Amundi Short Duration Government Fund  (MGSDX)

Fund Overview

Fund Overview

Share Class

N

NAV | as of 09/21/2017

$9.54
$0.00 (0.00%)

Overall Morningstar Rating



Rated against 135 Ultrashort Bond 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.
MGSDX 0.20 0.75 0.41 0.51 1.36 3.37
BofA Merrill Lynch 6-Month T-Bill Index 0.36 0.62 0.44 0.33 0.94 2.93

Expense Ratios

  • Gross Expense Ratio: 0.80%
  • Net Expense Ratio: 0.69%
  • Expense Cap Expiration Date: 05/01/2018

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Objective

The Fund seeks to provide total return by investing in a fixed income portfolio that typically matches the duration of 6-month U.S. Treasury securities.

Why Consider

  • Provides investors with a total return oriented portfolio which seeks to mirror characteristics of 6-month U.S. Treasury securities and may be appropriate for investors seeking a secondary cash investment
  • 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

Timothy J. Cunneen

Senior Portfolio Manager, Managing Director and Senior Mortgage Strategist of Amundi Smith Breeden

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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 $0.021200 $0.021200
      Jul 26, 2017 $0.021300 $0.021300
      Jun 27, 2017 $0.021200 $0.021200
      May 25, 2017 $0.021300 $0.021300
      Apr 25, 2017 $0.021300 $0.021300
      Mar 28, 2017 $0.018800 $0.018800
      Feb 23, 2017 $0.009000 $0.009000
      Jan 26, 2017 $0.007000 $0.007000
      Dec 27, 2016 $0.009300 $0.009300
      Nov 25, 2016 $0.009000 $0.009000
      Oct 26, 2016 $0.009000 $0.009000
      Sep 27, 2016 $0.007000 $0.007000
      Aug 26, 2016 $0.007000 $0.007000
      Jul 26, 2016 $0.011500 $0.011500
      Jun 27, 2016 $0.011500 $0.011500
      May 25, 2016 $0.012500 $0.012500
      Apr 26, 2016 $0.010000 $0.010000
      Mar 28, 2016 $0.007000 $0.007000
      Feb 24, 2016 $0.001000 $0.001000
      Jan 26, 2016 $0.001000 $0.001000
      Dec 28, 2015 $0.001000 $0.001000
      Nov 24, 2015 $0.001000 $0.001000
      Oct 27, 2015 $0.000500 $0.000500
      Sep 25, 2015 $0.000500 $0.000500
      Aug 26, 2015 $0.000500 $0.000500
      Jul 28, 2015 $0.001800 $0.001800
      Jun 25, 2015 $0.003000 $0.003000
      May 26, 2015 $0.003000 $0.003000
      Apr 27, 2015 $0.002000 $0.002000
      Mar 26, 2015 $0.000500 $0.000500
      Feb 24, 2015 $0.001000 $0.001000
      Jan 27, 2015 $0.001000 $0.001000
      Dec 26, 2014 $0.001500 $0.001500
      Nov 24, 2014 $0.001500 $0.001500
      Oct 28, 2014 $0.001500 $0.001500
      Sep 25, 2014 $0.002900 $0.002900
      Aug 26, 2014 $0.002500 $0.002500
      Jul 28, 2014 $0.008200 $0.008200
      Jun 25, 2014 $0.008500 $0.008500
      May 27, 2014 $0.007000 $0.007000
      Apr 25, 2014 $0.007500 $0.007500
      Mar 26, 2014 $0.003000 $0.003000
      Feb 25, 2014 $0.001400 $0.001400
      Jan 28, 2014 $0.002500 $0.002500
      Jul 26, 2013 $0.002500 $0.002500
      Jun 25, 2013 $0.003500 $0.003500
      May 28, 2013 $0.003500 $0.003500
      Apr 25, 2013 $0.005000 $0.005000
      Mar 25, 2013 $0.005000 $0.005000
      Feb 25, 2013 $0.004500 $0.004500
      Jan 28, 2013 $0.005000 $0.005000
      Dec 26, 2012 $0.008500 $0.008500
      Nov 27, 2012 $0.004000 $0.004000
      Oct 26, 2012 $0.005500 $0.005500
      Sep 25, 2012 $0.006000 $0.006000
      Aug 28, 2012 $0.005500 $0.005500
      Jul 26, 2012 $0.006000 $0.006000
