LCTIX | LCTRX | Updated as of December 31st, 2021
Diversify your core bonds
A total return bond fund that gives investors exposure across multiple fixed income sectors and a focus on total return.
A BROADER OPPORTUNITY SET
The fund invests in a diversified portfolio of fixed income securities across multiple asset classes, taking advantage of dislocations and opportunities across various sectors.
OPPORTUNISTIC APPROACH
The Fund’s experienced managers look for strategic entry points across asset classes and single securities.
HIGHER TOTAL RETURN POTENTIAL
Access to a wider range of income opportunities means the fund may offer higher total return potential than other short-term investments.
Performance
Distributions
Returns
| 4Q21 | YTD | 1Y | 3Y | 5Y | 10Y | Inception | |
| Institutional (LCTIX) | 1.53% | 2.41% | 2.41% | 5.53% | 5.66% | 5.20% | 4.64% |
| Investor (LCTRX) | 1.39% | 1.99% | 1.99% | 5.06% | 5.14% | 4.68% | 4.17% |
| Morningstar Category Avg.1 | -0.19% | -0.76% | -0.76% | 5.31% | 3.89% | 3.49% | |
| Benchmark2 | 0.01% | -1.54% | -1.54% | 4.79% | 3.57% | 2.90% |
| 2021 | 2020 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Institutional (LCTIX) | 2.41% | 12.99% | 6.62 | 5.07 | 4.89 | -7.97 | 3.65 | 9.40 | 15.17 | 0.36 |
| Investor (LCTRX) | 1.99% | 12.38% | 5.99 | 4.52 | 4.36 | -8.29 | 3.04 | 8.91 | 14.54 | -0.32 |
| Morningstar Category Avg. | -0.76% | 8.10% | 0.01 | 3.54 | 2.65 | 0.55 | 5.97 | -2.02 | 4.21 | 7.84 |
| Benchmark | -1.54% | 7.51% | 3.76 | 3.24 | -0.27 | 5.13 | -1.38 | 6.85 | 5.78 |
1 Morningstar Category: Intermediate Core-Plus Bond Category
2 Benchmark: Barclays US Agg Interm TR USD
Performance is annualized trailing returns as of 12/31/21 for the Leader Total Return Fund for all Share Classes (ticker symbols: LCTIX, LCTRX); LCTIX & LCTRX are not subject to sales loads.
Inception Date – LCTIX: 7/30/2010, LCTRX: 7/30/2010
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and investor shares may be worth more or less than original cost upon redemption. To obtain performance as of the most recent month-end, please call 1-800-269-8810.
Key Facts
| Size of Fund | $25.5 M |
| Fund Launch Date | July 30th, 2010 |
| Morningstar Category | Intermediate-Term Bond |
| Benchmark Index | BBG Barc U.S. Aggregate Index |
| Distribution Frequency | Monthly |
| Asset Class | Fixed Income |
| CUSIP - Institutional Share Class | 52169B509 |
| Open to New Investors | Yes |
Portfolio Characteristics
as of 12/31/20
| Effective Duration | 5.17 |
| Current Yield | 2.31% |
| Sharpe Ratio | 0.56 |
| Sortino Ratio | 0.84 |
| Fund Standard Deviation | 10.18 |
| Upside Capture | 114 |
| Downside Capture | 81 |
Yield
as of 12/31/21
Current Yield: 4.21%
Trailing 12-Month Yield
| Institutional (LCTIX) | 1.93% |
| Investor (LCTRX) | 1.69% |
The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV.
Fees
| Management Fee | 0.65% |
| 12B-1 Fees | |
| Institutional (LCTIX) | 0.00% |
| Investor (LCTRX) | 0.38% |
Yield
as of 03/31/21
Current Yield: 2.34%
30 Day SEC Yields
| Institutional (LCTIX) | 0.76% |
| Investor (LCTRX) | 0.62% |
30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission. It is based on the most recent 30-day period.
