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Name

As of 11/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

abrdn Ultra Short Municipal Income Fund

ATOIX | Fund

$10.03

$666 M

3.77%

$0.38

0.64%

Vitals

YTD Return

3.5%

1 yr return

4.0%

3 Yr Avg Return

2.7%

5 Yr Avg Return

1.8%

Net Assets

$666 M

Holdings in Top 10

42.9%

52 WEEK LOW AND HIGH

$10.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.64%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 261.23%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

abrdn Ultra Short Municipal Income Fund

ATOIX | Fund

$10.03

$666 M

3.77%

$0.38

0.64%

ATOIX - Profile

Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return 2.7%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.11%
DIVIDENDS
  • Dividend Yield 3.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    abrdn Ultra Short Municipal Income Fund
  • Fund Family Name
    abrdnfunds
  • Inception Date
    May 07, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jonathan Mondillo

Fund Description

The Ultra Short Municipal Income Fund invests its assets in a combination of tax-exempt obligations and taxable debt obligations. As a fundamental policy, under normal circumstances the Fund invests at least 80% of its net assets in tax-exempt obligations. Net assets include the amounts of any borrowings for investment purposes. Tax-exempt obligations include municipal obligations that pay interest that is free from U.S. federal income tax (other than federal alternative minimum tax (“AMT”)).In managing the Fund’s investments, the Adviser seeks to capitalize on fundamental and technical opportunities in the debt obligations markets to enhance return. The obligations in which the Fund invests may be of any maturity, but under normal market conditions, it is expected that the Fund’s average portfolio maturity, at the time of investment, will be two years or less. Under normal market conditions, the Fund will generally maintain an investment portfolio with a weighted average effective duration of less than one year.The obligations in which the Fund invests must, at the time of investment, be rated investment grade, as determined by the various rating agencies, or if unrated, of comparable quality as determined by the Adviser. When the Adviser determines that an obligation is in a specific category, the Adviser will use the highest rating assigned to the obligation by any nationally recognized statistical rating organization. In determining suitability of investment in a particular unrated security, the Adviser takes into consideration asset and debt service coverage, the purpose of the financing, history of the issuer, existence of other rated securities of the issuer, and other relevant conditions, such as comparability to other issuers. If an obligation’s credit rating is downgraded after the Fund’s investment, the Adviser monitors the situation to decide if the Fund needs to take any action such as selling the obligation.The Fund may invest in specific types of municipal obligations, including auction rate securities and tender option bonds. Tender option bonds are created when a holder deposits tax–exempt or other bonds into a special purpose trust (“TOB trust”). The TOB trust issues two types of securities: floating rate notes (“floaters” or “TOBs”) and a residual security junior to the floaters (“inverse floaters”). The Fund does not currently intend to deposit bonds into a TOB trust or invest in inverse floaters, but may invest in floaters issued by TOB trusts.
The Fund may invest in municipal obligations of any state, city, county or other governmental entity, including Puerto Rico and U.S. territories. The Fund currently anticipates that it will have significant exposure to Pennsylvania, New York, Mississippi and Texas municipal securities.
In managing the Fund, the Adviser employs a process that combines sector allocation, fundamental research and duration management. In determining sector allocation, the Adviser analyzes the prevailing financial and investment characteristics of a broad range of sectors in which the Fund may invest and seeks to enhance performance and manage risk by underweighting or overweighting particular sectors. Based on fundamental research regarding securities, including fixed income research, credit analyses and use of sophisticated analytical systems, the Adviser makes decision to purchase and sell securities for the Fund. The Adviser examines the material risks of an investment across a spectrum of considerations including financial metrics, regional and national conditions and industry specific factors. The Adviser may also consider the most material potential ESG (Environmental, Social and Governance) risks and opportunities impacting issuers, where relevant. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser. The relevance of
ESG factors to the investment process varies across issuers and instrument types. The Adviser also considers economic factors to develop strategic forecasts as to the direction of interest rates which are then used to establish the Fund’s target duration, a common measurement of a security’s sensitivity to interest rate movements. For obligations owned by the Fund, duration measures the average time needed to receive the present value of all principal and interest payments by analyzing cash flows and interest rate movements. The Adviser closely monitors the Fund’s portfolio and makes adjustments as necessary.The Fund’s investment strategies may result in a portfolio turnover rate in excess of 100% on an annual basis.
Read More

