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SNCAX Bernstein CA Municipal

  • Fund
  • SNCAX
  • Price as of: Aug 08, 2016
  • $14.65
  • - $0.00
  • - 0.00%
  • Category
  • Single State Municipal Bonds

SNCAX - Profile

Vitals

  • YTD Return 1.5%
  • 3 Yr Annualized Return 3.2%
  • 5 Yr Annualized Return 2.8%
  • Net Assets $1.23 B
  • Holdings in Top 10 19.0%

52 WEEK LOW AND HIGH

$14.65
$14.34
$14.70

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.63%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 16.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$25,000

IRA

N/A

Investment Themes

CATEGORY

Single State Municipal Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Muni Single State Short

Distributions

  • YTD Total Return 1.5%
  • 3 Yr Annualized Total Return 3.2%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.22%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name AB Intermediate California Municipal Portfolio
  • Fund Family Name AllianceBernstein
  • Inception Date Aug 06, 1990
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Fred S. Cohen

Fund Description

The fund invests at least 80% of its net assets in a portfolio of municipal securities issued by the State of California or its political subdivisions, or otherwise exempt from California state income tax. It seeks to maintain an effective duration of three and one-half years to seven years. The fund may invest up to 20% of its total assets in fixed-income securities rated BB or B by national rating agencies, which are not investment-grade (commonly known as "junk bonds"). It is non-diversified.

SNCAX - Performance

Return Ranking - Trailing

Period SNCAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.5% -22.9% 5.1% 57.72% 4
1 Yr 4.4% 0.0% 14.1% 84.35% 5
3 Yr 3.2% * 0.0% 12.0% 87.75% 5
5 Yr 2.8% * 0.0% 10.8% 89.37% 5
10 Yr 3.5% * 0.5% 6.1% 74.41% 4

* Annualized


Return Ranking - Calendar

Period SNCAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.2% -68.5% 1.8% 23.25% 3
2014 N/A 0.0% 7.4% N/A N/A
2013 N/A -16.0% -5.3% N/A N/A
2012 N/A 2.2% 6.5% N/A N/A
2011 N/A 4.2% 5.7% N/A N/A

Total Return Ranking - Trailing

Period SNCAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.5% -22.9% 5.1% 57.96% 4
1 Yr 4.4% -4.6% 14.1% 51.26% 3
3 Yr 3.2% * -0.1% 12.0% 80.72% 5
5 Yr 2.8% * 0.0% 10.8% 85.89% 5
10 Yr 3.5% * 0.5% 6.1% 70.34% 4

* Annualized


Total Return Ranking - Calendar

Period SNCAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.2% -68.5% 1.8% 23.36% 3
2014 N/A 2.9% 7.4% N/A N/A
2013 N/A -16.0% -5.2% N/A N/A
2012 N/A 2.2% 6.5% N/A N/A
2011 N/A 4.2% 5.8% N/A N/A

NAV & Total Return History

SNCAX - Holdings

Filings data as of: Jun 30, 2016

Concentration Analysis

SNCAX Category Low Category High SNCAX % Rank Quintile
Net Assets 1.23 B 6.75 M 15.1 B 3.00% 1
Number of Holdings 224 18 3403 6.20% 2
Net Assets in Top 10 231 M 1.73 M 2.2 B 3.29% 1
Weighting of Top 10 19.0% 4.1% 73.5% 22.67% 4

Top 10 Holdings

  1. California St Econ Recover Economic 5% 2.09%
  2. California St Dept Wtr Res Pwr Rev Bd 5% 2.05%
  3. California Infrasct & Ec Rev Bds 5% 2.03%
  4. Los Angeles Calif Uni Sch Dist 5% 1.98%
  5. California St Go Bds 5% 1.97%
  6. US Treasury Note 1.375% 1.88%
  7. San Diego Calif Pub Facs Fing Sewer 5% 1.83%
  8. California St Univ Rev Systemwid 5% 1.75%
  9. Los Angeles Calif Dept Arpts A Senior 5% 1.71%
  10. California St For Previous Iss Go 0.57% 1.70%

Asset Allocation

Weighting Category Low Category High SNCAX % Rank Quintile
Bonds
93.64% 0.00% 103.80% 21.80% 5
Cash
5.93% -4.51% 99.63% 5.52% 1
Other
0.42% -1.12% 23.51% 3.78% 1
Convertible Bonds
0.00% 0.00% 0.00% 0.10% 1
Preferred Stocks
0.00% 0.00% 0.00% 0.10% 1
Stocks
0.00% 0.00% 0.75% 0.87% 1

