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ABERX Aberdeen Tax-Free Income R

  • Fund
  • ABERX
  • Price as of: Jun 24, 2019
  • $9.88 + $0.01 + 0.10%
  • Category
  • National Munis

ABERX - Profile

Vitals

  • YTD Return 2.7%
  • 3 Yr Annualized Return -1.4%
  • 5 Yr Annualized Return -0.9%
  • Net Assets $71.5 M
  • Holdings in Top 10 32.6%

52 WEEK LOW AND HIGH

$9.88
$9.53
$9.88

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.32%

SALES FEES

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

BROKERAGE FEES

  • Turnover 14.38%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Investment Themes

CATEGORY

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

Distributions

  • YTD Total Return 2.7%
  • 3 Yr Annualized Total Return -1.4%
  • 5 Yr Annualized Total Return -0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.71%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Aberdeen Intermediate Municipal Income Fund
  • Fund Family Name Aberdeen
  • Inception Date Feb 25, 2013
  • Shares Outstanding N/A
  • Share Class Retirement
  • Currency USD
  • Domiciled Country United States
  • Manager Lesya Paisley

Fund Description

The fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in investment grade fixed income securities that qualify as tax-exempt municipal obligations. Tax-exempt municipal obligations include municipal obligations that pay interest that is free from U.S. federal income tax. These obligations are issued by states, U.S. territories and their political subdivisions, such as counties, cities and towns.

ABERX - Performance

Return Ranking - Trailing

Period ABERX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% 0.0% 4.9% 63.02%
1 Yr 1.9% -3.2% 5.4% 65.81%
3 Yr -1.4%* -2.9% 1.7% 92.42%
5 Yr -0.9%* -1.8% 2.3% 96.47%
10 Yr N/A* -8.8% 2.4% N/A

* Annualized


Return Ranking - Calendar

Period ABERX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -4.8% 0.8% 66.67%
2017 0.0% -0.9% 5.6% 94.55%
2016 -3.1% -6.1% 7.3% 73.57%
2015 -1.6% -10.9% 2.6% 96.52%
2014 3.5% -60.4% 12.0% 57.29%

Total Return Ranking - Trailing

Period ABERX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% 0.0% 5.5% 65.41%
1 Yr 1.9% -2.9% 6.9% 70.18%
3 Yr -1.4%* -2.9% 3.2% 94.67%
5 Yr -0.8%* -1.8% 3.7% 96.47%
10 Yr N/A* -8.7% 5.0% N/A

* Annualized


Total Return Ranking - Calendar

Period ABERX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -4.8% 1.7% 69.46%
2017 0.0% -0.9% 6.2% 95.56%
2016 -3.1% -6.1% 7.3% 76.02%
2015 -1.6% -9.6% 3.9% 96.72%
2014 3.8% -60.4% 12.0% 56.66%

NAV & Total Return History

ABERX - Holdings

Concentration Analysis

ABERX Category Low Category High ABERX % Rank
Net Assets 71.5 M 770 K 66.2 B 89.66%
Number of Holdings 86 3 8426 92.83%
Net Assets in Top 10 23.3 M -122 M 1.9 B 87.85%
Weighting of Top 10 32.63% 2.5% 100.0% 5.78%

Top 10 Holdings

  1. HARRIS CNTY TEX HEALTH FACS DEV CORP REV 5.75% 9.00%

  2. NEW YORK ST DORM AUTH REVS ST SUPPORTED DEBT 5% 3.58%

  3. PENNSYLVANIA ST TPK COMMN REGISTRATION FEE REV 5.25% 3.41%

  4. NEW JERSEY ST TRANSN TR FD AUTH 5% 3.34%

  5. NEW JERSEY ECONOMIC DEV AUTH REV 5.25% 2.86%

  6. ARIZONA INDL DEV AUTH SR LIVING REV 5% 2.54%

  7. TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV 6.25% 2.34%

  8. NEW YORK ST DORM AUTH REVS ST SUPPORTED DEBT 5.5% 1.88%

  9. ST CHARLES PARISH LA GULF OPPORTUNITY ZONE REV 4% 1.88%

  10. CONNECTICUT ST HEALTH & EDL FACS AUTH REV 5% 1.80%


Asset Allocation

Weighting Return Low Return High ABERX % Rank
Bonds
99.20% 20.15% 101.83% 42.03%
Cash
0.80% -1.83% 79.85% 57.17%
Stocks
0.00% 0.00% 0.01% 32.87%
Preferred Stocks
0.00% 0.00% 9.32% 32.67%
Other
0.00% -1.35% 30.00% 35.66%
Convertible Bonds
0.00% 0.00% 2.58% 33.07%

