August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
We extended duration to match the index as we expect rates to decline. This was largely beneficial. Efforts to increase credit quality were not as beneficial as credit spreads tightened over the past 12 months. However, with credit spreads approaching historical lows and the economy slowing, we expect higher-quality paper to outperform. The Bond Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year, benefiting from exposure to higher-yielding non-agency asset-backed securities and non-agency mortgage-backed securities, along with an increasing weight to agency MBS. An overweight to credit also contributed to performance as spreads tightened. A lack of exposure to lower-quality (BBB) corporates detracted, along with exposure to shorter-duration taxable municipals. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
Bond Fund (A Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | - | ||
Bloomberg U.S. Aggregate Bond Index | - | ||
Lipper Core Bond Funds Average |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Sonic Capital LLC, Series 2020-1A, Class A2I | |
Broadcom, Inc. | |
Bank of America Corp. | |
Fannie Mae REMIC, Series 2023-16, Class VE | |
SBA Tower Trust | |
U.S. Treasury Notes | |
The University of Oklahoma Revenue |
Credit Rating
Value | Value |
|---|---|
BBB- | |
AAA | |
A+ | |
A | |
A- | |
BBB | |
AA+ | |
NR | |
A-1+ | |
Other |
Portfolio Composition
Asset Backed Securities | |
Mortgage Backed Securities | |
Commercial Mortgage Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AABOX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
We extended duration to match the index as we expect rates to decline. This was largely beneficial. Efforts to increase credit quality were not as beneficial as credit spreads tightened over the past 12 months. However, with credit spreads approaching historical lows and the economy slowing, we expect higher-quality paper to outperform. The Bond Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year, benefiting from exposure to higher-yielding non-agency asset-backed securities and non-agency mortgage-backed securities, along with an increasing weight to agency MBS. An overweight to credit also contributed to performance as spreads tightened. A lack of exposure to lower-quality (BBB) corporates detracted, along with exposure to shorter-duration taxable municipals. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
Bond Fund (Institutional Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
Lipper Core Bond Funds Average |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Sonic Capital LLC, Series 2020-1A, Class A2I | |
Broadcom, Inc. | |
Bank of America Corp. | |
Fannie Mae REMIC, Series 2023-16, Class VE | |
SBA Tower Trust | |
U.S. Treasury Notes | |
The University of Oklahoma Revenue |
Credit Rating
Value | Value |
|---|---|
BBB- | |
AAA | |
A+ | |
A | |
A- | |
BBB | |
AA+ | |
NR | |
A-1+ | |
Other |
Portfolio Composition
Asset Backed Securities | |
Mortgage Backed Securities | |
Commercial Mortgage Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AIBNX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
We extended duration to match the index as we expect rates to decline. This was largely beneficial. Efforts to increase credit quality were not as beneficial as credit spreads tightened over the past 12 months. However, with credit spreads approaching historical lows and the economy slowing, we expect higher-quality paper to outperform. The Bond Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year, benefiting from exposure to higher-yielding non-agency asset-backed securities and non-agency mortgage-backed securities, along with an increasing weight to agency MBS. An overweight to credit also contributed to performance as spreads tightened. A lack of exposure to lower-quality (BBB) corporates detracted, along with exposure to shorter-duration taxable municipals. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
Bond Fund (Investor Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | - | ||
Bloomberg U.S. Aggregate Bond Index | - | ||
Lipper Core Bond Funds Average |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Sonic Capital LLC, Series 2020-1A, Class A2I | |
Broadcom, Inc. | |
Bank of America Corp. | |
Fannie Mae REMIC, Series 2023-16, Class VE | |
SBA Tower Trust | |
U.S. Treasury Notes | |
The University of Oklahoma Revenue |
Credit Rating
Value | Value |
|---|---|
BBB- | |
AAA | |
A+ | |
A | |
A- | |
BBB | |
AA+ | |
NR | |
A-1+ | |
Other |
Portfolio Composition
Asset Backed Securities | |
Mortgage Backed Securities | |
Commercial Mortgage Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APBDX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Administrative Shares | $ |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
Government Securities Money Market Fund (Administrative Shares) | |