Bond Sector Breakdown

Weighting Category Low Category High SNCAX % Rank Quintile
Municipal
90.87% 0.00% 104.40% 24.32% 5
Cash & Equivalents
5.93% -4.51% 99.63% 5.62% 1
Government
2.78% -10.18% 5.10% 0.78% 1
Securitized
0.00% 0.00% 0.00% 0.10% 1
Corporate
0.00% 0.00% 5.92% 1.16% 1
Derivative
0.00% -0.15% 0.00% 0.10% 1

Bond Geographic Breakdown

Weighting Category Low Category High SNCAX % Rank Quintile
US
93.64% 0.00% 103.80% 21.80% 5
Non US
0.00% 0.00% 0.00% 0.10% 1

SNCAX - Expenses

Operational Fees

SNCAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.63% 0.12% 5.19% 14.73% 1
Management Fee 0.49% 0.00% 0.80% 1.36% 3
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.33% N/A N/A

Sales Fees

SNCAX Fees (% of AUM) Category Low Category High SNCAX Rank Quintile
Front Load N/A 1.00% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

SNCAX Fees (% of AUM) Category Low Category High SNCAX Rank Quintile
Max Redemption Fee N/A 0.50% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SNCAX Fees (% of AUM) Category Low Category High SNCAX Rank Quintile
Turnover 16.00% 0.00% 131.91% 5.39% 4

SNCAX - Distributions

Dividend Yield Analysis

SNCAX Category Low Category High SNCAX % Rank Quintile
Dividend Yield 0.3% 0.00% 0.99% 18.07% 3

Dividend Distribution Analysis

SNCAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

SNCAX Category Low Category High SNCAX % Rank Quintile
Net Income Ratio 2.22% 0.00% 7.39% 22.00% 5

Capital Gain Distribution Analysis

SNCAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

SNCAX - Managers

Fred S. Cohen

Manager

Start Date

Dec 31, 1994

Tenure

21.6

Tenure Rank

1.5%

Cohen is a senior vice president of AllianceBernstein with which he has been associated since prior to 2002.


Terrance T. Hults

Manager

Start Date

Dec 31, 2002

Tenure

13.59

Tenure Rank

3.5%

"Portfolio Manager Terrance T. Hults is a member of the Tax-Exempt Fixed-Income Investment Policy Group. Prior to joining the firm, he was an associate in the Municipal Derivative Products department at Merrill Lynch Capital Markets, where he specialized in securities arbitrage. These transactions involved issuers and investors, as well as proprietary trading and utilized futures, options, interest-rate swaps, and other over-the-counter derivative structures. Hults received a BA in economics from Williams College and an MBA in finance from Columbia University. Location: New York "


Robert B. (Guy) Davidson

Manager

Start Date

Aug 06, 1990

Tenure

26.0

Tenure Rank

0.6%

R. B. Davidson III joined Bernstein as Director of Municipal Bonds in 1992 and retained that responsibility after Bernstein’s and Alliance Capital’s fixed-income departments were combined. He is Chairman of the Tax-Exempt Fixed Income Investment Policy Group and a member of the Taxable Fixed Income Investment Policy Group. Davidson also serves on the partnership committee at AllianceBernstein as well as on the Investment Advisory Group to the Municipal Securities Rulemaking Board. Before joining Bernstein, he was vice president and head of municipal strategies at J.P. Morgan Securities and an associate economist at Lehman Brothers. He is the author of “The Value of Tax Management for Bond Portfolios,” published in The Journal of Private Portfolio Management, Spring 1999; “Maximizing Expected After-Tax Returns,” published by Probus in 1994 in the Handbook of Municipal Bonds; and “Analyzing Quality Spreads,” published in The Municipal Finance Journal in 1991. Davidson was named to the Institutional Investor All-America Research Team in 1992. He earned a BA from Wesleyan University in 1983 and an MBA from the New York University Stern School of Business in 1991.


Matthew J Norton

Manager

Start Date

Jan 28, 2016

Tenure

0.51

Tenure Rank

10.8%

Matthew Norton is a Portfolio Manager on the Municipal Bond team, which overseas tax-exempt investing at AB. He joined the firm in 2005, focusing primarily on research in tax-exempt and taxable fixed-income markets. In this role, Norton worked on building expected return models across fixed-income sectors and on monitoring derivative exposures. Before joining AB, he worked for a year as a statistical research analyst at St. Lawrence University, evaluating the accuarcy of biometric devices. Norton holds a BS in economics and mathematics from St. Lawrence University and an MBA in economics and quantitative finance from New York University Stern School of Business. Location: New York


Tenure Analysis

Category Low

0.1

Category High

36.9

Category Average

9.28

Category Mode

1.6