Fund Evaluator:
Medlst Shrt Dur Inv (SEMRX)
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Best Performing in Ultrashort Bond Over the Last Year
| 5.7% | Medlst Shrt Dur Inv (SEMRX) |
| 4.9% | T. Rowe Price Ultra Short-Term Bond Z (TRZWX) |
| 4.5% | Western Asset Ultra-Short Income A (ARMZX) |
| 4.5% | Touchstone Ultra Short Dur F/I Y (TSYYX) |
| 4.5% | Federated Hermes Ultrashort Bond A (FULAX) |
Fund Details
Medlst Shrt Dur Inv Overview
Medlst Shrt Dur Inv (SEMRX) is an actively managed Taxable Bond Ultrashort Bond fund. Medalist Partners, LP launched the fund in 2010.
The investment seeks to provide a high level of current income that is consistent with preservation of capital. The fund invests primarily in investment-grade debt securities of domestic entities. The Adviser will primarily sell securities short for the purposes of managing certain risks (primarily interest rate and/or yield spread risk) associated with its long positions or for capturing differences in value between two securities, and not for the purpose of forecasting the market's direction.
About Medlst Shrt Dur Inv (SEMRX)
There are 3 members of the management team with an average tenure of 6.69 years: Thomas Mandel (2010), Greg Richter (2023), James Buccola (2024). 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 1-3 Yr TR USD index with a weighting of 100%. Medlst Shrt Dur Inv has 181 securities in its portfolio. The top 10 holdings constitute 17.6% 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.
Medlst Shrt Dur Inv is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Medlst Shrt Dur Inv has 6.7% 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 96.1% (89.5% domestic bond, 6.7% foreign bond and 0.0% convertible bond). Medlst Shrt Dur Inv has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $75 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.
SEMRX 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 Medlst Shrt Dur Inv expense ratio is high compared to funds in the Ultrashort Bond category. Medlst Shrt Dur Inv has an expense ratio of 0.86%, which is 91% 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. Medlst Shrt Dur Inv has a portfolio turnover rate of 86%, 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, Medlst Shrt Dur Inv returned 0.5%, which earned it a grade of A, 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.
Medlst Shrt Dur Inv has a trailing yield of 5.63%, which is above 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.
Medlst Shrt Dur Inv Grades
Year to date, the fund has returned 2.6%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 5.7% over the past year (grade of A), 7.3% over the past three years (grade of A) and 4.8% per year over the past five years (grade of A) and 3.4% per year over the past 10 years (grade of A).
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SEMRX 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 |
|
| SEMRX Return (NAV) | 0.5% | 1.5% | 5.7% | 7.3% | 4.8% | 3.4% |
| SEMRX Grade | A | A | A | A | A | A |
| +/- Category | 0.2% | 0.5% | 1.5% | 2.0% | 1.2% | 0.7% |
| Ultrashort Bond Avg | 0.3% | 1.0% | 4.2% | 5.3% | 3.6% | 2.7% |
| SEMRX Tax Cost Ratio | na | na | 2.3% | 2.4% | 2.0% | 1.5% |
SEMRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SEMRX Return (NAV) | 2.6% | 6.4% | 8.2% | 8.7% | -1.8% | 1.8% | -1.3% | 3.4% | 2.1% | 2.7% | 2.1% |
| SEMRX Grade | A | A | A | A | F | A | F | B | A | A | A |
| +/- Category | 0.8% | 1.6% | 2.3% | 2.8% | -1.7% | 1.7% | -2.8% | 0.4% | 0.4% | 1.2% | 0.6% |
| 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: | 1.0% |
| Total Risk Index: | 0.08 - Low |
| Category Risk Index: | 1.72 - High |
| Category Risk Grade: | F (98% Rank) |
| Beta: | 0.11 |
| R-Squared: | 47% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $608 Mil |
| Fund Total Assets: | $ 75 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 86% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.5 years | |||
| Average Tenure: 6.7 years | |||
| Managers (Year): Mandel Thomas (2010), Richter Greg (2023), Buccola James (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 181 |
| % in Top 10 Holdings: | 17.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 89.5% |
| Foreign Bond: | 6.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Fund Family: | Medalist Partners, LP |
| Phone Number: | 855-736-7799 |
| Website: | www.sempercap.com |
| Status: | Open |
| Inception Date: | December 23, 2010 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.86% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | Medlst Shrt Dur Inst |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $1,000 |