|---|---|
Aug 14 | $ |
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Administrative Shares |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bills | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. |
Credit Rating
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APCXX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
Government Securities Money Market Fund (Institutional Shares) | |
|---|---|
Aug 14 | $ |
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bills | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. |
Credit Rating
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APHXX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Premier Shares | $ |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
Government Securities Money Market Fund (Premier Shares) | |
|---|---|
Aug 14 | $ |
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Premier Shares |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bills | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. |
Credit Rating
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APPXX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Select Shares | $ |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
Government Securities Money Market Fund (Select Shares) | |
|---|---|
Sep 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Select Shares |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bills | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. | |
Federal Farm Credit Banks Funding Corp. |
Credit Rating
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APSXX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
Early in 2024, we increased the Fund’s active risk to growth stocks, sacrificing dividend yield to increase the Fund’s total return potential. We also reduced the notional value of the Fund’s put options to allow for more upside capture as the market rallied. Both tactics added to performance. The Fund underperformed its benchmark (CBOE S&P 500 BuyWrite Index). Most of that occurred in August 2024, when the Fund trailed its benchmark by 2.0% as a result of the Fund’s overweight to the energy sector and poor stockpicking in industrials. Key contributors to performance were stock picking in energy and health care while major detractors included overweights to energy and materials, an underweight to technology, and stock picking in the consumer discretionary and consumer staples sectors. Earlier this year, we removed some of the Fund’s defensive posturing in anticipation of a soft landing. Following this year’s rally, we see risk and reward as balanced based on weakening economic data. The Fund is positioned as such, with a moderate amount of notional put coverage and muted active risk with regard to investment style and cyclical stocks.
Value of a $10,000 Investment
Hedged Income Fund (A Shares) | CBOE S&P 500 BuyWrite Index | S&P 500 Index | |
|---|---|---|---|
Dec 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | Since Inception | |
|---|---|---|
A Shares | ||
CBOE S&P 500 BuyWrite Index | ||
S&P 500 Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
Apple, Inc. | |
Microsoft Corp. | |
JPMorgan Chase & Co. | |
Broadcom, Inc. | |
Emerson Electric Co. | |
Merck & Co., Inc. | |
Amazon.com, Inc. | |
Dow, Inc. | |
AstraZeneca PLC | |
Phillips 66 |
Sector Allocation
Value | Value |
|---|---|
Utilities | |
Materials | |
Consumer Staples | |
Communication Services | |
Energy | |
Industrials | |
Consumer Discretionary | |
Financials | |
Health Care | |
Information Technology |
Portfolio Composition
Common Stocks | |
Purchased Options | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AALIX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
Early in 2024, we increased the Fund’s active risk to growth stocks, sacrificing dividend yield to increase the Fund’s total return potential. We also reduced the notional value of the Fund’s put options to allow for more upside capture as the market rallied. Both tactics added to performance. The Fund underperformed its benchmark (CBOE S&P 500 BuyWrite Index). Most of that occurred in August 2024, when the Fund trailed its benchmark by 2.0% as a result of the Fund’s overweight to the energy sector and poor stockpicking in industrials. Key contributors to performance were stock picking in energy and health care while major detractors included overweights to energy and materials, an underweight to technology, and stock picking in the consumer discretionary and consumer staples sectors. Earlier this year, we removed some of the Fund’s defensive posturing in anticipation of a soft landing. Following this year’s rally, we see risk and reward as balanced based on weakening economic data. The Fund is positioned as such, with a moderate amount of notional put coverage and muted active risk with regard to investment style and cyclical stocks.
