ABTZX: AB High Income Municipal Z

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ABTZX AB High Income Municipal Z


Profile

ABTZX - Profile

Vitals

  • YTD Return -3.9%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $2.93 B
  • Holdings in Top 10 14.5%

52 WEEK LOW AND HIGH

$11.40
$10.12
$12.31

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.65%

SALES FEES

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

BROKERAGE FEES

  • Turnover 23.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return -3.9%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.11%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    AB High Income Municipal Portfolio
  • Fund Family Name
    AllianceBernstein
  • Inception Date
    Sep 28, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Robert 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.


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Categories

Performance

ABTZX - Performance

Return Ranking - Trailing

Period ABTZX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.9% -11.5% 2.1% 62.24%
1 Yr -2.7% -11.5% 5.3% 53.37%
3 Yr N/A* -1.6% 2.9% 5.39%
5 Yr N/A* -2.2% 2.6% 5.56%
10 Yr N/A* -1.4% 2.1% N/A

* Annualized

Return Ranking - Calendar

Period ABTZX Return Category Return Low Category Return High Rank in Category (%)
2019 6.6% -0.7% 9.1% 17.89%
2018 N/A -4.8% 9.2% N/A
2017 N/A -9.7% 8.6% N/A
2016 N/A -6.1% -0.8% N/A
2015 N/A -5.6% 2.9% N/A

Total Return Ranking - Trailing

Period ABTZX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.9% -11.5% 2.1% 62.24%
1 Yr -2.7% -11.5% 5.3% 53.37%
3 Yr N/A* -1.6% 2.9% 4.79%
5 Yr N/A* -2.2% 3.0% 4.86%
10 Yr N/A* -1.4% 4.5% N/A

* Annualized

Total Return Ranking - Calendar

Period ABTZX Return Category Return Low Category Return High Rank in Category (%)
2019 6.6% -0.7% 9.1% 18.95%
2018 N/A -4.8% 9.2% N/A
2017 N/A -9.7% 8.8% N/A
2016 N/A -6.1% 1.1% N/A
2015 N/A -5.6% 5.3% N/A

NAV & Total Return History


Holdings

ABTZX - Holdings

Concentration Analysis

ABTZX Category Low Category High ABTZX % Rank
Net Assets 2.93 B 573 K 19.1 B 28.64%
Number of Holdings 659 5 3533 30.65%
Net Assets in Top 10 405 M -38.7 M 2.67 B 18.59%
Weighting of Top 10 14.51% 4.2% 96.4% 41.62%

Top 10 Holdings

  1. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5% 3.68%
  2. PUERTO RICO SALES TAX FING CORP SALES TAX REV 5% 2.29%
  3. TOBACCO SETTLEMENT FING CORP N J 5% 1.97%
  4. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5% 1.27%
  5. TOBACCO SETTLEMENT FING CORP VA 5% 1.10%
  6. CUYAHOGA CNTY OHIO HOSP REV 5% 0.98%
  7. MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET BACKED REV 6% 0.84%
  8. TUSCALOOSA CNTY ALA INDL DEV GULF OPPORTUNITY ZONE 5.25% 0.83%
  9. TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV 5% 0.79%
  10. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5% 0.76%

Asset Allocation

Weighting Return Low Return High ABTZX % Rank
Bonds
97.28% 0.00% 148.07% 72.00%
Cash
2.72% -1.98% 100.00% 24.62%
Stocks
0.00% 0.00% 4.54% 76.50%
Preferred Stocks
0.00% -48.07% 0.00% 71.86%
Other
0.00% -0.04% 1.65% 77.89%
Convertible Bonds
0.00% 0.00% 0.00% 73.87%

Bond Sector Breakdown

Weighting Return Low Return High ABTZX % Rank
Municipal
97.05% 0.00% 100.00% 69.85%
Cash & Equivalents
2.72% 0.00% 100.00% 27.64%
Corporate
0.23% 0.00% 5.11% 20.10%
Derivative
0.00% 0.00% 0.26% 75.88%
Securitized
0.00% 0.00% 0.00% 73.87%
Government
0.00% -2.36% 0.96% 78.39%

Bond Geographic Breakdown

Weighting Return Low Return High ABTZX % Rank
US
89.26% 0.00% 141.91% 65.33%
Non US
8.02% 0.00% 16.32% 24.12%

Expenses

ABTZX - Expenses

Operational Fees

ABTZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.65% 0.18% 7.04% 82.32%
Management Fee 0.50% 0.00% 1.25% 55.50%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

ABTZX 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 1.00% 5.50% N/A

Trading Fees

ABTZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

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.

ABTZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 23.00% 5.10% 314.00% 50.75%

Distributions

ABTZX - Distributions

Dividend Yield Analysis

ABTZX Category Low Category High ABTZX % Rank
Dividend Yield 0.00% 0.00% 0.62% 77.00%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ABTZX Category Low Category High ABTZX % Rank
Net Income Ratio 4.11% -0.98% 5.67% 21.21%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

ABTZX - Fund Manager Analysis

Managers

Robert Davidson


Start Date

Tenure

Tenure Rank

Jan 26, 2010

10.43

10.4%

R. B. (Guy) Davidson III is Chief Investment Officer of Municipal Business. He joined the firm as director of Municipal Bonds in 1992, and under his leadership, the assets under management of the municipal business have grown from less than $1 billion to more than $44 billion today. Davidson is Chairman of the Tax-Exempt Fixed Income Investment Policy Group, which determines portfolio strategy and investment policies for all municipal products. 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. Davidson 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. He was named to the Institutional Investor’s All-America Research Team in 1992. Davidson holds a BA with honors from the College of Social Studies within Wesleyan University and an MBA from the Leonard N. Stern School of Business at New York University. Location: New York

Terrance Hults


Start Date

Tenure

Tenure Rank

Jan 26, 2010

10.43

10.4%

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. Mr. Hults received a BA in economics from Williams College and an MBA in finance from Columbia University. Location: New York

Matthew Norton


Start Date

Tenure

Tenure Rank

Jan 28, 2016

4.42

4.4%

Matthew Norton is a Senior Vice President and Co-Head of Municipal Portfolio Management, responsible for overseeing municipal bond investing at AB. He is also a member of the Municipal Impact Investment Policy Group. Previously, Mr. Norton was a portfolio manager on the Municipal Bond team. He joined AB in 2005, focusing primarily on research in tax-exempt and taxable fixed-income markets. Prior to joining the firm, Mr. Norton worked as a statistical research analyst at St. Lawrence University, evaluating the accuracy of biometric devices. He holds a BS in economics and mathematics from St. Lawrence University and an MBA in economics and quantitative finance from the Leonard N. Stern School of Business at New York University. Location: New York

Andrew Potter


Start Date

Tenure

Tenure Rank

Sep 28, 2018

1.76

1.8%

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 Category High Category Average Category Mode
0.25 28.52 7.04 0.61