Chartwell Short Duration High Yield Fund (CWFIX)
STRIVING FOR INCOME WITH DISCIPLINED RISK MANAGEMENT
When looking for attractive income potential and capital preservation, look no further than the Chartwell Short Duration High Yield Fund (CWFIX). This fund seeks income and long- term capital appreciation by investing primarily in high yield debt securities with an average duration of less than three years.
Chartwell’s Short Duration High Yield Bond Fund (CWFIX) seeks to reach its goals by investing in bonds that we believe trade at attractive relative values.
We focus on quality, high yield corporate debt securities seeking attractive short-term yields and lower volatility than the broad high yield and leveraged bank loan markets.
Under normal circumstances, CWFIX invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield debt securities.
As of September 30, 2021
Chartwell Investment Partners, LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 0.49% of the average daily net assets of the Fund shares. This agreement is in effect for at least one year from the 3/1/21 prospectus, and it may be terminated prior to this time only by the Trust’s Board of Trustees, or if the investment advisory agreement is terminated (i) by The Chartwell Funds upon 60 days’ notice to the advisor provided such termination was directed or approved by a vote of a majority of the Trustees of The Chartwell Funds or by the vote of the holders of a majority of the voting securities of the Fund at the time outstanding or entitled to vote; (ii) by the advisor upon 60 days’ notice to The Chartwell Funds; or (iii) by an assignment of the investment advisory agreement. The advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three years after the date of the waiver or payment, provided that no reimbursement will cause the Fund’s annual expense ratio to exceed the lesser of the (i) expense limitation amount in effect at the time such fees were waived or payments made, and (ii) the expense limitation amount in effect at the time of the reimbursement.
*The 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It is a “subsidized” yield, which means it includes contractual expense reimbursements, and it would be lower without those reimbursements.
**The Unsubsidized 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It excludes contractual expense reimbursements, resulting in a lower yield.
FUND PORTFOLIO COMPOSITION
AS OF DECEMBER 31, 2020
|Daily Performance as of (October 26, 2021)|
|NAV||Daily Change||% Daily Change||YTD Return|
|Chartwell Short Duration High Yield Fund||$9.79||$0.01||0.10%||2.13%|
|Average Annual Total Returns as of most recent Month End (September 30, 2021)|
|Month End||1 Yr.||3 Yrs.||5 Yrs.||10 Yrs.||Inception(7/15/2014)|
|Chartwell Short Duration High Yield Fund||0.01%||5.13%||4.27%||3.68%||N/A||3.03%|
|Bloomberg Intermediate Government/Credit Index||-0.57%||-0.40%||4.63%||2.60%||N/A||2.67%|
|ICE BofA High Yield US Corp Cash Pay BB Rated 1-3 Yrs Index||-0.08%||6.40%||5.31%||4.52%||N/A||4.32%|
|Average Annual Total Returns as of most recent Quarter End (June 30, 2021)|
|Quarter End||1 Yr.||3 Yrs.||5 Yrs.||10 Yrs.||Inception(7/15/2014)|
|Chartwell Short Duration High Yield Fund||1.20%||7.04%||4.61%||4.11%||N/A||3.08%|
|Bloomberg Intermediate Government/Credit Index||0.98%||0.19%||4.70%||2.63%||N/A||2.77%|
|ICE BofA High Yield US Corp Cash Pay BB Rated 1-3 Yrs Index||1.44%||9.01%||5.72%||4.93%||N/A||4.43%|
Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value 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 information quoted. To obtain performance information current to the most recent month-end please call 1-888-995-5505. Returns for less than a year are not annualized.
|TOP TEN HOLDINGS (June 30, 2021)|
|Holding||% of Investments|
|CHENIERE ENERGY PARTNERS L P SR GLBL NT||2.63%|
|WESTERN MIDSTREAM OPERATIONS LP||2.57%|
|ICAHN ENTERPRISES L.P.||2.46%|
|ARCONIC CORPORATION SR SEC GLBL||2.45%|
|ALBERTSONS COMPANIES INC.||2.42%|
|CIT GROUP INC.||2.37%|
|CROWN AMERICAS CAPITAL CORPORATION IV||2.37%|
Figures unaudited. For informational purposes only. Holdings are subject to change at any time.
An investor should consider the investment objectives, risks, charges, and expenses carefully before investing. The fund’s prospectus contains this and other information, and can be obtained by calling toll free (888) 995-5505 or visiting http://www.chartwellip.com. Read the summary or statutory prospectus carefully before investing.
The Fund acquired the assets and liabilities of the Chartwell Short Duration High Yield Fund (the “Predecessor Fund”). a series of Investment Managers Series Trust, on July 17, 2017. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown (prior to July 17, 2017) reflect the performance of the Predecessor Fund. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.
The Bank of America 1-3 Year BB Cash Pay High Yield Index is a subset of The Bank of America U.S. Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. Investors cannot invest directly in an index.
The Bloomberg Intermediate Gov/Credit index is an unmanaged index that tracks the performance of intermediate term US government and corporate bonds. One cannot invest in an index.
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Chartwell Investment Partners, LLC
1205 Westlakes Drive
Berwyn, PA 19312
Distributed by Foreside Fund Services, LLC
Ultimus Fund Solutions, LLC
P.O. Box 46707
Cincinnati, OH 45246-0707