Amundi Intermediate Government Fund  (MGIDX)

Fund Overview

Fund Overview

Share Class

N

Morningstar | Style Box

L M E H M L

NAV | as of 09/21/2017

$10.76
$0.00 (0.00%)

Overall Morningstar Rating



Rated against 245 Intermediate Government funds as of 08/31/2017

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Quarterly Performance (%) |
vs. Benchmark as of 06/30/2017

Fund Inception 03/31/1992

YTD 1YR 3YR 5YR 10YR INCEP.
MGIDX 1.06 -0.21 1.83 2.02 4.35 5.57
Citigroup Mortgage Index 1.36 -0.08 2.17 1.97 4.35 5.58
Bloomberg Barclays U.S. Aggregate Bond Index 2.27 -0.31 2.48 2.21 4.48 5.72

Expense Ratios

  • Gross Expense Ratio: 0.96%
  • Net Expense Ratio: 0.89%
  • Expense Cap Expiration Date: 05/01/2018

Read Important Investment Disclosures

Objective

The Fund seeks to provide a total return in excess of the total return of major market indices for mortgage-backed securities.

Why Consider

  • Provides investors with exposure to mortgage-backed securities (MBS) where many pricing inefficiencies exist
  • Employs a sell discipline and risk management policy designed to optimize return per unit of risk
  • Is unconstrained by the maturity or duration of MBS securities due to a hedging process that adjusts portfolio duration to closely match the Fund's benchmark

Fund Managers

Daniel R. Adler

Director of the Investment Management Group, Executive Vice President and Senior Portfolio Manager

