NOTICE: 2020 Capital Gains Available. View PDF here.

Fund Goal

Our Strategic Enhanced Yield Fund is designed to be an opportunistic, multi-sector fixed income investment. The investment team attempts to shift allocations into areas that we believe provide the best risk/reward profiles. The Fund typically has a substantial allocation to mortgage-backed securities and other securitized products. The Fund has the freedom to invest in a broad range of credit ratings and durations.

Process

Our Fixed Income management process is fundamentally driven, disciplined and value oriented. We construct portfolios using duration management, yield curve positioning, sector allocation, and security selection, and use these strategies as a blueprint to strive to earn results for you.

How We Strive To Make Fixed Income Funds Work For You:

Discover

We seek opportunities to generate returns for our investors.

Assess

We test our discoveries for relative value and associated risk. If it’s not worth it, we go back to the drawing board.

Invest

We invest in assets that have value within the current market and buy when we believe the price is right.

Monitor

We monitor our investments closely. We ensure our reasoning remains valid and, if it isn’t, we return to the discovery phase.

Market Concerns

Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. Short-term investment-grade bonds offer less risk and generally a lower rate of return than longer-term higher yielding bonds. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of changing interest rates. High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.

Morningstar Ratings

Overall Morningstar Rating out of 301 multisector bond funds (for the overall period ending 12/31/2020, Institutional Shares)

Rating
Overall Morningstar Rating
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 25% receive 3 stars , the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Cavanal Hill Strategic Enhanced Yield Fund was rated against the following numbers of multisector bond funds over the following time periods: 301 funds in the last three years.
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Morningstar Rankings

Category: US OE Fund Multisector Bond (as of 12/31/2020)

RankPercentile
1 Year171/34245
3 Year93/30128

Rankings are for Institutional Class and are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. For periods not shown, Morningstar does not provide rankings based on synthetic performance.

Morningstar rankings are based on a fund's average annual total return relative to all funds in the same Morningstar category. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100.

2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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Lipper Rankings

Category: Lipper Multi-Sector Income Funds (as of 12/31/2020)

RankPercentile
1 Year197/35156
3 Year114/30638

Rankings are for Institutional Class and are based on average annual total returns, but do not consider sales charges.

The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2020, All Rights Reserved.

Past performance is no guarantee of future results

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Fund Information as of 1/31/21

InstitutionalInvestorClass A
Net Asset Value$10.37$10.52$10.37
SymbolAIENXAPENXAAENX
CUSIP14956P14114956P15814956P166
Inception12/26/1712/26/1712/26/17
Gross Expense Ratio1.79%2.07%1.99%
Net Expense Ratio0.78%1.03%1.03%

Fund Statistics as of 12/31/20

Total Net Assets$27,511,443
Number of Holdings111
Turnover Ratio104.81%
Weighted Average Maturity (bonds)8.15 yrs.
Effective Duration (bonds)7.35 yrs.

Currently, contractual fee waivers are in effect from December 28, 2020 through December 31, 2021.

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