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USTEX USAA Tax Exempt Long-Term

  • Fund
  • USTEX
  • Price as of: Dec 02, 2016
  • $13.08
  • + $0.02
  • + 0.15%
  • Category
  • National Munis

USTEX - Profile

Vitals

  • YTD Return -4.2%
  • 3 Yr Annualized Return 5.5%
  • 5 Yr Annualized Return 5.2%
  • Net Assets $2.48 B
  • Holdings in Top 10 10.9%

52 WEEK LOW AND HIGH

$13.08
$13.06
$13.99

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.51%

SALES FEES

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

BROKERAGE FEES

  • Turnover 6.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

N/A

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Long

Distributions

  • YTD Total Return -4.2%
  • 3 Yr Annualized Total Return 5.5%
  • 5 Yr Annualized Total Return 5.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.23%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name USAA Tax Exempt Long Term Fund
  • Fund Family Name USAA
  • Inception Date Mar 19, 1982
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager John C. Bonnell

Fund Description

The fund invests primarily in investment-grade securities the interest from which is exempt from federal income tax (referred to herein as "tax-exempt securities"). During normal market conditions, at least 80% of its net assets will consist of tax-exempt securities. The fund's dollar-weighted average portfolio maturity is 10 years or more. At least 80% of the fund's annual net investment income dividends will be excludable from gross income for federal income tax purposes and from the calculation of federal alternative minimum taxes for individual taxpayers.

USTEX - Performance

Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -4.2% -6.1% 99.4% 57.56% 5
1 Yr 4.5% -7.6% 10.7% 19.45% 1
3 Yr 5.5% * -4.5% 7.6% 15.94% 1
5 Yr 5.2% * -1.7% 6.9% 11.92% 1
10 Yr 4.5% * -2.3% 5.3% 14.74% 1

* Annualized


Return Ranking - Calendar

Period USTEX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.9% -10.9% 2.6% 51.01% 5
2014 6.0% -2.2% 12.0% 22.69% 2
2013 -6.7% -11.9% 0.1% 47.91% 4
2012 5.5% -7.1% 10.2% 10.73% 1
2011 7.1% -1.8% 15.2% 7.49% 1

Total Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -4.2% -6.1% 99.4% 59.35% 5
1 Yr 4.5% -8.9% 10.0% 11.99% 1
3 Yr 5.5% * -5.4% 7.6% 11.79% 1
5 Yr 5.2% * -0.9% 6.9% 8.94% 1
10 Yr 4.5% * -2.3% 5.3% 11.97% 1

* Annualized


Total Return Ranking - Calendar

Period USTEX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.9% -9.7% 5.1% 60.81% 5
2014 6.0% -0.9% 17.0% 27.23% 2
2013 -6.7% -11.9% 2.1% 53.42% 4
2012 5.5% -0.6% 17.8% 17.00% 2
2011 7.3% -1.1% 16.2% 18.42% 2

NAV & Total Return History

USTEX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

USTEX Category Low Category High USTEX % Rank Quintile
Net Assets 2.48 B 491 K 53 B 8.05% 2
Number of Holdings 491 1 6199 11.29% 2
Net Assets in Top 10 276 M -179 M 1.27 B 7.26% 2
Weighting of Top 10 10.9% 0.0% 100.0% 21.45% 3

Top 10 Holdings

  1. Regl Transn Auth 6.5% 2.08%
  2. Tender Opt Bd Tr Rcpts / Ctfs Ctfs 1.19%
  3. Regl Transn Auth 5.75% 1.10%
  4. Miami-Dade Cnty Fla Aviation R Av 5.375% 1.05%
  5. St John Baptist Parish La Rev Rev 5.125% 1.00%
  6. California St Go Refund 4.5% 0.99%
  7. Tyler Tex Health Facs Dev Corp Rev 5.25% 0.89%
  8. Houston Tex Indpt Sch Dist 5% 0.88%
  9. Judson Tex Indpt Sch Dist 4.5% 0.88%
  10. Liberty N Y Dev Corp Rev Rev Bds 5.25% 0.85%

Asset Allocation

Weighting Category Low Category High USTEX % Rank Quintile
Bonds
100.04% 0.00% 202.21% 0.97% 1
Other
0.00% -2.77% 27.54% 6.94% 2
Preferred Stocks
0.00% 0.00% 11.46% 1.45% 1
Stocks
0.00% 0.00% 1.40% 1.13% 1
Convertible Bonds
0.00% 0.00% 2.79% 0.81% 1
Cash
-0.04% -110.85% 100.00% 29.68% 5

Bond Sector Breakdown

Weighting Category Low Category High USTEX % Rank Quintile
Municipal
100.04% 0.00% 140.62% 1.45% 1
Securitized
0.00% 0.00% 41.81% 2.74% 1
Government
0.00% -42.63% 117.34% 7.58% 2
Derivative
0.00% -0.43% 4.79% 0.48% 1
Corporate
0.00% 0.00% 34.61% 4.35% 1
Cash & Equivalents
-0.04% -110.85% 100.00% 29.84% 5

Bond Geographic Breakdown

Weighting Category Low Category High USTEX % Rank Quintile
US
100.04% 0.00% 202.21% 0.97% 1
Non US
0.00% 0.00% 20.62% 0.81% 1

USTEX - Expenses

Operational Fees

USTEX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.51% 0.10% 4.60% 21.90% 1
Management Fee 0.31% 0.00% 1.00% 4.51% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.15% 0.00% 0.35% 3.42% 3

Sales Fees

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

Trading Fees

USTEX Fees (% of AUM) Category Low Category High USTEX Rank Quintile
Max Redemption Fee N/A 0.25% 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.

USTEX Fees (% of AUM) Category Low Category High USTEX Rank Quintile
Turnover 6.00% 0.00% 783.51% 17.23% 1

USTEX - Distributions

Dividend Yield Analysis

USTEX Category Low Category High USTEX % Rank Quintile
Dividend Yield 0.6% 0.00% 2.86% 1.14% 1

Dividend Distribution Analysis

USTEX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

USTEX Category Low Category High USTEX % Rank Quintile
Net Income Ratio 4.23% -0.60% 5.26% 1.93% 1

Capital Gain Distribution Analysis

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

USTEX - Managers

John C. Bonnell

Manager

Start Date

Aug 31, 2006

Tenure

10.18

Tenure Rank

6.9%

John C. Bonnell, CFA, assistant vice president of USAA Investment Management Company(IMCO). Prior to joining IMCO, Mr. Bonnell worked for OppenheimerFunds as a vice president and portfolio manager (May 2004 - July 2006). Education: B.B.A., University of Texas at San Antonio; M.B.A., St. Mary’s University. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA institute, the CFA Society of San Antonio, and the National Federation of Municipal Analysts.


Dale R. Hoffmann

Manager

Start Date

Dec 01, 2015

Tenure

0.92

Tenure Rank

17.2%

Dale R. Hoffmann, assistant vice president of Money Market Funds. He has 15 years of investment management experience and has worked for us for 23 years. Education: B.S.B.A., University of South Dakota; M.B.A., St. Mary’s University. He is a member of the National Federation of Municipal Analysts and the Southern Municipal Finance Society.


Tenure Analysis

Category Low

0.0

Category High

37.1

Category Average

7.32

Category Mode

4.8