All data as of 8-31-20 unless otherwise noted.
|NAV as of 9-25-20||Daily change||Daily change|
|YTD return as of 9-25-20||—|
|Fund inception date||2-28-20|
|Share class inception date||2-28-20|
|Net fund assets as of 9-25-20||25683613|
- Uses both bottom-up credit research and top-down macroeconomic analysis, combined with a proprietary framework to create an investable universe of securities.
- The fund filters for an investable universe of securities offering positive environmental or social impact at two levels: the bond and the issuer. A bond may qualify for this universe by satisfying one or more of the following four criteria, which form the pillars of the WFAM ESG Impact Framework:
- The bond's proceeds are to be used toward an activity or project that offers tangible environmental or social benefits
- The issuer of securities, through their services or operations, increases or provides new benefits to the environment or society.
- The issuer or bond proceeds serve an underserved population group.
- The issuer or security attains a positive third-party ESG rating.
- Seeks to generate excess performance by actively managing the four key elements of total return: duration, yield curve positioning, sector and credit quality allocation, and security selection.
- Uses a relative-value approach based on extensive credit analysis that seeks opportunities from changing market trends and pricing inefficiencies to generate excess returns.
- Rigorous fundamental credit research: Research is conducted through a comprehensive team effort in which all members operate as credit analysts for each of the credits that they cover. This empowers the team to act opportunistically in the marketplace.
- Open work environment: The team benefits from an open work environment in which Investment management professionals in varying capacities interact continuously throughout the day. This includes partnerships with economists and taxable fixed-income teams who provide valuable perspective and information in measuring markets and anticipating shifts in the tax-free markets, which are often preceded by shifts in the taxable markets.
- Disciplined research and risk management: The team's disciplined credit analysis and proprietary risk management model allow portfolio managers to move down in credit without compromising the investment process.
Total returns (%)
Growth of $10K as of 8-31-20
|Gross expense ratio as of 3-2-20||0.700|
|Net expense ratio as of 3-2-20||0.450|
Three-month and year-to-date returns are not annualized.
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.
Net asset value (NAV) is the value of one share of the fund excluding any sales charges.
Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.
Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.
Credit quality (%)
Maturity distribution (%) as of 8-31-20
|0 - 1 year||6.00|
|1 - 3 years||18.86|
|3 - 5 years||15.46|
|5 - 10 years||59.70|
|10 - 20 years||0.00|
Asset allocation (%) as of 8-31-20
|Cash & equivalents||0.78|
Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Investing in environmental, social, and governance (ESG) carries the risk that, under certain market conditions, the investments may underperform products that invest in a broader array of investments. In addition, some ESG investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies. The ESG sector also may have challenges such as a limited number of issuers and liquidity in the market, including a robust secondary market. Investing primarily in responsible investments carries the risk that, under certain market conditions, an investment may underperform funds that do not use a responsible investment strategy. This fund is exposed to municipal securities risk. Consult the fund's prospectus for additional information on these and other risks.