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Trending ETFs

Name

As of 03/25/2024

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

$12.26

$199 M

2.41%

$0.30

0.64%

Vitals

YTD Return

0.0%

1 yr return

3.2%

3 Yr Avg Return

-0.4%

5 Yr Avg Return

1.4%

Net Assets

$199 M

Holdings in Top 10

19.2%

52 WEEK LOW AND HIGH

$12.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.64%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 9.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

$10,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

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

$12.26

$199 M

2.41%

$0.30

0.64%

PCMNX - Profile

Distributions

  • YTD Total Return 0.0%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return 1.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.20%
DIVIDENDS
  • Dividend Yield 2.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PACE Municipal Fixed Income Investments
  • Fund Family Name
    UBSASSETMT
  • Inception Date
    Aug 24, 1995
  • Shares Outstanding
    N/A
  • Share Class
    P
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mabel Lung

Fund Description

Principal investments

Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in municipal fixed income investments, the income from which is exempt from regular federal income taxes. The fund invests principally

in investment grade municipal bonds of varying maturities. Normally, the fund limits its investments in municipal bonds that are subject to the federal alternative minimum tax ("AMT") so that not more than 25% of its interest income will be subject to the AMT, and invests in these bonds when its investment advisor believes that they offer attractive yields relative to similar municipal bonds that are not subject to the AMT.

The fund normally limits its portfolio duration to between three and seven years. Duration is a measure of the fund's exposure to interest rate risk—a longer duration means that changes in market interest rates are likely to have a larger effect on the value of the fund's portfolio.

The fund may invest up to 50% of its total assets in municipal bonds that are secured by revenues from public housing authorities and state and local housing finance authorities, including bonds that are secured or backed by the US Treasury or other US government guaranteed securities. There are different types of US government securities, including those issued or guaranteed by the US government, its agencies and its instrumentalities, and they have different types of government support. Some are supported by the full faith and credit of the US, while others are supported by (1) the ability of the issuer to borrow from the US Treasury; (2) the credit of the issuing agency, instrumentality or government-sponsored entity; (3) pools of assets, such as mortgages; or (4) the US government in some other way.

The fund limits its investments in municipal bonds with the lowest investment grade rating (or unrated bonds of equivalent quality) to 15% of its total assets at the time the bonds are purchased. Municipal bonds that are downgraded to a below investment grade rating (or equivalent quality) after the initial purchase of such bonds may continue to be held in the fund's portfolio.

Management process

The fund employs a "manager of managers" structure. UBS AM, the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's subadvisor(s) and recommend their hiring, termination and replacement, and to allocate assets among the fund's subadvisor(s).

UBS AM's investment process begins with subadvisor selection. UBS AM's portfolio management team constructs a list of potential subadvisors based on information primarily from internal sources and the team's collective knowledge of the industry, but also supplemented by external sources. The team then focuses its research on that list to identify a small number of the most attractive candidates. This research includes ana-

lyzing the portfolio holdings and/or positioning of a subadvisor's investment strategy to understand whether the allocation of risk and the drivers of alpha are consistent with the subadvisor's investment philosophy and stated strengths. The most attractive sub-set of those subadvisors is then selected for in-depth, on-site due diligence meetings with representatives from the investment, operations and compliance groups within UBS AM. The due diligence information is then synthesized to select the most attractive candidate(s) for the fund, subject to the board's approval.

In managing the fund and overseeing the fund's subadvisor(s), UBS AM views its research process as an ongoing one, as the team continually seeks to confirm a subadvisor's investment thesis over the appropriate investment horizon. In general, UBS AM leverages its research and market knowledge to construct funds with exposure to various subadvisors that are expected, in combination, to produce the desired overall fund characteristics. UBS AM's ongoing monitoring and risk management process incorporates daily, weekly, monthly, quarterly and annual responsibilities designed to monitor the drivers of fund risk and performance at the subadvisor level and at the overall fund level. Through this process, UBS AM may adjust a fund's positioning by altering its allocation weights across subadvisors within the fund and/or by changing the specific subadvisors within the fund.

The subadvisor utilizes a strategy that involves investing in undervalued sectors, geographical regions or individual securities.

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PCMNX - Performance

Return Ranking - Trailing

Period PCMNX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -2.7% 12.2% 58.72%
1 Yr 3.2% -3.0% 38.5% 54.62%
3 Yr -0.4%* -10.3% 3.3% 35.23%
5 Yr 1.4%* -5.7% 1102.9% 21.47%
10 Yr 2.2%* -0.2% 248.3% 34.23%

* Annualized

Return Ranking - Calendar

Period PCMNX Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -1.4% 41.0% 40.28%
2022 -9.4% -39.7% 0.3% 30.55%
2021 -1.6% -5.6% 6.9% 94.51%
2020 2.1% -2.6% 310.0% 33.81%
2019 3.7% 0.0% 26.0% 52.22%

