BMQIX
Municipal Bond Fund
inception date
11/15/2019
cusip
057071482
total fund aum (millions)
$214.40
As of 3/31/2024
gross/net expense ratio %
0.30/0.30
morningstar category
Muni National Long
Overview
The Fund invests in a broadly diversified portfolio of federally tax-exempt municipal obligations. The Fund normally invests at least 80% of its net assets in municipal bonds and may invest in all types including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations and zero coupon bonds. Baird uses a value-oriented strategy and looks for undervalued municipal securities that offer above-average return characteristics. Market factors evaluated when selecting investments include:
- the nominal level and trend in interest rates
- the slope of the municipal yield curve
- income tax rates
- market sector valuations
- credit trends
- supply and demand flows
- regional economic strength
- legal and regulatory trends
The Fund invests primarily in investment-grade municipal obligations but may invest up to 15% of its assets in non-investment-grade obligations.
Performance
ALL DATA AS OF 3/31/2024
1 Month | 3 Month | YTD | 1 Year | 3 Years | Since Inception | |
---|---|---|---|---|---|---|
Municipal Bond Fund | 0.13 | 0.31 | 0.31 | 4.61 | 0.77 | 3.07 |
Bloomberg Municipal Index | 0.00 | -0.39 | -0.39 | 3.13 | -0.41 | 0.99 |
Morningstar Ratings
MORNINGSTAR RATINGS BASED ON RISK ADJUSTED RETURNS AS OF 3/31/2024
Category | Overall | 3 Year | |
---|---|---|---|
Municipal Bond Fund | Muni National Long |
(162 funds)
|
(162 funds)
|
Distributions
Time Period
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 3/25/2024 | 3/26/2024 | 3/27/2024 | 0.03256010 | 9.94 |
Income | 2/23/2024 | 2/26/2024 | 2/27/2024 | 0.03229934 | 9.95 |
Income | 1/25/2024 | 1/26/2024 | 1/29/2024 | 0.02605315 | 9.91 |
Income | 12/27/2023 | 12/28/2023 | 12/29/2023 | 0.03433793 | 10.00 |
Income | 11/24/2023 | 11/27/2023 | 11/28/2023 | 0.03218924 | 9.68 |
Income | 10/23/2023 | 10/24/2023 | 10/25/2023 | 0.03211256 | 9.30 |
Income | 9/22/2023 | 9/25/2023 | 9/26/2023 | 0.02905085 | 9.48 |
Income | 8/23/2023 | 8/24/2023 | 8/25/2023 | 0.02833172 | 9.65 |
Income | 7/24/2023 | 7/25/2023 | 7/26/2023 | 0.03008059 | 9.85 |
Income | 6/23/2023 | 6/26/2023 | 6/27/2023 | 0.02750260 | 9.82 |
Income | 5/24/2023 | 5/25/2023 | 5/26/2023 | 0.02907317 | 9.69 |
Income | 4/24/2023 | 4/25/2023 | 4/26/2023 | 0.02827959 | 9.85 |
Income | 3/24/2023 | 3/27/2023 | 3/28/2023 | 0.02621665 | 9.85 |
Income | 2/23/2023 | 2/24/2023 | 2/27/2023 | 0.02718610 | 9.71 |
Income | 1/24/2023 | 1/25/2023 | 1/26/2023 | 0.02112392 | 9.95 |
Portfolio Characteristics
ALL DATA AS OF 3/31/2024
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.66 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.20 | 3.49 |
Effective Duration (Years) | 6.00 | 6.07 |
Effective Maturity (Years) | 6.60 | 7.58 |
Average Coupon (%) | 4.27 | 4.54 |
Annual Turnover Rate (%) | 48.72 | N/A |
Number of Holdings | 443 | 57,555 |
Average Portfolio Quality | A | AA |
ALL DATA AS OF 3/31/2024
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 11.5% | 16.1% |
AA | 44.5% | 55.4% |
A | 23.0% | 23.0% |
BBB | 12.9% | 5.4% |
Below BBB | 2.1% | 0.0% |
Not Rated | 5.9% | 0.0% |