Value of a $10,000 Investment
Hedged Income Fund (Institutional Shares) | CBOE S&P 500 BuyWrite Index | S&P 500 Index | |
|---|---|---|---|
Dec 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | Since Inception | |
|---|---|---|
Institutional Shares | ||
CBOE S&P 500 BuyWrite Index | ||
S&P 500 Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
Apple, Inc. | |
Microsoft Corp. | |
JPMorgan Chase & Co. | |
Broadcom, Inc. | |
Emerson Electric Co. | |
Merck & Co., Inc. | |
Amazon.com, Inc. | |
Dow, Inc. | |
AstraZeneca PLC | |
Phillips 66 |
Sector Allocation
Value | Value |
|---|---|
Utilities | |
Materials | |
Consumer Staples | |
Communication Services | |
Energy | |
Industrials | |
Consumer Discretionary | |
Financials | |
Health Care | |
Information Technology |
Portfolio Composition
Common Stocks | |
Purchased Options | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AILIX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
Early in 2024, we increased the Fund’s active risk to growth stocks, sacrificing dividend yield to increase the Fund’s total return potential. We also reduced the notional value of the Fund’s put options to allow for more upside capture as the market rallied. Both tactics added to performance. The Fund underperformed its benchmark (CBOE S&P 500 BuyWrite Index). Most of that occurred in August 2024, when the Fund trailed its benchmark by 2.0% as a result of the Fund’s overweight to the energy sector and poor stockpicking in industrials. Key contributors to performance were stock picking in energy and health care while major detractors included overweights to energy and materials, an underweight to technology, and stock picking in the consumer discretionary and consumer staples sectors. Earlier this year, we removed some of the Fund’s defensive posturing in anticipation of a soft landing. Following this year’s rally, we see risk and reward as balanced based on weakening economic data. The Fund is positioned as such, with a moderate amount of notional put coverage and muted active risk with regard to investment style and cyclical stocks.
Value of a $10,000 Investment
Hedged Income Fund (Investor Shares) | CBOE S&P 500 BuyWrite Index | S&P 500 Index | |
|---|---|---|---|
Dec 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | Since Inception | |
|---|---|---|
Investor Shares | ||
CBOE S&P 500 BuyWrite Index | ||
S&P 500 Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
Apple, Inc. | |
Microsoft Corp. | |
JPMorgan Chase & Co. | |
Broadcom, Inc. | |
Emerson Electric Co. | |
Merck & Co., Inc. | |
Amazon.com, Inc. | |
Dow, Inc. | |
AstraZeneca PLC | |
Phillips 66 |
Sector Allocation
Value | Value |
|---|---|
Utilities | |
Materials | |
Consumer Staples | |
Communication Services | |
Energy | |
Industrials | |
Consumer Discretionary | |
Financials | |
Health Care | |
Information Technology |
Portfolio Composition
Common Stocks | |
Purchased Options | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APLIX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
We maintained a heavy overweight to credit, particularly non-agency asset-backed securities (ABS). The excess yield on the securities was coupled with broad spread tightening over the period, leading to strong returns. The Limited Duration Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. Exposure to higher-yielding, non-agency ABS and non-agency mortgage-backed securities benefited the portfolio, as did a longer-than-benchmark duration as interest rates fell. Broad spread tightening and an overweight to credit also contributed to performance as some of the Fund’s corporate positions performed very well. The main detractor from Fund relative performance was an underweight to the corporate sector as corporate bonds were very strong for the period. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
Limited Duration Fund (A Shares) | Bloomberg U.S. Aggregate Bond Index | ICE BofA ML 1-5 Year US Corporate/Government Index | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
ICE BofA ML 1-5 Year US Corporate/Government Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Notes | |
The Western Union Co. | |
The Goldman Sachs Group, Inc. | |
Southtrust Bank | |
Flexential Issuer, Series 2021-1A, Class A2 | |
U.S. Treasury Notes | |
Goodgreen Trust, Series 2020-1A, Class A | |
Federal Farm Credit Banks Funding Corp. | |
Truist Financial Corp., Series N | |
BAT Capital Corp. |
Credit Rating
Value | Value |
|---|---|
A+ | |
A | |
BBB- | |
BBB+ | |
BBB | |
AA+ | |
A-1+ | |
NR | |
Other |
Portfolio Composition
Asset Backed Securities | |
Mortgage Backed Securities | |
Commercial Mortgage Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
Effective August 5, 2024, the Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.50% of average daily net assets, plus class specific fees, through December 31, 2025. Prior to August 5, 2024, there was not an expense limitation for the Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AASTX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
