Inflation Protected Securities Fund
05/29/20 Effective immediately, Maura Murphy no longer serves as portfolio manager of the Fund.
The Inflation Protected Securities Fund seeks high total investment return through a combination of current income and capital appreciation
Primary Benchmark:
Bloomberg Barclays US Treasury Inflation Protected Securities Index
Portfolio Management
Elaine Kan, CFA
Kevin Kearns
Total Fund Assets (as of 4/30/2021):
$152.8 million
Lipper Category:
Treasury Inflation Protected Securities
Morningstar Category:
Inflation-Protected Bond
Strategy Highlights
- Seeks to generate superior, long-term, risk-adjusted investment performance relative to the Bloomberg Barclays US Treasury Inflation Protected Securities Index
- Invests at least 80% of assets in inflation-protected securities, debt securities issued by the US Treasury (TIPS)
- May invest up to 10% of assets in lower-rated fixed income securities
- May invest in nominal treasury securities, corporate bonds, asset-backed securities and mortgage-related securities
- Targeted exposure to inflation protected securities
- Potential benefits from bonds denominated in other currencies
- Exposure to high yield securities provides additional diversification and may increase yield
About Risk
- Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.
- Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
- Inflation protected securities move with the rate of inflation and carry the risk that in deflationary conditions (when inflation is negative) the value of the bond may decrease.
- Derivatives involve risk of loss and may entail additional risks. Because derivatives depend on the performance of an underlying asset, they can be highly volatile and are subject to market and credit risks.
- Foreign securities may involve heightened risk due to currency fluctuations. Additionally, they may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity.
- Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
- Commodity-related investments, including derivatives, may be affected by a number of factors including commodity prices, world events, import controls and economic conditions, and therefore may involve substantial risk of loss.
Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, L.P. (the “Distributor”).
1 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/22. When an expense limitation has not been exceeded, the fund may have similar expense ratios and/or yields.
2The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. During periods of unusual market conditions, the fund’s 30-day SEC yield amounts may be materially higher or lower than its actual income distributions. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.
The Bloomberg Barclays US Treasury Inflation Protected Securities Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The liquidity constraint for all securities in the index is $300 million. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.
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Primary Benchmark:
Bloomberg Barclays US Treasury Inflation Protected Securities Index
Year-to-Date Performance as of 5/17/2021 | | Class N | Class I | Class R |
|---|
| | 0.84% | 0.83% | 0.61% |
Month-End Performance as of 4/30/2021 Cumulative
Total Return | Class N | Class I | Class R |
|---|
| 3 month | -0.25% | -0.26% | -0.31% | | Year-to-date | -0.16% | -0.18% | -0.31% |
Average Annualized
Total Return | Class N | Class I | Class R |
|---|
| Inception Date | 2/1/2017 | 5/20/1991 | 5/28/2010 | | 1 Year | 7.24% | 7.20% | 6.96% | | 3 Years | 6.93% | 6.86% | 6.63% | | 5 Years | N/A | 4.52% | 4.27% | | 10 Years | N/A | 3.37% | 3.10% | | Since Inception | 5.34% | 5.99% | 3.57% |
Quarter-End Performance as of 3/31/2021 Cumulative
Total Return | Class N | Class I | Class R |
|---|
| 3 month | -1.59% | -1.60% | -1.73% | | Year-to-date | -1.59% | -1.60% | -1.73% |
Average Annualized
Total Return | Class N | Class I | Class R |
|---|
| Inception Date | 2/1/2017 | 5/20/1991 | 5/28/2010 | | 1 Year | 9.20% | 9.17% | 8.93% | | 3 Years | 6.42% | 6.35% | 6.09% | | 5 Years | N/A | 4.30% | 4.03% | | 10 Years | N/A | 3.45% | 3.17% | | Since Inception | 5.09% | 5.96% | 3.46% |
|
Lipper Ranking as of 4/30/2021 | | Class N | Class I | Class R |
|---|
| 1 Year | 89/198 | 90/198 | 102/198 | | 3 Years | 12/192 | 13/192 | 18/192 | | 5 Years | N/A | 8/170 | 27/170 | | 10 Years | N/A | 8/114 | 28/114 | | Lipper Category: Treasury Inflation Protected Securities |
Morningstar Ranking as of 4/30/2021 | | Class N | Class I | Class R |
|---|
| 1 Year | 98/205 | 99/205 | 110/205 | | 3 Years | 12/200 | 13/200 | 18/200 | | 5 Years | N/A | 8/175 | 28/175 | | 10 Years | N/A | 8/122 | 29/122 | | Morningstar Category: Inflation-Protected Bond |
Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.
