SMARX Performance — Brandes Separately Managed Account Reserve Trust Fund
Data updated: 2026-08-26
SMARX returned +1.79% year to date and +4.56% over one year to Jun 2026. Over one year the fund beat its Intermediate Corporate Bond category average: $100 grew to $105, against $104 for the category. Volatility over the past 12 months was 2.57% a year. In the 12 months to Jun 2026 the fund took in a net $13.6M, and assets reached $200.44M.
SMARX Growth of $100
What $100 invested in Brandes Separately Managed Account Reserve Trust Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Corporate Bond category average over the same months.
| Period | SMARX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $105 | $104 |
| Since data start (Jul 2024 – Jun 2026) | $111 | $112 |
SMARX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.79% |
| 1 year | +4.56% |
| 3 years (annualised) | +5.48% |
SMARX Annual Returns
Calendar-year total returns of Brandes Separately Managed Account Reserve Trust Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +1.79% |
| 2025 | +6.86% |
| 2024 (Jul–Dec) | +2.28% |
SMARX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.2% | +1.5% | −1.4% | +0.4% | +0.4% | +0.7% | — | — | — | — | — | — |
| 2025 | +0.8% | +1.9% | −0.2% | −0.2% | +0.1% | +1.7% | −0.1% | +0.9% | +1.1% | +0.6% | +0.4% | −0.2% |
| 2024 | — | — | — | — | — | — | +1.9% | +1.4% | +1.1% | −1.7% | +0.9% | −1.4% |
SMARX Risk
Risk measures from monthly returns over Jul 2025 – Jun 2026.
- 1-year volatility (annualised): 2.57%
- Best month: +1.52% (Feb 2026)
- Worst month: −1.43% (Mar 2026)
SMARX Fund Flows
Monthly money in and out of Brandes Separately Managed Account Reserve Trust Fund, from SEC Form N-PORT.
- 12-month net flow: $13.6M
- 12-month gross sales (incl. reinvestments): $50.1M
- Sales ÷ redemptions: 1.37×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $3.0M | $2.2M | $732K |
| May 2026 | $3.0M | $1.2M | $1.9M |
| Apr 2026 | $4.9M | $3.7M | $1.2M |
| Mar 2026 | $3.5M | $2.4M | $1.1M |
| Feb 2026 | $3.3M | $2.3M | $932K |
| Jan 2026 | $3.3M | $1.7M | $1.6M |
| Dec 2025 | $2.9M | $2.8M | $84K |
| Nov 2025 | $5.8M | $1.9M | $3.9M |
| Oct 2025 | $4.8M | $1.9M | $2.9M |
| Sep 2025 | $4.8M | $2.0M | $2.8M |
| Aug 2025 | $4.7M | $6.1M | −$1.4M |
| Jul 2025 | $6.1M | $8.2M | −$2.1M |
SMARX Assets Under Management
Net assets of Brandes Separately Managed Account Reserve Trust Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $200.44M |
| 2026-03-31 | $196.30M |
| 2025-12-31 | $194.70M |
| 2025-09-30 | $188.83M |
| 2025-06-30 | $188.26M |
| 2025-03-31 | $183.28M |
| 2024-12-31 | $180.20M |
| 2024-09-30 | $169.76M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.