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 0.34%

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 12/31/2020

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT Short Bond Fund 0.55 3.11 2.88 2.47 2.06
Bloomberg Barclays 1-3 Year Treasury Index** 0.05 3.16 2.77 1.91 1.30
Calendar Year 2020 2019 2018 2017 2016 2015
CUIT Short Bond Fund 3.11 4.14 1.41 1.71 1.99 0.81
Bloomberg Barclays 1-3 Year Treasury Index** 3.16 3.59 1.56 0.42 0.86 0.54

 

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 12/31/2020

Statistics Fund Index
Average Maturity (Yrs) 2.1 1.9
Effective Duration (Yrs) 1.9 1.9
Average Quality A+ TSY
Yield-to-Maturity 0.9% 0.1%
Current Yield 2.8% 1.2%
# of Securities 241 93
Effective Duration Fund Index
< 1 Year 23.3 3.6
1 - 3 Years 59.7 96.4
3 - 5 Years 16.0 0.0
5-7 Years 1.0 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 26.9 100.0
Corporate 43.2 0.0
MBS 1.5 0.0
CMBS 9.5 0.0
ABS 17.3 0.0
Cash 1.5 0.0
Credit Quality Fund Index
AAA 51.1 100.0
AA 8.1 0.0
A 19.4 0.0
BBB 18.2 0.0
Below BBB 3.2 0.0
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 1.4 1.1
Tracking Error 1.7 N/A
Sharpe Ratio 1.2 0.7
Information Ratio 0.5 N/A
Upside Capture 112.4 100.0
Downside Capture -23.8 100.0

 

 

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

  • Q4 2020 Performance Review

    12-Month Review

    • For 2020, the impact of the first quarter was a drag on results, but with outperformance in the subsequent quarters, the Fund outperformed for the year.
    • Duration positioning added to relative performance over 12 months and was the main driver of outperformance.
    • Sector allocation was positive for the year. Allocation to Industrials and ABS detracted from relative results. The exposure to Financials, despite the negative relative results in the first quarter, was positive for the year.
    • Security selection was slightly positive for 2020, primarily in Treasuries.

    3-Month Review

    • The Fund outperformed the benchmark.
    • Duration and yield curve positioning had little impact on relative performance.
    • Outperformance was driven by exposure to Corporates with strong positive contribution from ABS and CMBS.
    •  Security selection was neutral for the quarter.

    Current Positioning

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

 

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

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