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A Different Approach to Core Bond Investing
Combining investment grade tax-exempt bonds with taxable fixed income may help investors seeking total returns on an after-tax basis.
After-Tax Returns of Fixed Income Indices
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| US Municipals -0.97% |
US Municipals 6.05% |
US Municipals 3.31% |
US Corporates 3.85% |
US Municipals 4.48% |
US Municipals 1.66% |
US Corporates 11.07% |
US Corporates 8.03% |
US Municipals 1.91% |
US Municipals -5.97% |
| US Corporates -1.65% |
US Corporates 3.39% |
US Treasuries 0.93% |
US Treasuries 0.42% |
US Corporates 3.36% |
US Treasuries 0.49% |
US Municipals 7.70% |
US Treasuries 7.76% |
US Corporates -2.46% |
US Treasuries -9.95% |
| US Treasuries -3.45% |
US Treasuries 2.96% |
US Corporates -0.50% |
US Municipals 0.26% |
US Treasuries 0.66% |
US Corporates -2.22% |
US Treasuries 5.89% |
US Municipals 5.63% |
US Treasuries -3.38% |
US Corporates -12.50% |
Source: Bloomberg and Schroders, through 2022.
Past performance does not guarantee future results.Indices are unmanaged and not available for direct investment.
US Corporates are represented by the Bloomberg US Credit Corporate 5-7 Year Index; US Treasuries are represented by the Bloomberg US Treasury 5-7 Index for 2018-2021, the Bloomberg US Treasury 4-7 Year Index from 2012-2017 and the Bloomberg US Treasury 3-7 Year Index for 2022. US Municipals are represented by the Bloomberg Municipal Index 15-year Index for 2021, the Bloomberg Municipal Index 10-year Index for 2019-2020, the Bloomberg Municipal Index 7-year Index for 2017-2018, 2012-2014, 2022 and the Bloomberg Municipal Index for 2015-2016. All indices have a duration of +/- 0.70 years of one another. Tax rate used: 35% for 2012, 43.4% for 2013 – 2017 and 40.4% for 2018-2022. The tax rates include the net investment income tax. Returns do not reflect state and/or local taxes, nor do they reflect the AMT. Other effective tax rates would have achieved different results. Actual results will vary. Duration between indices is within 0.5 years of one another. Duration is a measure of the sensitivity of an investment’s price to nominal interest-rate movement.
Portfolio Management
Portfolio Manager
4
YRS
MANAGING THIS FUND
13
YRS
AT SCHRODERS
16
YRS
EXPERIENCE IN THIS INDUSTRY
Portfolio Manager
11
YRS
MANAGING THIS FUND
10
YRS
AT SCHRODERS
26
YRS
EXPERIENCE IN THIS INDUSTRY
Portfolio Manager
11
YRS
MANAGING THIS FUND
10
YRS
AT SCHRODERS
25
YRS
EXPERIENCE IN THIS INDUSTRY
Portfolio Manager
2
YRS
MANAGING THIS FUND
4
YRS
AT SCHRODERS
13
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Schroders.
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 10/03/2011
Share Class Inception: 10/24/16.
Performance prior to 10/24/16 for Class C-shares reflects the performance, fees, and expenses of the Investor Class of the predecessor fund Schroder Broad Tax-Aware Value Bond Fund. If Class C fees and expenses were reflected, performance would have differed. SI performance is calculated from 10/03/11.
Hartford Schroders Tax-Aware Bond Fund C Share Morningstar Ratings
overall
(as of 8/31/2023)
Overall, 4 stars, 3-Year, 5 stars, 5-Year, 3 stars, and 10-Year, 5 stars, rated against 415, 415, 379 and 277 products, respectively. Morningstar RatingTM
is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures
. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
415 PRODUCTS
|
Intermediate Core Bond Category
Based on Risk-Adjusted Returns
3 YEAR
(as of 8/31/2023)
Overall, 4 stars, 3-Year, 5 stars, 5-Year, 3 stars, and 10-Year, 5 stars, rated against 415, 415, 379 and 277 products, respectively. Morningstar RatingTM
is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures
. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
415 PRODUCTS
|
Intermediate Core Bond Category
Based on Risk-Adjusted Returns
5 YEAR
(as of 8/31/2023)
Overall, 4 stars, 3-Year, 5 stars, 5-Year, 3 stars, and 10-Year, 5 stars, rated against 415, 415, 379 and 277 products, respectively. Morningstar RatingTM
is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures
. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
379 PRODUCTS
|
Intermediate Core Bond Category
Based on Risk-Adjusted Returns
10 YEAR
(as of 8/31/2023)
Overall, 4 stars, 3-Year, 5 stars, 5-Year, 3 stars, and 10-Year, 5 stars, rated against 415, 415, 379 and 277 products, respectively. Morningstar RatingTM
is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures
. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
277 PRODUCTS
|
Intermediate Core Bond Category
Based on Risk-Adjusted Returns
Excludes sales charges. If sales charges and taxes had been included, the value would have been lower.
The Fund’s Class C shares have not been in operation for 10 years. Therefore, the Calendar Year Returns (C Shares) chart includes performance and operating expenses of another class. For more information, see the prospectus.
The Fund’s Class C shares have not been in operation for 10 years. Therefore, the Calendar Year Returns (C Shares) chart includes performance and operating expenses of another class. For more information, see the prospectus.