We maintained a heavy overweight to credit, particularly non-agency asset-backed securities (ABS). The excess yield on the securities was coupled with broad spread tightening over the period, leading to strong returns. The Limited Duration Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. Exposure to higher-yielding, non-agency ABS and non-agency mortgage-backed securities benefited the portfolio, as did a longer-than-benchmark duration as interest rates fell. Broad spread tightening and an overweight to credit also contributed to performance as some of the Fund’s corporate positions performed very well. The main detractor from Fund relative performance was an underweight to the corporate sector as corporate bonds were very strong for the period. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
Limited Duration Fund (Institutional Shares) | Bloomberg U.S. Aggregate Bond Index | ICE BofA ML 1-5 Year US Corporate/Government Index | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
ICE BofA ML 1-5 Year US Corporate/Government Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Notes | |
The Western Union Co. | |
The Goldman Sachs Group, Inc. | |
Southtrust Bank | |
Flexential Issuer, Series 2021-1A, Class A2 | |
U.S. Treasury Notes | |
Goodgreen Trust, Series 2020-1A, Class A | |
Federal Farm Credit Banks Funding Corp. | |
Truist Financial Corp., Series N | |
BAT Capital Corp. |
Credit Rating
Value | Value |
|---|---|
A+ | |
A | |
BBB- | |
BBB+ | |
BBB | |
AA+ | |
A-1+ | |
NR | |
Other |
Portfolio Composition
Asset Backed Securities | |
Mortgage Backed Securities | |
Commercial Mortgage Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
Effective August 5, 2024, the Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.50% of average daily net assets, plus class specific fees, through December 31, 2025. Prior to August 5, 2024, there was not an expense limitation for the Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AISTX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
We maintained a heavy overweight to credit, particularly non-agency asset-backed securities (ABS). The excess yield on the securities was coupled with broad spread tightening over the period, leading to strong returns. The Limited Duration Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. Exposure to higher-yielding, non-agency ABS and non-agency mortgage-backed securities benefited the portfolio, as did a longer-than-benchmark duration as interest rates fell. Broad spread tightening and an overweight to credit also contributed to performance as some of the Fund’s corporate positions performed very well. The main detractor from Fund relative performance was an underweight to the corporate sector as corporate bonds were very strong for the period. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
Limited Duration Fund (Investor Shares) | Bloomberg U.S. Aggregate Bond Index | ICE BofA ML 1-5 Year US Corporate/Government Index | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
ICE BofA ML 1-5 Year US Corporate/Government Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Notes | |
The Western Union Co. | |
The Goldman Sachs Group, Inc. | |
Southtrust Bank | |
Flexential Issuer, Series 2021-1A, Class A2 | |
U.S. Treasury Notes | |
Goodgreen Trust, Series 2020-1A, Class A | |
Federal Farm Credit Banks Funding Corp. | |
Truist Financial Corp., Series N | |
BAT Capital Corp. |
Credit Rating
Value | Value |
|---|---|
A+ | |
A | |
BBB- | |
BBB+ | |
BBB | |
AA+ | |
A-1+ | |
NR | |
Other |
Portfolio Composition
Asset Backed Securities | |
Mortgage Backed Securities | |
Commercial Mortgage Backed Securities | |
Corporate Bonds | |
Taxable Municipal Bonds | |
U.S. Government Agency Securities | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Material Fund Changes
Effective August 5, 2024, the Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.50% of average daily net assets, plus class specific fees, through December 31, 2025. Prior to August 5, 2024, there was not an expense limitation for the Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APSTX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
Starting from a defensive strategy, with a shorter duration than the benchmark and an overweight to emerging market debt (EMD) and high yield securities, we reduced the duration gap and added to the Treasury and Mortgage sectors. The Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. The key contributors were emerging market debt and high yield securities. Government-related securities detracted from relative returns. The weakening U.S. labor market and downward trend on inflation continue to push our proprietary Trend Score toward a more neutral position, with a near-certain rate cut in September. We foresee an ongoing decline in the federal funds rate. We maintain our portfolio duration positioning closer to the index, assigning 3%-5% short as a target position. We continue to expect more positive returns for fixed income for the remainder of 2024. Regardless of who wins the 2024 presidential election, we expect the policies of both parties will increase the U.S. deficit. Therefore, we expect the yield curve to continue to normalize over the next three to six months.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (A Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Multi-Sector Income Funds Average | |
|---|---|---|---|
Dec 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
A Shares | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
