Fund Evaluator:
Enhanced Fixed Income (AAEZX)
Follow This Fund
Best Performing in High Yield Bond Over the Last Year
| 11.4% | Fidelity Capital & Income (FAGIX) |
| 10.5% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 7.4% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 7.4% | Fidelity Advisor High Income Z (FGUMX) |
| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
Enhanced Fixed Income Overview
Enhanced Fixed Income (AAEZX) is an actively managed Taxable Bond High Yield Bond fund. SEI launched the fund in 2023.
The investment seeks total return. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities or in exchange-traded funds (ETFs) that provide exposure to fixed income securities. The fund may use futures contracts, forward contracts and swap agreements in lieu of investing directly in the securities making up an index to synthetically obtain exposure to the fixed income markets, including during high volume periods of investment into the fund.
About Enhanced Fixed Income (AAEZX)
There are 3 members of the management team with an average tenure of 3.50 years: Richard Bamford (2023), Anthony Karaminas (2023), Philip Terrenzio (2023). Management tenure is more important for actively managed funds than passive index funds.
Enhanced Fixed Income has 4 securities in its portfolio. The top 10 holdings constitute 99.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Enhanced Fixed Income is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Enhanced Fixed Income has 55.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.6% (42.6% domestic bond, 55.9% foreign bond and 0.0% convertible bond). Enhanced Fixed Income has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $48 million in total assets, which is below the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AAEZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Enhanced Fixed Income expense ratio is average compared to funds in the High Yield Bond category. Enhanced Fixed Income has an expense ratio of 0.41%, which is 55% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Enhanced Fixed Income. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, Enhanced Fixed Income returned -1.0%, which earned it a grade of F, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Enhanced Fixed Income has a trailing yield of 6.20%, which is below the 6.28% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Enhanced Fixed Income Grades
Year to date, the fund has returned 0.9%, 0.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.9% over the past year (grade of A) and 6.6% over the past three years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Enhanced Fixed Income, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
AAEZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AAEZX Return (NAV) | -1.0% | 0.0% | 5.9% | 6.6% | na | na |
| AAEZX Grade | F | F | A | F | na | na |
| +/- Category | -0.7% | -0.4% | 1.0% | -1.0% | na | na |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| AAEZX Tax Cost Ratio | na | na | 2.4% | 2.1% | na | na |
AAEZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AAEZX Return (NAV) | 0.9% | 10.2% | 3.9% | na | na | na | na | na | na | na | na |
| AAEZX Grade | F | A | F | na | na | na | na | na | na | na | na |
| +/- Category | -0.7% | 2.3% | -3.8% | na | na | na | na | na | na | na | na |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 6.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $48 Mil |
| Fund Total Assets: | $ 48 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Bamford Richard (2023), Karaminas Anthony (2023), Terrenzio Philip (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 99.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 55.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 42.6% |
| Foreign Bond: | 55.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | SEI |
| Phone Number: | 800-858-7233 |
| Website: |
| Status: | Open |
| Inception Date: | February 1, 2023 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.41% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Enhanced Fixed Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
