Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional Managed Trust (SIMT) SIMT-1 Portfolio Manager: Rich Bamford Conservative Income Fund (SIMT) The performance data shown is past performance. Past performance is no guarantee of future results. The investment return and 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 and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Fee waivers are voluntary and may be discontinued at any time. Q. HOW DID THE FUND PERFORM AGAINST ITS INDEX FOR THE QUARTER, RICH? A. The Fund returned 1.14% versus 1.07% for the ICE BofA US 3-Month Treasury Bill Index. Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. The Fund performed in line with its benchmark during the quarter. Its net asset value (NAV) had minimal volatility. The Fund's allocation to high quality certificates of deposit (CD) and commercial paper provide a yield advantage relative to the all-treasury benchmark. U.S. Libor continued to rise and closed the quarter just above 500 bps as the Fed hiked the target range on the Fed Funds rate to 4.75%-5.00%. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The Fund continues to maintain an allocation to high quality commercial paper and CDs which provide a yield advantage relative to treasuries. The allocation is primarily municipal issuers. The Fund has a small allocation to A-2 Commercial paper. The Fund continues to hold both Municipal Commercial Paper and variable-rate demand notes (VRDNs). The portfolio's focus shifted from a shorter duration posture to a barbelled approach to curve management as the top of the Fed's hiking cycle is imminent and the path of monetary policy remains less certain. INVESTMENT STRATEGY: The Fund seeks to preserve principal value and maintain a high degree of liquidity while providing current income. Under normal circumstances, the Fund will invest most of its net assets in U.S. dollar-denominated debt securities that are expected to present minimal credit risks. These securities include commercial paper, corporate bonds and asset-based securities of U.S. and foreign issuers; certificates of deposit, time deposits, bankers' acceptances, bank notes, and other obligations of U.S. savings and loan and thrift institutions, U.S. banks or U.S. branches or non-U.S. branches of foreign banks; short-term obligations issued by state and local governments; U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; and obligations of foreign governments. The Fund may also enter into fully-collateralized repurchase agreements. Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Equity Funds SIMT Large Cap Fund 9/30/09 1.37 7.39 4.81 4.81 -6.87 17.12 8.09 9.94 10.78 -15.84 24.08 Russell 1000 Index (USD) 3.16 7.46 7.46 7.46 -8.39 18.55 10.86 12.01 12.69 -19.13 26.45 Expenses before waivers (%) = 0.95 Expenses after waivers (%) = 0.89 SIMT Large Cap Growth Fund 12/20/94 6.38 11.76 11.76 11.76 -11.75 16.10 11.39 12.11 8.98 -28.83 25.39 Russell 1000 Growth Index (USD) 6.84 14.37 14.37 14.37 -10.90 18.58 13.65 14.58 10.31 -29.14 27.60 Expenses before waivers (%) = 0.97 Expenses after waivers (%) = 0.89 SIMT Large Cap Value Fund 4/20/87 -1.58 0.58 0.58 0.58 -4.37 19.34 6.13 8.39 8.10 -4.99 27.67 Russell 1000 Value Index (USD) -0.46 1.01 1.01 1.01 -5.91 17.93 7.49 9.12 9.59 -7.54 25.16 Expenses before waivers (%) = 0.93 Expenses after waivers (%) = 0.89 SIMT Global Managed Volatility Fund 7/27/06 2.42 2.31 2.31 2.31 -3.19 10.35 4.55 6.79 5.09 -7.69 18.01 MSCI World Index (Net) (USD) 3.09 7.73 7.73 7.73 -7.02 16.40 8.00 8.85 6.61 -18.14 21.82 Expenses before waivers (%) = 1.23 Expenses after waivers (%) = 1.11 SIMT U.S. Managed Volatility Fund 10/28/04 0.52 -0.52 -0.52 -0.52 -3.13 14.50 7.24 9.08 8.45 -0.93 19.63 as of 03/31/2023 as of 03/31/2023 Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Institutional Managed Trust - Class F (Formerly Class A) Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 as of 03/31/2023 as of 03/31/2023 Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Institutional Managed Trust - Class F (Formerly Class A) Bond Funds SIMT Core Fixed Income Fund 5/1/87 2.62 3.41 3.41 3.41 -5.81 -2.44 0.74 1.46 5.32 -15.11 -1.70 Bloomberg US Aggregate Bond Index (USD) 2.54 2.96 2.96 2.96 -4.78 -2.77 0.90 1.36 5.49 -13.01 -1.54 Expenses before waivers (%) = 0.73 Expenses after waivers (%) = 0.66 SIMT High Yield Bond Fund 1/11/95 -0.18 3.11 3.11 3.11 -5.84 7.64 3.16 3.92 6.46 -11.78 9.88 ICE BofA US High Yield Constrained Index (USD) 1.11 3.72 3.72 3.72 -3.58 5.81 3.03 4.02 6.82 -11.21 5.35 Expenses before waivers (%) = 0.98 Expenses after waivers (%) = 0.89 SIMT Real Return Fund 7/2/09 2.14 2.25 2.25 2.25 -1.79 2.83 2.43 1.02 1.81 -4.41 5.01 Bloomberg 1-5 Year US TIPS Index (USD) 2.17 2.26 2.26 2.26 -1.14 3.34 2.91 1.48 2.26 -3.96 5.53 Expenses before waivers (%) = 0.70 Expenses after waivers (%) = 0.45 Expenses before waivers (%) = Expenses after waivers (%) = SIMT Conservative Income 4/22/16 0.39 1.14 1.14 1.14 2.76 0.94 1.38 1.23 1.51 0.01 ICE BofA US 3-Month Treasury Bill Index (USD) 0.43 1.07 1.07 1.07 2.50 0.89 1.41 1.22 1.46 0.05 Expenses before waivers (%) = 0.58 Expenses after waivers (%) = 0.25 SIMT Tax-Free Conservative Income 4/22/16 0.23 0.65 0.65 0.65 1.61 0.58 0.84 0.76 0.96 0.01 ICE BofA US 3-Month Treasury Bill Index (USD) 0.43 1.07 1.07 1.07 2.50 0.89 1.41 1.22 1.46 0.05 Expenses before waivers (%) = 0.58 Expenses after waivers (%) = 0.22 *SIMT Tax-Free Conservative Income Benchmark consists of the iMoneyNet Tax-Free Institutional (60%), and S&P Municipal Bond 6 Month High Grade Rate (TR) (USD) (40%). The performance data shown is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. to the most recent month end, please call 1-800-DIAL-SEI. Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Equity Funds SIMT Large Cap Fund 9/30/09 1.37 7.39 4.81 4.81 -6.87 17.12 8.09 9.94 10.78 -15.84 24.08 Russell 1000 Index (USD) 3.16 7.46 7.46 7.46 -8.39 18.55 10.86 12.01 12.69 -19.13 26.45 Expenses before waivers (%) = 0.95 Expenses after waivers (%) = 0.89 SIMT Large Cap Growth Fund 12/20/94 6.38 11.76 11.76 11.76 -11.75 16.10 11.39 12.11 8.98 -28.83 25.39 Russell 1000 Growth Index (USD) 6.84 14.37 14.37 14.37 -10.90 18.58 13.65 14.58 10.31 -29.14 27.60 Expenses before waivers (%) = 0.97 Expenses after waivers (%) = 0.89 SIMT Large Cap Value Fund 4/20/87 -1.58 0.58 0.58 0.58 -4.37 19.34 6.13 8.39 8.10 -4.99 27.67 Russell 1000 Value Index (USD) -0.46 1.01 1.01 1.01 -5.91 17.93 7.49 9.12 9.59 -7.54 25.16 Expenses before waivers (%) = 0.93 Expenses after waivers (%) = 0.89 SIMT Global Managed Volatility Fund 7/27/06 2.42 2.31 2.31 2.31 -3.19 10.35 4.55 6.79 5.09 -7.69 18.01 MSCI World Index (Net) (USD) 3.09 7.73 7.73 7.73 -7.02 16.40 8.00 8.85 6.61 -18.14 21.82 Expenses before waivers (%) = 1.23 Expenses after waivers (%) = 1.11 SIMT U.S. Managed Volatility Fund 10/28/04 0.52 -0.52 -0.52 -0.52 -3.13 14.50 7.24 9.08 8.45 -0.93 19.63 Russell 3000 Index (USD) 2.67 7.18 7.18 7.18 -8.58 18.48 10.44 11.73 9.36 -19.21 25.66 as of 03/31/2023 as of 03/31/2023 Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Institutional Managed Trust - Class F (Formerly Class A)