SUMAX Performance — Short Duration Municipal Fund, Class F
Data updated: 2026-07-29
SUMAX returned +0.72% year to date and +3.16% over one year to May 2026. Annualised returns are +3.29% over 3 years and +1.74% over 5 years. The fund trailed its Short-Term Municipal Bond category average: $100 invested three years ago grew to $110, against $111 for the category, and to $103 over one year, against $104. Volatility over the past three years was 1.30% a year. In the 12 months to May 2026 the fund lost a net $67.8M, and assets reached $724.36M.
SUMAX Growth of $100
What $100 invested in Short Duration Municipal Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Short-Term Municipal Bond category average over the same months.
| Period | SUMAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $103 | $104 |
| 3 years (Jun 2023 – May 2026) | $110 | $111 |
| 5 years (Jun 2021 – May 2026) | $109 | $108 |
| Since data start (Sep 2019 – May 2026) | $112 | $112 |
SUMAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +0.72% |
| 1 year | +3.16% |
| 3 years (annualised) | +3.29% |
| 5 years (annualised) | +1.74% |
SUMAX Annual Returns
Calendar-year total returns of Short Duration Municipal Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +0.72% |
| 2025 | +3.17% |
| 2024 | +3.88% |
| 2023 | +3.75% |
| 2022 | −2.22% |
| 2021 | +0.22% |
| 2020 | +1.08% |
| 2019 (Sep–Dec) | +0.52% |
SUMAX 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 | +0.4% | +0.3% | +0.2% | +0.2% | −0.5% | — | — | — | — | — | — | — |
| 2025 | +0.5% | −0.2% | +0.4% | −0.1% | 0.0% | +0.4% | +0.4% | +0.5% | +0.2% | 0.0% | +0.2% | +0.5% |
| 2024 | 0.0% | +0.8% | +0.1% | 0.0% | 0.0% | +0.6% | +0.7% | +0.6% | +0.4% | −0.2% | +0.3% | +0.4% |
| 2023 | +1.0% | +0.1% | −0.1% | −0.1% | +0.9% | +0.1% | +0.2% | +0.5% | +1.5% | +0.1% | −0.5% | +0.2% |
| 2022 | −0.7% | −0.1% | +0.5% | −0.7% | −0.8% | −0.6% | +0.7% | −0.1% | +1.2% | −0.1% | −0.9% | −0.7% |
| 2021 | +0.3% | +0.2% | 0.0% | +0.2% | +0.2% | 0.0% | +0.1% | +0.1% | 0.0% | −0.1% | −0.3% | −0.4% |
| 2020 | +0.4% | +0.1% | +1.0% | −0.2% | −1.2% | +0.1% | +0.5% | +0.5% | +0.3% | 0.0% | 0.0% | −0.3% |
| 2019 | — | — | — | — | — | — | — | — | +0.1% | +0.2% | −0.1% | +0.3% |
SUMAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 1.30%
- 3-year Sharpe ratio: -0.93 (vs 4.5% risk-free rate)
- Best month: +1.54% (Sep 2023)
- Worst month: −0.52% (Nov 2023)
SUMAX Fund Flows
Monthly money in and out of Short Duration Municipal Fund, from SEC Form N-PORT.
- 12-month net flow: −$67.8M
- 12-month gross sales (incl. reinvestments): $100.9M
- Sales ÷ redemptions: 0.60×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $6.4M | $12.7M | −$6.2M |
| Apr 2026 | $14.5M | $19.4M | −$4.9M |
| Mar 2026 | $12.2M | $11.5M | $699K |
| Feb 2026 | $8.3M | $18.0M | −$9.7M |
| Jan 2026 | $7.0M | $11.1M | −$4.1M |
| Dec 2025 | $9.5M | $11.6M | −$2.1M |
| Nov 2025 | $6.3M | $14.6M | −$8.2M |
| Oct 2025 | $8.9M | $13.2M | −$4.2M |
| Sep 2025 | $7.2M | $11.7M | −$4.5M |
| Aug 2025 | $6.4M | $14.8M | −$8.4M |
| Jul 2025 | $7.5M | $15.3M | −$7.8M |
| Jun 2025 | $6.5M | $14.7M | −$8.2M |
SUMAX Assets Under Management
Net assets of Short Duration Municipal Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $724.36M |
| 2026-02-28 | $739.73M |
| 2025-11-30 | $751.65M |
| 2025-08-31 | $769.79M |
| 2025-05-31 | $788.98M |
| 2025-02-28 | $836.19M |
| 2024-11-30 | $861.19M |
| 2024-08-31 | $827.53M |
| 2024-05-31 | $840.81M |
| 2024-02-29 | $882.40M |
| 2023-11-30 | $925.06M |
| 2023-08-31 | $970.97M |
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.