The following article will review one of the top taxable bond mutual funds. Weitz Short Intermediate Income fund has outperformed its peers. Over the long term period, this fund had only 1 down year (up until 2010).
Weitz Short-Intermediate Income (MUTF: WEFIX)
The Weitz Short Intermediate Income fund objective is to provide high current income consistent with the capital preservation. This Weitz fund generally invests majority of assets (>80%) in fixed-income securities or bonds. These bonds include U.S. government and agency securities bonds, corporate debt securities, and mortgage-backed securities. It may invest some of total assets (<15%) in non-investment grade securities (junk bonds) or non-rated bonds.
WEFIX Fund Details
The fund manager is Thomas Carney since January 1996. The Institutional Class of this fund (WEFIX) was introduced to public in December 1988, while the Investor class (WSHNX) shares were available for sale in August 1, 2011. The CUSIP of the Investor Class is 94904P864. The fund also has a net annual expense ratio of 0.64% which is a bit lower compared to the average in the Short-Term Bond category (0.90%). The yield of this fund is 2.41%. As part of no load fund, this Weitz fund doesn’t have any sales load (i.e. front sales load and deferred sales load). This fund has total net assets of $1.31 billion. This best bond fund uses Barclays Capital Intermediate U.S. Government/ Credit Index as the fund’s benchmark.
This WEFIX fund has received 5-stars return rating from Morningstar. This Weitz Short-Intermediate Income fund has returned 3.27% over the past one year and 5.88% over the past five years. The best 1-year total return within the 21 years of positive return was in 2009 with 10.85%. The past 3 years of annual total return:
As of June 2011, the top asset allocation of this Short Intermediate Income Fund is 37.3% in Mortgage-Backed Securities, 33.2% in Corporate Bonds, 15.2% in Short-Term Securities/ Other and 7.2% in Government Agency. The average maturity of this fund is 3.2 years and the average duration of this bond fund is 2.1 years.
According to the fund’s prospectus, the Principal Investments Risks include Market Risk, Interest Rate Risk, Credit Risk, Call Risk, Mortgage-Backed Securities Risk, Government-Sponsored Enterprises Risk, etc. Details about risks and investment profile can be found from the mutual fund website.
Disclosure: No Position
Interesting in bond funds or fixed income funds, please check my previous article:
Weitz Short-Intermediate Income (MUTF: WEFIX)
The Weitz Short Intermediate Income fund objective is to provide high current income consistent with the capital preservation. This Weitz fund generally invests majority of assets (>80%) in fixed-income securities or bonds. These bonds include U.S. government and agency securities bonds, corporate debt securities, and mortgage-backed securities. It may invest some of total assets (<15%) in non-investment grade securities (junk bonds) or non-rated bonds.
WEFIX Fund Details
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| Weitz Short-Intermediate Income fund |
- Fund Inception Date: December 23, 1988
- Ticker Symbol: WEFIX (Institutional Class)
- CUSIP: 94904P302
- Beta (3yr): 0.50
- Rank in category (YTD): 28
- Category: Short-Term Bond
- Distribution Rate: 2.41%
- Net Assets: $ 1.31 billion
- Sales Load: 0%
- Expense Ratio: 0.64%
- Capital Gains: N/A
- Number of Years Up: 21 years
- Number of Years Down: 1 year
- Average Maturity: 3.2 years
- Average Duration: 2.1 years
- Average Coupon: 4.0%
The fund manager is Thomas Carney since January 1996. The Institutional Class of this fund (WEFIX) was introduced to public in December 1988, while the Investor class (WSHNX) shares were available for sale in August 1, 2011. The CUSIP of the Investor Class is 94904P864. The fund also has a net annual expense ratio of 0.64% which is a bit lower compared to the average in the Short-Term Bond category (0.90%). The yield of this fund is 2.41%. As part of no load fund, this Weitz fund doesn’t have any sales load (i.e. front sales load and deferred sales load). This fund has total net assets of $1.31 billion. This best bond fund uses Barclays Capital Intermediate U.S. Government/ Credit Index as the fund’s benchmark.
This WEFIX fund has received 5-stars return rating from Morningstar. This Weitz Short-Intermediate Income fund has returned 3.27% over the past one year and 5.88% over the past five years. The best 1-year total return within the 21 years of positive return was in 2009 with 10.85%. The past 3 years of annual total return:
- Year 2010: 4.74%
- Year 2009: 10.85%
- Year 2008: 2.29%
As of June 2011, the top asset allocation of this Short Intermediate Income Fund is 37.3% in Mortgage-Backed Securities, 33.2% in Corporate Bonds, 15.2% in Short-Term Securities/ Other and 7.2% in Government Agency. The average maturity of this fund is 3.2 years and the average duration of this bond fund is 2.1 years.
According to the fund’s prospectus, the Principal Investments Risks include Market Risk, Interest Rate Risk, Credit Risk, Call Risk, Mortgage-Backed Securities Risk, Government-Sponsored Enterprises Risk, etc. Details about risks and investment profile can be found from the mutual fund website.
Disclosure: No Position
Interesting in bond funds or fixed income funds, please check my previous article:
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