ATOIX - Performance

Return Ranking - Trailing

Period ATOIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -4.6% 33.0% 9.39%
1 Yr 4.0% -0.1% 38.0% 90.74%
3 Yr 2.7%* -10.8% 3.4% 0.34%
5 Yr 1.8%* -6.7% 1104.0% 5.72%
10 Yr N/A* -0.9% 248.8% 94.41%

* Annualized

Return Ranking - Calendar

Period ATOIX Return Category Return Low Category Return High Rank in Category (%)
2023 0.2% -1.4% 41.0% 99.06%
2022 -0.2% -39.7% 0.3% 0.54%
2021 -0.1% -5.6% 6.9% 33.56%
2020 0.0% -2.6% 310.0% 95.48%
2019 0.0% 0.0% 26.0% 99.64%

Total Return Ranking - Trailing

Period ATOIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -4.6% 33.0% 9.39%
1 Yr 4.0% -0.1% 38.0% 90.74%
3 Yr 2.7%* -10.8% 3.4% 0.34%
5 Yr 1.8%* -6.7% 1104.0% 5.72%
10 Yr N/A* -0.9% 248.8% 93.74%

* Annualized

Total Return Ranking - Calendar

Period ATOIX Return Category Return Low Category Return High Rank in Category (%)
2023 4.2% -1.3% 41.0% 80.83%
2022 1.0% -39.7% 1.1% 0.20%
2021 0.0% -4.8% 23761504.0% 88.13%
2020 0.9% -1.5% 17057.9% 96.25%
2019 0.8% 0.2% 3514.6% 99.86%

NAV & Total Return History

ATOIX - Holdings

Concentration Analysis

ATOIX Category Low Category High ATOIX % Rank
Net Assets 666 M 3.22 M 71.9 B 40.13%
Number of Holdings 89 4 13418 88.81%
Net Assets in Top 10 303 M -317 M 3.09 B 11.53%
Weighting of Top 10 42.86% 1.8% 100.3% 4.27%

Top 10 Holdings

  1. Mississippi Business Finance Corp 8.66%
  2. Maryland Industrial Development Financing Authority 7.07%
  3. Indiana Finance Authority 3.91%
  4. Arkansas Development Finance Authority 3.61%
  5. Iowa Finance Authority 3.60%
  6. Florida Insurance Assistance Interlocal Agency Inc 3.58%
  7. County of Meade KY 3.51%
  8. Central Bradford Progress Authority 3.26%
  9. Harris County Cultural Education Facilities Finance Corp 2.83%
  10. New Hampshire Business Finance Authority 2.83%

Asset Allocation

Weighting Return Low Return High ATOIX % Rank
Bonds 		99.88% 0.00% 150.86% 24.50%
Cash 		0.12% -50.86% 44.62% 79.15%
Stocks 		0.00% 0.00% 99.78% 15.51%
Preferred Stocks 		0.00% 0.00% 0.07% 4.46%
Other 		0.00% -3.69% 51.88% 53.36%
Convertible Bonds 		0.00% 0.00% 0.93% 48.90%

Stock Sector Breakdown

Weighting Return Low Return High ATOIX % Rank
Utilities 		0.00% 0.00% 0.00% N/A
Technology 		0.00% 0.00% 0.00% N/A
Real Estate 		0.00% 0.00% 0.00% N/A
Industrials 		0.00% 0.00% 100.00% N/A
Healthcare 		0.00% 0.00% 0.00% N/A
Financial Services 		0.00% 0.00% 0.00% N/A
Energy 		0.00% 0.00% 0.00% N/A
Communication Services 		0.00% 0.00% 100.00% N/A
Consumer Defense 		0.00% 0.00% 0.00% N/A
Consumer Cyclical 		0.00% 0.00% 100.00% N/A
Basic Materials 		0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High ATOIX % Rank
US 		0.00% 0.00% 99.78% 15.52%
Non US 		0.00% -0.03% 9.76% 4.13%