      Jun 26, 2012 $0.006000 $0.006000
      May 25, 2012 $0.007500 $0.007500
      Apr 25, 2012 $0.007500 $0.007500
      Mar 27, 2012 $0.009000 $0.009000
      Feb 24, 2012 $0.006000 $0.006000
      Jan 26, 2012 $0.005000 $0.005000
      Dec 27, 2011 $0.007000 $0.007000
      Nov 25, 2011 $0.008000 $0.008000
      Oct 26, 2011 $0.005000 $0.005000
      Sep 27, 2011 $0.006000 $0.006000
      Aug 26, 2011 $0.006500 $0.006500
      Jul 26, 2011 $0.008000 $0.008000
      Jun 27, 2011 $0.010000 $0.010000
      May 25, 2011 $0.010000 $0.010000
      Apr 26, 2011 $0.009500 $0.009500
      Mar 28, 2011 $0.005000 $0.005000
      Feb 23, 2011 $0.005000 $0.005000
      Jan 26, 2011 $0.006000 $0.006000
      Dec 28, 2010 $0.007500 $0.007500
      Nov 24, 2010 $0.012500 $0.012500
      Oct 26, 2010 $0.012500 $0.012500
      Sep 27, 2010 $0.010000 $0.010000
      Aug 26, 2010 $0.006000 $0.006000
      Jul 27, 2010 $0.006000 $0.006000
      Jun 25, 2010 $0.010000 $0.010000
      May 25, 2010 $0.015000 $0.015000
      Apr 27, 2010 $0.014500 $0.014500
      Mar 26, 2010 $0.013500 $0.013500
      Feb 23, 2010 $0.012500 $0.012500
      Jan 26, 2010 $0.020000 $0.020000
      Dec 28, 2009 $0.020000 $0.020000
      Nov 24, 2009 $0.015000 $0.015000
      Oct 27, 2009 $0.020000 $0.020000
      Sep 25, 2009 $0.015000 $0.015000
      Aug 26, 2009 $0.015000 $0.015000
      Jul 28, 2009 $0.015000 $0.015000
      Jun 25, 2009 $0.015000 $0.015000
      May 26, 2009 $0.020000 $0.020000
      Apr 27, 2009 $0.023000 $0.023000
      Mar 26, 2009 $0.022500 $0.022500
      Feb 24, 2009 $0.022500 $0.022500
      Jan 27, 2009 $0.022000 $0.022000
      Dec 26, 2008 $0.030600 $0.030600
      Nov 24, 2008 $0.032500 $0.032500
      Oct 28, 2008 $0.030000 $0.030000
      Sep 25, 2008 $0.030000 $0.030000
      Aug 26, 2008 $0.030000 $0.030000
      Jul 28, 2008 $0.032500 $0.032500
      Jun 25, 2008 $0.030000 $0.030000
      May 27, 2008 $0.030000 $0.030000
      Apr 25, 2008 $0.030000 $0.030000
      Mar 26, 2008 $0.030000 $0.030000
      Feb 26, 2008 $0.030000 $0.030000
      Jan 28, 2008 $0.035000 $0.035000
      Dec 26, 2007 $0.039900 $0.039900
      Nov 27, 2007 $0.032500 $0.032500
      Oct 26, 2007 $0.035000 $0.035000
      Sep 25, 2007 $0.035000 $0.035000
      Aug 28, 2007 $0.037500 $0.037500
      Jul 26, 2007 $0.037500 $0.037500
      Jun 26, 2007 $0.037500 $0.037500
      May 25, 2007 $0.035000 $0.035000
      Apr 25, 2007 $0.035000 $0.035000
      Mar 27, 2007 $0.040000 $0.040000
      Feb 23, 2007 $0.035000 $0.035000
      Jan 26, 2007 $0.030000 $0.030000
      Dec 26, 2006 $0.030000 $0.030000
      Nov 27, 2006 $0.035000 $0.035000
      Oct 26, 2006 $0.040000 $0.040000
      Sep 26, 2006 $0.032500 $0.032500
      Aug 28, 2006 $0.032500 $0.032500
      Jul 26, 2006 $0.035000 $0.035000
      Jun 27, 2006 $0.030000 $0.030000
      May 25, 2006 $0.030000 $0.030000
      Apr 25, 2006 $0.035000 $0.035000
      Mar 28, 2006 $0.035000 $0.035000
      Feb 23, 2006 $0.030000 $0.030000
      Jan 26, 2006 $0.030000 $0.030000
      Dec 27, 2005 $0.030000 $0.030000
      Nov 25, 2005 $0.025000 $0.025000
      Oct 26, 2005 $0.025000 $0.025000
      Sep 27, 2005 $0.025000 $0.025000
      Aug 26, 2005 $0.035000 $0.035000
      Jul 26, 2005 $0.030000 $0.030000
      Jun 27, 2005 $0.025000 $0.025000
      May 25, 2005 $0.020000 $0.020000
      Apr 26, 2005 $0.025000 $0.025000
      Mar 28, 2005 $0.030000 $0.030000