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Daniel C. Dektar

Chief Investment Officer and Managing, Director of Amundi Smith Breeden

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Performance

Performance

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Returns & Distributions

as of 06/30/2017

    • Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
      Aug 28, 2017 $0.014600 $0.014600
      Jul 26, 2017 $0.014600 $0.014600
      Jun 27, 2017 $0.014700 $0.014700
      May 25, 2017 $0.014600 $0.014600
      Apr 25, 2017 $0.012200 $0.012200
      Mar 28, 2017 $0.011100 $0.011100
      Feb 23, 2017 $0.010000 $0.010000
      Jan 26, 2017 $0.010000 $0.010000
      Dec 27, 2016 $0.191700 $0.012900 $0.178800
      Nov 25, 2016 $0.013000 $0.013000
      Oct 26, 2016 $0.013000 $0.013000
      Sep 27, 2016 $0.008000 $0.008000
      Aug 26, 2016 $0.007000 $0.007000
      Jul 26, 2016 $0.007000 $0.007000
      Jun 27, 2016 $0.011000 $0.011000
      May 25, 2016 $0.013000 $0.013000
      Apr 26, 2016 $0.013000 $0.013000
      Mar 28, 2016 $0.013000 $0.013000
      Feb 24, 2016 $0.011000 $0.011000
      Jan 26, 2016 $0.011000 $0.011000
      Dec 28, 2015 $0.180900 $0.011100 $0.159700 $0.010100
      Nov 24, 2015 $0.011000 $0.011000
      Oct 27, 2015 $0.010000 $0.010000
      Sep 25, 2015 $0.011200 $0.011200
      Aug 26, 2015 $0.007000 $0.007000
      Jul 28, 2015 $0.009000 $0.009000
      Jun 25, 2015 $0.006200 $0.006200
      May 26, 2015 $0.006200 $0.006200
      Apr 27, 2015 $0.005900 $0.005900
      Mar 26, 2015 $0.007000 $0.007000
      Feb 24, 2015 $0.008000 $0.008000
      Jan 27, 2015 $0.007000 $0.007000
      Dec 26, 2014 $0.236400 $0.014000 $0.210800 $0.011600
      Nov 24, 2014 $0.006500 $0.006500
      Oct 28, 2014 $0.004500 $0.004500
      Sep 25, 2014 $0.002500 $0.002500
      Aug 26, 2014 $0.017500 $0.017500
      Jul 28, 2014 $0.023500 $0.023500
      Jun 25, 2014 $0.020000 $0.020000
      May 27, 2014 $0.017000 $0.017000
      Apr 25, 2014 $0.016500 $0.016500
      Mar 26, 2014 $0.015000 $0.015000
      Feb 25, 2014 $0.017500 $0.017500
      Jan 28, 2014 $0.014500 $0.014500
      Dec 26, 2013 $0.037000 $0.015000 $0.008100 $0.013900
      Nov 25, 2013 $0.017500 $0.017500
      Oct 28, 2013 $0.020000 $0.020000
      Sep 25, 2013 $0.017500 $0.017500
      Aug 27, 2013 $0.016000 $0.016000
      Jul 26, 2013 $0.017500 $0.017500
      Jun 25, 2013 $0.015000 $0.015000
      May 28, 2013 $0.014500 $0.014500
      Apr 25, 2013 $0.014500 $0.014500
      Mar 25, 2013 $0.013500 $0.013500
      Feb 25, 2013 $0.010000 $0.010000
      Jan 28, 2013 $0.010500 $0.010500
      Dec 26, 2012 $0.277000 $0.015000 $0.176700 $0.085300
      Nov 27, 2012 $0.018500 $0.018500
      Oct 26, 2012 $0.016500 $0.016500
      Sep 25, 2012 $0.015000 $0.015000
      Aug 28, 2012 $0.012500 $0.012500
      Jul 26, 2012 $0.012500 $0.012500
      Jun 26, 2012 $0.011500 $0.011500
      May 25, 2012 $0.017500 $0.017500
      Apr 25, 2012 $0.017500 $0.017500
      Mar 27, 2012 $0.020500 $0.020500
      Feb 24, 2012 $0.025000 $0.025000
      Jan 26, 2012 $0.022500 $0.022500
      Dec 27, 2011 $0.274200 $0.023500 $0.230400 $0.020300
      Nov 25, 2011 $0.022500 $0.022500
      Oct 26, 2011 $0.022500 $0.022500
      Sep 27, 2011 $0.025000 $0.025000
      Aug 26, 2011 $0.026000 $0.026000
      Jul 26, 2011 $0.026000 $0.026000
      Jun 27, 2011 $0.023500 $0.023500
      May 25, 2011 $0.025000 $0.025000
      Apr 26, 2011 $0.027000 $0.027000
      Mar 28, 2011 $0.026500 $0.026500
      Feb 23, 2011 $0.025000 $0.025000
      Jan 26, 2011 $0.025000 $0.025000
      Dec 28, 2010 $0.301700 $0.027500 $0.241200 $0.033000
      Nov 24, 2010 $0.026500 $0.026500
      Oct 26, 2010 $0.025000 $0.025000
      Sep 27, 2010 $0.021500 $0.021500
      Aug 26, 2010 $0.020000 $0.020000
      Jul 27, 2010 $0.021000 $0.021000
      Jun 25, 2010 $0.025000 $0.025000
      May 25, 2010 $0.030000 $0.030000
      Apr 27, 2010 $0.030000 $0.030000
      Mar 26, 2010 $0.102000 $0.030000 $0.072000
      Feb 23, 2010 $0.030000 $0.030000
      Jan 26, 2010 $0.030000 $0.030000
      Dec 28, 2009 $0.138200 $0.037500 $0.100700
      Nov 24, 2009 $0.040000 $0.040000
      Oct 27, 2009 $0.037500 $0.037500
      Sep 25, 2009 $0.032500 $0.032500
      Aug 26, 2009 $0.030000 $0.030000
