Ultra Short Tax-Free Income Fund
Name
As of 03/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.8%
1 yr return
2.9%
3 Yr Avg Return
1.0%
5 Yr Avg Return
0.7%
Net Assets
$16.1 M
Holdings in Top 10
46.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.35%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
APUSX - Profile
Distributions
- YTD Total Return 0.8%
- 3 Yr Annualized Total Return 1.0%
- 5 Yr Annualized Total Return 0.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.28%
- Dividend Yield 3.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameUltra Short Tax-Free Income Fund
-
Fund Family NameCavanal Hill funds
-
Inception DateDec 26, 2017
-
Shares Outstanding10478
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRichard Williams
Fund Description
To pursue its objective, under normal circumstances, the Fund invests in a diversified portfolio of municipal bonds and debentures. Such debt obligations are “investment grade” or better, rated within the four highest long-term or two highest short-term rating categories assigned by a nationally recognized statistical ratings organization (“NRSRO”), with at least 65% of the Fund’s net assets invested in securities that are rated within the three highest long-term or highest short-term rating categories or, if not rated, found by the Adviser under guidelines approved by the Trust’s Board of Trustees to be of comparable quality.
If the rating of a security is downgraded after purchase, the portfolio management team will determine whether it is in the best interest of the Fund’s shareholders to continue to hold the security. In making that determination, the factors considered at the time of purchase are reviewed. The Fund does not apply an automatic sale trigger.
As a matter of fundamental policy, the Fund invests, under normal circumstances, at least 80% of its net assets in municipal securities, the income from which is both exempt from federal income tax and not subject to federal alternative minimum tax for individuals.
The Fund will generally invest in two principal classifications of municipal securities: general obligation securities and revenue securities. The Fund may also utilize credit enhancers, such as insurance. The Fund may invest in money market instruments such as short term tax-exempt notes, commercial paper, variable-rate demand notes, and money market funds.
Purchase and sale decisions are based on the Adviser’s judgment about issuers, risk, prices of securities, market conditions, potential returns, and other economic factors.
The Fund, under normal circumstances, invests at least 80% of its net assets in tax-free bonds and maintains a dollar-weighted average maturity between 1 day to 1 year. These policies will not be changed without at least 60 days’ prior notice to shareholders.
APUSX - Performance
Return Ranking - Trailing
Period | APUSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.8% | -1.8% | 8.7% | 8.18% |
1 Yr | 2.9% | -2.1% | 36.7% | 79.90% |
3 Yr | 1.0%* | -9.9% | 2.9% | 3.56% |
5 Yr | 0.7%* | -5.2% | 1103.5% | 74.72% |
10 Yr | N/A* | -0.2% | 248.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | APUSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.9% | -1.4% | 41.0% | 96.26% |
2022 | -0.5% | -40.2% | 0.3% | 0.92% |
2021 | -0.4% | -5.6% | 6.9% | 45.55% |
2020 | -0.1% | -2.6% | 310.0% | 96.56% |
2019 | 0.1% | 0.0% | 26.0% | 99.24% |
Total Return Ranking - Trailing
Period | APUSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.8% | -1.8% | 8.7% | 8.18% |
1 Yr | 2.9% | -2.1% | 36.7% | 79.90% |
3 Yr | 1.0%* | -9.9% | 2.9% | 3.56% |
5 Yr | 0.7%* | -5.2% | 1103.5% | 74.72% |
10 Yr | N/A* | -0.2% | 248.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | APUSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.1% | -1.3% | 41.0% | 96.32% |
2022 | -0.2% | -40.2% | 1.1% | 1.44% |
2021 | -0.4% | -4.8% | 23761504.0% | 94.13% |
2020 | 0.3% | -1.5% | 17057.9% | 98.79% |
2019 | 0.8% | 0.2% | 3514.6% | 99.79% |
NAV & Total Return History
APUSX - Holdings
Concentration Analysis
APUSX | Category Low | Category High | APUSX % Rank | |
---|---|---|---|---|
Net Assets | 16.1 M | 3.48 M | 68.1 B | 98.58% |
Number of Holdings | 31 | 2 | 12848 | 99.04% |
Net Assets in Top 10 | 6.48 M | -317 M | 3.4 B | 97.11% |
Weighting of Top 10 | 46.54% | 1.9% | 100.4% | 3.35% |
Top 10 Holdings
- MONTGOMERY COUNTY PUBLIC BUILDING AUTHORITY 6.10%
- WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT 5.39%
- CLARK COUNTY NV INDL DEV REVENUE 5.39%
- CITY OF COLORADO SPRINGS CO UTILITIES SYSTEM REVEN 4.81%
- COUNTY OF KING WA 4.31%
- COUNTY OF FRANKLIN OH 4.31%
- PHILADELPHIA PA 4.31%
- BOROUGH OF LEWISTOWN PA 4.17%
- AUSTIN TEXAS HOTEL OCCUPANCY TAX REVENUE 4.16%
- CITY OF LYNDHURST OH 3.60%
Asset Allocation
Weighting | Return Low | Return High | APUSX % Rank | |
---|---|---|---|---|
Bonds | 98.75% | 0.00% | 150.86% | 46.92% |
Cash | 1.25% | -50.86% | 50.09% | 49.58% |
Stocks | 0.00% | 0.00% | 99.88% | 17.54% |
Preferred Stocks | 0.00% | 0.00% | 0.52% | 49.00% |
Other | 0.00% | -8.54% | 33.35% | 51.38% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 48.81% |
Bond Sector Breakdown
Weighting | Return Low | Return High | APUSX % Rank | |
---|---|---|---|---|
Municipal | 96.07% | 44.39% | 100.00% | 73.92% |
Cash & Equivalents | 0.55% | 0.00% | 48.02% | 38.07% |
Derivative | 0.00% | -8.54% | 23.38% | 49.71% |
Securitized | 0.00% | 0.00% | 5.93% | 49.84% |
Corporate | 0.00% | 0.00% | 9.41% | 57.65% |
Government | 0.00% | 0.00% | 52.02% | 52.10% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | APUSX % Rank | |
---|---|---|---|---|
US | 98.75% | 0.00% | 142.23% | 44.44% |
Non US | 0.00% | 0.00% | 23.89% | 13.89% |
APUSX - Expenses
Operational Fees
APUSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.35% | 0.01% | 20.65% | 21.64% |
Management Fee | 0.15% | 0.00% | 1.20% | 3.34% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 35.27% |
Administrative Fee | 0.08% | 0.01% | 0.44% | 25.00% |
Sales Fees
APUSX 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
APUSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | 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.
APUSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 283.00% | 98.82% |
APUSX - Distributions
Dividend Yield Analysis
APUSX | Category Low | Category High | APUSX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.30% | 0.00% | 14.33% | 70.57% |
Dividend Distribution Analysis
APUSX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
APUSX | Category Low | Category High | APUSX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.28% | -0.53% | 5.33% | 99.87% |
Capital Gain Distribution Analysis
APUSX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 01, 2024 | $0.025 | DailyAccrualFund |
Feb 01, 2024 | $0.025 | DailyAccrualFund |
Jan 01, 2024 | $0.029 | DailyAccrualFund |
Dec 01, 2023 | $0.024 | DailyAccrualFund |
Nov 01, 2023 | $0.024 | DailyAccrualFund |
Oct 01, 2023 | $0.022 | DailyAccrualFund |
Sep 01, 2023 | $0.019 | DailyAccrualFund |
Aug 01, 2023 | $0.016 | DailyAccrualFund |
Jul 01, 2023 | $0.014 | DailyAccrualFund |
Jun 01, 2023 | $0.014 | DailyAccrualFund |
May 01, 2023 | $0.012 | DailyAccrualFund |
Apr 01, 2023 | $0.012 | DailyAccrualFund |
Mar 01, 2023 | $0.010 | DailyAccrualFund |
Feb 01, 2023 | $0.009 | DailyAccrualFund |
Jan 03, 2023 | $0.010 | DailyAccrualFund |
Dec 01, 2022 | $0.007 | DailyAccrualFund |
Nov 01, 2022 | $0.006 | DailyAccrualFund |
Oct 03, 2022 | $0.004 | DailyAccrualFund |
Sep 01, 2022 | $0.003 | DailyAccrualFund |
Aug 01, 2022 | $0.001 | DailyAccrualFund |
Jul 01, 2022 | $0.000 | DailyAccrualFund |
Jun 01, 2022 | $0.000 | DailyAccrualFund |
Oct 01, 2020 | $0.000 | DailyAccrualFund |
Sep 01, 2020 | $0.000 | DailyAccrualFund |
Aug 03, 2020 | $0.001 | DailyAccrualFund |
Jul 01, 2020 | $0.002 | DailyAccrualFund |
Jun 01, 2020 | $0.003 | DailyAccrualFund |
May 01, 2020 | $0.006 | DailyAccrualFund |
Apr 01, 2020 | $0.012 | DailyAccrualFund |
Mar 02, 2020 | $0.006 | DailyAccrualFund |
Feb 03, 2020 | $0.006 | DailyAccrualFund |
Jan 02, 2020 | $0.001 | DailyAccrualFund |
Dec 02, 2019 | $0.001 | DailyAccrualFund |
Jul 01, 2019 | $0.011 | DailyAccrualFund |
Jun 03, 2019 | $0.010 | DailyAccrualFund |
May 01, 2019 | $0.011 | DailyAccrualFund |
Apr 01, 2019 | $0.011 | DailyAccrualFund |
Mar 01, 2019 | $0.010 | DailyAccrualFund |
Feb 01, 2019 | $0.011 | DailyAccrualFund |
Jan 02, 2019 | $0.009 | DailyAccrualFund |
Dec 03, 2018 | $0.008 | DailyAccrualFund |
Nov 01, 2018 | $0.008 | DailyAccrualFund |
Sep 04, 2018 | $0.007 | DailyAccrualFund |
Aug 01, 2018 | $0.006 | DailyAccrualFund |
Jul 02, 2018 | $0.006 | DailyAccrualFund |
Jun 01, 2018 | $0.006 | DailyAccrualFund |
May 01, 2018 | $0.007 | DailyAccrualFund |
Apr 02, 2018 | $0.002 | DailyAccrualFund |
APUSX - Fund Manager Analysis
Managers
Richard Williams
Start Date
Tenure
Tenure Rank
Dec 26, 2017
4.43
4.4%
Mr. Williams is a Senior Vice President and has been a tax-free fund manager for Cavanal Hill Investment Management since 2005. Before joining Cavanal Hill Investment Management, Mr. Williams was a senior portfolio manager for AMR Investments from August 2000 to March 2005. He began his career on the money market trading desk at Fidelity Investments in Dallas, Texas and has also worked for Koch Industries and Automatic Data Processing.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.36 | 1.58 |