      Feb 23, 2005 $0.020000 $0.020000
      Jan 26, 2005 $0.030000 $0.030000
      Dec 28, 2004 $0.030000 $0.030000
      Nov 24, 2004 $0.025000 $0.025000
      Oct 26, 2004 $0.020000 $0.020000
      Sep 27, 2004 $0.020000 $0.020000
      Aug 26, 2004 $0.020000 $0.020000
      Jul 27, 2004 $0.020000 $0.020000
      Jun 25, 2004 $0.020000 $0.020000
      May 25, 2004 $0.020000 $0.020000
      Apr 27, 2004 $0.025000 $0.025000
      Mar 26, 2004 $0.025000 $0.025000
      Feb 24, 2004 $0.020000 $0.020000
      Jan 27, 2004 $0.020000 $0.020000
      Dec 26, 2003 $0.025000 $0.025000
      Nov 24, 2003 $0.020000 $0.020000
      Oct 28, 2003 $0.015000 $0.015000
      Sep 25, 2003 $0.012500 $0.012500
      Aug 26, 2003 $0.015000 $0.015000
      Jul 28, 2003 $0.020000 $0.020000
      Jun 25, 2003 $0.025000 $0.025000
      May 27, 2003 $0.025000 $0.025000
      Apr 25, 2003 $0.020000 $0.020000
      Mar 26, 2003 $0.020000 $0.020000
      Feb 26, 2003 $0.020000 $0.020000
      Jan 28, 2003 $0.030000 $0.030000
      Dec 26, 2002 $0.020000 $0.020000
      Nov 25, 2002 $0.020000 $0.020000
      Oct 28, 2002 $0.030000 $0.030000
      Sep 25, 2002 $0.020000 $0.020000
      Aug 27, 2002 $0.020000 $0.020000
      Jul 26, 2002 $0.030000 $0.030000
      Jun 25, 2002 $0.040000 $0.040000
      May 28, 2002 $0.050000 $0.050000
      Apr 25, 2002 $0.040000 $0.040000
      Mar 25, 2002 $0.030000 $0.030000
      Feb 25, 2002 $0.035000 $0.035000
      Jan 28, 2002 $0.070000 $0.070000
      Dec 26, 2001 $0.045000 $0.045000
      Nov 27, 2001 $0.050000 $0.050000
      Oct 26, 2001 $0.040000 $0.040000
      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 $0.050000 $0.050000
      Apr 25, 2001 $0.045000 $0.045000
      Mar 27, 2001 $0.060000 $0.060000
      Feb 23, 2001 $0.045000 $0.045000
      Jan 26, 2001 $0.045000 $0.045000
      Dec 26, 2000 $0.045000 $0.045000
      Nov 27, 2000 $0.050000 $0.050000
      Oct 26, 2000 $0.040000 $0.040000
      Oct 3, 2000 $0.045000 $0.045000
      Sep 5, 2000 $0.045000 $0.045000
      Aug 2, 2000 $0.045000 $0.045000
      Jul 5, 2000 $0.050000 $0.050000
      Jun 2, 2000 $0.040000 $0.040000
      May 2, 2000 $0.040000 $0.040000
      Apr 4, 2000 $0.055000 $0.055000
      Mar 2, 2000 $0.060000 $0.060000
      Feb 2, 2000 $0.060000 $0.060000
      Jan 4, 2000 $0.060000 $0.060000
      Dec 2, 1999 $0.050000 $0.050000
      Nov 2, 1999 $0.050000 $0.050000
      Oct 4, 1999 $0.050000 $0.050000
      Sep 2, 1999 $0.040000 $0.040000
      Aug 3, 1999 $0.045000 $0.045000
      Jul 6, 1999 $0.045000 $0.045000
      Jun 2, 1999 $0.045000 $0.045000
      May 4, 1999 $0.030000 $0.030000
      Apr 5, 1999 $0.030000 $0.030000
      Mar 2, 1999 $0.030000 $0.030000
      Feb 2, 1999 $0.035000 $0.035000
      Jan 5, 1999 $0.035000 $0.035000
      Dec 2, 1998 $0.035000 $0.035000
      Nov 3, 1998 $0.030000 $0.030000
      Oct 5, 1998 $0.040000 $0.040000
      Sep 2, 1998 $0.040000 $0.040000
      Aug 4, 1998 $0.040000 $0.040000
      Jul 2, 1998 $0.040000 $0.040000
      Jun 2, 1998 $0.040000 $0.040000
      May 4, 1998 $0.040000 $0.040000
      Apr 2, 1998 $0.041500 $0.041500
      Mar 3, 1998 $0.041500 $0.041500
      Feb 3, 1998 $0.041500 $0.041500
      Jan 5, 1998 $0.041500 $0.041500
      Dec 2, 1997 $0.041500 $0.041500
      Nov 4, 1997 $0.040000 $0.040000
      Oct 2, 1997 $0.041500 $0.041500
      Sep 3, 1997 $0.042000 $0.042000
      Aug 4, 1997 $0.043500 $0.043500
