Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional Managed Trust (SIMT) SIMT-17 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, SEAN? A. The Fund returned 2.25% versus 2.26% for the Bloomberg 1-5 Year US TIPS 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 and is positioned to deliver index-like returns. The 1-5yr U.S. Treasury Inflation-Protected Securities (TIPS) market delivered a total return of 2.26%. On a duration adjusted basis, TIPs outperformed conventional treasury bonds delivering excess returns of 0.29%. Real yields rallied sharply by an average 40 basis points lower across the curve as Fed rate expectations moved lower. Breakeven inflation rates were volatile over the period and the breakeven curve flattened with 2-year breakeven inflation rates wider by 37 basis points while 10-year breakevens compressed 12 basis points. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. Global fixed-income markets started the year with expectations of a benign ending to a historically aggressive globally synchronized tightening campaign. In real time, market pricing was not without reason as the global economy seemed to be taking tighter financial conditions in stride. Global economic growth was proving resilient, inflation appeared to be peaking and financial market volatility was well behaved. Unfortunately, placid market conditions rarely live long and in this case the "long and variable" lags of monetary policy were obfuscating the vulnerabilities that would ultimately uproot optimism and confidence. INVESTMENT STRATEGY: The Real Return Fund aims to produce a total return that exceeds the rate of consumer price inflation in the United States. Shorter-duration TIPS receive the same inflation adjustment as other longer-dated inflation-linked securities, and may be able to provide similar protection from inflation with less interest-rate risk. Real Return Fund (SIMT) Portfolio Manager: Sean Simko 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%). 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)