Short Term Tax Aware Fixed Income Portfolio
Data updated: 2024-09-16
C000170952 — Short Term Tax Aware Fixed Income Portfolio. Alternative · $28.98M AUM · 0.55% expense ratio. Holdings, fees, performance and SEC filings.
C000170952 Fund Overview
Short Term Tax Aware Fixed Income Portfolio is a US mutual fund managed by Glenmede Fund INC, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Glenmede Fund INC
- Category: Alternative
- Assets under management: $28.98M
- 1-year return: 3.6%
- SEC CIK: 0000835663
- SEC series ID: S000054430
- Share class ID: C000170952
C000170952 Investment Objective and Strategy
Short Term Tax Aware Fixed Income Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Glenmede Fund INC.
Investment objective
Maximum after-tax total return consistent with reasonable preservation of capital.
Principal investment strategy
Under normal circumstances, the Portfolio will invest at least 80% of the value of its net assets (including borrowings for investment purposes) in fixed income securities. The Portfolio invests primarily in short-term municipal securities, corporate bonds, exchange traded funds (ETFs) and closed-end funds that invest in fixed income securities and U.S. Government Securities. The Portfolio may also invest in preferred stocks. The Portfolio expects to maintain a dollar-weighted average maturity of 1 to 3 years. Under normal circumstances, at least 50% of the value of the Portfolios total assets will be invested in investment grade municipal securities that pay interest that is exempt from regular Federal income tax, but may, in certain instances, subject you to Federal alternative minimum tax.
Municipal securities are debt obligations generally issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof to obtain funds for various public purposes, including the construction of public facilities. A security is investment grade if it is rated within the top four rating categories by a NRSRO or unrated but determined to be of comparable quality by the Advisor at the time of purchase. If a portfolio securitys rating is reduced to below the above levels, the Advisor will dispose of the security in an orderly fashion as soon as practicable. The Portfolio may invest, without limitation, in municipal securities that pay interest that may subject you to Federal alternative minimum tax. The Federal alternative minimum tax is a Federal income tax imposed on non-corporate taxpayers calculated separately from the regular Federal income tax.
It is designed to prevent non-corporate taxpayers from using certain deductions and credits (called tax-preference items) to pay little or no taxes. Certain private activity bonds pay interest that may be treated as a tax-preference item under the Federal alternative minimum tax. To the extent that the Portfolio invests in private activity bonds, a portion of the Portfolios dividends may be subject to Federal income tax for shareholders subject to Federal alternative minimum tax. The Portfolio may invest in investment grade corporate bonds and preferred stock. Corporate bonds are debt obligations of domestic or foreign companies issued to raise money for capital expenditures, operations and acquisitions. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should the issuer be liquidated.
Preferred stock is usually junior to the debt securities of the issuer and the payment of dividends is not guaranteed as with a bond. The Portfolio may invest in common shares or preferred shares of closed-end funds that primarily invest in fixed income securities. The Portfolio may also invest in ETFs that primarily invest in fixed income securities. The Portfolio may invest in closed-end funds and ETFs that hold high yield fixed income securities which are rated below investment grade and are commonly referred to as junk bonds. The ETFs in which the Portfolio may invest are registered investment companies that may seek to track the performance of a particular market index or security. These indices include not only broad-based market indices but more specific indices as well, including those relating to particular sectors, markets, regions or industries.
The Portfolio may also invest in U.S. Government Securities which are fixed income securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or other agencies or instrumentalities sponsored by the U.S. Government. Debt obligations of companies or other entities guaranteed by the U.S. Government, its agencies or instrumentalities are considered by the Portfolio to be obligations of the guarantor. The Portfolio may also invest in investment grade privately issued mortgage-backed securities and enter into repurchase agreements collateralized by U.S. Government Securities and reverse repurchase agreements. The Portfolio seeks to balance investment considerations to achieve a best net after-tax total return for an investor in the maximum Federal income tax bracket. The tax aware strategies used by the Portfolio include maintaining diversification across different securities in the fixed income market and seeking best net after-tax yield and total return opportunities in both taxable and tax-exempt securities.
For example, during certain market cycles, a two-year corporate bond may offer a significantly higher yield to maturity both gross of taxes and net of the highest Federal tax rate versus a two-year tax-exempt municipal security. In such a scenario, the Portfolio may purchase the corporate bond if a clear net of tax yield advantage can be determined over tax-exempt municipal alternatives. The Advisor will seek to capture such net of tax yield advantages on an opportunistic basis within the Portfolios maturity limitations. The Advisor uses a combination of quantitative and fundamental research to select securities. The Advisor uses a quantitative proprietary multi-factor computer model which conducts an analysis of general economic and market conditions, compares expected returns and identifies a list of attractive securities having favorable net after-tax return profiles, then applies fundamental research to select which securities to buy and sell for this Portfolio.
C000170952 Holdings
Top 1 holdings of Short Term Tax Aware Fixed Income Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Fixed Income Clearing Corp. | 100.36% |
C000170952 Portfolio Allocation
Asset-class allocation of Short Term Tax Aware Fixed Income Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 100.4% |
C000170952 Performance
Total returns for C000170952 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 3.6% |
| 3 years (annualised) | 0.8% |
| 5 years (annualised) | 1.0% |
C000170952 Risk Information
Risk metrics for C000170952, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.1%
C000170952 Costs and Fees
C000170952 costs about $55 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.55%
- Gross expense ratio: 0.69%
- Portfolio turnover: 45%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000170952 Cashflows
Over the 12 months to 2024-07, Short Term Tax Aware Fixed Income Portfolio had net outflows of $12.40M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-07 | −$438.97K |
| 2024-06 | −$316.67K |
| 2024-05 | −$431.05K |
| 2024-04 | −$1.37M |
| 2024-03 | −$1.93M |
| 2024-02 | −$682.70K |
C000170952 Debt Constituents
No individual debt constituents are reported in Short Term Tax Aware Fixed Income Portfolio's latest SEC N-PORT filing.
C000170952 Prospectus and SEC Filings
Official Short Term Tax Aware Fixed Income Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-27
- Prospectus (485BPOS) — filed 2023-02-27
- Prospectus (485BPOS) — filed 2022-02-28
- Portfolio holdings (N-PORT) — filed 2024-09-16
- Portfolio holdings (N-PORT) — filed 2024-06-07
- Portfolio holdings (N-PORT) — filed 2024-03-15
- Annual census (N-CEN) — filed 2023-12-28
- Annual census (N-CEN) — filed 2023-01-03
Related Funds
Other Alternative funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.