      Jul 28, 2009 $0.030000 $0.030000
      Jun 25, 2009 $0.030000 $0.030000
      May 26, 2009 $0.032500 $0.032500
      Apr 27, 2009 $0.034000 $0.034000
      Mar 26, 2009 $0.034000 $0.034000
      Feb 24, 2009 $0.034000 $0.034000
      Jan 27, 2009 $0.037500 $0.037500
      Dec 26, 2008 $0.171800 $0.039500 $0.094400 $0.037900
      Nov 24, 2008 $0.038500 $0.038500
      Oct 28, 2008 $0.038500 $0.038500
      Sep 25, 2008 $0.038500 $0.038500
      Aug 26, 2008 $0.037500 $0.037500
      Jul 28, 2008 $0.037500 $0.037500
      Jun 25, 2008 $0.037500 $0.037500
      May 27, 2008 $0.037500 $0.037500
      Apr 25, 2008 $0.036500 $0.036500
      Mar 26, 2008 $0.037500 $0.037500
      Feb 26, 2008 $0.040000 $0.040000
      Jan 28, 2008 $0.035000 $0.035000
      Dec 26, 2007 $0.041200 $0.041200
      Nov 27, 2007 $0.040000 $0.040000
      Oct 26, 2007 $0.040000 $0.040000
      Sep 25, 2007 $0.040000 $0.040000
      Aug 28, 2007 $0.042500 $0.042500
      Jul 26, 2007 $0.042500 $0.042500
      Jun 26, 2007 $0.042500 $0.042500
      May 25, 2007 $0.040000 $0.040000
      Apr 25, 2007 $0.040000 $0.040000
      Mar 27, 2007 $0.040000 $0.040000
      Feb 23, 2007 $0.040000 $0.040000
      Jan 26, 2007 $0.040000 $0.040000
      Dec 26, 2006 $0.035000 $0.035000
      Nov 27, 2006 $0.040000 $0.040000
      Oct 26, 2006 $0.040000 $0.040000
      Sep 26, 2006 $0.032500 $0.032500
      Aug 28, 2006 $0.040000 $0.040000
      Jul 26, 2006 $0.040000 $0.040000
      Jun 27, 2006 $0.038000 $0.038000
      May 25, 2006 $0.040000 $0.040000
      Apr 25, 2006 $0.042500 $0.042500
      Mar 28, 2006 $0.040000 $0.040000
      Feb 23, 2006 $0.040000 $0.040000
      Jan 26, 2006 $0.035000 $0.035000
      Dec 27, 2005 $0.030000 $0.030000
      Nov 25, 2005 $0.035000 $0.035000
      Oct 26, 2005 $0.032500 $0.032500
      Sep 27, 2005 $0.032500 $0.032500
      Aug 26, 2005 $0.030000 $0.030000
      Jul 26, 2005 $0.027500 $0.027500
      Jun 27, 2005 $0.025000 $0.025000
      May 25, 2005 $0.025000 $0.025000
      Apr 26, 2005 $0.020000 $0.020000
      Mar 28, 2005 $0.025000 $0.025000
      Feb 23, 2005 $0.015000 $0.015000
      Jan 26, 2005 $0.015000 $0.015000
      Dec 28, 2004 $0.020000 $0.020000
      Nov 24, 2004 $0.163300 $0.020000 $0.140000 $0.003300
      Oct 26, 2004 $0.020000 $0.020000
      Sep 27, 2004 $0.025000 $0.025000
      Aug 26, 2004 $0.025000 $0.025000
      Jul 27, 2004 $0.025000 $0.025000
      Jun 25, 2004 $0.025000 $0.025000
      May 25, 2004 $0.020000 $0.020000
      Apr 27, 2004 $0.020000 $0.020000
      Mar 26, 2004 $0.020000 $0.020000
      Feb 24, 2004 $0.015000 $0.015000
      Jan 27, 2004 $0.015000 $0.015000
      Dec 26, 2003 $0.085000 $0.015000 $0.070000
      Nov 24, 2003 $0.015000 $0.015000
      Oct 28, 2003 $0.015000 $0.015000
      Sep 25, 2003 $0.010000 $0.010000
      Aug 26, 2003 $0.015000 $0.015000
      Jul 28, 2003 $0.020000 $0.020000
      Jun 25, 2003 $0.025000 $0.025000
      May 27, 2003 $0.030000 $0.030000
      Apr 25, 2003 $0.030000 $0.030000
      Mar 26, 2003 $0.020000 $0.020000
      Feb 26, 2003 $0.030000 $0.030000
      Jan 28, 2003 $0.040000 $0.040000
      Dec 26, 2002 $0.030000 $0.030000
      Nov 25, 2002 $0.040000 $0.040000
      Oct 28, 2002 $0.040000 $0.040000
      Sep 25, 2002 $0.030000 $0.030000
      Aug 27, 2002 $0.020000 $0.020000
      Jul 26, 2002 $0.030000 $0.030000
      Jun 25, 2002 $0.040000 $0.040000
      May 28, 2002 $0.040000 $0.040000
      Apr 25, 2002 $0.040000 $0.040000
      Mar 25, 2002 $0.030000 $0.030000
      Feb 25, 2002 $0.020000 $0.020000
      Jan 28, 2002 $0.020000 $0.020000
      Dec 26, 2001 $0.020000 $0.020000
      Nov 27, 2001 $0.020000 $0.020000
      Oct 26, 2001 $0.030000 $0.030000
      Sep 25, 2001 $0.050000 $0.050000
      Aug 28, 2001 $0.050000 $0.050000
      Jul 26, 2001 $0.050000 $0.050000
      Jun 26, 2001 $0.060000 $0.060000
      May 25, 2001 $0.060000 $0.060000
      Apr 25, 2001 $0.040000 $0.040000
      Mar 27, 2001 $0.040000 $0.040000
      Feb 23, 2001 $0.045000 $0.045000
      Jan 26, 2001 $0.040000 $0.040000
      Dec 26, 2000 $0.045000 $0.045000
      Nov 27, 2000 $0.040000 $0.040000
      Oct 26, 2000 $0.040000 $0.040000
      Sep 29, 2000 $0.049272 $0.049272
      Aug 31, 2000 $0.044950 $0.044950
      Jul 31, 2000 $0.047262 $0.047262
