Baird Ultra Short Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Baird Ultra Short Bond Fund held 381 positions with $9.36B in net assets. Its ten largest holdings made up 25.2% of the fund. The BUBIX share class costs 0.15% a year. Over the 12 months to May 2026, BUBIX returned 4.4%, with dividends reinvested. In 2026 Q2 it added 101 new positions and exited 87.
The investment objective of the Baird Ultra Short Bond Fund (the Fund) is to seek current income consistent with preservation of capital.
The fund invests in investment-grade U.S. dollar-denominated debt obligations across government, corporate, asset-backed, and money market instruments, with up to 10% in non-investment grade debt, selecting securities by yield curve positioning, sector allocation, and relative value within sectors while targeting a portfolio duration matching its Bloomberg Short-Term U.S. Government/Corporate Index benchmark. The fund's returns depend on the Advisor's security selection decisions, which may cause the portfolio to diverge from its benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
US TREASURY N/B 3.75% · due 2027-04-30 | 4.42% | $413.90M | — |
US TREASURY N/B 3.88% · due 2027-05-31 | 4.26% | $399.18M | — |
US TREASURY N/B 4.13% · due 2026-10-31 | 3.90% | $365.21M | — |
First American Government Obli | 3.80% | $355.56M | — |
US TREASURY N/B 4.13% · due 2027-02-28 | 1.82% | $170.11M | — |
US TREASURY N/B 4.25% · due 2026-12-31 | 1.55% | $145.19M | — |
US TREASURY N/B 4.13% · due 2027-01-31 | 1.50% | $140.09M | — |
US TREASURY N/B 3.75% · due 2026-08-31 | 1.50% | $139.98M | — |
US TREASURY N/B 4.25% · due 2026-11-30 | 1.44% | $135.18M | — |
BANK OF AMERICA CORP 1.73% floating · due 2027-07-22 | 1.01% | $94.48M | — |
The 200 largest of 381 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 70.92% |
| Securitized | 20.71% |
| Cash & short-term | 7.61% |
By sector
- Government
- 21.1%
- Securitized
- 20.9%
- Other
- 11.9%
- Financials
- 11.6%
- 12 other sectors
- 34.5%
- Government
- 21.1%
- Securitized
- 20.9%
- Other
- 11.9%
- Financials
- 11.6%
- International
- 11.0%
- Cash
- 7.7%
- Information Technology
- 3.3%
- Industrials
- 2.8%
- Real Estate
- 2.8%
- Health Care
- 2.7%
- Utilities
- 1.5%
- Consumer Staples
- 0.9%
- Materials
- 0.7%
- Communication Services
- 0.5%
- Energy
- 0.4%
- Consumer Discretionary
- 0.2%
How it has done
BUBIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.30%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.15% | +4.37% | +16.50% | +19.98% | 0.00% | |
| 0.40% | +4.10% | +15.64% | +18.49% | 0.00% |
These classes hold the same portfolio, so the 1.50pp spread over 5 years is the cost difference between them — roughly 0.30pp a year — not a difference in what they own.
Fees & fund details
Baird Ultra Short 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
- Short duration
- Expense ratio, by class
- 0.15% – 0.40%· BUBIX 0.15%
- Portfolio turnover
- 88.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
101 new· the largest 7
87 exited· the largest 6
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 | 82.9% |
| Floating rate | 17.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 57.8% |
| 1-3y | 24.1% |
| 3-5y | 4.0% |
| 5-10y | 1.6% |
| 10y+ | 12.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 | 51% |
| Credit spreads | 49% |
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 | +0.48 yr |
| High yield | +0.01 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 | 0.21 yr | 41% |
| 1 yr | 0.29 yr | 58% |
| 5 yr | 0.01 yr | 1% |
| 3 mo | 0.20 yr | 40% |
| 1 yr | 0.29 yr | 59% |
| 5 yr | 0.01 yr | 1% |
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 | +0.21 | +0.19 | +0.01 | $178.5k | $5.4k |
| 1 yr | +0.29 | +0.29 | +0.00 | $267.2k | $2.9k |
| 5 yr | +0.01 | +0.01 | +0.00 | $6.4k | $27 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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