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Short Duration Income Fund (WEFIX)

Fund Facts

  • Ticker
    WEFIX
  • CUSIP
    94904P302
  • Fund
    Inception
    12/23/1988
  • Class
    Inception
    12/23/1988
  • Fund
    Assets
    $891 Million
    as of 06/30/2024
  • Dividend
    Frequency
    Declared Daily/ Paid Monthly
  • Portfolio
    Manager(s)
      Tom Carney, CFA®
    Nolan Anderson

Investment Approach

The investment objective of the Short Duration Income Fund is current income consistent with preserving capital.

Strategy and Process

Short duration bond core allocation

We manage the fund to provide a core allocation without taking unnecessary interest rate and maturity risks throughout market cycles. The fund emphasizes income generation and downside risk management.

Flexible and opportunistic

Unlike index funds and passively managed strategies, we don't aim to track any kind of benchmark. Rather, we flexibly invest in the best risk/reward opportunities wherever we can find them.

Led by experience

Tom Carney, CFA, has been a portfolio manager on the fund since 1996, making him one of the longest-tenured managers in the fund's Morningstar™ category.

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.

Returns
as of 06/30/2024

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 1 YR 3 YR 5 YR10 YR20 YR30 YR35 YR Since Fund
Inception
12/23/1988
Short Duration Income Fund 2.44% 0.63% 6.09% 1.90% 2.30% 2.09% 3.04% 4.19% 4.57% 4.65%
Bloomberg U.S. Agg 1-3 YR Index 1.41% 0.56% 4.92% 0.56% 1.20% 1.34% 2.19% 3.43% n/a n/a

Growth of a $10,000 Investment*
as of 06/30/2024

*Since inception of the index (12/31/1992)

Calendar Year Returns
as of 06/30/2024

Year Short Duration Income Fund Bloomberg U.S. Agg 1-3 YR Index Relative Results
2023 6.31% 4.65% 1.66%
2022 -2.73% -3.72% 0.99%
2021 1.04% -0.49% 1.53%
2020 3.34% 3.08% 0.26%
2019 4.22% 4.04% 0.18%
2018 1.34% 1.60% -0.26%
2017 1.54% 0.86% 0.68%
2016 3.11% 1.31% 1.80%
2015 0.25% 0.67% -0.42%
2014 1.69% 0.82% 0.87%
2013 1.11% 0.64% 0.47%
2012 4.04% 1.33% 2.71%
2011 2.11% 1.73% 0.38%
2010 4.74% 2.62% 2.12%
2009 10.85% 5.00% 5.85%
2008 2.29% 4.62% -2.33%
2007 6.10% 6.73% -0.63%
2006 4.04% 4.34% -0.30%
2005 1.60% 1.82% -0.22%
2004 2.64% 1.44% 1.20%
2003 6.30% 2.42% 3.88%
2002 4.18% 6.29% -2.11%
2001 8.45% 8.77% -0.32%
2000 9.66% 8.15% 1.51%
1999 0.92% 3.32% -2.40%
1998 6.76% 6.83% -0.07%
1997 8.64% 6.68% 1.96%
1996 4.43% 5.19% -0.76%
1995 15.75% 11.00% 4.75%
1994 -2.38% 0.62% -3.00%
1993 8.06% 4.44% 3.62%
1992 5.53% n/a n/a
1991 11.18% n/a n/a
1990 9.06% n/a n/a
1989 9.09% n/a n/a
1988 (12/23/1988) 0.08% n/a n/a
Swipe/scroll vertically for full history

Since Inception Returns
as of 06/30/2024

Since Fund Inception (12/23/1988) Short Duration Income Fund Bloomberg U.S. Agg 1-3 YR IndexRelative Results
Cumulative Return 402.82% n/a n/a
Average Annual Return 4.65% n/a n/a

Yields
as of 06/30/2024

Distribution Yield 4.57%
30-Day SEC Yield (Subsidized) 5.23%
30-Day SEC Yield (Unubsidized) 5.10%