Lipper Multi-Sector Income Funds Average |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Notes | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Brean Asset Backed Securities Trust, Series 2021-RM1, Class M1 | |
Fannie Mae | |
U.S. Treasury Bonds | |
Ford Motor Credit Co. LLC | |
Fannie Mae |
Credit Rating
Value | Value |
|---|---|
B+ | |
BB+ | |
A- | |
BB | |
BBB- | |
BB- | |
BBB+ | |
BBB | |
NR | |
A-1+ | |
Other |
Portfolio Composition
Mortgage Backed Securities | |
Corporate Bonds | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Country Diversification
Value | Value |
|---|---|
Other | |
Colombia | |
Panama | |
United Kingdom | |
Netherlands | |
Mexico | |
Luxembourg | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AAENX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
Starting from a defensive strategy, with a shorter duration than the benchmark and an overweight to emerging market debt (EMD) and high yield securities, we reduced the duration gap and added to the Treasury and Mortgage sectors. The Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. The key contributors were emerging market debt and high yield securities. Government-related securities detracted from relative returns. The weakening U.S. labor market and downward trend on inflation continue to push our proprietary Trend Score toward a more neutral position, with a near-certain rate cut in September. We foresee an ongoing decline in the federal funds rate. We maintain our portfolio duration positioning closer to the index, assigning 3%-5% short as a target position. We continue to expect more positive returns for fixed income for the remainder of 2024. Regardless of who wins the 2024 presidential election, we expect the policies of both parties will increase the U.S. deficit. Therefore, we expect the yield curve to continue to normalize over the next three to six months.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (Institutional Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Multi-Sector Income Funds Average | |
|---|---|---|---|
Dec 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
Lipper Multi-Sector Income Funds Average |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Notes | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Brean Asset Backed Securities Trust, Series 2021-RM1, Class M1 | |
Fannie Mae | |
U.S. Treasury Bonds | |
Ford Motor Credit Co. LLC | |
Fannie Mae |
Credit Rating
Value | Value |
|---|---|
B+ | |
BB+ | |
A- | |
BB | |
BBB- | |
BB- | |
BBB+ | |
BBB | |
NR | |
A-1+ | |
Other |
Portfolio Composition
Mortgage Backed Securities | |
Corporate Bonds | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Country Diversification
Value | Value |
|---|---|
Other | |
Colombia | |
Panama | |
United Kingdom | |
Netherlands | |
Mexico | |
Luxembourg | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AIENX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
Starting from a defensive strategy, with a shorter duration than the benchmark and an overweight to emerging market debt (EMD) and high yield securities, we reduced the duration gap and added to the Treasury and Mortgage sectors. The Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. The key contributors were emerging market debt and high yield securities. Government-related securities detracted from relative returns. The weakening U.S. labor market and downward trend on inflation continue to push our proprietary Trend Score toward a more neutral position, with a near-certain rate cut in September. We foresee an ongoing decline in the federal funds rate. We maintain our portfolio duration positioning closer to the index, assigning 3%-5% short as a target position. We continue to expect more positive returns for fixed income for the remainder of 2024. Regardless of who wins the 2024 presidential election, we expect the policies of both parties will increase the U.S. deficit. Therefore, we expect the yield curve to continue to normalize over the next three to six months.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (Investor Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Multi-Sector Income Funds Average | |
|---|---|---|---|
Dec 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Investor Shares | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
Lipper Multi-Sector Income Funds Average |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Notes | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
U.S. Treasury Notes | |
U.S. Treasury Bonds | |
Brean Asset Backed Securities Trust, Series 2021-RM1, Class M1 | |
Fannie Mae | |
U.S. Treasury Bonds | |
Ford Motor Credit Co. LLC | |
Fannie Mae |
Credit Rating
Value | Value |
|---|---|
B+ | |
BB+ | |
A- | |
BB | |
BBB- | |
BB- | |
BBB+ | |
BBB | |
NR | |
A-1+ | |
Other |
Portfolio Composition
Mortgage Backed Securities | |
Corporate Bonds | |
U.S. Treasury Obligations | |
Investment in Affiliates |
Country Diversification
Value | Value |
|---|---|
Other | |
Colombia | |
Panama | |
United Kingdom | |
Netherlands | |
Mexico | |
Luxembourg | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APENX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Administrative Shares | $ |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
U.S. Treasury Fund (Administrative Shares) | |
|---|---|
Aug 14 | $ |
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Administrative Shares |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills |
Credit Rating
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APGXX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
U.S. Treasury Fund (Institutional Shares) | |
|---|---|
Aug 14 | $ |
Aug 15 | $ |
Aug 16 | $ |
Aug 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills |
Credit Rating
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APKXX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Select Shares | $ |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
U.S. Treasury Fund (Select Shares) | |
|---|---|
Dec 17 | $ |
Aug 18 | $ |
Aug 19 | $ |
Aug 20 | $ |
Aug 21 | $ |
Aug 22 | $ |
Aug 23 | $ |
Aug 24 | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Select Shares |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills | |
U.S. Treasury Bills |
Credit Rating
Value | Value |
|---|---|
AAA | |
A-1+ |
Portfolio Composition
U.S. Treasury Obligations | |
Repurchase Agreements | |
Investment Companies |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APNXX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved effective. The Fund underperformed its benchmark (Bloomberg 1-Year Municipal Bond Index) for the period ended August 31, 2024, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 3.48% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will begin lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates due to supply/demand imbalances.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (A Shares) | Bloomberg Municipal Bond Index | Bloomberg 1-Year Municipal Bond Index | |
|---|---|---|---|
Dec 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
A Shares | |||
Bloomberg Municipal Bond Index | |||
Bloomberg 1-Year Municipal Bond Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
City of Philadelphia PA, GO, Series B | |
City of Colorado Springs CO Utilities System Revenue, Series C | |
Rhode Island Health and Educational Building Corp. Revenue, Series B | |
County of Franklin OH Revenue | |
City of Austin TX Revenue, Series B | |
City of Newark OH, GO, Series B | |
Fort Bend County Municipal Utility District No. 182, GO | |
City of Parma OH, GO | |
City of Warrensville Heights OH, GO | |
Cambridge School District Revenue |
Credit Rating
Value | Value |
|---|---|
AA | |
SP-1 | |
A-1 | |
A-1+ | |
NR |
Portfolio Composition
Municipal Bonds | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AAUSX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved effective. The Fund underperformed its benchmark (Bloomberg 1-Year Municipal Bond Index) for the period ended August 31, 2024, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 3.48% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will begin lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates due to supply/demand imbalances.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (Institutional Shares) | Bloomberg Municipal Bond Index | Bloomberg 1-Year Municipal Bond Index | |
|---|---|---|---|
Dec 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
Bloomberg Municipal Bond Index | |||
Bloomberg 1-Year Municipal Bond Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
City of Philadelphia PA, GO, Series B | |
City of Colorado Springs CO Utilities System Revenue, Series C | |
Rhode Island Health and Educational Building Corp. Revenue, Series B | |
County of Franklin OH Revenue | |
City of Austin TX Revenue, Series B | |
City of Newark OH, GO, Series B | |
Fort Bend County Municipal Utility District No. 182, GO | |
City of Parma OH, GO | |
City of Warrensville Heights OH, GO | |
Cambridge School District Revenue |
Credit Rating
Value | Value |
|---|---|
AA | |
SP-1 | |
A-1 | |
A-1+ | |
NR |
Portfolio Composition
Municipal Bonds | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AIUSX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved effective. The Fund underperformed its benchmark (Bloomberg 1-Year Municipal Bond Index) for the period ended August 31, 2024, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 3.48% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will begin lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates due to supply/demand imbalances.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (Investor Shares) | Bloomberg Municipal Bond Index | Bloomberg 1-Year Municipal Bond Index | |
|---|---|---|---|
Dec 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Investor Shares | |||
Bloomberg Municipal Bond Index | |||
Bloomberg 1-Year Municipal Bond Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
City of Philadelphia PA, GO, Series B | |
City of Colorado Springs CO Utilities System Revenue, Series C | |
Rhode Island Health and Educational Building Corp. Revenue, Series B | |
County of Franklin OH Revenue | |
City of Austin TX Revenue, Series B | |
City of Newark OH, GO, Series B | |
Fort Bend County Municipal Utility District No. 182, GO | |
City of Parma OH, GO | |
City of Warrensville Heights OH, GO | |
Cambridge School District Revenue |
Credit Rating
Value | Value |
|---|---|
AA | |
SP-1 | |
A-1 | |
A-1+ | |
NR |
Portfolio Composition
Municipal Bonds | |
Investment in Affiliates |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APUSX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
A Shares | $ |
How did the Fund perform last year?
