Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional Managed Trust (SIMT) SIMT-5 Portfolio Manager: David Aniloff Benchmark performance prior to 4/1/04 is that of the Fund's prior benchmark, the CS First Boston Global High Yield Index. Performance from inception to 12/31/98 is that of the original benchmark, the CS First Boston High Yield Index. 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, DAVID? A. The Fund returned 3.11% versus 3.72% for the ICE BofA U.S. High Yield Constrained Index. Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. The Fund underperformed for the quarter due to selection within health care, an overweight to and selection within media, and selection within technology & electronics. Positive contributors were an allocation to structured credit, and selection within financial services and energy. Ares underperformed due to selection within basic industry and technology & electronics. Brigade underperformed due to selection within health care and an overweight to and selection within media. Benefit Street Partners underperformed due to an overweight to and selection within telecommunications and selection within real estate. J.P. Morgan underperformed due to an overweight and selection within media and selection within telecommunications. T. Rowe outperformed due to an overweight to and selection within automotive and transportation. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The allocation to structured credit remains the largest active position. We continue to view collateralized loan obligations (CLOs) as attractive on an absolute and relative basis, particularly lower-rated debt and equity tranches. The portfolio's CLO equity positions continue to make large quarterly distributions and benefit from the ability to reinvest in loans at today's discounted prices. CLO debt positions are enjoying higher interest payments as a result of the Federal Reserve's rate hikes. We see attractive value in CLOs and are fully invested relative to the maximum allowable allocation. Technology & electronics is also an overweight as many tech firms benefitted from the pandemic as work-from-home led to increased demand for computing, storage, and networking infrastructure. INVESTMENT STRATEGY: The High Yield Bond Fund seeks to provide total return by investing in riskier, higher- yielding fixed income securities. Under normal circumstances, the Fund will invest at least 80% of its net assets in high-yield fixed income securities, primarily in securities rated below investment grade ("junk bonds"), including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. The Fund's securities are diversified as to issuers and industries. The Fund's weighted-average maturity may vary but will generally not exceed ten years. High Yield Bond Fund (SIMT) 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 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 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)