Fund Overview

Share Class

Z

NAV | as of 02/26/2024

$8.86
-$0.01 (-0.11%)

Morningstar | Style Box

L M E H M L

Growth of $10,000 (Hypothetical)

Since Inception 02/24/2017 to 01/31/2024 = $12,148.69

  • 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 a high level of current income that is exempt from federal income taxes by primarily investing in municipal bonds.

Why Consider

  • Provides investors with exposure to an actively managed portfolio of municipal bonds with a goal to produce high after-tax income
  • The active investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings
  • Ideally suited for investors seeking to capitalize on the strong yield and return characteristics of municipal bonds

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: 0.67%
  • Net Expense Ratio: 0.59%
  • Expense Cap Expiration Date: 05/01/2025

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Jan 29, 2024 $0.025500 $0.025500
Dec 14, 2023 $0.024500 $0.024500
Nov 28, 2023 $0.024000 $0.024000
Oct 27, 2023 $0.023500 $0.023500
Sep 27, 2023 $0.024400 $0.024400
Aug 29, 2023 $0.023100 $0.023100
Jul 27, 2023 $0.022800 $0.022800
Jun 28, 2023 $0.022900 $0.022900
May 26, 2023 $0.022900 $0.022900
Apr 26, 2023 $0.021700 $0.021700
Mar 29, 2023 $0.027400 $0.027400
Feb 24, 2023 $0.020700 $0.020700
Jan 27, 2023 $0.022800 $0.022800
Dec 15, 2022 $0.054300 $0.024300 $0.003800 $0.026200
Nov 28, 2022 $0.021500 $0.021500
Oct 27, 2022 $0.021800 $0.021800
Sep 28, 2022 $0.021500 $0.021500
Aug 29, 2022 $0.021500 $0.021500
Jul 27, 2022 $0.021400 $0.021400
Jun 28, 2022 $0.020800 $0.020800
May 26, 2022 $0.021800 $0.021800
Apr 27, 2022 $0.019900 $0.019900
Mar 29, 2022 $0.019900 $0.019900
Feb 24, 2022 $0.016900 $0.016900
Jan 27, 2022 $0.019700 $0.019700
Dec 15, 2021 $0.164400 $0.020800 $0.041400 $0.102200
Nov 26, 2021 $0.018600 $0.018600
Oct 27, 2021 $0.019600 $0.019600
Sep 28, 2021 $0.018800 $0.018800
Aug 27, 2021 $0.019000 $0.019000
Jul 28, 2021 $0.019100 $0.019100
Jun 28, 2021 $0.018800 $0.018800
May 26, 2021 $0.020500 $0.020500
Apr 28, 2021 $0.020100 $0.020100
Mar 29, 2021 $0.021000 $0.021000
Feb 24, 2021 $0.019200 $0.019200
Jan 27, 2021 $0.021700 $0.021700
Dec 16, 2020 $0.146000 $0.022000 $0.036600 $0.087400
Nov 25, 2020 $0.021100 $0.021100
Oct 28, 2020 $0.022200 $0.022200
Sep 28, 2020 $0.020600 $0.020600
Aug 27, 2020 $0.021700 $0.021700
Jul 29, 2020 $0.022000 $0.022000
Jun 26, 2020 $0.020400 $0.020400
May 27, 2020 $0.021200 $0.021200
Apr 28, 2020 $0.019300 $0.019300
Mar 27, 2020 $0.023300 $0.023300
Feb 26, 2020 $0.021000 $0.021000
Jan 29, 2020 $0.023100 $0.023100
Dec 16, 2019 $0.088300 $0.023600 $0.022700 $0.042000
Nov 26, 2019 $0.023500 $0.023500
Oct 29, 2019 $0.024000 $0.024000
Sep 26, 2019 $0.023700 $0.023700
Aug 28, 2019 $0.024200 $0.024200
Jul 29, 2019 $0.024500 $0.024500
Jun 26, 2019 $0.024000 $0.024000
May 29, 2019 $0.025000 $0.025000
Apr 26, 2019 $0.025300 $0.025300
Mar 27, 2019 $0.026200 $0.026200
Feb 26, 2019 $0.023800 $0.023800
Jan 29, 2019 $0.026500 $0.026500
Dec 27, 2018 $0.274000 $0.274000
Nov 28, 2018 $0.026400 $0.026400
Oct 29, 2018 $0.027000 $0.027000
Sep 26, 2018 $0.025900 $0.025900
Aug 29, 2018 $0.026000 $0.026000
Jul 27, 2018 $0.027000 $0.027000
Jun 27, 2018 $0.025500 $0.025500
May 29, 2018 $0.027000 $0.027000
Apr 26, 2018 $0.025800 $0.025800
Mar 27, 2018 $0.024600 $0.024600
Feb 26, 2018 $0.023100 $0.023100
Jan 29, 2018 $0.025500 $0.025500
Dec 27, 2017 $0.025900 $0.025900
Nov 27, 2017 $0.024000 $0.024000
Oct 26, 2017 $0.024500 $0.024500
Sep 26, 2017 $0.024300 $0.024300
Aug 28, 2017 $0.025500 $0.025500
Jul 26, 2017 $0.025500 $0.025500
Jun 27, 2017 $0.025000 $0.025000
May 25, 2017 $0.025900 $0.025900
Apr 25, 2017 $0.025700 $0.025700
Mar 28, 2017 $0.026400 $0.026400

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.
-1.46 -1.06 -
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.
12.20 11.27 -
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.
-0.38 0.02 -
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.
133.25 131.13 -
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.
131.79 123.27 -
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.
1.35 1.25 -
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.
97.86 96.71 -
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.
3.58 3.03 -
View All Characteristics & Statistics

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Fixed)

As of: 12/31/2023

Texas Private Activity Bond Surface Transportation Co Fixed 3.64%
Public Authority for Colorado Energy Fixed 3.14%
Richland County School District No 2 Fixed 2.86%
City of Chattanooga TN Electric Revenue Fixed 2.56%
Philadelphia Authority for Industrial Development Fixed 2.56%
Pennsylvania Economic Development Financing Authority Fixed 2.43%
Central Plains Energy Project Fixed 2.36%
New York Transportation Development Corp Fixed 2.34%
Escambia County Health Facilities Authority Fixed 2.06%
Colorado Health Facilities Authority Fixed 2.01%
% in Top 10 Holdings 25.96%
View Holding Details Read Important Investment Disclosures

Sector Allocation (Municipal)

As of: 12/31/2023

View Allocation Details

About the Affiliate

About GW&K Investment Management

GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today.

Learn More About GW&K Investment Management's Approach

FOUNDED

1974

AMG AFFILIATE SINCE

2008

HEADQUARTERS

Boston, MA

Portfolio Managers

John B. Fox, CFA

PARTNER AND DIRECTOR OF FIXED INCOME

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Martin R. Tourigny, CFA

PARTNER AND PORTFOLIO MANAGER

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Brian T. Moreland, CFA

PARTNER AND PORTFOLIO MANAGER

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Kara M. South, CFA

PRINCIPAL, MUNICIPAL BOND PORTFOLIO MANAGER

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Investment Approach

Investment Approach

GW&K Municipal Enhanced Yield Fund

The Fund focuses on the long end of the curve, seeking to capitalize on the yield and return characteristics of longer-term municipal bonds. The Fund uses fundamental research to attempt to uncover and exploit inefficiencies in the municipal bond market with a goal to produce high after-tax income. The Portfolio is constructed using a research-intensive approach, executing purchases and sales after conducting both structure and credit research.

Additional Fund Highlight

GW&K has invested in municipal bonds since the firm’s founding in 1974.

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