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The Fund revised its investment strategies on 12/15/04; performance may have been different had the current investment strategies been in place for all periods shown.
Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2021 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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Monthly as of 4/30/2021
| Characteristics | |
|---|
| Number of Issues | 50 | | Average Maturity | 8.83 | | Weighted Average Duration | 7.83 | | Annual Turnover (9/30/2020) | 82% |
| Currency Distribution | |
|---|
| US Dollar | 100.0% | | Duration Distribution | |
|---|
| Less than 1 Yr. | 3.2% | | 1 to 3 Yrs. | 0.2% | | 3 to 5 Yrs. | 37.0% | | 5 to 7 Yrs. | 18.2% | | 7 to 10 Yrs. | 23.1% | | 10 Yrs. or more | 12.8% | | Cash & Equivalents | 5.6% |
|
| Sector Distribution | |
|---|
| US Treasury | 80.7% | | Investment Grade Credit | 8.1% | | High Yield Credit | 5.6% | | Cash & Equivalents | 5.6% | | Country Distribution | |
|---|
| United States | 95.7% | | Germany | 1.1% | | Italy | 1.1% | | France | 0.7% | | United Kingdom | 0.4% | | Switzerland | 0.4% | | Canada | 0.3% | | United Arab Emirates | 0.1% | | Spain | 0.1% | | Maturity Distribution | |
|---|
| Less than 1 Yr. | 0.0% | | 1 to 3 Yrs. | 0.4% | | 3 to 5 Yrs. | 37.2% | | 5 to 7 Yrs. | 17.7% | | 7 to 10 Yrs. | 20.1% | | 10 Yrs. or more | 19.0% | | Cash & Equivalents | 5.6% | | Credit Quality | |
|---|
| US Treasurys | 80.7% | | AAA | 0.0% | | AA | 0.6% | | A | 2.1% | | BAA | 6.7% | | BA | 3.9% | | B | 0.5% | | CAA & Lower | 0.0% | | Not Rated | 0.0% | | Cash & Equivalents | 5.6% | |
Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.
Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.
Both duration and maturity for equity securities are deemed to be zero.
Quarterly as of 3/31/2021
| Characteristics | Fund | Index |
|---|
| Number of Issues | 46 | 44 | | Average Maturity | 8.92 | 7.92 | | Weighted Average Duration | 7.86 | 7.66 | | Annual Turnover (9/30/2020) | 82% | |
| Currency Distribution | Fund | Index |
|---|
| US Dollar | 100.0% | 100.0% | | Duration Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 3.6% | 0.0% | | 1 to 3 Yrs. | 0.2% | 21.1% | | 3 to 5 Yrs. | 41.4% | 27.8% | | 5 to 7 Yrs. | 17.4% | 16.0% | | 7 to 10 Yrs. | 21.5% | 19.3% | | 10 Yrs. or more | 12.4% | 15.7% | | Cash & Equivalents | 3.5% | 0.0% |
|
| Sector Distribution | Fund | Index |
|---|
| US Treasury | 84.4% | 100.0% | | High Yield Credit | 5.9% | 0.0% | | Investment Grade Credit | 5.9% | 0.0% | | Convertibles | 0.4% | 0.0% | | Cash & Equivalents | 3.5% | 0.0% | | Country Distribution | Fund | Index |
|---|
| United States | 95.6% | 100.0% | | Germany | 1.2% | 0.0% | | Italy | 1.2% | 0.0% | | United Kingdom | 0.5% | 0.0% | | Switzerland | 0.5% | 0.0% | | Canada | 0.4% | 0.0% | | France | 0.3% | 0.0% | | United Arab Emirates | 0.2% | 0.0% | | Spain | 0.1% | 0.0% | | Maturity Distribution | Fund | Index |
|---|
| 1 to 3 Yrs. | 0.0% | 21.1% | | 3 to 5 Yrs. | 43.0% | 27.8% | | 5 to 7 Yrs. | 15.9% | 14.5% | | 7 to 10 Yrs. | 20.0% | 20.1% | | 10 Yrs. or more | 17.6% | 16.4% | | Cash & Equivalents | 3.5% | 0.0% | | Credit Quality | Fund | Index |
|---|
| US Treasurys | 84.4% | 100.0% | | AAA | 0.0% | 0.0% | | AA | 0.2% | 0.0% | | A | 1.4% | 0.0% | | BAA | 5.7% | 0.0% | | BA | 3.9% | 0.0% | | B | 0.6% | 0.0% | | CAA & Lower | 0.0% | 0.0% | | Not Rated | 0.4% | 0.0% | | Cash & Equivalents | 3.5% | 0.0% |
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Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.
Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.
Both duration and maturity for equity securities are deemed to be zero.