Total Return Ranking - Trailing

Period PCMNX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -2.7% 12.2% 58.72%
1 Yr 3.2% -3.0% 38.5% 54.62%
3 Yr -0.4%* -10.3% 3.3% 35.23%
5 Yr 1.4%* -5.7% 1102.9% 21.47%
10 Yr 2.2%* -0.2% 248.3% 34.23%

* Annualized

Total Return Ranking - Calendar

Period PCMNX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -1.3% 41.0% 53.17%
2022 -7.4% -39.7% 1.1% 31.21%
2021 0.7% -4.8% 23761504.0% 71.89%
2020 4.6% -1.5% 17057.9% 23.60%
2019 7.1% 0.2% 3514.6% 34.67%

NAV & Total Return History


PCMNX - Holdings

Concentration Analysis

PCMNX Category Low Category High PCMNX % Rank
Net Assets 199 M 3.48 M 68.1 B 69.05%
Number of Holdings 119 2 12848 79.06%
Net Assets in Top 10 37.6 M -317 M 3.4 B 71.59%
Weighting of Top 10 19.16% 1.9% 100.4% 43.71%

Top 10 Holdings

  1. Tobacco Settlement Financing Corp. 4.37%
  2. Indiana Finance Authority 2.63%
  3. Michigan Strategic Fund 1.78%
  4. Allegheny County Hospital Development Authority 1.74%
  5. Metropolitan Government of Nashville Davidson County 1.65%
  6. New York State Dormitory Authority 1.46%
  7. North Texas Tollway Authority 1.43%
  8. State of Connecticut Special Tax Revenue 1.39%
  9. New York State Urban Development Corp. 1.37%
  10. Metropolitan Washington Airports Authority Aviation Revenue 1.35%

Asset Allocation

Weighting Return Low Return High PCMNX % Rank
Bonds
98.81% 0.00% 150.86% 45.40%
Cash
1.19% -50.86% 50.09% 51.61%
Stocks
0.00% 0.00% 99.80% 43.46%
Preferred Stocks
0.00% 0.00% 0.52% 36.28%
Other
0.00% -8.54% 33.35% 41.11%
Convertible Bonds
0.00% 0.00% 0.93% 36.22%

Bond Sector Breakdown

Weighting Return Low Return High PCMNX % Rank
Municipal
99.81% 44.39% 100.00% 21.02%
Cash & Equivalents
0.48% 0.00% 48.02% 39.56%
Derivative
0.00% -8.54% 23.38% 38.34%
Securitized
0.00% 0.00% 5.93% 37.06%
Corporate
0.00% 0.00% 9.41% 46.96%
Government
0.00% 0.00% 52.02% 41.33%

Bond Geographic Breakdown

Weighting Return Low Return High PCMNX % Rank
US
98.81% 0.00% 142.23% 43.04%
Non US
0.00% 0.00% 23.89% 43.30%

PCMNX - Expenses

Operational Fees

PCMNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.64% 0.01% 20.65% 61.81%
Management Fee 0.40% 0.00% 1.20% 40.05%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% 32.68%

Sales Fees

PCMNX 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

PCMNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 50.75%

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.

PCMNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 9.00% 0.00% 283.00% 17.10%

PCMNX - Distributions

Dividend Yield Analysis

PCMNX Category Low Category High PCMNX % Rank
Dividend Yield 2.41% 0.00% 14.36% 69.03%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PCMNX Category Low Category High PCMNX % Rank
Net Income Ratio 2.20% -0.53% 5.33% 35.09%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PCMNX - Fund Manager Analysis

Managers

Mabel Lung


Start Date

Tenure

Tenure Rank

Dec 31, 1995

26.43

26.4%

• Mabel has been an integral member in portfolio management of Multi-Asset and Multi-Component Portfolios since 2000 when UBS Asset Management launched the UBS Multi-Asset Managed Accounts Program. • Recognizing the importance of after-tax investment results to US private clients, Mabel led her team to launch Personalized Tax Management in 2011 as a tax overlay investment service to multi-asset portfolios. • Mabel has significant experience in manager selection, overseeing $30 billion of assets for institutional and private clients globally through open architecture of best-in-class managers in liquid strategies, combined with a keen focus on risk-aware and holistic portfolio construction. • Mabel joined the firm in 1984, after her graduate study in business administration and has held various positions in finance, treasury, strategic and business planning, prior to joining the asset management division of the firm in 1995. • Prior to business school, she was a corporate finance analyst at an investment banking firm.

Fred Lee


Start Date

Tenure

Tenure Rank

Dec 31, 2009

12.42

12.4%

Fred Lee, CFA, as the Head of Portfolio Construction & Quantitative Research within the MMS team since January 2009, oversees the portfolio construction process in determining the specific allocations to individual managers. He also leads the team responsible for the quantitative assessment of managers. Mr. Lee is located in the London office of UBS AM, which he joined in 2006 as a Risk Analyst where he provided risk assessment and monitoring for all client portfolios and enhanced proprietary risk models. Prior to joining UBS AM, Mr. Lee worked as a consultant for MSCI Barra providing advice to large investment managers across Europe on the interpretation and use of risk models and analytics.

