Fund Research for Analytic Short-Term Inc Instl (ANSTX)

  • Fund Overview

    Fund Inception Date: Jul 01, 1993
    Category: Short Government
    Overall Risk: Above Average
    Fund Family: Analytic Funds
    Return Since Inception: 4.74%
    YTD Return: 5.40%
    Yield (TTM): 1.77%
    Net Assets: 32.75 M
    Morningstar Rating:
    2 of 5
    The investment seeks income consistent with minimal fluctuations in market value and low credit risk. The fund invests at least 80% of net assets in "income-producing" U.S. government securities. It may invest the remainder in investment-grade debt securities. The fund may utilize options that provide exposure to the credit risk associated with debt securities. It expects its dollar weighted average maturity to be 2 years and to invest in debt securities with maturities of 3 years or less. The fund tries to match and add value over its benchmark, the ML Cor/Gov 1-3 Yr, with respect to duration, maturity and quality. It may also use futures contracts.

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    Details
    Average Eff Duration 1.83 Yrs
    Average Eff Maturity 1.89 Yrs
    Average Credit Quality A
    Morningstar Rating as of 10/31/2009
    YTD Returns as of 11/04/2009    		 Style Box Detail calculations do not include the fund's short positions (if any)

  • Fund Performance

    10 year Growth Chart
    Growth of $10,000 from 12/31/1998 to 10/31/2009
    Mouseover the chart to see values for each month.

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    Total Annualized Returns

    YTD 1 year 3 year 5 year 10 year Since Inception
    Fund 5.40% 7.61% 2.88% 3.22% 4.47% 4.74%
    +/- Category 2.11% 2.22% -2.10% -0.54% 0.07% —
    +/- Barclays US Aggregate Bond TR USD — — — — 6.31% —

    Standardized Annual Returns

    YTD 1 year 3 year 5 year 10 year Since Inception
    Month (as of 10/31/2009) 5.49% 7.92% 2.96% 3.26% 4.47% 4.74%
    Quarter (as of 09/30/2009) 4.85% 4.26% 2.94% 3.18% 4.44% 4.73%
    Fund and Category YTD, 1yr, 3yr and 5yr Returns as of 11/04/2009
    Index YTD,1yr, 3ys and 5yr Returns as of 11/04/2009 10 yr and Since Inception Returns as of 10/31/2009
    Inception Date: 07/01/1993
    Ratings are based on risk-adjusted performance.
    View Total Returns

  • Fund Portfolio Profile

    Sector Breakdown

    Stocks
    US Government 32.31%
    Mortgage 0.00%
    Credit 6.16%
    Foreign 0.00%
    Cash 61.05%
    Bond Quality
    AAA 61.34%
    AA 3.38%
    A 0.75%
    BBB 0.00%
    BB 0.00%
    B 0.00%
    Below B 0.00%
    Not Rated 34.53%

    Asset Allocation

    Short Long Net Assets
    Cash 0.00% 61.05% 61.05%
    Stocks 0.11% 0.25% 0.13%
    Bonds 0.00% 38.47% 38.47%
    Other 0.00% 0.00% 0.00%
    Foreign Stocks
    (as a % of assets)    		 0.11% 0.25% 0.13%
    Data as of 03/31/2009 Data as of 08/31/2009 View Fund Portfolio

    Top 10 Holdings

    Maturity Date Total Holdings Value of Holdings Net Assets
    = US 2YR NOTE (CBT) Sep09 10/01/2009 105.00 22.7 M 37.08%
    = US TREASURY BILL 11/19/2009 10.63 M 10.62 M 17.34%
    * US Treasury Bill 07/09/2009 9.5 M 9.5 M 15.52%
    = FEDERAL NATL MTG ASSN 08/05/2011 5.4 M 5.42 M 8.85%
    = FNMA 11/15/2011 5 M 4.74 M 7.74%
    = FHLMC 2.15% 01/13/2012 2.5 M 2.5 M 4.08%
    - GENERAL ELEC CAP 12/09/2011 1.2 M 1.24 M 2.02%
    = FNMA 5.375% 08/15/2009 1 M 1.01 M 1.64%
    = Principal Life Income Fd Mtn 5.2% 11/15/2010 1 M 1.01 M 1.64%
    = Metropolitan Life Glbl Fdg14 144A 5.125% 11/09/2011 800,000.00 826,993.00 1.35%
    + Increase - Decrease = No change * New since last portfolio
    Data as of 08/31/2009
    Top 10 holdings account for the fund's short positions (if any). Net short positions appear shaded.
    View Fund Portfolio

  • Sales Information

    Sales Charge %

    Initial —
    Deferred —
    Taken from prospectus dated 05/01/2009
    Expense Ratio (based on net assets) 0.60%
    Taken from annual report dated 12/31/2008

  • Fund Management

    Gregory M. McMurran
    Start Date: 04/28/2006
    McMurran is chief investment officer and portfolio manager at Analytic. He joined Analytic in 1976 and has over 30 years of investment experience.
    Dennis M. Bein
    Start Date: 09/28/1999
    Bein is a chief investment officer and a portfolio manager, has been a member of the U.S. equity team since joining Analytic 12 years ago. He is responsible for management and oversight of the implementation of the firm's investment strategies. Prior to joining Analytic Investors, Dennis was a senior consultant for AG Risk Management, Analysis Group's investment consulting subsidiary. Dennis holds Chartered Financial Analyst designation.
    Harindra de Silva
    Start Date: 04/28/2006
    Harindra, Analytic's president and a portfolio manager, has also been a member of the U.S. equity team since joining Analytic 12 years ago. He is responsible for the firm's strategic direction and the ongoing development of its investment processes. As a portfolio manager, Harindra focuses on the ongoing research effort for equity and global asset allocation strategies.
    Ram Willner
    Start Date: 02/27/2009
    Willner, principal, MSDW, joined MAS in1998. He served as a market strategist, risk control manager and director of international bond research for Pacific Investment Management Company from 1994 to 1998; and as a senior quantitative analyst for Sanford C. Bernstein & Co. from 1992 to 1994.