Morningstar Ratings™
as of 6/30/2024

Rating / Number of funds in the category

Category: Short-Term Bond
3 YR 5 YR 10 YR Overall Rating

out of 522

out of 482

out of 354

out of 522
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 6/30/2024

Ranking / Number of funds in the category / Percentile Ranking

Category: Short-Term Bond
1 YR 3 YR 5 YR 10 YR
181 / 555
35
29 / 522
9
49 / 482
14
40 / 354
14
Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2024

Gross Expense Ratio 0.53%
Net Expense Ratio 0.45%
Contractual Expiration Date 7/31/2025
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Volatility Measures
as of 03/31/2024

Versus Bloomberg U.S. Agg 1-3 YR Index 5 Year
R-Squared 34.02
Beta 0.76
Alpha 1.33
Upside Capture Ratio 103.10
Downside Capture Ratio 48.33
Standard Deviation 2.42
Sharpe Ratio 0.16

Portfolio

Asset Allocation
% of Net Assets as of 03/31/2024

FIXED INCOME BREAKDOWN
% of Net Assets as of 03/31/2024

Fund Bloomberg U.S. Agg 1-3 YR Index
Asset-Backed Securities 39.9 1.8
U.S. Treasury / Government /Government Related 26.1 70.6
Mortgage-Backed Securities 12.9 1.5
Corporate Bonds 10.4 23.9
Commercial Mortgage-Backed Securities 6.8 1.8
Corporate Convertible Bonds 1.1 0.0
Municipal Bonds 0.0 0.4

Credit Quality
% of Portfolio as of 03/31/2024

Fund Bloomberg U.S. Agg 1-3 YR Index
U.S. Treasury 26.3 63.3
U.S. Government Agency MBS 4.7 1.0
AAA 42.6 6.4
AA 5.7 5.5
A 6.4 12.2
BBB 9.4 9.8
BB 1.1 0.5
B 0.6 0.0
CCC 0.0 0.0
Not Rated 1.1 1.2
Cash Equivalents 2.2 0.0

Characteristics
as of 03/31/2024

Fund Bloomberg U.S. Agg 1-3 YR Index
Avg. Effective Maturity (yrs) 3.6 1.9
Avg. Effective Duration (yrs) 1.4 1.8
Yield to Maturity (%) 5.7 4.9
Yield to Worst (%) 5.7 4.9
Average Coupon (%) 4.8 2.9
No. of Fixed Income Issuers 154 3,246
Annual Turnover (%) 37

Maturity Distribution
% of Portfolio as of 03/31/2024

Cash Equivalents 2.2
Less than 1 Year 24.5
1 - 3 Years 37.6
3 - 5 Years 12.7
5 - 7 Years 5.7
7 - 10 Years 7.9
10 Years or more 9.2

Duration Distribution
% of Portfolio as of 03/31/2024

0 - 1 Years 47.1
1 - 3 Years 40.4
3 - 5 Years 10.3
5 - 7 Years 2.2
7 - 10 Years 0.0
10 Years or more 0.0

Five Largest Corporate Bond Issuers
% of Net Assets as of 03/31/2024

Redwood Trust, Inc. 1.1
VICI Properties LP/VICI Note Co., Inc. 1.1
Ashtead Capital, Inc. 0.9
Penske Truck Leasing Co. Lp / PTL Finance Corp. 0.7
FS KKR Capital Corp. 0.7
View Full Portfolio Holdings as of 03/31/2024 (PDF)
Download Portfolio Holdings as of 03/31/2024 (CSV)