Gina Toth


Start Date

Tenure

Tenure Rank

Mar 31, 2013

9.17

9.2%

Gina Toth, CFA, is a Portfolio Manager within the MMS team at UBS AM, focusing on fixed income and multi-asset investment strategies, including liquid alternatives. She is part of the team responsible for manager due diligence and selection, portfolio construction, risk management, investment oversight, and performance of multi-asset strategies. Ms. Toth joined the firm in March 2013. Previously, she worked at AllianceBernstein as a Senior Portfolio Manager in New York and Sydney, specializing in multi-asset portfolios, asset allocation and custom solutions for the institutional, high-net worth and retail channels, encompassing both traditional and non-traditional asset classes. She also spent 14 years in New York and London as a fixed income portfolio manager for US and global portfolios.

Daniel Marques


Start Date

Tenure

Tenure Rank

Oct 31, 2017

4.58

4.6%

Daniel Marques, CFA Director, Senior Portfolio Manager Dan is a senior portfolio manager for US Municipal Bond strategies. He is responsible for managing US Municipal Bond portfolios for institutional, high net worth and mutual fund clients. Dan is also a leader of sustainability and ESG integration for US municipal bond portfolios and a lead portfolio manager for the US Municipal Impact strategy. Dan also provides municipal market analysis and performance attribution commentary for the team. Prior to joining the firm in 2000, Dan served as an investment research manager at Citizens Bank. Dan has been in the investment industry since 1992.Dan earned an MBA from Nichols College and a BS from the University of Massachusetts. He holds the CFA® designation and is a member of the CFA Institute.

Daniel Rabasco


Start Date

Tenure

Tenure Rank

Oct 31, 2017

4.58

4.6%

Dan is the head of municipal bonds at Mellon Investments Corp, overseeing and guiding the investment management process for the firm’s tax-exempt strategies. Previously, he was the head of trading for tax-exempt bonds, responsible for managing the municipal bond trading desk. Before joining the firm, Dan directed the municipal bond group at Fleet where he was responsible for managing mutual fund, common trust fund and high net worth client assets. Previously, he was a portfolio manager at Evergreen Investments, where he managed national and state-specific mutual funds. His other responsibilities included hospital and high yield credit analysis. Dan began his career as a municipal analyst at Liberty Insurance Company. Dan has been in the investment industry since 1987. Dan holds a BA from Boston College and an MBA from Suffolk University. Dan has served as a member of the Municipal Securities Rulemaking Board's Investor Advisory Group (2004-2008). He holds the CFA® designation and is a member of the CFA Institute.

David Kelly


Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

David Kelly is a portfolio manager for Americas House View Portfolios for UBS AM. Mr. Kelly is responsible for managing portfolios offered to UBS Financial Services clients that are aligned with UBS Financial Services House Views. He is a voting member of the Managed Account Solutions Investment Committee. Prior to joining UBS AM in May 2021, Mr. Kelly was a portfolio manager in the Investment Management group of UBS Financial Services, where he was responsible for strategy selection, portfolio construction and management of the multi-managed strategies. Mr. Kelly was a voting member of the Investment Management Investment Committee and was a member of the Investment Management Research Committee. Prior to joining UBS in 2004, Mr. Kelly worked at Merrill Lynch for 15 years where he served in a variety of municipal and taxable fixed income capacities, including private client sales, municipal new issue marketing and fixed income portfolio construction.

Chris Andersen


Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

Christopher is Head of Portfolio Management, Americas House View Portfolios for UBS Asset Management. In his role, Christopher is responsible for leading the portfolio management activities of portfolios offered to UBS Wealth Management clients that are aligned with UBS Wealth Management House Views. In that capacity, he leads a team of portfolio managers responsible for the House View Portfolios, which implement the House View’s strategic and tactical asset allocations, with passive and active pooled vehicles and individual securities. Christopher is deputy-chair and a voting member of the Managed Account Solutions Investment Committee. The Investment Committee reviews and approves investment strategies, prior to implementation, in the House View portfolios. Prior to moving to UBS Asset Management in November 2020, Christopher was promoted to Head of Portfolio Construction Americas for UBS Global Wealth Management in 2018. Christopher led the portfolio management activities of the team of portfolio managers responsible for the UBS Managed Portfolios (renamed as House View Portfolios). Christopher chaired the Investment Management Investment Committee (IMIC) and was a member of the Investment Management Research Committee (IMRC). Prior to joining UBS in 2012, Christopher spent 15 years with New York Life Investment Management (NYLIM) overseeing the company’s Investment Consulting Group. In this role, he was responsible for the independent oversight of investment activities of the Mainstay Funds, as well as manager selection across asset allocation strategies, sub-advisory mandates and NYLIM's mutual fund M&A activities. Christopher received a B.A. in economics and German from Binghamton University.  Christopher holds the Chartered Financial Analyst® (CFA) designation and is a member of the CFA Society New York. He is FINRA Series 7, 24 and 63 licensed.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58