During the year, we favored international offshore services while maintaining allocations to oil and gas-related exploration and production, alternative energy, and fixed income. The Fund underperformed its benchmark (S&P 500 Index) but earned a modest gain against the backdrop of declining oil and gas prices. Domestic U.S. and offshore supply surprises coupled with weak demand pressured commodity prices. The Fund’s fixed income holdings contributed to performance. However, alternative energy struggled, as nuclear stocks had mixed results. International offshore services stocks diverged, with some services stocks up significantly. However, offshore drilling rig companies had losses. Oil and gas-related exploration and production companies were weak but we realized some gains from low-cost producers that made acquisitions. We view the past year as a pullback in an uptrend for energy markets. We see the valuation of traditional energy equities favorably. We are increasing our investment outside of fossil fuels toward nuclear energy and companies that we see benefiting from trends toward electric vehicles and use of artificial intelligence.
Value of a $10,000 Investment
World Energy Fund (A Shares) | MSCI World Energy Index | S&P 500 Index | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | |||
MSCI World Energy Index | |||
S&P 500 Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
Coterra Energy, Inc. | |
Cameco Corp. | |
Diamondback Energy, Inc. | |
Matador Resources Co. | |
Marathon Petroleum Corp. | |
Expro Group Holdings NV | |
TechnipFMC PLC | |
Weatherford International PLC | |
Permian Resources Corp. | |
Chesapeake Energy Corp. |
Sector Allocation
Value | Value |
|---|---|
Information Technology | |
Industrials | |
Energy | |
Other |
Portfolio Composition
Common Stocks | |
Corporate Bonds | |
Investment in Affiliates | |
Exchange Traded Fund |
Country Diversification
Value | Value |
|---|---|
Other | |
Cayman Islands | |
France | |
Canada | |
United Kingdom | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AAWEX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
C Shares | $ |
How did the Fund perform last year?
During the year, we favored international offshore services while maintaining allocations to oil and gas-related exploration and production, alternative energy, and fixed income. The Fund underperformed its benchmark (S&P 500 Index) but earned a modest gain against the backdrop of declining oil and gas prices. Domestic U.S. and offshore supply surprises coupled with weak demand pressured commodity prices. The Fund’s fixed income holdings contributed to performance. However, alternative energy struggled, as nuclear stocks had mixed results. International offshore services stocks diverged, with some services stocks up significantly. However, offshore drilling rig companies had losses. Oil and gas-related exploration and production companies were weak but we realized some gains from low-cost producers that made acquisitions. We view the past year as a pullback in an uptrend for energy markets. We see the valuation of traditional energy equities favorably. We are increasing our investment outside of fossil fuels toward nuclear energy and companies that we see benefiting from trends toward electric vehicles and use of artificial intelligence.
