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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$10.08

$862 M

2.94%

$0.30

0.70%

Vitals

YTD Return

0.1%

1 yr return

0.0%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

N/A

Net Assets

$862 M

Holdings in Top 10

31.1%

52 WEEK LOW AND HIGH

$10.1
$10.06
$10.08

Expenses

OPERATING FEES

Expense Ratio 0.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 261.23%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$10.08

$862 M

2.94%

$0.30

0.70%

ATOAX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.02%
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    abrdn Ultra Short Municipal Income Fund
  • Fund Family Name
    Aberdeen
  • Inception Date
    Mar 30, 2004
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Jonathan Mondillo

Fund Description

The Ultra Short Municipal Income Fund invests its assets in a combination of tax-exempt obligations and taxable debt obligations. As a fundamental policy, under normal circumstances the Fund invests at least 80% of its net assets in tax-exempt obligations. Net assets include the amounts of any borrowings for investment purposes. Tax-exempt obligations include municipal obligations that pay interest that is free from U.S. federal income tax (other than federal alternative minimum tax (“AMT”)). In addition, the Fund may invest in taxable debt obligations, including, but not limited to, obligations, mortgage-related and asset-backed securities and money market instruments.

In managing the Fund’s investments, the Adviser seeks to capitalize on fundamental and technical opportunities in the debt obligations markets to enhance return. The obligations in which the Fund invests may be of any maturity, but under normal market conditions, it is expected that the Fund’s average portfolio maturity, at the time of investment, will be two years or less. Under normal market conditions, the Fund will generally maintain an investment portfolio with a weighted average effective duration of less than one year.

The obligations in which the Fund invests must, at the time of investment, be rated investment grade, as determined by the various rating agencies, or if unrated, of comparable quality as determined by the Adviser. When the Adviser determines that an obligation is in a specific category, the Adviser will use the highest rating assigned to the obligation by any nationally recognized statistical rating organization. In determining suitability of investment in a particular unrated security, the Adviser takes into consideration asset and debt service coverage, the purpose of the financing, history of the issuer, existence of other rated securities of the issuer, and other relevant conditions, such as comparability to other issuers. If an obligation’s credit rating is downgraded after the Fund’s investment, the Adviser monitors the situation to decide if the Fund needs to take any action such as selling the obligation.

The Fund is permitted to invest in tender option bonds. Tender option bonds are created when a holder deposits tax-exempt or other bonds into a special purpose trust (“TOB trust”). The TOB trust issues two types of securities: floating rate notes (“floaters” or “TOBs”) and a residual security junior to the floaters (“inverse floaters”). The Fund does not currently intend to deposit bonds into a TOB trust or invest in inverse floaters, but may invest in floaters issued by TOB trusts.

In managing the Fund, the Adviser employs a process that combines sector allocation, fundamental research and duration management. In determining sector allocation, the Adviser analyzes the prevailing financial and investment characteristics of a broad range of sectors in which the Fund may invest and seeks to enhance performance and manage risk by underweighting or overweighting particular sectors. Based on fundamental research regarding securities, including fixed income research, credit analyses and use of sophisticated analytical systems, the Adviser makes decision to purchase and sell securities for the Fund. The Adviser examines the material risks of an investment across a spectrum of considerations including financial metrics, regional and national conditions, industry specific factors and ESG (Environmental, Social and Governance) risks. ESG considerations are fully integrated across all asset classes. Although ESG investing is not a principal strategy of the Fund, the Adviser considers and assesses how these issues are managed and mitigated as well as the opportunities they might create for the issuer. The Adviser also considers economic factors to develop strategic forecasts as to the direction of interest rates which are then used to establish the Fund’s target duration, a common measurement of a security’s sensitivity to interest rate movements. For obligations owned by the Fund, duration measures the average time needed to receive the present value of all principal and interest payments by analyzing cash flows and interest rate movements. The Adviser closely monitors the Fund’s portfolio and makes adjustments as necessary.

The Fund’s investment strategies may result in a portfolio turnover rate in excess of 100% on an annual basis.

