FWSBX — Oakhurst Short Duration Bond Fund
Data updated: 2023-11-07
FWSBX — Oakhurst Short Duration Bond Fund. Money Market · $27.11M AUM · 0.61% expense ratio · 2.2% 1-yr return. Holdings, fees, performance and SEC filings.
FWSBX Fund Overview
FWSBX — Oakhurst Short Duration Bond Fund is a US mutual fund managed by First Western Funds Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: First Western Funds Trust
- Category: Money Market
- Assets under management: $27.11M
- 1-year return: 2.2%
- Ticker: FWSBX
- SEC CIK: 0001546416
- SEC series ID: S000040309
- Share class ID: C000125208
FWSBX Investment Objective and Strategy
Oakhurst Short Duration Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by First Western Funds Trust.
Investment objective
"The investment objective of the First Western Short Duration Bond Fund (the ""Short Duration Bond Fund"" or the ""Fund"") is to seek a high level of income consistent with preservation of capital and liquidity."
Principal investment strategy
"The Short Duration Bond Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of short duration fixed-income securities. The Fund's investments may include various types of fixed-income securities, including those issued by the U.S. Government and its agencies, foreign government debt securities, domestic and foreign corporate bonds, convertible securities, bank obligations, money market securities, mortgage-backed and other asset-backed securities and collateralized mortgage obligations. Mortgage-backed securities include securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, as well as by non-governmental issuers such as commercial banks, savings and loan institutions, mortgage bankers, other private issuers, and private mortgage insurance companies.
The Fund's investments in foreign government debt securities and foreign corporate bonds will generally be U.S. dollar denominated. Normally, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in investment grade bonds. Investment grade bonds are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or unrated securities that the Adviser considers to be of comparable quality. The Fund's foreign debt investments must also meet the same quality requirements of the U.S. debt investments. In addition, up to 20% of the Fund's net assets may be invested in non-investment grade bonds (hereafter referred to as ""junk bonds"" or ""high yield securities""). The Fund has adopted an investment policy to concentrate its investments in agency and non-agency mortgage-backed securities.
This means the Fund will invest at least 25% of its total assets in agency and non-agency mortgage-backed securities. From time to time the Fund may emphasize investment in other particular sectors of the fixed-income market. The Fund may also invest in thinly traded securities that are privately placed but eligible for purchase and sale by certain qualified institutional buyers (such as the Fund) under Rule 144A of the Securities Act of 1933. The Adviser attempts to achieve the Fund's investment objective by actively managing the Fund's sector and industry weightings, and specific security holdings. The Adviser also actively manages the Fund's average duration, which is a measure of the sensitivity of the price of a fixed-income investment to a change in interest rates. For example, if interest rates move up 1 percentage point (1%) while the Fund's duration is 4 years, the Fund's share price would be expected to decline by 4%.
The larger the duration number, the greater an investment's sensitivity to changes in interest rates. In constructing the portfolio, the Adviser applies a disciplined maturity adjustment strategy that attempts to identify long-term interest rate trend patterns. If the Adviser perceives that a change in interest rates represents a long-term interest rate trend rather than a short-term swing, the Adviser will adjust the Fund's average duration. The Fund's average duration will depend on the Adviser's assessment of both the relative yields available on securities with differing maturities and future changes in interest rates. While the Fund may invest in securities with varying maturities, the Fund's average duration will typically range from 90 days up to 3 years. The Fund will calculate its effective duration by using the nearest call date or maturity of its securities, whichever comes first.
The Fund's average duration will be actively monitored and adjusted based on the Adviser's view of interest rate trends. The Adviser may sell a security based upon its assessment of interest rate trends or when more attractive opportunities become available."
FWSBX Performance
Total returns for FWSBX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.2% |
| 3 years (annualised) | -0.1% |
FWSBX Risk Information
Risk metrics for FWSBX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.0%
FWSBX Costs and Fees
FWSBX costs about $61 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.61%
- Gross expense ratio: 0.78%
- Portfolio turnover: 70%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
FWSBX Cashflows
Over the 12 months to 2023-08, Oakhurst Short Duration Bond Fund had net outflows of $29.88M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-08 | −$842.36K |
| 2023-07 | −$5.76M |
| 2023-06 | −$501.60K |
| 2023-05 | −$1.97M |
| 2023-04 | −$6.73M |
| 2023-03 | −$1.29M |
FWSBX Debt Constituents
No individual debt constituents are reported in Oakhurst Short Duration Bond Fund's latest SEC N-PORT filing.
FWSBX Prospectus and SEC Filings
Official Oakhurst Short Duration Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-12-28
- Prospectus (485BPOS) — filed 2021-12-21
- Prospectus (485BPOS) — filed 2020-12-29
- Portfolio holdings (N-PORT) — filed 2023-10-23
- Portfolio holdings (N-PORT) — filed 2023-07-25
- Portfolio holdings (N-PORT) — filed 2023-04-27
- Annual census (N-CEN) — filed 2023-11-07
- Annual census (N-CEN) — filed 2022-11-14
Related Funds
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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.