Characteristics
FUND STATS
| Dividend Frequency | Monthly |
|---|---|
| # of Issuers | 152 |
| # of Holdings | 202 |
Holdings Characteristics
| Yield to Worst (%) | 4.57% |
|---|---|
| Effective Duration | 9.49 yrs |
Portfolio Composition (%)
| Tax Exempt Municipal | 79 |
| Cash & Cash Equivalents | 7 |
| Corporate | 6 |
| US Treasuries | 6 |
| Cash | 2 |
| Taxable Municipal | 1 |
| Government Related Agencies | 0 |
| Asset Backed Securities | 0 |
| Mortgage Backed Securities | 0 |
| Other | 0 |
| Agency Mortgage Backed Securities | 0 |
Credit Exposure (%)
| Aaa/AAA | 36 |
| Aa/AA | 49 |
| A | 11 |
| Baa/BBB | 4 |
| Ba/BB | 0 |
| B | 0 |
| Caa/CCC or lower | 0 |
| Not Rated | 0 |
| Cash & Cash Offsets | 0 |
Credit exposure is the credit ratings for the underlying securities of the Fund as provided by Standard and Poor's (S&P), Moody's Investors Service, or Fitch and typically range from AAA/Aaa (highest) to C/D (lowest). If S&P, Moody's, and Fitch assign different ratings, the average rating is used. If only two ratings agencies assign ratings, the average rating is used. Securities that are not rated by any of the three agencies are listed as "Not Rated". The ratings breakdown includes cash and cash equivalents. Ratings do not apply to the Fund itself or to Fund shares. Ratings may change.
Yields (%)
(as of 8/31/23)
| 30-Day SEC Yield | 2.83 |
|
Unsubsidized 30-Day SEC Yield
|
2.83 |
Tax Exempt Municipal Sector Exposure
| General Obligation | 38 |
| Fed Agency | 8 |
| Other Revenue | 7 |
| Corp Supported | 6 |
| Utilities | 6 |
| Floating Rate Bonds | 4 |
| Transportation | 3 |
| Sales Tax Revenue | 2 |
| Education | 2 |
| Healthcare | 2 |
| Leasing | 1 |
| Higher Education | 1 |
| Housing | 0 |
| Pre-Refunded | 0 |
| Other | 0 |
| Not for Profit | 0 |
| Tax Increment Financing | 0 |
| Insured | 0 |
| Tax Exempt Municipal | 0 |
| Moral Obligation | 0 |
| Special Assessment | 0 |
distributions and capital gains
| Distribution Date | Distribution NAV | ordinary income | short term capital gains | long term capital gains | total distribution |
|---|---|---|---|---|---|
| 8/29/2023 | 9.90 | $0.0197 | $0.0000 | $0.0000 | $0.0197 |
| 7/28/2023 | 10.16 | $0.0173 | $0.0000 | $0.0000 | $0.0173 |
| 6/28/2023 | 10.23 | $0.0176 | $0.0000 | $0.0000 | $0.0176 |
| 5/30/2023 | 10.08 | $0.0165 | $0.0000 | $0.0000 | $0.0165 |
| 4/27/2023 | 10.22 | $0.0175 | $0.0000 | $0.0000 | $0.0175 |
| 3/29/2023 | 10.23 | $0.0144 | $0.0000 | $0.0000 | $0.0144 |
| 2/27/2023 | 10.04 | $0.0172 | $0.0000 | $0.0000 | $0.0172 |
| 1/30/2023 | 10.31 | $0.0118 | $0.0000 | $0.0000 | $0.0118 |
| 12/28/2022 | 9.98 | $0.0141 | $0.0000 | $0.0000 | $0.0141 |
| 12/16/2022 | 10.15 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 11/29/2022 | 10.01 | $0.0125 | $0.0000 | $0.0000 | $0.0125 |
| 10/28/2022 | 9.49 | $0.0115 | $0.0000 | $0.0000 | $0.0115 |
| 9/28/2022 | 9.63 | $0.0120 | $0.0000 | $0.0000 | $0.0120 |
Past distributions are not indicative of future distributions.
Insights
Fund Literature
06/30/2023 - PDF (182 KB)
This Fund Fact Sheet summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.
06/30/2023 - PDF (193 KB)
This Fund Story outlines three distinguishing characteristics to help investors better understand the Fund.
06/30/2023 - PDF (267 KB)
This flyer shows the performance of fixed income asset classes 1 year after the Fed stop raising rates.
PDF (149 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision
06/30/2023 - PDF (721 KB)
This Pitchbook reviews the Fund's investment approach, investment team, investment process, portfolio statistics, top holdings, and current performance.
PDF (4 KB)
An unaudited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
PDF (13 KB)
A legal document that discloses essential information about a fund, including investment objectives, risks, fees, expenses, fund manager background and other information.
PDF (3 KB)
An audited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Fixed income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall. • Municipal securities may be adversely impacted by state/local, political, economic, or market conditions; these risks may be magnified if the Fund focuses its assets in municipal securities of issuers in a few select states. Investors may be subject to the federal Alternative Minimum Tax as well as state and local income taxes. Capital gains, if any, are taxable. • Obligations of U.S. Government agencies are supported by varying degrees of credit but are generally not backed by the full faith and credit of the U.S. Government. • Mortgage-related and asset-backed securities' risks include credit, interest-rate, prepayment, and extension risk. • Derivatives are generally more volatile and sensitive to changes in market or economic conditions than other securities; their risks include currency, leverage, liquidity, index, pricing, regulatory and counterparty risk. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. • The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability. • Integration of environmental, social, and/or governance (ESG) characteristics into the investment process may not work as intended.
BLOOMBERG® and any Bloomberg Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Hartford Funds. Bloomberg is not affiliated with Hartford Funds, and Bloomberg does not approve, endorse, review, or recommend any Hartford Funds product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Hartford Fund products.
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