SBBIX — Schroder Total Return Fixed Income Fund
Data updated: 2020-06-25
SBBIX — Schroder Total Return Fixed Income Fund. Bond · $42.23M AUM · 0.40% expense ratio. Holdings, fees, performance and SEC filings.
SBBIX Fund Overview
SBBIX — Schroder Total Return Fixed Income Fund is a US mutual fund managed by Schroder Series Trust, categorised as Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Schroder Series Trust
- Category: Bond
- Assets under management: $42.23M
- Ticker: SBBIX
- SEC CIK: 0000908802
- SEC series ID: S000008370
- Share class ID: C000022905
SBBIX Investment Objective and Strategy
Schroder Total Return Fixed Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Schroder Series Trust.
Investment objective
The Fund seeks a high level of total return.
Principal investment strategy
"The Adviser seeks to invest the Fund's assets in a portfolio of securities that offer high total return from current income, increases in market value, or both. The Fund normally invests at least 80% of its net assets in fixed income obligations. This policy is non-fundamental and may be changed by the Trustees, without a vote of the shareholders of the Fund, upon at least 60 days' prior written notice to shareholders. The Fund may use derivatives for purposes of complying with this policy. The Adviser currently considers fixed income obligations to include U.S. and foreign government securities, debt securities of domestic and foreign corporations, mortgage-backed and other asset-backed securities (which may include ""to be announced"" (""TBA"") transactions), municipal bonds, obligations of international agencies or supranational entities, zero-coupon securities, convertible securities, inflation-indexed bonds, structured notes, including hybrid or ""indexed"" securities, event-linked bonds, and loan participations, delayed funding loans and revolving credit facilities, and short-term investments, such as repurchase agreements, bank certificates of deposit, fixed time deposits, and bankers' acceptances.
Fixed income securities in which the Fund invests may include securities that pay interest at fixed, floating or variable rates. The Fund may invest in securities of issuers located anywhere in the world, but will normally not invest more than 20% of its total assets in securities that are not denominated in the U.S. dollar. The Adviser currently expects that a substantial portion of the Fund's assets will be invested in mortgage-backed securities (including collateralized mortgage obligations) and asset-backed securities. The Fund invests principally in securities that, at the time of purchase, are rated ""investment grade"" (or considered by the Adviser to be of comparable quality) although the Fund may invest up to 30% of its total assets in securities below ""investment grade,"" which are sometimes referred to as ""high yield securities"" or ""junk bonds."" The Fund intends to maintain an average effective portfolio duration that is within 30% of the average effective duration of the Bloomberg Barclays U.S.
Aggregate Bond Index. Duration is a measure of a debt security's price sensitivity to a given change in interest rates; effective duration is a measure of the Fund's portfolio duration adjusted for the anticipated effect of interest rate changes on pre-payment rates. Generally, the higher a bond's duration, the greater its price sensitivity to a change in interest rates. In contrast to duration, maturity measures only the time until final payment is due. The Adviser generally relies on detailed proprietary research, and focuses on sectors and securities it believes are undervalued relative to the market. The Adviser seeks to exploit inefficiencies in the valuation of risk and reward and looks to capitalize on shifting market risks and dynamics caused by economic and technical factors. The Adviser considers the liquidity of securities and the portfolio overall as an important factor in portfolio construction.
The Fund may enter into derivatives transactions such as interest rate futures and options, interest rate swap agreements, forward contracts, and credit default swaps for hedging purposes, or otherwise to increase total return, or to gain long or short exposure to securities or market sectors as a substitute for cash investments (not for leverage) or pending the sale of securities by the Fund and reinvestment of the proceeds. The Fund may, but is not required to, enter into foreign currency exchange transactions, for hedging purposes or to adjust the exposure of the Fund to changes in the values of various foreign currencies. The Fund may hedge some of its foreign currency exposure back into the U.S. dollar, although it does not normally expect to do so. The Fund may engage in active and frequent trading of portfolio securities in seeking to achieve its investment objective."
SBBIX Costs and Fees
SBBIX costs about $40 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.40%
- Gross expense ratio: 1.06%
- Portfolio turnover: 92%
- Brokerage commissions: 0.48 bps of average net assets (SEC N-CEN)
SBBIX Cashflows
Over the 12 months to 2020-04, Schroder Total Return Fixed Income Fund had net inflows of $7.83M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-04 | $479.25K |
| 2020-03 | $2.56M |
| 2020-02 | $1.38M |
| 2020-01 | $618.54K |
| 2019-12 | $794.27K |
| 2019-11 | $447.81K |
SBBIX Debt Constituents
No individual debt constituents are reported in Schroder Total Return Fixed Income Fund's latest SEC N-PORT filing.
SBBIX Prospectus and SEC Filings
Official Schroder Total Return Fixed Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-03-19
- Prospectus (485BPOS) — filed 2019-03-20
- Prospectus (485BPOS) — filed 2018-03-19
- Portfolio holdings (N-PORT) — filed 2020-06-25
- Portfolio holdings (N-PORT) — filed 2020-03-27
- Portfolio holdings (N-PORT) — filed 2019-12-19
- Annual census (N-CEN) — filed 2020-01-14
- Annual census (N-CEN) — filed 2019-01-14
Related Funds
Other 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.