SEI Institutional Managed Trust Tax-Managed Large Cap Fund Class F
TMLCX
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- SEI Institutional Managed Trust - Tax-Managed Large Cap Fund (Class F) (TMLCX) seeks high long-term after-tax returns for investors by investing primarily in equity securities of large capitalization companies. The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in such securities, defined as those with market capitalizations within the range of the Russell 1000 Index at the time of purchase ($270.2 million to $2.99 trillion as of December 31, 2023); these include common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs), and exchange-traded funds (ETFs). It may allocate up to 20% of assets to foreign securities and employs tax-management strategies such as controlling portfolio turnover (15% as of recent data), selling stocks with the highest tax cost first, and opportunistically harvesting losses to offset gains. The Fund operates within the large blend category, targeting institutional and high-net-worth investors through Class F shares with a minimum initial investment of $100,000; assets under management total approximately $3.89 billion to $4.0 billion, with 294 to 299 holdings diversified across sectors including information technology (24.52%), financials (16.88%), and consumer discretionary (10.81%). It benchmarks against the Russell 1000 Total Return Index and uses a multi-manager approach under the supervision of SEI Investments Management Corporation (SIMC), the investment adviser, which allocates portions of the portfolio to sub-advisers with differing quantitative and fundamental styles; recommendations are implemented via an overlay manager. In recent developments as of May 20, 2024, the Fund's portfolio management team saw updates including the addition of Ryan McKeon, CFA, as Portfolio Manager/Analyst since 2024, alongside ongoing roles for David L. Hintz, CFA, and Eugene Barbaneagra, CFA, reflecting SIMC's enhancements to its U.S. large cap equity oversight. These changes align with broader portfolio manager transitions across SEI Institutional Managed Trust funds, such as the departure of Stephen C. Dolce, emphasizing strengthened internal management capabilities. The Fund, part of SEI Institutional Managed Trust established with inception on March 4 or 5, 1998, is domiciled in the United States with administrative operations headquartered at SEI Investments in Oaks, Pennsylvania, and serves U.S.-focused investors with quarterly dividend payouts.