Fund Evaluator:
Boyd Watterson Limited Dur Enh Inc I (BWDIX)
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Best Performing in Multisector Bond Over the Last Year
| 7.1% | Morningstar Multisector Bond (MSTMX) |
| 6.0% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 5.4% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 5.4% | Russell Inv Opportunistic Credit M (RGOTX) |
| 5.2% | Payden Managed Income SI (PKBIX) |
Fund Details
Boyd Watterson Limited Dur Enh Inc I Overview
Boyd Watterson Limited Dur Enh Inc I (BWDIX) is an actively managed Taxable Bond Multisector Bond fund. Boyd Watterson launched the fund in 2017.
The investment seeks income generation as a principal objective; capital preservation and total return as secondary objectives. The fund invests a majority of its assets in investments in domestic, and U.S. dollar denominated foreign, income-producing securities. These securities are (i) below investment-grade and investment grade fixed income securities, asset-backed securities, hybrid corporate securities that combine equity and debt characteristics such as preferred stocks, bank loans, and U.S. government securities, and (ii) equity securities.
About Boyd Watterson Limited Dur Enh Inc I (BWDIX)
There are 6 members of the management team with an average tenure of 8.21 years: S.Brad Fush (2021), Brian Convery (2016), Michael Vandenbossche (2021), Brian Gevry (2016), David Dirk (2016), Michael Krushena (2017). 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 1-5 Yr TR USD index with a weighting of 100%. Boyd Watterson Limited Dur Enh Inc I has 164 securities in its portfolio. The top 10 holdings constitute 20.1% 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.
Boyd Watterson Limited Dur Enh Inc I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Boyd Watterson Limited Dur Enh Inc I has 17.4% 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 5.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.3% (76.0% domestic bond, 17.4% foreign bond and 0.0% convertible bond). Boyd Watterson Limited Dur Enh Inc I has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $104 million in total assets, which is below the $1 billion average for the Multisector 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.
BWDIX 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 Boyd Watterson Limited Dur Enh Inc I expense ratio is above average compared to funds in the Multisector Bond category. Boyd Watterson Limited Dur Enh Inc I has an expense ratio of 0.60%, which is 36% 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. Boyd Watterson Limited Dur Enh Inc I has a portfolio turnover rate of 17%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of July 2026, Boyd Watterson Limited Dur Enh Inc I returned -0.1%, which earned it a grade of A, as the Multisector Bond category had an average return of -0.7%. 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.
Boyd Watterson Limited Dur Enh Inc I has a trailing yield of 5.67%, which is above the 5.31% category average. The fund normally distributes its income quarterly.
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.
Boyd Watterson Limited Dur Enh Inc I Grades
Year to date, the fund has returned 1.8%, 1.0 percentage points better than the category, which translates into a grade of A. The fund has returned 4.9% over the past year (grade of B), 6.5% over the past three years (grade of C) and 4.3% per year over the past five years (grade of A) and 3.9% per year over the past 10 years (grade of B).
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BWDIX 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 |
|
| BWDIX Return (NAV) | -0.1% | 0.7% | 4.9% | 6.5% | 4.3% | 3.9% |
| BWDIX Grade | A | A | B | C | A | B |
| +/- Category | 0.6% | 0.7% | 0.6% | 0.2% | 1.9% | 0.4% |
| Multisector Bond Avg | -0.7% | 0.0% | 4.3% | 6.3% | 2.4% | 3.5% |
| BWDIX Tax Cost Ratio | na | na | 2.3% | 2.3% | 2.0% | na |
BWDIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BWDIX Return (NAV) | 1.8% | 6.9% | 6.5% | 9.5% | -3.3% | 2.1% | 4.4% | 7.8% | -0.6% | 4.0% | na |
| BWDIX Grade | A | F | B | B | A | C | D | F | B | F | na |
| +/- Category | 1.0% | -1.2% | 0.8% | 1.1% | 6.8% | -0.1% | -2.0% | -2.5% | 1.3% | -2.6% | na |
| Multisector Bond Avg | 0.9% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.3% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 2.0% |
| Total Risk Index: | 0.17 - Low |
| Category Risk Index: | 0.46 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.32 |
| R-Squared: | 80% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $592 Mil |
| Fund Total Assets: | $ 105 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 10.2 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Convery Brian (2016), Gevry Brian (2016), Dirk David (2016), Krushena Michael (2017), Fush S.Brad (2021), Vandenbossche Michael (2021) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 164 |
| % in Top 10 Holdings: | 20.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 5.5% |
| Domestic Bond: | 76.0% |
| Foreign Bond: | 17.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Boyd Watterson |
| Phone Number: | 877-345-9597 |
| Website: | www.boydwatterson.com |
| Status: | Open |
| Inception Date: | April 13, 2017 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 0.60% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Boyd Watterson Limited Dur Enh Inc I2 |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
