M.D. Sass Short Term US Government Agency Income Fund

Overview | Fund Facts & Characteristics | Performance & Statistics | Fact Sheets

Performance

Average Annual Total Return as of 6/30/17
   
3
Months
 
 
YTD
 
1
Year
 
3
Year
 
5
Year
Since
Inception
06/30/11
MDSIX 0.54% 0.88% 0.03% 0.56% 0.59% 0.96%
BofA/Merrill Lynch 1-3 Year U.S. Treasury Index 0.17% 0.43% -0.11% 0.69% 0.63% 0.66%
Morningstar Short Government Bond Index 0.24% 0.51% -0.34% 0.47% 0.34% 0.56%

Institutional 30 Day SEC Yield as of 6/30/17: 4.98%

Institutional Gross Expense ratio: 0.59% Institutional Net Expense ratio: 0.57%.

The Adviser has voluntarily agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses (exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, brokerage commissions, and extraordinary expenses) do not exceed 0.55% of the Fund's average daily net assets for the Institutional Class through at least September 28, 2017.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-637-3863.

 

Statistics

  Sharpe Ratio Correlation w/Treas.^
M.D. Sass Short Term US Government Agency Income Fund - Inst. Class (6/30/2011 - 6/30/2017) 0.85% 0.69%


^BofA/Merrill Lynch 1-3 Year US Treasury Index.

Morningstar Rating

MDSIX 3-Star Overall Morningstar Rating™ as of 6/30/17 out of 105 Short-Term Government Funds

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the fund's three- and five-year Morningstar Rating™ metrics, which are based on risk-adjusted return performance.

 

Morningstar Short Government Bond Index: The Morningstar Short Government Bond Index includes US Treasury and US Government Agency bonds with maturities between one and four years.

The federal government guarantees interest payments from government securities while the fund offers no such guarantee. Government securities, if held to maturity, guarantee the timely payment of principal and interest.

BofA/Merrill Lynch 1-3 Year Treaury Index: The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. It is not possible to invest directly in an unmanaged index.

Sharpe ratio: Sharpe is calculated by subtracting the risk-free rate, such as that of the 3 month U.S. Treasury bill from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.

Correlation: A correlation coefficient is a measure of the interdependence of two random variables that ranges in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero, and perfect positive correlation at +1.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. As of 6/30/17, the MD Sass Short Term US Government Agency Income Fund was rated 3-Stars against the following numbers of Short Government funds over the following time periods: 105 funds in the last three- and 95 funds in the last five-years. The M.D. Sass Equity Income Plus Fund (Institutional Class) was rated 2 stars against the following numbers of Option Writing Funds over the following time periods: 76 funds in the last three years.