Distributions

RECORD DATE EX DATE PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
N/A 06/28/24 07/01/24 0.0445 n/a n/a 0.0445 11.88
N/A 05/31/24 06/03/24 0.0511 n/a n/a 0.0511 11.85
N/A 04/30/24 05/01/24 0.0452 n/a n/a 0.0452 11.81
N/A 03/28/24 04/01/24 0.0472 n/a n/a 0.0472 11.87
N/A 02/29/24 03/01/24 0.0440 n/a n/a 0.0440 11.85
N/A 01/31/24 02/01/24 0.0444 n/a n/a 0.0444 11.89
N/A 12/29/23 01/02/24 0.0506 n/a n/a 0.0506 11.87
N/A 11/30/23 12/01/23 0.0454 n/a n/a 0.0454 11.78
N/A 10/31/23 11/01/23 0.0437 n/a n/a 0.0437 11.68
N/A 09/29/23 10/02/23 0.0434 n/a n/a 0.0434 11.72
N/A 08/31/23 09/01/23 0.0418 n/a n/a 0.0418 11.74
N/A 07/31/23 08/01/23 0.0389 n/a n/a 0.0389 11.74
N/A 06/30/23 07/03/23 0.0421 n/a n/a 0.0421 11.72
N/A 05/31/23 06/01/23 0.0403 n/a n/a 0.0403 11.74
N/A 04/28/23 05/01/23 0.0348 n/a n/a 0.0348 11.79
N/A 03/31/23 04/03/23 0.0406 n/a n/a 0.0406 11.76
N/A 02/28/23 03/01/23 0.0352 n/a n/a 0.0352 11.70
N/A 01/31/23 02/01/23 0.0356 n/a n/a 0.0356 11.76
12/13/22 12/14/22 12/15/22 0.1148 n/a 0.0086 0.1234 11.67
09/13/22 09/14/22 09/15/22 0.0666 n/a n/a 0.0666 11.72
06/14/22 06/15/22 06/16/22 0.0528 n/a n/a 0.0528 11.76
03/15/22 03/16/22 03/17/22 0.0531 n/a n/a 0.0531 12.03
12/14/21 12/15/21 12/16/21 0.0386 0.0027 0.0183 0.0596 12.27
09/14/21 09/15/21 09/15/21 0.0551 n/a n/a 0.0551 12.38
06/15/21 06/16/21 06/16/21 0.0513 n/a n/a 0.0513 12.40
03/15/21 03/16/21 03/16/21 0.0630 n/a n/a 0.0630 12.40
12/15/20 12/16/20 12/16/20 0.0740 0.0100 0.0057 0.0897 12.36
09/15/20 09/16/20 09/16/20 0.0750 n/a n/a 0.0750 12.36
06/16/20 06/17/20 06/17/20 0.0790 n/a 0.0048 0.0838 12.31
03/17/20 03/18/20 03/18/20 0.0660 n/a n/a 0.0660 11.93
12/16/19 12/17/19 12/17/19 0.0730 n/a n/a 0.0730 12.27
09/16/19 09/17/19 09/17/19 0.0760 n/a n/a 0.0760 12.26
06/17/19 06/18/19 06/18/19 0.0820 n/a n/a 0.0820 12.23
03/18/19 03/19/19 03/19/19 0.0750 n/a n/a 0.0750 12.14
12/26/18 12/27/18 12/27/18 0.0760 n/a n/a 0.0760 12.06
09/25/18 09/26/18 09/26/18 0.0730 n/a n/a 0.0730 12.06
06/26/18 06/27/18 06/27/18 0.0760 n/a n/a 0.0760 12.09
03/27/18 03/28/18 03/28/18 0.0660 n/a n/a 0.0660 12.11
12/26/17 12/27/17 12/27/17 0.0670 n/a n/a 0.0670 12.20
09/26/17 09/27/17 09/27/17 0.0630 n/a n/a 0.0630 12.29
06/27/17 06/28/17 06/28/17 0.0620 n/a n/a 0.0620 12.30
03/28/17 03/29/17 03/29/17 0.0660 n/a n/a 0.0660 12.29
12/27/16 12/28/16 12/28/16 0.0660 0.0254 0.0080 0.0994 12.26
09/27/16 09/28/16 09/28/16 0.0660 0.000000 0.000000 0.0660 12.44
06/27/16 06/28/16 06/28/16 0.0670 n/a 0.0029 0.0699 12.42
03/28/16 03/29/16 03/29/16 0.0630 n/a n/a 0.0630 12.28
12/28/15 12/29/15 12/29/15 0.0670 0.0032 0.0087 0.0789 12.19
09/25/15 09/28/15 09/28/15 0.0640 n/a n/a 0.0640 12.32
06/25/15 06/26/15 06/26/15 0.0650 n/a 0.0298 0.0948 12.37
03/26/15 03/27/15 03/27/15 0.0540 n/a n/a 0.0540 12.49
12/26/14 12/29/14 12/29/14 0.0630 n/a 0.0064 0.0694 12.46
09/25/14 09/26/14 09/26/14 0.0580 n/a n/a 0.0580 12.45
06/25/14 06/26/14 06/26/14 0.0620 n/a n/a 0.0620 12.54
03/26/14 03/27/14 03/27/14 0.0600 n/a n/a 0.0600 12.52

