Objective

Preserve capital while providing current income in excess of cash market yields with moderate emphasis on capital appreciation.

Strategy

Focuses on sector allocation and security selection, coupled with a  top-down macroeconomic risk management process; aimed at minimizing downside risk while maximizing income potential.

Fund Facts
Asset Manager
  • Longfellow Investment Management Co.(Since 7/1/08)
Benchmark Bloomberg Barclays 1-3 Year Treasury Index
Fund Inception Date January 1, 1985
Mimimum Investment No minimum investment required
Expense Ratio 0.35%

Additional Facts

The Fund’s benchmark was changed to the Barclays Capital 1-3 Year Treasury Index effective July 1, 2016. The benchmark performance shown reflects the linked performance of the following benchmarks for each applicable period: ML 1-3 Yr Treasury Index effective 7/1/01; ML 1-5 Yr G/C Index effective 4/1/98; 50% LB Intermediate Government /50% LB 1-3 Yr Government effective 5/1/96; LB 1-3 Yr Government in prior periods.

Annual Average Total Returns
(%) as of 09/30/2021

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Short Bond Fund -0.01 0.79 2.73 2.07 1.90
Bloomberg Barclays 1-3 Year Treasury Index** 0.07 0.02 2.68 1.64 1.16
Calendar Year 2019 2018 2017 2016 2015 2014
CUIT Short Bond Fund 4.14 1.41 1.71 1.99 0.81 1.37
Bloomberg Barclays 1-3 Year Treasury Index** 3.59 1.56 0.42 0.86 0.54 0.62

 

Source: BNY Mellon, SS&C

** Effective July 1, 2016, the benchmark for the CUIT Short Bond Fund (SBF) was changed to the Bloomberg Barclays 1-3 Year Treasury Index. For periods prior to July 1, 2016, the applicable benchmarks were: ML 1-3 Yr Treasury Index effective 7/1/01; ML 1-5 Yr G/C Index effective 4/1/98; 50% LB Intermediate Government /50% LB 1-3 Yr Government effective 5/1/96; LB 1-3 Yr Government in prior periods. The benchmark performance shown for SBF in this presentation reflects the linked performance of these benchmarks for each applicable period.

Characteristics as of 09/30/2021

Statistics Fund Index
Average Maturity (Yrs) 2.2 1.9
Effective Duration (Yrs) 2.0 1.9
Average Quality A+ TSY
Yield-to-Maturity 1.1% 0.3%
Current Yield 2.6% 0.9%
# of Securities 244 90
Effective Duration Fund Index
< 1 Year 22.9 3.7
1 - 3 Years 54.5 96.3
3 - 5 Years 20.3 0.0
5-7 Years 2.3 0.0
7-10 Years 0.0 0.0
10-20 years 0.0 0.0
> 20 years 0.0 0.0
Market Sector Analysis Fund Index
Treasury and Gov’t Related 25.2 100.0
Corporate 48.2 0.0
MBS 0.9 0.0
CMBS 10.2 0.0
ABS 14.6 0.0
Cash 0.8 0.0
Credit Quality Fund Index
AAA 44.7 100.0
AA 9.1 0.0
A 20.2 0.0
BBB 21.7 0.0
Below BBB 4.3 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 1.4 1.1
Tracking Error 1.7 N/A
Sharpe Ratio 0.9 0.5
Information Ratio 0.5 N/A
Upside Capture 114.4 100.0
Downside Capture 4.9 100.0

 

 

Source: FactSet, eVestment
Credit Quality: Cash is included in AAA
Effective Duration: Cash is included in <1 Year

  • Q3 2021 Performance Review

    12-Month Review

    • The Fund outperformed the benchmark for the period.
    • The impact of a slightly longer average duration during the period was minimal.
    • Sector allocation was the primary performance driver. Allocation to Corporates was the main contributor to relative performance although ABS and CMBS holdings also had a positive impact.
    • Security selection was neutral for the period.

    3-Month Review

    • Duration had little impact on relative performance, yield curve positioning was slightly negative.
    • Performance was driven by exposure to non-Treasury, Corporates, and ABS.
    • Security selection was slightly positive for the quarter.

    Current Positioning

    • The Fund maintains a slightly longer duration.
    • The Fund has maintained its “barbelled” yield curve positioning relative to the benchmark.
    • The Fund is meaningfully allocated to non-Treasury sectors.

 

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

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