Fixed Income

MSUMX

U.S. Mortgage Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
8.29 4.69 3.29 3.94
Benchmark (%) -0.09 3.75 2.43 2.83
Morningstar Category Avg. (%) 15.18 4.42 4.75 4.23
Morningstar Ranking 306/340 155/291 244/260 85/140
Morningstar Quartile 4 3 4 3
Lipper Category Avg. (%) 4.65 3.75 2.68 2.92
Lipper Ranking 31/128 13/109 21/104 10/75
Lipper Quartile 1 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
-0.26 -0.67 -0.26 8.29 14.73 17.57 47.18
Benchmark (%) -1.10 -0.51 -1.10 -0.09 11.67 12.73 32.23
Morningstar Category Avg. (%) -0.18 -0.13 -0.18 15.18 13.87 26.10 51.37
Lipper Category Avg. (%) -0.41 -0.45 -0.41 4.65 11.70 14.21 33.76
  2016 2017 2018 2019 2020
Total Return (%) 2.64 2.90 0.66 6.86 5.63
Benchmark (%) 1.67 2.47 0.99 6.35 3.87
Morningstar Category Avg. (%) 7.52 6.07 -1.52 9.80 4.84
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Key Facts

Key Facts

Size of Class (Millions) as of Jun 23, 2021 $250.1 M
Size of Fund (Millions) as of Jun 23, 2021 $279.7 M
Share Class launch date Jul 29, 2005
Asset Class Fixed Income
Morningstar Category Multisector Bond
Lipper Classification US Mortgage Funds
Benchmark Index Bloomberg Barclays US Mortgage Backed Securities Index
CUSIP 56166L303
Distribution Frequency None
Number of Holdings as of May 28, 2021 470
Max Offer Price as of Jun 22, 2021 $10.50
Open to New Investors Yes
Turnover Percent in the Annual Report 841%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of May 31, 2021 0.28
R-Squared (3y) as of May 31, 2021 6.54
Beta (3y) as of May 31, 2021 0.43
30 Day SEC Yield as of May 31, 2021 2.32%
Unsubsidized 30-Day SEC Yield as of May 31, 2021 2.21%
Yield to Maturity as of May 28, 2021 3.28%
Yield to Worst as of May 28, 2021 3.23%
Effective Duration as of May 28, 2021 5.00 yrs
Weighted Average Life as of May 28, 2021 5.97 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 4.47%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -2.71%
Fund Standard Deviation (3y) as of May 31, 2021 3.40

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.81%
Net Expense Ratio 0.68%

Net Expense Ratio excluding Investment Related Expenses is 0.45%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.23%

Ratings

Ratings

Lipper Leader

 
 
 
 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of May 31, 2021 out of 112, 6,157, 112, 83 and 112 Funds, respectively in Lipper's US Mortgage Funds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Apr 13, 2021)

Holdings

Holdings

as of May 28, 2021
Name Weight (%)
UMBS 30YR TBA(REG A) 15.64
GNMA2 30YR TBA(REG C) 12.59
FNMA 30YR 2017 PRODUCTION 4.52
FHLMC 30YR UMBS 4.04
UMBS 15YR TBA(REG B) 2.29
Name Weight (%)
FNMA 30YR 2020 PRODUCTION 1.86
SLST_20-2 M1 144A 1.19
SHLMT_20-SH2 B1 144A 1.10
PROG_20-SFR3 G 144A 1.06
HOF_20-2 M1 144A 1.03

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% Notional Exposures

Type Fund Benchmark Net
as of May 28, 2021

% Notional Exposures

Type Fund Benchmark Net
as of May 28, 2021

% Notional Exposures

Type Fund Benchmark Net
as of May 28, 2021

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 28, 2021

% Market Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Exposures

Type Fund Benchmark Net
as of May 28, 2021

% Market Value

Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Matthew Kraeger
Lead Portfolio Manager, Mortgage Portfolios

    

Ibrahim Incoglu
Ibrahim Incoglu
Samir Lakhani
Samir Lakhani
Siddharth Mehta
Portfolio Manager, Mortgage Portfolios

   

Portfolio Manager

Literature

Literature

 

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