      Jun 30, 2000 $0.046528 $0.046528
      May 31, 2000 $0.046775 $0.046775
      Apr 28, 2000 $0.043179 $0.043179
      Mar 31, 2000 $0.047618 $0.047618
      Feb 29, 2000 $0.049292 $0.049292
      Jan 31, 2000 $0.047539 $0.047539
      Dec 31, 1999 $0.046776 $0.046776
      Dec 16, 1999 $0.023000 $0.023000
      Nov 30, 1999 $0.047220 $0.047220
      Oct 29, 1999 $0.046531 $0.046531
      Sep 30, 1999 $0.046555 $0.046555
      Aug 31, 1999 $0.045261 $0.045261
      Jul 30, 1999 $0.047015 $0.047015
      Jun 25, 1999 $0.038978 $0.038978
      May 28, 1999 $0.043810 $0.043810
      Apr 30, 1999 $0.045240 $0.045240
      Mar 31, 1999 $0.044802 $0.044802
      Feb 26, 1999 $0.042675 $0.042675
      Jan 29, 1999 $0.042328 $0.042328
      Dec 31, 1998 $0.042937 $0.042937
      Nov 30, 1998 $0.042748 $0.042748
      Oct 30, 1998 $0.041147 $0.041147
      Sep 30, 1998 $0.040423 $0.040423
      Aug 31, 1998 $0.040371 $0.040371
      Jul 31, 1998 $0.044109 $0.044109
      Jun 30, 1998 $0.043985 $0.043985
      Jun 11, 1998 $0.130140 $0.130140
      May 29, 1998 $0.044079 $0.044079
      Apr 30, 1998 $0.045232 $0.045232
      Mar 31, 1998 $0.048388 $0.048388
      Feb 27, 1998 $0.044670 $0.044670
      Jan 30, 1998 $0.045780 $0.045780
      Dec 31, 1997 $0.046925 $0.046925
      Nov 26, 1997 $0.047639 $0.047639
      Nov 19, 1997 $0.177840 $0.177840
      Oct 31, 1997 $0.047533 $0.047533
      Sep 30, 1997 $0.047714 $0.047714
      Aug 29, 1997 $0.046289 $0.046289
      Jul 31, 1997 $0.046131 $0.046131
      Jun 30, 1997 $0.046362 $0.046362
      May 30, 1997 $0.045937 $0.045937
      Apr 30, 1997 $0.047528 $0.047528
      Mar 31, 1997 $0.046963 $0.046963
      Feb 28, 1997 $0.049887 $0.049887
      Jan 31, 1997 $0.052578 $0.052578
      Dec 31, 1996 $0.052132 $0.052132
      Dec 20, 1996 $0.132004 $0.132004
      Nov 27, 1996 $0.052605 $0.052605
      Oct 31, 1996 $0.052509 $0.052509
      Sep 30, 1996 $0.171059 $0.052134 $0.062725 $0.056200
      Aug 30, 1996 $0.049407 $0.049407
      Jul 31, 1996 $0.048644 $0.048644
      Jun 28, 1996 $0.048538 $0.048538
      May 31, 1996 $0.048620 $0.048620
      Apr 30, 1996 $0.049698 $0.049698
      Mar 29, 1996 $0.050752 $0.050752
      Feb 29, 1996 $0.053347 $0.053347
      Jan 31, 1996 $0.052186 $0.052186
      Dec 29, 1995 $0.060426 $0.060426
      Dec 15, 1995 $0.101300 $0.101300
      Nov 30, 1995 $0.053200 $0.053200
      Oct 31, 1995 $0.054093 $0.054093
      Sep 29, 1995 $0.053758 $0.053758
      Aug 31, 1995 $0.054600 $0.054600
      Jul 31, 1995 $0.056680 $0.056680
      Jun 30, 1995 $0.057344 $0.057344
      May 31, 1995 $0.055789 $0.055789
      Apr 28, 1995 $0.053523 $0.053523
      Mar 31, 1995 $0.055282 $0.055282
      Feb 28, 1995 $0.051723 $0.051723
      Jan 31, 1995 $0.047784 $0.047784
      Dec 30, 1994 $0.047234 $0.047234
      Nov 30, 1994 $0.044604 $0.044604
      Oct 31, 1994 $0.042751 $0.042751
      Sep 30, 1994 $0.035429 $0.035429
      Aug 31, 1994 $0.040434 $0.040434
      Jul 29, 1994 $0.057845 $0.057845
      Jun 30, 1994 $0.083952 $0.083952
      Jun 15, 1994 $0.130617 $0.022454 $0.108163
      May 31, 1994 $0.059680 $0.059680
      Apr 29, 1994 $0.055253 $0.055253
      Mar 31, 1994 $0.041767 $0.041767
      Feb 28, 1994 $0.039343 $0.039343
      Jan 31, 1994 $0.037943 $0.037943
      Dec 31, 1993 $0.042668 $0.042668
      Dec 30, 1993 $0.444480 $0.444480
      Nov 30, 1993 $0.041871 $0.041871
      Oct 29, 1993 $0.039998 $0.039998
      Sep 30, 1993 $0.038101 $0.038101
      Aug 31, 1993 $0.035224 $0.035224
      Jul 30, 1993 $0.036989 $0.036989
      Jun 30, 1993 $0.139252 $0.139252
      Jun 10, 1993 $0.014800 $0.014800
      May 28, 1993 $0.052354 $0.052354
      Apr 30, 1993 $0.056243 $0.056243
      Mar 31, 1993 $0.055331 $0.055331
      Feb 26, 1993 $0.065780 $0.065780
      Jan 29, 1993 $0.061039 $0.061039
      Dec 31, 1992 $0.183211 $0.183211
      Dec 14, 1992 $0.001000 $0.001000
      Nov 30, 1992 $0.056634 $0.056634
      Oct 30, 1992 $0.061804 $0.061804
      Sep 30, 1992 $0.062722 $0.062722
      Aug 31, 1992 $0.059096 $0.059096
      Jul 31, 1992 $0.052655 $0.052655
      Jun 30, 1992 $0.051082 $0.051082
      May 29, 1992 $0.064439 $0.064439
      Apr 30, 1992 $0.051708 $0.051708
      Mar 31, 1992 $0.001654 $0.001654