      Jul 2, 1997 $0.043000 $0.043000
      Jun 3, 1997 $0.043400 $0.043400
      May 2, 1997 $0.044000 $0.044000
      Apr 2, 1997 $0.044200 $0.044200
      Mar 4, 1997 $0.044000 $0.044000
      Feb 4, 1997 $0.043000 $0.043000
      Jan 3, 1997 $0.043000 $0.043000
      Dec 3, 1996 $0.044000 $0.044000
      Nov 5, 1996 $0.043000 $0.043000
      Oct 2, 1996 $0.043000 $0.043000
      Sep 4, 1996 $0.041000 $0.041000
      Aug 5, 1996 $0.044000 $0.044000
      Jul 2, 1996 $0.045000 $0.045000
      Jun 4, 1996 $0.047000 $0.047000
      May 2, 1996 $0.047000 $0.047000
      Apr 2, 1996 $0.048000 $0.048000
      Mar 5, 1996 $0.047000 $0.047000
      Feb 5, 1996 $0.047000 $0.047000
      Jan 3, 1996 $0.048000 $0.048000
      Dec 4, 1995 $0.052000 $0.052000
      Nov 2, 1995 $0.053000 $0.053000
      Oct 3, 1995 $0.054000 $0.054000
      Sep 6, 1995 $0.053000 $0.053000
      Aug 2, 1995 $0.055000 $0.055000
      Jul 6, 1995 $0.054000 $0.054000
      Jun 5, 1995 $0.053500 $0.053500
      May 2, 1995 $0.058000 $0.058000
      Apr 4, 1995 $0.058000 $0.058000
      Mar 2, 1995 $0.058660 $0.058660
      Feb 2, 1995 $0.061500 $0.061500
      Jan 3, 1995 $0.054600 $0.054600
      Dec 5, 1994 $0.059230 $0.059230
      Nov 2, 1994 $0.054290 $0.054290
      Oct 4, 1994 $0.052500 $0.052500
      Sep 6, 1994 $0.051000 $0.051000
      Aug 2, 1994 $0.049011 $0.049011
      Jul 5, 1994 $0.048429 $0.048429
      Jun 2, 1994 $0.049000 $0.049000
      May 3, 1994 $0.047700 $0.047700
      Apr 5, 1994 $0.042500 $0.042500
      Mar 2, 1994 $0.040000 $0.040000
      Feb 2, 1994 $0.038000 $0.038000
      Jan 4, 1994 $0.025369 $0.025369
      Jan 3, 1994 $0.013631 $0.013631
      Dec 2, 1993 $0.037400 $0.037400
      Nov 2, 1993 $0.042200 $0.042200
      Oct 4, 1993 $0.048100 $0.048100
      Sep 2, 1993 $0.038600 $0.038600
      Aug 3, 1993 $0.038600 $0.038600
      Jul 6, 1993 $0.035000 $0.035000
      Jun 2, 1993 $0.035000 $0.035000
      May 4, 1993 $0.035000 $0.035000
      Apr 13, 1993 $0.035000 $0.035000
      Mar 11, 1993 $0.035000 $0.035000
      Feb 11, 1993 $0.038000 $0.038000
      Jan 12, 1993 $0.005000 $0.005000
      Jan 4, 1993 $0.039000 $0.039000
      Dec 11, 1992 $0.064400 $0.064000 $0.000400
      Nov 12, 1992 $0.042000 $0.042000
      Oct 13, 1992 $0.043000 $0.043000
      Sep 11, 1992 $0.043000 $0.043000
      Aug 11, 1992 $0.042000 $0.042000
      Jul 14, 1992 $0.045000 $0.045000
      Jun 16, 1992 $0.006000 $0.006000
      Jun 12, 1992 $0.045000 $0.045000
      May 12, 1992 $0.053000 $0.053000
      Apr 14, 1992 $0.054000 $0.054000

Growth of $10,000 (Hypothetical)

Since Inception 03/31/1992 to 08/31/2017 = $23,109.09

  • 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

Ginnie Mae I Pool 782130 Fixed 3.22%
Freddie Mac Gold Pool G60216 Fixed 2.99%
Fannie Mae Pool AH4793 Fixed 2.40%
Fannie Mae Pool 725423 Fixed 2.23%
Fannie Mae Pool AB0047 Fixed 2.17%
Freddie Mac Gold Pool Fixed 2.05%
Freddie Mac Gold Pool G60183 Fixed 1.97%
Fannie Mae Pool 890387 Fixed 1.92%
Fannie Mae Pool 914789 Floating 1.91%
Freddie Mac Gold Pool Q23232 Fixed 1.89%
% in Top 10 Holdings 22.75%
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 Short Duration 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

Keep Calm and Remain Diversified

A short- and long-term review of the power of diversification.
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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