Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional Managed Trust (SIMT) SIMT-12 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. Income Performance Benchmark: 45% Bloomberg US Aggregate Bond Index 40% ICE BofA US High Yield Constrained Index 15% S&P 500 Index (Gross) Q. HOW DID THE FUND PERFORM AGAINST ITS INDEX FOR THE QUARTER, STEVE? A. The Fund returned 3.48% versus 3.94% for the Income Performance Benchmark. Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. The Fund saw positive absolute return though it underperformed its blended benchmark. Performance was similar among different income sectors with investment grade credit, high yield, and bank loans all returning between 3% and 4% for the quarter. On a relative basis, the Fund's allocation to the Covered Call strategy detracted as it was unable to keep pace with the broad U.S. equity market. Emerging market debt modestly underperformed other fixed income sectors, detracting from relative performance. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The Fund maintains a preference for below-investment-grade credit, both high yield bonds and bank loans. Emerging market debt remains below average levels, however, valuations remain attractive and improving fundamentals may be the catalyst for opportunities in this sector going forward. The Fund's yield increased in the quarter while its duration moved closer to that of the blended benchmark. We believe that elevated levels of inflation may prove persistent. Additionally we believe we have moved to a regime of higher rates across the yield curve. We also believe that risk assets may continue to experience bouts of volatility as central banks remain committed to reducing inflation at the potential expense of economic growth. There is an elevated risk of a recession in a number of markets, however, the severity of recession remains uncertain. INVESTMENT STRATEGY: The Multi-Asset Income Fund seeks to generate total return with an emphasis on income by selecting investments from among a broad range of asset classes, based upon the expectations for income, and to a lesser extent, capital appreciation. Asset classes may include equity securities, fixed-income securities, master limited partnership units, REITs, and affiliated and unaffiliated funds. The Fund may also purchase or sell futures contracts, options, forward contracts and swaps for return enhancement or hedging purposes. Multi-Asset Income Fund (SIMT) Portfolio Manager: Steve Treftz 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) Alternative Investments SIMT Multi-Strategy Alternative Fund 3/31/10 -0.22 0.99 0.99 0.99 -3.81 5.10 2.09 2.04 1.64 -4.94 1.47 ICE BofA US 3-Month Treasury Bill Index (USD) 0.43 1.07 1.07 1.07 2.50 0.89 1.41 0.87 0.69 1.46 0.05 Expenses before waivers (%) = 2.83 Expenses after waivers (%) = 2.08 Objective-Based Funds SIMT Multi-Asset Accumulation Fund 4/9/12 3.10 4.33 4.33 4.33 -13.38 2.11 2.00 2.77 3.58 -20.81 8.66 Accumulation Fund (Performance BM) 2.43 5.79 5.79 5.79 -4.02 9.42 6.41 7.07 7.39 -13.50 13.52 Expenses before waivers (%) = 1.30 Expenses after waivers (%) = 1.17 SIMT Multi-Asset Income Fund 4/9/12 1.24 3.48 3.48 3.48 -4.79 4.74 2.16 3.43 4.37 -13.12 4.09 Income (Performance Benchmark) 2.14 3.94 3.94 3.94 -4.56 3.80 3.46 4.15 4.58 -12.90 5.42 Expenses before waivers (%) = 1.20 Expenses after waivers (%) = 0.80 SIMT Multi-Asset Inflation Managed Fund 4/9/12 0.90 -2.36 -2.36 -2.36 -2.17 8.82 3.53 0.39 0.33 8.53 10.82 Inflation Managed (Performance BM) 1.84 1.23 1.23 1.23 -3.92 8.42 4.49 2.10 1.89 -1.40 11.96 Expenses before waivers (%) = 1.48 Expenses after waivers (%) = 1.24 SIMT Multi-Asset Capital Stability Fund 4/9/12 1.02 1.75 1.75 1.75 -0.12 1.56 1.77 1.53 1.58 -3.74 1.71 Capital Stability (Performance Benchmark) 1.57 1.81 1.81 1.81 -0.05 0.58 1.82 1.60 1.61 -4.36 0.86 Expenses before waivers (%) = 0.98 Expenses after waivers (%) = 0.62 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 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)