Literature

Fact Sheet
(03/24)
Commentary
(03/24)
Summary Prospectus
(07/23)
Prospectus
(07/23)
SAI
(07/23)
Annual Report*
(03/24)
Portfolio Holdings
(06/23)
Semi-Annual Report*
(09/23)
Portfolio Holdings
(12/23)

Risks

An investment in the Fund involves certain risks, including, among others, the following:

Market Risk
As with any mutual fund, investment return and principal value will fluctuate, depending on general market conditions and other factors.  Market risk includes political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases such as the COVID-19 pandemic) which can lead to increased market volatility and negative impacts on local and global financial markets, and the duration and severity of the impact of these risks on markets cannot be reasonably estimated.   

Interest Rate Risk
Debt securities are subject to interest rate risk because the prices of debt securities tend to move in the opposite direction of interest rates.  When interest rates rise, debt security prices fall.  When interest rates fall, debt security prices rise.  Changing interest rates may have sudden and unpredictable effects in the markets and on the Fund›s investments.  In general, debt securities with longer maturities are more sensitive to changes in interest rates.

Credit Risk
The risk that the issuer of a debt security will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to fall. 

Non-Investment Grade Debt Securities Risk
Non-investment grade debt securities (commonly referred to as "high yield" or "junk" bonds) are speculative and involve a greater risk of default and price change than investment grade debt securities due to the issuer’s creditworthiness. The market prices of these securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in response to adverse economic changes or issuer developments.

Call Risk
Certain debt securities may be called (redeemed) at the option of the issuer at a specified price before reaching their stated maturity date. Call risk is the risk, especially during periods of falling interest rates, that an issuer will call or repay a higher-yielding bond debt security before its maturity date, forcing the Fund to reinvest in bonds with lower interest rates than the original obligations.

Liquidity Risk
Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities (e.g., changes to the market's perception of the credit quality of the issuer), market events, economic conditions, investor perceptions or lack of market participants. The Fund may be unable to sell illiquid securities on short notice or only at a price below current value.

Mortgage-Backed (and Other Asset-Backed) Securities Risk
Mortgage-backed securities (and other asset-backed securities) are generally structured for the securities holders to receive periodic payments as the securities issuer receives payments on the mortgages (or loans) in an underlying asset pool. Sometimes these securities are issued in separate tranches, which can mean the securities holders of one tranche receive payment in full before the securities holders of another tranche receive payments. Also sometimes credit support is provided for these securities, which can mean the securities issuer, an affiliated party or a third party provides additional assets, or makes additional promises, with respect to payment to the securities holders. Risks to the securities holders can include (i) the underlying asset pool may not pay as expected (which could mean sooner or later than expected), (ii) the securities issuer may have insufficient cash to make payment on the securities generally, or on certain tranches of the securities and (iii) the credit support may be insufficient to make payment on the securities.

Non-U.S. Securities Risk
The Fund may invest in securities issued by non-U.S. issuers, which securities may be denominated in U.S. dollars or foreign currencies. Investments in non-U.S. securities may involve additional risks including exchange rate fluctuation, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets.

Derivatives Risk
Derivatives are instruments, such as futures and forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives may carry more risk than other types of investments. Derivatives are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and in some cases the Fund could lose more than the principal amount invested.  The use of some derivatives requires the Fund to segregate liquid assets to cover the Fund›s obligations under the derivative agreements or as required by regulations.  

Failure to Meet Investment Objective
There can be no assurance that the Fund will meet its investment objective.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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