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ABTYX AB High Income Municipal Advisor

  • Fund
  • ABTYX
  • Price as of: May 22, 2019
  • $11.59 - $0.00 - 0.00%
  • Category
  • High Yield Municipal Bonds

ABTYX - Profile

Vitals

  • YTD Return 4.2%
  • 3 Yr Annualized Return -0.2%
  • 5 Yr Annualized Return 1.1%
  • Net Assets $3 B
  • Holdings in Top 10 10.7%

52 WEEK LOW AND HIGH

$11.59
$11.06
$11.61

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.63%

SALES FEES

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

BROKERAGE FEES

  • Turnover 22.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Investment Themes

CATEGORY

High Yield Municipal Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Muni

Distributions

  • YTD Total Return 4.2%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.20%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name AB High Income Municipal Portfolio
  • Fund Family Name AllianceBernstein
  • Inception Date Jan 26, 2010
  • Shares Outstanding N/A
  • Share Class Adv
  • Currency USD
  • Domiciled Country United States
  • Manager Robert B. (Guy) Davidson

Fund Description

The fund invests principally in high-yielding municipal securities that may be non-investment grade or investment grade. It normally invests at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the AMT for certain taxpayers. The fund may invest without limit in lower-rated securities.

ABTYX - Performance

Return Ranking - Trailing

Period ABTYX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% 1.2% 5.8% 14.96%
1 Yr 2.4% -0.6% 6.4% 46.46%
3 Yr -0.2%* -1.9% 2.5% 48.36%
5 Yr 1.1%* -0.4% 13.3% 47.93%
10 Yr N/A* 0.8% 6.4% N/A

* Annualized


Return Ranking - Calendar

Period ABTYX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.5% -5.6% 4.2% 94.40%
2017 5.6% 0.0% 8.6% 13.60%
2016 -4.0% -6.7% -1.2% 86.89%
2015 0.7% -2.0% 2.9% 22.13%
2014 11.7% 3.6% 83.0% 16.10%

Total Return Ranking - Trailing

Period ABTYX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% 1.2% 5.9% 18.90%
1 Yr 2.7% -0.6% 7.4% 37.80%
3 Yr -0.1%* -1.9% 3.6% 49.18%
5 Yr 1.1%* -0.4% 13.3% 53.72%
10 Yr N/A* 0.8% 7.3% N/A

* Annualized


Total Return Ranking - Calendar

Period ABTYX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.2% -3.7% 4.2% 86.40%
2017 5.6% 0.0% 9.8% 16.80%
2016 -4.0% -4.6% 0.8% 90.98%
2015 0.7% -2.0% 5.3% 27.87%
2014 11.7% 3.6% 83.0% 20.34%

NAV & Total Return History

ABTYX - Holdings

Concentration Analysis

ABTYX Category Low Category High ABTYX % Rank
Net Assets 3 B 45.7 M 18.9 B 27.56%
Number of Holdings 580 42 3288 30.71%
Net Assets in Top 10 323 M 4.84 M 2.07 B 21.26%
Weighting of Top 10 10.70% 4.3% 39.1% 64.57%

Top 10 Holdings

  1. TOBACCO SETTLEMENT FING CORP N J 5% 1.83%

  2. PUERTO RICO SALES TAX FING CORP SALES TAX REV 5% 1.42%

  3. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88% 1.40%

  4. TEXAS WATER DEV BRD 5% 1.14%

  5. TOBACCO SETTLEMENT FING CORP VA 5% 1.01%

  6. CUYAHOGA CNTY OHIO HOSP REV 5% 0.94%

  7. MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET BACKED REV 6% 0.78%

  8. SOUTH DAKOTA ST HEALTH & EDL FACS AUTH REV 5% 0.75%

  9. JEFFERSON CNTY ALA SWR REV 6% 0.72%

  10. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5% 0.71%


Asset Allocation

Weighting Return Low Return High ABTYX % Rank
Bonds
94.59% 81.91% 103.81% 91.34%
Cash
5.40% -3.81% 18.09% 9.45%
Stocks
0.00% 0.00% 0.53% 56.69%
Preferred Stocks
0.00% 0.00% 0.39% 53.54%
Other
0.00% -1.58% 1.29% 56.69%
Convertible Bonds
0.00% 0.00% 0.00% 51.97%

Bond Sector Breakdown

Weighting Return Low Return High ABTYX % Rank
Municipal
94.30% 91.17% 103.16% 93.70%
Cash & Equivalents
5.40% -3.28% 18.09% 11.81%
Corporate
0.30% 0.00% 2.59% 17.32%
Derivative
0.00% -0.12% 0.06% 52.76%
Securitized
0.00% 0.00% 0.02% 53.54%
Government
0.00% -10.34% 4.74% 44.88%

Bond Geographic Breakdown

Weighting Return Low Return High ABTYX % Rank
US
89.47% 77.16% 103.15% 84.25%
Non US
5.12% 0.00% 12.42% 21.26%

ABTYX - Expenses

Operational Fees

ABTYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.63% 0.27% 1.85% 88.98%
Management Fee 0.50% 0.26% 0.75% 45.67%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

ABTYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 0.60% 5.50% N/A

Trading Fees

ABTYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% 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.

ABTYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 3.00% 119.00% 32.28%

ABTYX - Distributions

Dividend Yield Analysis

ABTYX Category Low Category High ABTYX % Rank
Dividend Yield 0.03% 0.01% 1.32% 76.38%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

ABTYX Category Low Category High ABTYX % Rank
Net Income Ratio 4.20% 1.39% 5.43% 25.20%

Capital Gain Distribution Analysis

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

ABTYX - Managers

Robert B. (Guy) Davidson

Manager

Start Date

Tenure

Tenure Rank

Jan 26, 2010

9.26

9.3%

R. B. Davidson III joined the firm as Director of Municipal Bonds in 1992. 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 AB. Before joining the firm, 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‘s All-America Research Team in 1992. He earned a BA with honors from Wesleyan University and an MBA from the New York University Stern School of Business. Location: New York


Terrance T. Hults

Manager

Start Date

Tenure

Tenure Rank

Jan 26, 2010

9.26

9.3%

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


Matthew J Norton

Manager

Start Date

Tenure

Tenure Rank

Jan 28, 2016

3.25

3.3%

Matthew Norton is a Portfolio Manager on the Municipal Bond team, which oversees 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 accuracy 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


Andrew D. Potter

Manager

Start Date

Tenure

Tenure Rank

Sep 28, 2018

0.59

0.6%

Andrew Potter is a Vice President and Portfolio Manager on the Municipal Bond team, which oversees tax-exempt investing at AllianceBernstein. He joined the team in 2007 as an associate portfolio manager (APM), responsible for monitoring risk exposures and implementing investment strategy across the firm’s tax-aware fixed-income platform. In 2013, Mr. Potter took on additional responsibility as supervisor for the team’s APMs. He moved into his current role in 2015, shifting his focus toward developing portfolio strategy. Mr. Potter holds a BA in physics with a minor in economics from Colgate University. He is a CFA charterholder and a member of the CFA Society New York. Location: New York


Tenure Analysis

Category Low

0.17

Category High

30.35

Category Average

8.45

Category Mode

6.25