Bond Sector Breakdown

Weighting Return Low Return High ATOIX % Rank
Municipal 		88.97% 44.39% 100.00% 95.25%
Derivative 		0.00% -3.69% 51.88% 51.23%
Cash & Equivalents 		0.00% 0.00% 44.41% 77.35%
Securitized 		0.00% 0.00% 5.93% 49.63%
Corporate 		0.00% 0.00% 9.41% 57.93%
Government 		0.00% 0.00% 52.02% 52.51%

Bond Geographic Breakdown

Weighting Return Low Return High ATOIX % Rank
US 		99.88% 0.00% 142.23% 23.18%
Non US 		0.00% 0.00% 23.89% 8.79%

ATOIX - Expenses

Operational Fees

ATOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.64% 0.01% 8.02% 60.13%
Management Fee 0.40% 0.00% 1.20% 38.22%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

ATOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

ATOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 98.51%

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.

ATOIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 261.23% 0.00% 283.00% 99.64%

ATOIX - Distributions

Dividend Yield Analysis

ATOIX Category Low Category High ATOIX % Rank
Dividend Yield 3.77% 0.00% 14.51% 3.53%

Dividend Distribution Analysis

ATOIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

ATOIX Category Low Category High ATOIX % Rank
Net Income Ratio 0.11% -0.53% 5.33% 98.79%

Capital Gain Distribution Analysis

ATOIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

ATOIX - Fund Manager Analysis

Managers

Jonathan Mondillo

Start Date

Tenure

Tenure Rank

Feb 27, 2015

7.26

7.3%

Jonathan Mondillo is Head of Municipals on the Municipal Bond Team at abrdn. He is responsible for overseeing three municipal bond mutual funds that span investment grade ultra-short maturities to high yield credits. Jonathan joined the firm in 2018 from Alpine Woods Capital Investors, LLC, when two mutual funds he managed were acquired by Aberdeen Standard Investments. Prior to that, Jonathan worked for Fidelity Capital Markets. Jonathan graduated with a B.S. in Finance from Bentley University.

Mark Taylor

Start Date

Tenure

Tenure Rank

Feb 29, 2016

6.25

6.3%

Mark Taylor is an Investment Director and Head of Municipal Bond Research at abrdn. Mark joined abrdn as a result of an agreement with Alpine Woods Capital Investors, LLC to transfer certain assets related to the investment management business of Alpine in May 2018. Mark joined the company in February 2012 as Head of Municipal Bond Research and was made a Portfolio Manager in May 2013. Mark is a public-finance industry veteran with over 28 years of muni fixed income experience. Previously, Mark was a VP at Barclays Capital in the global financial risk management team, where his group managed an over $5 billion portfolio of municipal liquidity facilities and LOCs. As the senior group member, he was responsible for high yield credits, all high profile credits, and assigning trading limits/credit analysis for all Supranational banks (i.e. World Bank, International Monetary Fund – IMF), World Trade Organization (WTO), as well as the United Nations and its umbrella organizations. Earlier, Mark was a VP at MBIA on the insured portfolio management team where he oversaw a $375 billion municipal insured portfolio, including workout strategies. He began the first six years of his career as a muni bond analyst at Moody’s Investors Service. Mark earned his BS in Business Administration with a concentration in Finance and Insurance from Northeastern University.

Miguel Laranjeiro

Start Date

Tenure

Tenure Rank

Dec 31, 2016

5.42

5.4%

Miguel Laranjeiro is an Investment Manager at Aberdeen Standard Investments. Miguel is responsible for municipal credit analysis in the high yield sector as well as high grade tax backed sectors. Miguel joined Aberdeen Standard Investments in 2018 from Alpine Woods Capital Investors where he was focused on credit analysis in the Public Finance sector for Alpine's two municipal funds, Alpine Ultra Short Municipal Income Fund (ATOIX) and Alpine High Yield Managed Duration Fund (AHYMX). Previously, Miguel worked for Thomson Reuters as an analyst focused primarily on Fundamentals Analysis in the Emerging Markets sectors.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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