MBS Total Return Funds
SEMMX | SEMOX | SEMPX
OVERVIEW
STATISTICS
PERFORMANCE
MATERIALS
DOCUMENTS
OVERVIEW
Objective
The Medalist Partners MBS Total Return Fund (the “Fund”) seeks to provide a high level of risk-adjusted current income and capital appreciation.
Investment Strategy
Under normal market conditions, the Fund invests at least 80% of its net assets in mortgage-backed securities (MBS), including residential MBS (RMBS) and commercial MBS (CMBS). RMBS and CMBS include securities issued by government sponsored entities (Agency MBS), and by private entities (Non-Agency MBS).
Purchase & Sale of Shares
Shares may be bought or sold on any day the NYSE is open. All transactions are processed at the Fund’s next net asset value (NAV), which is calculated at 4 pm ET each business day. Sale proceeds will normally be wired on the following business day.
All classes offer daily purchases and redemptions. The Institutional Shares have no Rule 12b-1 distribution and service fee and have a higher minimum initial investment than Investor and Class A Shares. Investor and Class A Shares have a 0.25% Rule 12b-1 distribution and service fee.
Minimum Investment
Institutional Class (SEMMX): $1,000,000
Class A (SEMOX): $1,000
Investor Class (SEMPX): $2,500
Minimums may be lower on Broker Dealer Platforms.
STATISTICS
Fund Characteristics
As of 6/30/2024
| Characteristics as of 6/30/2024 | SEMMX | Barclays Capital US MBS index |
|---|---|---|
| AUM | $223.20 Million | $6.9T |
| Effective Duration | 3.3 Years | 6.03 Years |
| Average Life | 8.19 Years | 7.71 Years |
| Number of Securities | 148 | 1001 |
| Average Coupon | 6.53% | 3.19% |
| Average Price | $90.42 | $87.50 |
SEC YIELD (Semper MBS Total Return Fund)
Subsidized 7.06%
Unsubsidized 7.02%
Performance data quoted represents past performance; past performance 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. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-736-7799.
Effective Duration: Calculation for bonds with cash flow variability. It takes into account that expected cash flows will fluctuate as interest rates change.
Average Coupon: Market value weighted average of the coupons of each portfolio security.
Average Life: Average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding.
Average Price: The mean price of an asset or security over some period of time.
Sector Allocation
As of 7/31/2024
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
RMBS: Residential Mortgage-Backed Securities
CMBS: Commercial Mortgage-Backed Securities
ABS: Asset-Backed Securities.
Non-Agency RMBS Allocation
As of 7/31/2024
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Prime: Non-agency MBS collateralized with high quality mortgages that generally did not meet the maximum loan size underwriting criteria of the U.S. Government agencies, (GNMA, FNMA and Freddie Mac) but otherwise would qualify for agency guarantees.
Subprime: Non-agency MBS collateralized with mortgages failing to meet agency underwriting standards generally because of weak credit histories of the borrowers.
Alt-A: Non-agency MBS collateralized with mortgages failing to meet agency underwriting standards due to somewhat weak credit characteristics, incomplete documentation, or other reasons, but generally higher in credit quality than Subprime mortgage credit quality.
Option Arm: is an adjustable rate mortgage with several possible payment choices
NPL: Non-performing Loans
RPL: Re-performing Loans
Jumbo 2.0: is a type of financing that exceeds the limits set by the Federal Housing Finance Agency and cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
Non-QM: is a loan that doesn’t meet the standards of a qualified mortgage and uses non-traditional methods of income verification to help a borrower get approved for a home loan.
CRT: Credit Risk Transfer
SFR: Single Family Rental
Credit Quality
As of 6/30/2024
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Investment Grade: Credit ratings of AAA, AA, A, and BBB assessed by credit rating agencies.
Below Investment Grade: Credit ratings of BB or lower by credit rating agencies.
Credit quality distribution is determined by using the highest credit rating for each security from Moody’s, Standard & Poor’s, Fitch Ratings, DBRS, Morningstar and Kroll, five credit rating agencies providing credit assessments for mortgage-backed securities.
Duration
As of 6/30/2024
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Duration: Measure of a bond or bond portfolio’s sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.
“Bloomberg®” and Bloomberg US MBS Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Medalist Partners, L.P. Bloomberg is not affiliated with Medalist Partners, L.P., and Bloomberg does not approve, endorse, review, or recommend the Medalist Partners MBS Total Return Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Medalist Partners MBS Total Return Fund.
