Baird Core Intermediate Municipal Bond;Investor
BMNSX
NASDAQ- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Milwaukee, WI 53202 Maryland Heights MO United States of America 63043
- IPO Date
- Sep 2, 2015
- CIK
- 0001282693
- Website
- bridgebuildertrust.com
- Similar Companies
- Business
- Baird Core Intermediate Municipal Bond Fund (Investor Class) (BMNSX) is an open-end mutual fund that seeks a high level of current income exempt from federal income tax, consistent with preservation of capital. The Fund invests at least 80% of its net assets in a broadly diversified portfolio of federally tax-exempt municipal bonds and debentures issued by governmental authorities throughout the U.S. and its territories; these include pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations, and zero-coupon bonds, with a focus on investment-grade obligations (rated at purchase by major agencies) but up to 10% allocation to non-investment-grade or unrated securities deemed comparable in quality. It targets an intermediate duration of 3-10 years (dollar-weighted average effective maturity generally 3-10 years), emphasizing undervalued securities across sectors such as state/local general obligations, essential service revenue bonds, transportation, healthcare, and sales tax issues; portfolio characteristics as of recent data include approximately 3,500 holdings, average effective duration of 4.97-5.09 years, average effective maturity of 4.84-5.15 years, annual turnover of 23-27%, and average quality rating of AA-. The Fund operates in the municipal national intermediate category, serving taxable investors seeking tax-exempt income, with geographic focus on U.S. states and territories; it was incepted on August 31, 2015, and is managed by Baird Funds through Robert W. Baird & Co. as advisor, with a seasoned team of portfolio managers including Duane A. McAllister, CFA, Lyle J. Fitterer, CFA, Gabriel G. Diederich, CFA, Erik R. Schleicher, CFA, and Joseph J. Czechowicz, CFA. In recent developments, the Fund's Institutional Class (BMNIX) received a Bronze Morningstar Medalist Rating and a 4-star Overall Morningstar Rating (out of 266 funds in category) as of June 30, 2025, reflecting strong risk-adjusted performance; two Baird municipal bond funds, including those in this strategy family, earned Lipper Awards in March 2025 for consistent returns over three- and five-year periods. Assets under management stood at approximately $4.5-4.9 billion as of mid-2025, with ongoing monthly income distributions (e.g., $0.0305 per share in October 2025) and a 30-day SEC yield of 3.37-3.75%; no major acquisitions, funding rounds, or strategic shifts were reported in the last 1-2 years, though the Fund maintains a value-oriented approach adapting to yield curve positioning, credit trends, and supply-demand dynamics.