Fund Evaluator:
AAM/HIMCO Short Duration A (ASDAX)
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Fund Details
AAM/HIMCO Short Duration A Overview
AAM/HIMCO Short Duration A (ASDAX) is an actively managed Taxable Bond Ultrashort Bond fund. AAM launched the fund in 2014.
The investment seeks current income and long-term total return. The fund has an investment policy whereby at least 80% of the fund's net assets (plus any borrowings for investment purposes) will be invested, under normal circumstances, in fixed income instruments. It normally invests at least 65% of its total assets in "investment grade" securities. The fund may invest up to 35% of its total assets in non-investment grade securities (often called "junk bonds"), as well as bank loans and loan participation interests.
About AAM/HIMCO Short Duration A (ASDAX)
There are 3 members of the management team with an average tenure of 8.06 years: Shannon Carbray (2014), Brian DaCorte (2026), Robert Crusha (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Govt/Credit 1-3 Yr TR USD index with a weighting of 100%. AAM/HIMCO Short Duration A has 300 securities in its portfolio. The top 10 holdings constitute 28.7% 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.
AAM/HIMCO Short Duration A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. AAM/HIMCO Short Duration A has 12.5% 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 90.2% (77.7% domestic bond, 12.5% foreign bond and 0.0% convertible bond). AAM/HIMCO Short Duration A has 8.6% of the portfolio in cash.
Assets Under Management
The fund has $68 million in total assets, which is below the $941 million average for the Ultrashort 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.
ASDAX 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 AAM/HIMCO Short Duration A expense ratio is high compared to funds in the Ultrashort Bond category. AAM/HIMCO Short Duration A has an expense ratio of 0.85%, which is 89% higher than its category average, making the fund expense ratio grade a F. 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. AAM/HIMCO Short Duration A has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of June 2026, AAM/HIMCO Short Duration A returned 0.2%, which earned it a grade of F, as the Ultrashort 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.
AAM/HIMCO Short Duration A has a trailing yield of 3.74%, which is below the 4.24% category average. The fund normally distributes its income monthly 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.
AAM/HIMCO Short Duration A Grades
Year to date, the fund has returned 1.2%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.5% over the past year (grade of F), 5.1% over the past three years (grade of D) and 3.2% per year over the past five years (grade of F) and 2.7% per year over the past 10 years (grade of B).
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ASDAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ASDAX Return (NAV) | 0.2% | 0.7% | 3.5% | 5.1% | 3.2% | 2.7% |
| ASDAX Grade | F | F | F | D | F | B |
| +/- Category | -0.1% | -0.3% | -0.7% | -0.2% | -0.4% | 0.1% |
| Ultrashort Bond Avg | 0.3% | 1.0% | 4.2% | 5.3% | 3.6% | 2.7% |
| ASDAX Tax Cost Ratio | na | na | 1.5% | 1.6% | 1.3% | 1.0% |
ASDAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ASDAX Return (NAV) | 1.2% | 5.4% | 5.2% | 6.0% | -1.6% | 0.2% | 1.8% | 4.9% | 0.9% | 2.3% | 2.9% |
| ASDAX Grade | F | A | F | B | F | B | B | A | F | A | A |
| +/- Category | -0.6% | 0.6% | -0.6% | 0.1% | -1.4% | 0.1% | 0.3% | 1.8% | -0.7% | 0.8% | 1.4% |
| Ultrashort Bond Avg | 1.8% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 1.1% |
| Total Risk Index: | 0.09 - Low |
| Category Risk Index: | 1.89 - High |
| Category Risk Grade: | F (99% Rank) |
| Beta: | 0.16 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $431 Mil |
| Fund Total Assets: | $ 68 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.0 years | |||
| Average Tenure: 8.1 years | |||
| Managers (Year): Carbray Shannon (2014), Crusha Robert (2014), DaCorte Brian (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 300 |
| % in Top 10 Holdings: | 28.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 77.7% |
| Foreign Bond: | 12.5% |
| Convertible Bond: | 0.0% |
| Other: | 1.2% |
| Cash: | 8.6% |
Purchase Information
| Fund Family: | AAM |
| Phone Number: | 888-966-9661 |
| Website: | www.aammutualfunds.com |
| Status: | Open |
| Inception Date: | June 30, 2014 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 2.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | AAM/HIMCO Short Duration I |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 500 |
