Baird Strategic Municipal Bond Fund
Baird Funds Inc · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Baird Strategic Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
The investment objective of the Baird Strategic Municipal Bond Fund (the Fund) is to seek a high level of current income that is exempt from federal income tax and is consistent with the preservation of capital.
The fund invests at least 80% of its net assets in municipal bonds exempt from federal income tax, selected by the advisor based on credit quality, interest rate outlook, yield curve positioning, sector valuations, and regional economic conditions, with a target portfolio duration within 2 years of the Bloomberg 1-10 Year Municipal Blend Index. The fund may hold up to 30% in non-investment grade municipal bonds and up to 20% in taxable U.S. government and corporate debt. Because the fund's holdings depend on the advisor's discretionary selection rather than index replication, portfolio composition may diverge from the benchmark.
| Share class | Expense ratio |
|---|---|
| BSNIX | 0.30% |
| BSNSX | 0.55% |
Portfolio turnover 21.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.29% |
| Securitized | 0.08% |
| Cash & short-term | 0.06% |
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B, CALIFORNIA ST MUNI FIN AUTH RE, BLACK BELT ENERGY GAS DIST AL, LOS ANGELES CA DEPT WTR & PWR, MET GOVT NASHVILLE & DAVIDSONC, MAIN STREET NATURAL GAS INC GA, PUBLIC FIN AUTH WI REVENUE, ENERGY S E AL A COOPERATIVE DI
Largest exited: US TREASURY N/B, DIST OF COLUMBIA INCOME TAX SE, MASSACHUSETTS ST DEV FIN AGY R, EASTERN MAINE HEALTHCARE, OKLAHOMA ST TURNPIKE AUTH, FRANKLIN CNTY OH REVENUE, LONG ISLAND NY PWR AUTH ELEC S, PUBLIC FIN AUTH WI LEASE DEV R
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.98% | +14.10% | +12.15% | 2.38% | -2.93% | |
| +5.64% | +13.18% | +10.71% | 2.48% | -2.99% |
These classes hold the same portfolio, so the 1.44pp spread over 5 years is the cost difference between them — roughly 0.29pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 85.4% |
| Floating rate | 14.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.4% |
| 1-3y | 8.6% |
| 3-5y | 6.9% |
| 5-10y | 26.4% |
| 10y+ | 54.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.78 yr |
| High yield | +0.25 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 1% |
| 1 yr | 0.53 yr | 12% |
| 5 yr | 1.23 yr | 28% |
| 10 yr | 1.96 yr | 45% |
| 30 yr | 0.56 yr | 13% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.19 yr | 5% |
| 5 yr | 0.79 yr | 20% |
| 10 yr | 2.20 yr | 55% |
| 30 yr | 0.85 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.01 | +0.00 | $3.6k | $704 |
| 1 yr | +0.53 | +0.18 | +0.01 | $65.4k | $4.6k |
| 5 yr | +1.23 | +0.76 | +0.03 | $279.3k | $11.7k |
| 10 yr | +1.96 | +2.10 | +0.10 | $775.1k | $37.2k |
| 30 yr | +0.56 | +0.74 | +0.11 | $272.0k | $39.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | US TREASURY N/B4.00% · due 2028-05-31 | 1.93% | $71.34M | — |
| — | PUBLIC FIN AUTH WI REVENUE4.00% floating · due 2055-01-01 | 0.42% | $15.48M | — |
| — | CALIFORNIA ST MUNI FIN AUTH RE5.00% · due 2032-06-30 | 0.41% | $15.07M | — |
| — | NEW YORK CITY NY TRANSITIONAL5.00% · due 2036-11-01 | 0.37% | $13.78M | — |
| — | MOBILE AL5.00% · due 2040-02-15 | 0.36% | $13.37M | — |
| — | SOUTHEAST ENERGY AUTHORITY A C5.00% · due 2035-11-01 | 0.32% | $11.84M | — |
| — | SOUTHEAST ENERGY AUTHORITY A C5.00% · due 2030-10-01 | 0.31% | $11.59M | — |
| — | BLACK BELT ENERGY GAS DIST AL5.00% · due 2036-06-01 | 0.31% | $11.56M | — |
| — | LOS ANGELES CA DEPT WTR & PWR5.00% · due 2042-07-01 | 0.31% | $11.56M | — |
| — | MET GOVT NASHVILLE & DAVIDSONC5.00% · due 2032-07-01 | 0.30% | $11.00M | — |
Top 10 positions are 5.06% of net assets, top 25 9.05%, across 1.0K issuers.
See more of this fund's book
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