Growth of $10,000 (Hypothetical)

Since Inception 03/31/1992 to 08/31/2017 = $39,738.82

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the 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. For performance information through the most recent month end please call 800.835.3879 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown.

Top Holdings (Fixed)

Quarter Ending: 06/30/2017

Freddie Mac Gold Pool TBA 15.65%
Fannie Mae Pool TBA 11.33%
Freddie Mac Gold Pool TBA 6.94%
Fannie Mae Pool TBA 4.30%
Fannie Mae Pool TBA 3.91%
Fannie Mae Pool BF0068 Fixed 2.27%
Progress Residential 2015-SFR2 Trust Fixed 144A 2.25%
Fannie Mae Pool AL7091 Fixed 1.99%
Fannie Mae Pool BF0072 Fixed 1.87%
Fannie Mae Pool AL5437 Fixed 1.74%
% in Top 10 Holdings 42.25%
View Holding Details Read Important Investment Disclosures

MPT Stats

Month Ending: 08/31/2017

View All Characteristics & Stats

Sector Allocation (Fixed)

Quarter Ending: 06/30/2017

Investment Approach

Investment Approach

Amundi Intermediate Government Fund

Amundi Smith Breeden’s investment philosophy holds the following key tenets:

  • A portfolio of fixed income securities with wide risk-adjusted spreads properly matched to the duration of the market produces a total return in excess of the market return
  • The incremental return available from security selection, based on careful relative-value analysis and quantitative research, is significantly greater and more consistent than the incremental return from predicting the direction of interest rates
  • Within the investment-grade fixed income market, the spread sectors offer the greatest opportunity for excess return through security selection

Under normal circumstances, the Fund will invest at least 80% of its assets in debt securities issued by the U.S. Government, its agencies and instrumentalities, and synthetic instruments or derivatives, or securities having economic characteristics similar to such debt securities.

Additional Fund Highlights

The Fund has a strong sell discipline and will sell a security when the team:

  • No longer views the bonds as attractive
  • Deems it necessary to reallocate the portfolio
  • Needs to make adjustments to manage the fund portfolio duration

Markets Are Cyclical, Your Success Should Not Be

If history has taught us anything, it is that markets are cyclical. They rise and they fall, and just when investors convince themselves that something has changed, the pattern continues. Investors who understand this about the markets possess a distinct advantage.
Read Full Perspective

AMG Funds: A Consultative Partner to Investment Advisors

Jeffrey Cerutti, CEO, describes the breadth of AMG Funds’ product offerings. He discusses how the diverse manager array enables the firm to be diagnostic and consultative in representing strategies to advisors.
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About

About Amundi Smith Breeden Asset Management

Background

Amundi Smith Breeden specializes in strategies that blend traditional macroeconomic analysis, fundamental credit analysis and quantitative option-adjusted spread analysis.

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