Stable Value Fund

Seeks to deliver intermediate-bond-like returns while seeking to maintain a stable net asset value

Objective

Deliver intermediate-bond-like returns while seeking to maintain a stable net asset value.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $1.00
0.00% | $0.00
$1.00
01/24/17
$1.00
01/24/17
Historical fund price

Fund facts as of 08/31/17

Total net assets
--
Turnover (fiscal year end)
--
Dividend frequency
Monthly
Number of holdings
0
Fiscal year end
December
CUSIP / Fund code
74686Q207 / 5545
Inception Date
02/28/91
25bps  
Category
Stable Value
Open to new investors
Ticker
--

Management team


Portfolio Manager

Chief Investment Officer, Fixed Income

Strategy and process

  • Stability: Seeks to maintain the stability of a money market fund while offering returns similar to those of intermediate-term bonds: 50-75 basis points above the benchmark over a full interest rate cycle.
  • Liquidity: Liquidity, stability, and consistency are essential to the portfolio construction process, which emphasizes diversifying the sources of returns, industries, and issuers within the portfolio.
  • Diversification: Utilizes the full opportunity set within the stable value universe, including cash alternatives, GICs, insurance separate accounts, and wrapped, actively managed strategies.

Literature


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Performance

  • Total return (%) as of 06/30/17

  • Annual performance as of 06/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
At 25bps 1.81% 1.76% 1.76% 2.73%
BofA Merrill Lynch US 3-Month Treasury Bill Index 0.49% 0.23% 0.17% 0.58%

Performance snapshot

  At 25bps  
1 mt. as of 08/31/17 0.16 %
YTD as of 09/21/17 1.38 %

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.

Consider these risks before investing: The fund seeks capital preservation, but there can be no assurances that it will achieve this goal. The fund's returns will fluctuate with interest rates and market conditions. The fund is not insured or guaranteed by any governmental agency. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The fund may be exposed to risks associated with the providers of any wrap contracts (synthetic GICs) covering with the fund's assets, including credit risk and capacity risk.