Bond Sector Breakdown

Weighting Return Low Return High ABERX % Rank
Municipal
99.20% 0.00% 112.93% 37.05%
Cash & Equivalents
0.80% -4.96% 79.85% 55.38%
Derivative
0.00% 0.00% 0.01% 33.07%
Securitized
0.00% 0.00% 25.65% 34.26%
Corporate
0.00% 0.00% 34.88% 42.43%
Government
0.00% -13.64% 71.35% 33.67%

Bond Geographic Breakdown

Weighting Return Low Return High ABERX % Rank
US
96.68% 20.15% 101.37% 62.35%
Non US
2.52% 0.00% 23.81% 9.16%

ABERX - Expenses

Operational Fees

ABERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.32% 0.09% 4.80% 21.07%
Management Fee 0.43% 0.00% 0.65% 62.23%
12b-1 Fee 0.50% 0.00% 1.00% 64.58%
Administrative Fee 0.25% 0.01% 0.34% 93.39%

Sales Fees

ABERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.50% 5.50% N/A

Trading Fees

ABERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.25% 2.00% 12.00%

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.

ABERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.38% 0.00% 504.54% 14.51%

ABERX - Distributions

Dividend Yield Analysis

ABERX Category Low Category High ABERX % Rank
Dividend Yield 0.02% 0.00% 1.98% 36.38%

Dividend Distribution Analysis

ABERX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

ABERX Category Low Category High ABERX % Rank
Net Income Ratio 2.71% 0.01% 4.95% 36.78%

Capital Gain Distribution Analysis

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

ABERX - Managers

Lesya Paisley

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2015

3.42

3.4%

Ms. Paisley, CFA, is an Investment Director and Senior Portfolio manager on the North American Fixed Income team. Ms. Paisley is the sector portfolio manager in the taxable municipal market in addition to portfolio management responsibilities in the corporate market. Additionally, Lesya has over ten years of experience in credit research covering a variety of municipal and corporate sectors. Lesya joined Aberdeen via the acquisition of Deutsche Asset Management’s London and Philadelphia fixed income businesses in 2005. She had been with DeAM from September 2003. Lesya graduated with a BS from the University of Virginia, McIntire School of Commerce and is a CFA charter-holder.


Mark Taylor

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2018

0.41

0.4%

Mr. Taylor is an Investment Director and Senior Portfolio manager on the US Fixed Income Team responsible for the management of the Tax-Exempt Municipal portfolios. Mr. Taylor joined Aberdeen Standard Investments in 2018 following the acquisition of the municipal strategies from Alpine Woods Capital, LLC. From 2012 to 2018, Mr. Taylor was employed by Alpine as its Head of Municipal Research as well as a portfolio manager. Prior to joining Alpine, Mr. Taylor worked at Barclays Capital as a Vice President in the Global Financial Risk Management group. During the first six years of his career, Mr. Taylor worked at Moody’s Investors Service as a Municipal Credit Analyst. Mr. Taylor has a Bachelor’s degree from Northeastern University.


Jonathan Mondillo

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2018

0.41

0.4%

Mr. Mondillo, Head of Municipals, is a Senior Portfolio manager on the US Fixed Income Team responsible for the management of the Tax-Exempt Municipal portfolios. He joined Aberdeen Standard Investments in 2018 following the acquisition of the municipal strategies from Alpine Woods Capital Investors, LLC. From 2008 to 2018, Mr. Mondillo was employed by Alpine as its Head of Fixed Income Trading as well as a portfolio manager. Prior to joining Alpine, Mr. Mondillo worked as an analyst within Fidelity Capital Markets’ Fixed Income Trading Group. Mr. Mondillo has a Bachelor’s degree from Bentley University.


Tenure Analysis

Category Low

0.08

Category High

39.68

Category Average

7.61

Category Mode

4.24