PERFORMANCE
Quarterly
As of 6/30/2024
| Quarter | YTD | 1 Year | 5 Years | 10 Years | Since Inception | |
| Institutional Class | 2.99% | 7.16% | 12.89% | 1.15% | 2.96% | 4.03% |
| Investor Class |
2.80% | 7.02% | 12.58% | 0.93% | 2.73% | 3.80% |
| B.B. US MBS Index | 0.07% | -0.98% | 2.12% | -0.76% | 0.89% | 1.22% |
SEC YIELD
SEC Yield for Total Return:
Subsidized 7.06%
Unsubsidized 7.02%
Total Annual Fund Operating Expense: 0.90%
Periods longer than 1 year are annualized.
*Inception of the Fund is 7/22/13.
| Quarter | YTD | 1 Year | 5 Years | 10 Years | Since Inception^ | |
| Class A at MOP | 0.85% | 4.94% | 10.51% | 0.58% | NA | 2.18% |
| B.B. US MBS Index | 0.07% | -0.98% | 2.12% | -0.76% | NA | 0.62% |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 2.00%
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of cost or market value at the time of redemption on investments of more than $1 million redeemed within 18 months) 0.50%
Total Annual Fund Operating Expense: 1.12%
Periods longer than 1 year are annualized.
^Inception of the Class A Shares is 12/18/15.
| Quarter | YTD | 1 Year | 5 Years | 10 Years | Since Inception* | |
| Investor Class | 1.32% | 8.28% | 4.76% | -0.64% | 2.71% | 3.01% |
| Bloomberg US MBS Index | -4.05% | -2.26% | -0.17% | -0.77% | 0.61% | 0.69% |
Total Annual Fund Operating Expense: 1.12%
Periods longer than 1 year are annualized.
*Inception of the Fund is 7/22/13.
Performance data quoted represents past performance; past performance 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. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-736-7799.
“Bloomberg®” and Bloomberg US MBS Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Medalist Partners, L.P. Bloomberg is not affiliated with Medalist Partners, L.P., and Bloomberg does not approve, endorse, review, or recommend the Medalist Partners MBS Total Return Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Medalist Partners MBS Total Return Fund.
MATERIALS
DOCUMENTS
Fund Documents
| Summary Prospectus | Download |
| Prospectus | Download |
| Statement of Additional Information (SAI) | Download |
| Annual Report | Download |
| Semi-Annual Report | Download |
| SEMMX TSR | Download |
| SEMPX TSR | Download |
| SEMOX TSR | Download |
| 2023 Tax Information | Download |
| Fund Holdings (as of 2/29/24) | Download |
| Fund Holdings (as of 8/31/23) | Download |
Please read and consider the prospectus carefully before investing. To obtain a hardcopy of the prospectus, please call 855-736-7799.
Mutual fund investing involves risk. Principal loss is possible.
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
The Medalist Partners MBS Total Return Fund and the Medalist Partners Short Duration Fund invest in debt securities: As interest rates rise, the value of debt securities decrease; whereas prepayment risk tends to occur during periods of declining interest rates. This risk is usually greater for longer-term debt securities. Recent turbulence in the financial markets and reduced liquidity in credit and fixed-income market may have an adverse effect on the Fund. Investments in Mortgage-Backed and Asset Backed Securities include additional risks that investors should be aware of such as credit risk, interest rate risk, prepayment risk, real estate market risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. Accordingly, the Funds may not be suitable for all investors
In addition, the MBS Total Return Fund invests in lower-rated and non-rated securities that present a greater risk of loss to principal and interest than higher-rated securities. The Fund regularly makes short sales of securities, which involves the risk that losses to those securities may exceed the original amount invested by the Fund. The Fund may invest in securities that are less liquid which can be difficult to sell. The Fund may use certain types of investment derivatives such as futures, forwards, and swaps. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. The Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities. The Fund may invest in TBA securities which involve interest rate and investment exposure risks. The Fund may invest in When-Issued securities which may involve less favorable prices for securities, when delivered, and failure to deliver securities could cause a loss to the Fund.
The Medalist Partners Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any Medalist Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
Past performance does not guarantee future results.
The Medalist Partners Fund are distributed by Quasar Distributors, LLC.
