Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional Managed Trust (SIMT) SIMT-10 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, STEVE? A. The Fund returned 3.22% versus 4.06% for the Russell Midcap Index. Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. The Fund moderately underperformed for the quarter. Selection was mildly positive in information technology, energy and industrials. However, these gains were offset by negative allocation effects largely due to overweights to financials and energy. At the factor level, only quality held up reasonably well throughout the quarter. Momentum faced headwinds with the rapid style leadership change in March, and value lost due to pressure on financials and a lack of exposure to expensive information technology. Low volatility also lagged. At the manager level, Leeward Investments faced steep value headwinds as the growth index outperformed its value counterpart. Selection in financials and an underweight to information technology were the biggest detractors. Los Angeles Capital Management positively contributed to excess return, aided by selection in information technology and financials. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. As of quarter end, at the sector level, the Fund is overweight to consumer staples and industrials. Meanwhile, it is underweight real estate and communication services. The Fund is cheaper than the benchmark on a number of valuation metrics and is higher quality than the benchmark. Over the quarter, the weight in industrials increased at the expense of financials. INVESTMENT STRATEGY: The Mid-Cap Fund aims to provide long-term capital appreciation. Under normal circumstances, the Fund will invest primarily in U.S. stocks with market capitalization ranges similar to those found in its benchmark, the Russell Midcap Index. The Fund follows a style-neutral mandate which allows the Fund to choose investments across the entire mid-cap universe. The Fund may also invest to a limited extent in real-estate investment trusts (REITs) and the securities of larger companies. Mid-Cap Fund (SIMT) Portfolio Manager: Steve Dolce 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) Equity Funds (continued) SIMT Mid-Cap Fund 2/16/93 -1.97 3.22 3.22 3.22 -6.45 19.71 5.72 9.29 9.52 -14.49 27.81 Russell Midcap Index (USD) -1.53 4.06 4.06 4.06 -8.78 19.20 8.05 10.05 10.54 -17.32 22.58 Expenses before waivers (%) = 0.98 Expenses after waivers (%) = 0.98 SIMT Real Estate Fund 11/13/03 -2.40 2.52 2.52 2.52 -21.15 11.00 6.10 6.07 7.71 -25.79 43.92 Wilshire US Real Estate Securities Index (RESI) (USD) -2.55 3.44 3.44 3.44 -21.20 11.12 5.68 6.08 8.16 -26.75 46.11 Expenses before waivers (%) = 1.23 Expenses after waivers (%) = 1.14 SIMT Dynamic Asset Allocation Fund 7/30/15 2.95 6.07 6.07 6.07 -9.14 19.73 10.47 10.00 -16.48 30.59 S&P 500 Index (Gross) (USD) 3.67 7.50 7.50 7.50 -7.73 18.60 11.18 11.19 -18.11 28.71 Expenses before waivers (%) = 1.18 Expenses after waivers (%) = 0.75 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)