Old Westbury Municipal Bond Fund
Old Westbury Funds Inc · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Old Westbury 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 Q1
The Funds goal is to seek total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).
The fund invests primarily in investment-grade municipal securities issued by U.S. states, territories, and political subdivisions, with at least 80% of assets in federal-tax-exempt debt. The fund may also use futures and options to enhance returns or hedge interest rate risk, and may hold ETFs, Treasury securities, taxable municipals, and inflation-protected securities. Because returns depend on the credit quality and price movements of the municipal securities selected, performance will vary with municipal bond market conditions and issuer credit events.
| Share class | Gross | Net |
|---|---|---|
| OWMBX | 0.65% | 0.57% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 52.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.26% |
| Cash & short-term | 2.80% |
Latest quarter
What changed since the fund's previous filing
Largest new: NEW YORK N Y, CALIFORNIA HEALTH FACS FING AUTH, HARRIS CNTY TEX MET TRAN AUTH, UNIVERSITY TEX ×2, ARIZONA ST TRANSN BRD ×3
Largest exited: RICHARDSON TX INDEP SCH DIST, UNIV OF TEXAS TX UNIV REVENUES ×2, CALIFORNIA ST, CONROE TX INDEP SCH DIST, TEXAS ST A & M UNIV PERM UNIV, ILLINOIS ST FIN AUTH REVENUE, CYPRESS-FAIRBANKS TX INDEP SCH
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 98.2% |
| Floating rate | 1.5% |
| Zero-coupon or unclassified | 0.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 9.2% |
| 1-3y | 13.9% |
| 3-5y | 17.0% |
| 5-10y | 42.5% |
| 10y+ | 17.4% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 50% |
| Interest rates | 50% |
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 | +4.62 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 | 0.03 yr | 1% |
| 1 yr | 0.48 yr | 11% |
| 5 yr | 2.15 yr | 47% |
| 10 yr | 1.75 yr | 38% |
| 30 yr | 0.14 yr | 3% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.44 yr | 9% |
| 5 yr | 2.73 yr | 59% |
| 10 yr | 1.43 yr | 31% |
| 30 yr | 0.01 yr | 0% |
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 | +0.03 | +0.02 | +0.00 | $9.5k | $0 |
| 1 yr | +0.48 | +0.44 | +0.00 | $198.4k | $0 |
| 5 yr | +2.15 | +2.73 | +0.00 | $1.24m | $0 |
| 10 yr | +1.75 | +1.43 | +0.00 | $647.7k | $0 |
| 30 yr | +0.14 | +0.01 | +0.00 | $3.5k | $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 |
|---|---|---|---|---|
| — | FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST | 2.80% | $127.20M | — |
| — | DENVER (CO), CITY AND COUNTY OF5.00% · due 2028-12-01 | 0.64% | $29.15M | — |
| — | BROOKHAVEN GA DEV AUTH4.00% · due 2044-07-01 | 0.59% | $27.02M | — |
| — | WASHINGTON ST5.00% · due 2042-08-01 | 0.59% | $26.87M | — |
| — | NEW YORK N Y4.12% · due 2026-08-01 | 0.55% | $25.01M | — |
| — | WASHINGTON ST5.00% · due 2035-02-01 | 0.50% | $22.80M | — |
| — | NEW HAMPSHIRE HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (NH)5.00% · due 2032-06-01 | 0.50% | $22.60M | — |
| — | NEW YORK STATE URBAN DEVELOPMENT CORP (NY)5.00% · due 2036-03-15 | 0.49% | $22.49M | — |
| — | WASHINGTON ST5.00% · due 2037-08-01 | 0.49% | $22.29M | — |
| — | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY (NJ)5.00% · due 2036-03-01 | 0.47% | $21.43M | — |
Top 10 positions are 7.63% of net assets, top 25 14.22%, across 220 issuers.
See more of this fund's book
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