Pemberwick Fund
Data updated: 2026-08-26
C000176027 — Pemberwick Fund. Ultra-Short Corporate Bond · $183.11M AUM · 0.51% expense ratio · 3.9% 1-yr return. Holdings, fees, performance and SEC filings.
C000176027 Fund Overview
Pemberwick Fund is a US mutual fund managed by Manager Directed Portfolios, categorised as Ultra-Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Manager Directed Portfolios
- Category: Ultra-Short Corporate Bond
- Assets under management: $183.11M
- 1-year return: 3.9%
- SEC CIK: 0001359057
- SEC series ID: S000055882
- Share class ID: C000176027
C000176027 Investment Objective and Strategy
Pemberwick Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Manager Directed Portfolios.
Investment objective
"The Pemberwick Fund (the ""Fund"") seeks maximum current income that is consistent with liquidity and stability of principal."
Principal investment strategy
"The Fund pursues its investment objective by primarily investing its assets in a non-diversified portfolio of the following securities or instruments (""Principal Investments""): U.S. Government securities; municipal securities; commercial paper; time deposits and certificates of deposit; corporate debt obligations; and open-end investment companies. In selecting portfolio securities for the Fund, the Fund's investment advisor, Pemberwick Investment Advisors, LLC (""Pemberwick"" or the ""Advisor"") selects investment grade investments so that the issuer of approximately 90% of the Fund's assets will be rated ""A-"" or better by a nationally recognized statistical rating organization (""NRSRO"") (or if commercial paper, rated in the highest category) or, if a rating is not available, deemed to be of comparable quality by the Advisor.
The Fund may only invest in open-end investment companies that: (i) have a policy to generally invest a significant portion of their assets in fixed-income securities having a credit rating of ""A-"" or better by an NRSRO or of comparable quality as determined by such company's investment advisor; and (ii) have net assets in excess of $200 million. Pemberwick also invests in securities issued by banking institutions operating in the United States having assets in excess of $200 billion. The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its assets in securities issued by companies in the banking industry. The Advisor selects portfolio securities of varying maturities based upon anticipated cash flow needs of the Fund, expectations about the direction of interest rates, and other economic factors.
The Fund may invest in cash and cash equivalents. The Fund expects to maintain an average duration of 0 to 90 days with respect to 5% to 10% of the Fund's assets, as determined necessary by the Advisor in order to meet anticipated liquidity needs. The Fund expects to maintain an overall average effective duration for non-floating rate assets of approximately 24 months, depending on market conditions. Average effective duration is a measure of the Fund's interest rate sensitivity. The longer the Fund's effective duration, the more sensitive the Fund is to shifts in interest rates. The Fund's average effective duration also gives an indication of how the Fund's net asset value (""NAV"") will change as interest rates change. For instance, a fund with a five-year duration would be expected to lose 5% of its NAV if interest rates rose by one percentage point, or gain 5% if interest rates fell by one percentage point.
The Advisor may invest in ""fixed to float"" securities, which are securities that initially have a fixed return, but which, after a period of time, begin to ""float,"" or provide a rate of return equal to a market reference rate (such as the Consumer Price Index, the London Interbank Offered Rate, an index, etc.) plus a specified percentage (the ""floating spread""). In determining the duration of a fixed to float security, the Advisor may assign a duration to such security based upon the first call date (usually the float commencement date) if the floating spread of such security is significantly higher than similar or comparable fixed or floating rate securities, taking into account the duration of those similar securities. The Advisor has engaged J.P. Morgan Investment Management Inc. (""J.P.
Morgan"" or the ""Sub-Advisor"") to manage a portion of the Fund's assets in a percentage determined from time to time by the Advisor. At the Advisor's discretion, the Advisor may allocate 100% of the Fund's assets to the Sub-Advisor. As of the date of this Prospectus, approximately 14% of the Fund's assets were allocated to the Sub-Advisor. The Sub-Advisor implements a short duration strategy that invests in Principal Investments with effective average durations generally targeted at between one to three years. In selecting securities for the Fund, the Sub-Advisor generally focuses on U.S. Government securities, although it may invest in other permitted investments as directed by Pemberwick from time to time."
C000176027 Holdings
Top 10 holdings of Pemberwick Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| First American Government Obli | 4.80% |
| Canadian Imperial Bank | 3.28% |
| Treasury Bill | 3.11% |
| Bank Of Montreal | 3.09% |
| Bank Of America Corp. | 2.67% |
| Capital One Financial Co. | 2.52% |
| Citibank Na | 2.18% |
| Treasury Bill | 2.18% |
| Pnc Financial Services | 2.16% |
| Bank Of America Na | 1.86% |
C000176027 Portfolio Allocation
Asset-class allocation of Pemberwick Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 93.0% |
| Cash & Equivalents | 4.8% |
| Securitized | 1.7% |
C000176027 Performance
Total returns for C000176027 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.6% |
| 1 year | 3.9% |
| 3 years (annualised) | 4.8% |
| 5 years (annualised) | 3.4% |
C000176027 Risk Information
Risk metrics for C000176027, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.3%
C000176027 Costs and Fees
C000176027 costs about $51 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.51%
- Gross expense ratio: 0.51%
- Portfolio turnover: 50%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000176027 Cashflows
Over the 12 months to 2026-06, Pemberwick Fund had net outflows of $17.84M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$195.52K |
| 2026-05 | −$2.41M |
| 2026-04 | $1.10M |
| 2026-03 | $7.56M |
| 2026-02 | $7.62M |
| 2026-01 | −$4.04M |
C000176027 Debt Constituents
Largest debt holdings of Pemberwick Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Canadian Imperial Bank | 3.28% |
| Treasury Bill | 3.11% |
| Bank Of Montreal | 3.09% |
| Bank Of America Corp. | 2.67% |
| Capital One Financial Co. | 2.52% |
| Citibank Na | 2.18% |
| Treasury Bill | 2.18% |
| Pnc Financial Services | 2.16% |
| Bank Of America Na | 1.86% |
| Morgan Stanley | 1.86% |
C000176027 Prospectus and SEC Filings
Official Pemberwick Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-07-23
- Prospectus (485BPOS) — filed 2025-07-25
- Prospectus (485BPOS) — filed 2024-07-23
- Portfolio holdings (N-PORT) — filed 2026-08-26
- Portfolio holdings (N-PORT) — filed 2026-05-29
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-06-08
- Annual census (N-CEN) — filed 2025-06-13
Related Funds
Other Ultra-Short Corporate Bond 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.