Value of a $10,000 Investment
World Energy Fund (C Shares) | MSCI World Energy Index | S&P 500 Index | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
C Shares | |||
MSCI World Energy Index | |||
S&P 500 Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
Coterra Energy, Inc. | |
Cameco Corp. | |
Diamondback Energy, Inc. | |
Matador Resources Co. | |
Marathon Petroleum Corp. | |
Expro Group Holdings NV | |
TechnipFMC PLC | |
Weatherford International PLC | |
Permian Resources Corp. | |
Chesapeake Energy Corp. |
Sector Allocation
Value | Value |
|---|---|
Information Technology | |
Industrials | |
Energy | |
Other |
Portfolio Composition
Common Stocks | |
Corporate Bonds | |
Investment in Affiliates | |
Exchange Traded Fund |
Country Diversification
Value | Value |
|---|---|
Other | |
Cayman Islands | |
France | |
Canada | |
United Kingdom | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
ACWEX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
During the year, we favored international offshore services while maintaining allocations to oil and gas-related exploration and production, alternative energy, and fixed income. The Fund underperformed its benchmark (S&P 500 Index) but earned a modest gain against the backdrop of declining oil and gas prices. Domestic U.S. and offshore supply surprises coupled with weak demand pressured commodity prices. The Fund’s fixed income holdings contributed to performance. However, alternative energy struggled, as nuclear stocks had mixed results. International offshore services stocks diverged, with some services stocks up significantly. However, offshore drilling rig companies had losses. Oil and gas-related exploration and production companies were weak but we realized some gains from low-cost producers that made acquisitions. We view the past year as a pullback in an uptrend for energy markets. We see the valuation of traditional energy equities favorably. We are increasing our investment outside of fossil fuels toward nuclear energy and companies that we see benefiting from trends toward electric vehicles and use of artificial intelligence.
Value of a $10,000 Investment
World Energy Fund (Institutional Shares) | MSCI World Energy Index | S&P 500 Index | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
MSCI World Energy Index | |||
S&P 500 Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
Coterra Energy, Inc. | |
Cameco Corp. | |
Diamondback Energy, Inc. | |
Matador Resources Co. | |
Marathon Petroleum Corp. | |
Expro Group Holdings NV | |
TechnipFMC PLC | |
Weatherford International PLC | |
Permian Resources Corp. | |
Chesapeake Energy Corp. |
Sector Allocation
Value | Value |
|---|---|
Information Technology | |
Industrials | |
Energy | |
Other |
Portfolio Composition
Common Stocks | |
Corporate Bonds | |
Investment in Affiliates | |
Exchange Traded Fund |
Country Diversification
Value | Value |
|---|---|
Other | |
Cayman Islands | |
France | |
Canada | |
United Kingdom | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
AIWEX
August 31, 2024
August 31, 2024
Fund Overview
This
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform last year?
During the year, we favored international offshore services while maintaining allocations to oil and gas-related exploration and production, alternative energy, and fixed income. The Fund underperformed its benchmark (S&P 500 Index) but earned a modest gain against the backdrop of declining oil and gas prices. Domestic U.S. and offshore supply surprises coupled with weak demand pressured commodity prices. The Fund’s fixed income holdings contributed to performance. However, alternative energy struggled, as nuclear stocks had mixed results. International offshore services stocks diverged, with some services stocks up significantly. However, offshore drilling rig companies had losses. Oil and gas-related exploration and production companies were weak but we realized some gains from low-cost producers that made acquisitions. We view the past year as a pullback in an uptrend for energy markets. We see the valuation of traditional energy equities favorably. We are increasing our investment outside of fossil fuels toward nuclear energy and companies that we see benefiting from trends toward electric vehicles and use of artificial intelligence.
Value of a $10,000 Investment
World Energy Fund (Investor Shares) | MSCI World Energy Index | S&P 500 Index | |
|---|---|---|---|
Aug 14 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | |||
MSCI World Energy Index | |||
S&P 500 Index |
Fund Statistics
Net Assets | $ |
Number of Portfolio Holdings | |
Net Investment Advisory Fees | $ |
Portfolio Turnover Rate |
Graphical Presentation of Holdings
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
Coterra Energy, Inc. | |
Cameco Corp. | |
Diamondback Energy, Inc. | |
Matador Resources Co. | |
Marathon Petroleum Corp. | |
Expro Group Holdings NV | |
TechnipFMC PLC | |
Weatherford International PLC | |
Permian Resources Corp. | |
Chesapeake Energy Corp. |
Sector Allocation
Value | Value |
|---|---|
Information Technology | |
Industrials | |
Energy | |
Other |
Portfolio Composition
Common Stocks | |
Corporate Bonds | |
Investment in Affiliates | |
Exchange Traded Fund |
Country Diversification
Value | Value |
|---|---|
Other | |
Cayman Islands | |
France | |
Canada | |
United Kingdom | |
United States |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
APWEX
August 31, 2024
