Fixed Income

CoreBuilder® Core Plus SMA

Bloomberg U.S. Aggregate Bond Index
Benchmark name
2/1/2016
Inception date
Plus Fixed Income Team
Team
$985.1K
Assets under management
Data as of 12/31/2023
SMA overview
Exploiting market inefficiencies
The CoreBuilder® Core Plus SMA aims to deliver total return in excess of the benchmark by using a risk-conscious, relative value approach to pursue upside potential, produce income for shareholders, and manage downside risk.

A relative value approach can help find value in sectors and securities where others don’t think to look.  
 
Key differentiators

  • Seeks to achieve compelling risk-adjusted returns by using a relative value framework for duration, yield curve positioning, sector allocation, and security selection decisions
  • Allows our portfolio managers to strategically allocate up to 35% in plus sectors, including high yield debt, emerging market debt, and non-U.S.-dollar corporate and government debt
  • Combines a top-down and bottom-up approach using a six-month investment horizon to anticipate market cycles and position the portfolio
  • May be used as a foundational fixed income allocation 

General facts

Current yield

4.45%

Average maturity

10.23 Years

Effective duration

6.30

Yield to worst

4.65

Average credit quality

A+

Quick resources

Fact sheet

Performance

Average annual returns

Average annual returns

(as of 12/31/2023)
2/1/2016
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Pure Gross)
4.18
7.53
7.13
7.13
-2.29
2.82
-
3.30
Composite (Net)
4.05
7.12
5.53
5.53
-3.75
1.29
-
1.76
Bloomberg U.S. Aggregate Bond Index
3.83
6.82
5.53
5.53
-3.31
1.10
-
1.33

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

Calendar year

(as of 12/31/2023)
2023
Fund
7.13
Benchmark
5.53

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

Performance and volatility metrics

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

Composition

Portfolio statistics

Portfolio statistics

(as of 12/31/2023)
SMA Benchmark
Number of Holdings 303 13334
AMT 0.00 0.00
Effective Duration 6.30 6.24
Weighted Average Effective Maturity 10.23 9.02

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

Credit quality

(as of 12/31/2023)
Type
SMA
Benchmark
AAA/Aaa
 4.29% 3.80%
AA/Aa
 55.00% 72.01%
A/A
 13.83% 11.72%
BBB/Baa
 15.71% 12.46%
BB/Ba
 3.84% -
B/B
 2.30% -
CCC/Caa and below
 0.49% -
Not rated
 4.29% -
Cash & equivalents
 0.25% -

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.

Maturity

Maturity

(as of 12/31/2023)
Maturity Range
SMA
0 - 1 year
4.27%
1 - 3 years
10.86%
3 - 5 years
18.57%
5 - 10 years
42.22%
10 - 20 years
14.32%
20+ years
9.76%

Maturity distribution 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

Top 10 holdings

(as of 12/31/2023)
Security
SMA
GNMA
8.02%
GNMA
7.87%
U.S. Treasuries
4.95%
US TREASURY N/B
4.31%
FNMA POOL CA6738 FN 08/50 FIXED 3
3.99%
ConocoPhillips Company
1.70%
US TREASURY N/B
1.67%
U.S. Treasuries
1.61%
Oracle Corporation
1.58%
Comcast Corporation
1.54%
Top 10 represents 37.25% 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

Portfolio composition

(as of 12/31/2023)
Credit Assets
Allocation
Benchmark
U.S. treasuries
 22.83% 41.64%
ABS
 5.30% 0.47%
Agencies
 1.40% 1.44%
CLO
 1.79% -
CMBS
 2.18% 1.63%
CMO
 1.92% -
Corporate bonds
 33.07% 25.83%
Foreign government bonds
 2.82% -
MBS
 28.09% 26.62%
Sovereign
 0.61% 0.97%

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
GIPS Report 3/31/2024 Download
Our team
Meet the investment team

The team employs a sector specialist model whereby tenured investment professionals are supported by rigorous credit research to source opportunities across global fixed income markets.

View Team
Christopher

Christopher Kauffman

Portfolio Manager
Janet

Janet Rilling

Head of Plus Fixed Income
Michael

Michael Schueller

Portfolio Manager
Michal

Michal Stanczyk

Portfolio Manager
Noah

Noah Wise

Portfolio Manager
Contact Us

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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 fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. 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 fund is exposed to foreign investment risk, high-yield securities risk, and mortgage- and asset-backed securities risk. Consult the fund's prospectus for additional information on these and other risks.

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.