Fixed Income

CoreBuilder® Municipal Income SMA

Bloomberg Municipal Bond Index
Benchmark name
9/30/2008
Inception date
Municipal Fixed Income Team
Team
$1,320.5M
Assets under management
Data as of 12/31/2023
SMA overview
Exploiting market inefficiencies
The CoreBuilder® Municipal Income SMA aims to outperform its benchmark by actively managing the four key elements of total return: duration management, yield curve positioning, sector allocation, and security selection.

We believe that optimum performance is achieved by effectively managing the four main elements of total return.

Key differentiators

  • Interest rate forecast: Managing duration exposure to optimize risk/reward profile
  • Yield curve positioning: Optimizing portfolio structure to benefit from anticipated changes in the yield curve
  • Sector allocation: Shifting strategically between sub-classes of municipal securities
  • Security selection: Balancing a disciplined relative value orientation with detailed and timely credit research

General facts

Current yield

4.49%

Average maturity

12.01 Years

Effective duration

6.57

Yield to worst

3.34

Average credit quality

A+

Quick resources

Performance

Average annual returns Add Minus

Average annual returns

(as of 12/31/2023)
9/30/2008
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Pure Gross)
2.24
6.62
5.71
5.71
-0.04
2.27
3.23
4.58
Composite (Net)
2.11
6.22
4.14
4.14
-1.54
0.44
0.78
1.89
Bloomberg Municipal Bond Index
2.32
7.89
6.40
6.40
-0.40
2.25
3.03
3.96

One-month, three-month and year-to-date returns are not annualized.

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Calendar year Add Minus

Calendar year

(as of 12/31/2023)
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Fund
5.71
-6.83
1.40
4.48
7.21
1.89
5.34
-0.12
3.84
10.32
Benchmark
6.40
-8.53
1.52
5.21
7.54
1.28
5.45
0.25
3.30
9.05

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Performance and volatility metrics Add Minus

Performance and volatility metrics

Data is unavailable at this time, please check back later.

Composition

Portfolio statistics Add Minus

Portfolio statistics

(as of 12/31/2023)
SMA Benchmark
Number of Holdings 10 56853
AMT 8.00 0.00
Effective Duration 6.57 6.35
Weighted Average Effective Maturity 12.01 10.87

Portfolio holdings, credit quality, and characteristics are based on a representative account. CoreBuilder Shares are a series of investment options within the separately managed accounts advised or subadvised by Allspring Funds Management, LLC. The shares are fee-waived mutual funds that enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve. Allspring Global Investments, LLC, provides the sub advisory services for the Allspring Funds Management retail managed account product.

Credit quality Add Minus

Credit quality

(as of 12/31/2023)
Type
SMA
Benchmark
AAA/Aaa
6.94% 15.92%
AA/Aa
56.64% 55.39%
A/A
17.76% 23.20%
BBB/Baa
10.16% 5.48%
BB/Ba
2.68% 0.00%
Not rated
5.66% 0.01%
Cash & equivalents
0.14% -

The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentages of the fund's portfolio with the ratings depicted in the chart are calculated based on total investments of the fund. If a security was rated by all three rating agencies, the middle rating was used. If rated by two of three rating agencies, the lower rating was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Top 10 holdings Add Minus

Top 10 holdings

(as of 12/31/2023)
Security
SMA
Corebuilder M Shares
47.50%
Denver Colo City & Cnty Arpt Rev Sys Bds 2022c
6.50%
Georgia St GO Bds 2017 a Tranche 1
6.50%
Honolulu Hawaii City & Cnty Wastewtr Sys Rev Rev Bds a
6.50%
Los Angeles Calif Uni Sch Dist GO Dedicated Unltd Ad Valorem Ppty Tax Bds 2022 Qrr Green Bond
6.50%
New York St Dorm Auth Revs Non St Supported Debt Ref Bds Cornell Univ 2020a
6.50%
Phoenix Ariz Civic Impt Corp Excise Tax Rev Sub Bds 2022
6.50%
Port Houston Auth Tex Harris Cnty Rev First Lien Bds 2021
6.50%
University Minn GO Bds Regents 2019a
6.50%
Top 10 represents 99.50% of total net assets

Largest company weights are based on market value of the representative account and not necessarily held in all client portfolios. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security. A list of all holdings from the prior one-year period is available upon request.

Portfolio composition Add Minus

Portfolio composition

(as of 12/31/2023)
Credit Assets
Allocation
Benchmark
General obligation
13.95% 27.92%
Prerefunded bonds
0.13% 2.52%
Revenue bonds
85.92% 69.56%

Portfolio composition is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Documents

Literature Date
Fact Sheet 12/31/2023 Download Download
GIPS Report 3/31/2024 Download Download
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Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the strategy. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the strategy can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This strategy is exposed to high-yield securities risk and municipal securities risk. A portion of the strategy’s income may be subject to federal, state, and/or local income taxes or the alternative minimum tax. Any capital gains distributions may be taxable.

Allspring Managed Account Services (the firm) is a unit within Allspring Global Investments and is responsible for the management and administration of the Allspring Funds Management, LLC, retail separately managed account portfolios (wrap portfolios). Allspring Funds Management acts as a discretionary manager for separately managed accounts ("SMA") and as a non-discretionary model provider in a variety of managed account or wrap fee programs (“MA Programs”) sponsored by third party investment advisers, broker-dealers, or other financial services firms (a “Sponsor”). When acting as non-discretionary model provider, Allspring Funds Management responsibility is limited to providing non-discretionary investment recommendations (in the form of model portfolios) to the Sponsor. The Sponsor may use these recommendations in connection with its management of MA Program accounts. In these “model-based” programs, the Sponsor serves as the investment manager and maintains trade implementation responsibility.