Trailing 12-Month Yield
| Institutional (LCTIX) | 1.93% |
| Investor (LCTRX) | 1.69% |
The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV.
Fees
| Management Fee | 0.65% |
| 12B-1 Fees | |
| Institutional (LCTIX) | 0.00% |
| Investor (LCTRX) | 0.38% |
Holdings
| Name | Weight % |
| General Electric Company 5% | 8.33% |
| VTB Eurasia Designated Activity Company 9.5% | 5.63% |
| Antero Resources Corporation 5.12% | 5.12% |
| Southwestern Energy Company 7.5% | 5.12% |
| Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. 5.5% | 4.94% |
| Name | Weight % |
| Range Resources Corp. 4.88% | 4.72% |
| Delta Air Lines Inc 3.75% | 4.46% |
| Microsoft Corporation 4.25% | 4.33% |
| Berkshire Hathaway Finance Corporation 4.2% | 4.03% |
| Johnson & Johnson 3.75% | 4.01% |
There is no assurance that the securities mentioned remain in the Fund’s portfolio or that the securities sold have not been repurchased. Totals may not add up to 100% due to rounding.
Exposure Breakdowns
| US Treasuries | 0.00% |
| Corporate Bonds | 47.57% |
| Floating Rate Bonds | 0.00% |
| Convertibles | 7.32% |
| Variable/Hybrids | 13.91% |
| Other | 7.14% |
| Cash | 24.06% |
| < 1 | 33.49% |
| 1 - 3 | 21.50% |
| 3 - 5 | 14.82% |
| 5 - 7 | 9.15% |
| 7- 10 | 4.57% |
| 10+ | 16.47% |
| Cash | 24.06% |
| US Treasuries | 0.00% |
| AAA | 5.49% |
| AA+ | 2.74% |
| AA | 8.23% |
| BBB- | 9.16% |
| BB- | 9.16% |
| B+ | 11.89% |
| B | 10.06% |
| B- | 4.57% |
| D | 6.86% |
| NR | 7.78% |
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.
Allocations are subject to change.
Disclosures
Important Risks: Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher quality bonds generally offer less risk than longer term bonds and a lower rate of return. Generally, a fund’s fixed income securities will decrease in value if interest rates rise and vice versa.
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Investments in debt securities typically decrease in value when interest rates rise. This risk is actually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Collateral Loan Obligations (“CLOs”) and collateralized debt obligations (“CDOs”) are securities backed by an underlying portfolio of loan and debt obligations and the risks depend largely on the types of those underlying holdings. Investments in foreign securities involve greater volatility and political, economic and currency risks. The fund is exposed to credit risk where lower –rated securities have a higher risk of defaulting on obligations. Investment by the fund in lower-rated and nonrated securities presents a greater risk of loss of principle and interest than higher-rated securities. The Fund is subject to liquidity risk as some securities may have few market-makers and low trading volume, which tends to increase transaction costs and may make it difficult for the Fund to dispose of a security at all or at a price which represents current or fair market value. As a result of its trading strategy, the Fund expects to engage in frequent portfolio transactions that will likely result in higher portfolio turnover and commissions than many investment companies.
Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because the sensitivity of mortgage-related securities to changes in interest rates, a fund’s performance may be more volatile than if it did not hold these securities.
Average Current Yield is the weighted average of the annual rate of return based on price. It is calculated by the coupon divided by the price. The 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.
The Barclays US Intermediate Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency) with maturities of 1 to 9.999 years. This index is the funds benchmark. You cannot invest directly into an index.
Holdings are as of date indicated and subject to change.
This material must be preceded or accompanied by a prospectus. An investor should consider the Fund’s objectives, risks, charges and expenses carefully before investing or sending money. This and other important information can be found in the Fund’s prospectus. For more information please call 800-269-8810. Please read the prospectus carefully before investing.