RLCBX — Ryan Labs Core Bond Fund

RLCBX Fund Overview

RLCBX — Ryan Labs Core Bond Fund is a US mutual fund managed by Ultimus Managers Trust, categorised as Europe Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Ultimus Managers Trust
• Category: Europe Blend / Core Equity
• Assets under management: $73.08M
• Ticker: RLCBX
• SEC CIK: 0001545440
• SEC series ID: S000047779
• Share class ID: C000150128

RLCBX Investment Objective and Strategy

Ryan Labs Core Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultimus Managers Trust.

Investment objective

"The Ryan Labs Core Bond Fund (the ""Core Bond Fund"") seeks total return, consisting of current income and capital appreciation."

Principal investment strategy

"Under normal circumstances, the Core Bond Fund invests at least 80% of its assets (including the amount of any borrowings for investment purposes) in U.S. dollar-denominated investment-grade debt securities. The Core Bond Fund defines debt securities as debt securities issued by the U.S. Government and its agencies and instrumentalities; U.S dollar-denominated debt securities of foreign governments, including their agencies and instrumentalities, and foreign companies; debt securities issued by U.S. companies and other entities (such as the World Bank and the European Bank for Reconstruction and Development); asset-backed securities (including mortgage-backed securities); and derivatives and exchange traded funds (""ETFs"") that provide exposure to debt securities. ""Investment grade"" securities are securities that are rated at least Baa3 by Moody's Investor Service, Inc.

(""Moody's""), BBB- by Standard & Poor's Global Ratings (""S&P"") or Fitch , Inc. (""Fitch"") or, if not rated, of equivalent quality in the Adviser's opinion and may be any maturity or yield. Descriptions of the quality ratings of Moody's, S&P, and Fitch are included as Appendix D to the Core Bond Fund's Statement of Additional Information (""SAI""). Debt securities are also known as fixed income securities. In identifying investment opportunities and constructing the Core Bond Fund's portfolio, the Adviser relies primarily on sector rotation (focusing investments on one or more sectors of the Bloomberg Barclays U.S. Aggregate Bond Index and making periodic changes to those sector investments as appropriate), issuer selection and yield-curve positioning (making investments that allow the Core Bond Fund to benefit from relative investing opportunities along the yield curve).

The Adviser evaluates a security based on its potential to generate income and/or capital appreciation, the creditworthiness of the issuer and features of the security such as its interest rate, yield, maturity, call features, and value relative to other securities. The Adviser also considers local, national and global economic and market conditions, interest rate movements and other relevant factors in allocating the Core Bond Fund's assets among issuers, industry sectors and maturities. The Core Bond Fund will target an average portfolio duration that approximates the portfolio duration of the securities comprising the Bloomberg Barclays U.S. Aggregate Bond Index, as calculated from time to time by the Adviser, which as of December 31, 2017 was 5.98 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates.

The longer a security's duration, the more sensitive it will be to changes in interest rates. The Core Bond Fund's investment in mortgage-backed and other asset-backed securities may include mortgage-backed securities issued or guaranteed by the Government National Mortgage Association (""GNMA"" or ""Ginnie Mae""), the Federal National Mortgage Association (""FNMA"" or ""Fannie Mae"") or the Federal Home Loan Mortgage Corporation (""FHLMC"" or ""Freddie Mac"") or issued or guaranteed by other issuers, including private companies. The Core Bond Fund may also invest in commercial mortgage-backed securities (""CMBS""). Mortgage-backed securities represent interests in, or are backed by, pools of mortgages from which payment of interest and principal (net of fees paid to the issuer or guarantor of the securities) are distributed to the holders of the mortgage-backed securities.

Other types of asset-backed securities typically represent interests in, or are backed by, pools of receivables such as credit, automobile, student and home equity loans. Mortgage and other asset-backed securities can have a fixed or adjustable rate. The Core Bond Fund will generally use derivatives to provide exposure to the debt securities discussed above in order to hedge certain market or interest rate risks, to provide a substitute for purchasing or selling particular securities or for speculative purposes to increase potential returns. The Core Bond Fund may purchase derivatives on established exchanges or through privately negotiated transactions referred to as over-the-counter (""OTC"") derivatives. These derivatives may include futures (including interest rate futures), swaps (including interest rate, credit default and total return swaps), and options.

In addition to directly investing in debt securities, the Core Bond Fund may indirectly invest in debt securities through investments in securities issued by other investment companies, including ETFs, that invest primarily in debt securities. The Core Bond Fund may purchase securities issued by any size company or government entity. The Core Bond Fund may purchase securities of any maturity, duration or yield. The Core Bond Fund may invest in private placements and floating rate debt securities which have interest rates that adjust or ""float"" periodically. The Core Bond Fund may purchase securities on a when-issued, delayed delivery, or forward commitment basis. The Core Bond Fund will generally sell a security if the Adviser believes that the security is overvalued relative to other securities available for purchase, there is a deterioration in the issuer's financial circumstances or credit rating, or that other investments are more attractive, or for other reasons."

RLCBX Costs and Fees

RLCBX costs about $40 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.40%
• Gross expense ratio: 0.76%
• Portfolio turnover: 39%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

RLCBX Cashflows

Over the 12 months to 2020-08, Ryan Labs Core Bond Fund had net outflows of $20.77M, from monthly SEC N-PORT filings.

RLCBX Debt Constituents

No individual debt constituents are reported in Ryan Labs Core Bond Fund's latest SEC N-PORT filing.

RLCBX Prospectus and SEC Filings

Official Ryan Labs Core Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-04-08
• Prospectus (485BPOS) — filed 2019-04-08
• Prospectus (485BPOS) — filed 2018-04-10
• Portfolio holdings (N-PORT) — filed 2020-10-26
• Portfolio holdings (N-PORT) — filed 2020-07-27
• Annual census (N-CEN) — filed 2020-02-11
• Annual census (N-CEN) — filed 2019-02-07

Related Funds

Other Europe Blend / Core Equity funds tracked on ABC INVEST:

• iShares MSCI United Kingdom ETF (EWU)
• WisdomTree Europe Hedged Equity Fund (HEDJ)
• iShares MSCI Switzerland ETF (EWL)
• iShares MSCI Spain ETF (EWP)
• iShares MSCI Germany ETF (EWG)

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.