Baird Ultra Short Bond Fund
Baird Funds Inc · Series S000043689 · 2 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net |
|---|---|---|
| BUBIX | 0.30% | 0.15% |
| BUBSX | 0.55% | 0.40% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 88.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 70.92% |
| Securitized | 20.71% |
| Cash & short-term | 7.61% |
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B ×2, RWE AG, HCA INC, JABIL INC, Ford Credit Floorplan Master O, VIATRIS INC, MORGAN STANLEY
Largest exited: US TREASURY N/B ×3, Ford Credit Floorplan Master O, UTAH ACQUISITION SUB, VONTIER CORP, ALGONQUIN PWR & UTILITY, Ford Credit Auto Owner Trust/F
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 |
|---|---|---|---|---|---|
| +4.39% | +16.50% | +19.62% | 0.30% | 0.00% | |
| +4.12% | +15.64% | +18.12% | 0.30% | 0.00% |
These classes hold the same portfolio, so the 1.51pp spread over 5 years is the cost difference between them — roughly 0.30pp 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 | 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.
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/B3.75% · due 2027-04-30 | 4.42% | $413.90M | — |
| — | US TREASURY N/B3.88% · due 2027-05-31 | 4.26% | $399.18M | — |
| — | US TREASURY N/B4.13% · due 2026-10-31 | 3.90% | $365.21M | — |
| — | First American Government Obli | 3.80% | $355.56M | — |
| — | US TREASURY N/B4.13% · due 2027-02-28 | 1.82% | $170.11M | — |
| — | US TREASURY N/B4.25% · due 2026-12-31 | 1.55% | $145.19M | — |
| — | US TREASURY N/B4.13% · due 2027-01-31 | 1.50% | $140.09M | — |
| — | US TREASURY N/B3.75% · due 2026-08-31 | 1.50% | $139.98M | — |
| — | US TREASURY N/B4.25% · due 2026-11-30 | 1.44% | $135.18M | — |
| — | BANK OF AMERICA CORP1.73% floating · due 2027-07-22 | 1.01% | $94.48M | — |
Top 10 positions are 25.19% of net assets, top 25 36.44%, across 231 issuers.
See more of this fund's book
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