0.23
Standard Deviation
Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.
7.24 7.10 5.32
Sharpe Ratio
Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.
-0.77 -0.22 0.09
Upside Capture Ratio (%)
Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets.
101.57 108.08 103.04
Downside Capture Ratio (%)
Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets.
101.14 110.84 100.24
Beta
Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk.
1.00 1.00 0.96
R-Squared
R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures.
97.58 73.68 73.02
Tracking Error (%)
Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero.
1.13 3.64 2.77
View All Characteristics & Statistics

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 12/31/2023

United States Treasury Note/Bond Fixed 14.71%
United States Treasury Note/Bond Fixed 9.20%
United States Treasury Note/Bond Fixed 8.18%
United States Treasury Note/Bond Fixed 3.44%
Fannie Mae Pool BL4421 Fixed 3.25%
Bank of America Corp Floating 2.28%
United States Treasury Note/Bond Fixed 2.27%
Fannie Mae Pool BL5484 Fixed 2.20%
Toronto-Dominion Bank Floating 1.88%
Mileage Plus Holdings LLC Term Loan Floating 1.69%
% in Top 10 Holdings 49.08%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Fixed)

As of: 12/31/2023

View Allocation Details

About the Affiliate

About Beutel Goodman

Founded in 1967, Beutel, Goodman & Company Ltd. is an independent value-focused investment manager that serves institutional, private wealth, and retail clients. The firm’s equity strategies use bottom-up, fundamental research to invest in high-quality companies trading at discounts to their business value. Beutel Goodman takes a disciplined, team-based approach to fixed income, seeking to add value through management of duration, yield curve, and credit risk.

Learn More About Beutel Goodman's Approach

FOUNDED

1967

AMG AFFILIATE SINCE

2005

HEADQUARTERS

Toronto, Canada

Portfolio Managers

Derek Brown, MBA, CFA

SENIOR VICE PRESIDENT, CO-HEAD OF FIXED INCOME

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Sue McNamara, CFA

SENIOR VICE PRESIDENT, FIXED INCOME

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Neil McCabe, MBA, CFA

VICE PRESIDENT, FIXED INCOME

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Investment Approach

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