Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional Managed Trust (SIMT) SIMT-22 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 0.65% 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 had minimal volatility. Allocations to municipal commercial paper and variable-rate demand notes (VRDN) contributed as the 7-Day SIFMA Index, a 7-day high-grade market index comprised of tax-exempt Variable Rate Demand Obligations (VRDOs) with certain characteristics, continued to move up and down during the quarter as dealers increased and decreased inventory. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The Fund retained an allocation to high-quality commercial paper and certificates of deposit (primarily in municipal issuers) in an effort to provide a yield advantage relative to the all-Treasury benchmark. BlackRock, the Fund's manager, remained cautious in its approach due to increased economic uncertainty, elevated inflation, and geopolitical concerns. Other than interim financing needs by municipalities, municipal note issuance should remain seasonally light in the near term. Municipalities have been formulating their 2024 fiscal budgets and are assessing their upcoming financing needs, INVESTMENT STRATEGY: The Fund seeks to preserve principal value and maintain a high degree of liquidity while providing current income exempt from federal income taxes. Under normal circumstances, the Fund will invest most of its net assets in U.S. dollar-denominated municipal securities that are expected to present minimal credit risks and pay interest that is both exempt from federal income taxes and not taxable under the federal alternative minimum tax. These securities include U.S. municipal bonds, notes, and variable rate demand notes, tender option bonds, floating rate notes, industrial development bonds, pre-refunded bonds and commercial paper. The Fund may also, to a limited extent, invest in repurchase agreements and securities subject to the alternative minimum tax or in debt securities subject to federal income tax. Tax-Free Conservative Income Fund (SIMT) Portfolio Manager: Rich Bamford 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 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)