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ATOAX - Performance

Return Ranking - Trailing

Period ATOAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -86.8% 7.5% 75.88%
1 Yr 0.0% -20.7% 15.7% 24.04%
3 Yr -0.1%* -10.3% 52.1% 26.27%
5 Yr N/A* -5.0% 29.8% 87.41%
10 Yr N/A* -3.2% 13.6% 97.71%

* Annualized

Return Ranking - Calendar

Period ATOAX Return Category Return Low Category Return High Rank in Category (%)
2022 -0.2% -91.1% 101.7% 12.76%
2021 0.0% -79.2% 102.5% 42.99%
2020 0.0% -66.1% 60.0% 74.44%
2019 0.0% -57.4% 7.6% 89.80%
2018 N/A -35.9% 3.2% N/A

Total Return Ranking - Trailing

Period ATOAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -86.8% 7.5% 75.85%
1 Yr 0.0% -20.7% 15.4% 9.05%
3 Yr -0.1%* -10.3% 52.1% 27.87%
5 Yr N/A* -5.0% 29.8% 77.34%
10 Yr N/A* -3.2% 13.6% 97.18%

* Annualized

Total Return Ranking - Calendar

Period ATOAX Return Category Return Low Category Return High Rank in Category (%)
2022 -0.2% -91.1% 101.7% 12.80%
2021 0.0% -79.2% 102.5% 43.01%
2020 0.0% -66.1% 60.0% 74.46%
2019 0.0% -57.4% 7.6% 89.91%
2018 N/A -35.9% 3.2% N/A

NAV & Total Return History


ATOAX - Holdings

Concentration Analysis

ATOAX Category Low Category High ATOAX % Rank
Net Assets 862 M 2.87 M 73.9 B 31.55%
Number of Holdings 131 1 14000 61.04%
Net Assets in Top 10 271 M -317 M 8.64 B 10.16%
Weighting of Top 10 31.11% 2.4% 100.0% 31.13%

Top 10 Holdings

  1. MISSISSIPPI BUSINESS FIN CORP MISS REV 1.6% 7.12%
  2. MARYLAND INDL DEV FING AUTH PORT FACS REV 0.9% 4.87%
  3. MISSION TEX ECONOMIC DEV CORP SOLID WASTE DISP REV 0.2% 3.99%
  4. INDIANA ST FIN AUTH ENVIRONMENTAL REV 0.1% 3.61%
  5. CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV 0.45% 3.10%
  6. COLUMBIA ALA INDL DEV BRD REV 0.22% 2.95%
  7. MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE 0.12% 2.89%
  8. PENNSYLVANIA ECONOMIC DEV FING AUTH SOLID WASTE DISP REV 0.18% 2.84%
  9. WISCONSIN ST HEALTH & EDL FACS AUTH REV 0.21% 2.76%
  10. TRIBOROUGH BRDG & TUNL AUTH NY REVS 0.13% 2.69%

Asset Allocation

Weighting Return Low Return High ATOAX % Rank
Bonds
88.97% 0.00% 150.86% 96.65%
Cash
11.03% -50.86% 100.00% 3.13%
Stocks
0.00% -0.03% 4.63% 31.22%
Preferred Stocks
0.00% -1.79% 0.04% 28.80%
Other
0.00% -13.03% 30.01% 29.89%
Convertible Bonds
0.00% 0.00% 0.93% 28.89%

Bond Sector Breakdown

Weighting Return Low Return High ATOAX % Rank
Municipal
88.97% 0.00% 100.00% 95.96%
Cash & Equivalents
11.03% 0.00% 100.00% 3.58%
Derivative
0.00% 0.00% 21.68% 28.75%
Securitized
0.00% 0.00% 5.93% 29.80%
Corporate
0.00% 0.00% 9.99% 41.09%
Government
0.00% 0.00% 52.02% 33.97%

Bond Geographic Breakdown

Weighting Return Low Return High ATOAX % Rank
US
88.97% 0.00% 142.23% 90.93%
Non US
0.00% 0.00% 62.14% 78.00%

ATOAX - Expenses

Operational Fees

ATOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.70% 0.02% 3.60% 34.71%
Management Fee 0.50% 0.00% 1.10% 77.93%
12b-1 Fee 0.25% 0.00% 1.00% 41.98%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

ATOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% 86.16%
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

ATOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 99.25%

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.

ATOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 261.23% 0.00% 283.00% 99.68%

ATOAX - Distributions

Dividend Yield Analysis

ATOAX Category Low Category High ATOAX % Rank
Dividend Yield 2.94% 0.00% 35.27% 68.74%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ATOAX Category Low Category High ATOAX % Rank
Net Income Ratio 0.02% -0.53% 24.00% 98.98%

Capital Gain Distribution Analysis

ATOAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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ATOAX - Fund Manager Analysis

Managers

Jonathan Mondillo


Start Date

Tenure

Tenure Rank

Feb 27, 2015

7.26

7.3%

Jonathan Mondillo is Head of Municipals on the Municipal Bond Team at abrdn. He is responsible for overseeing three municipal bond mutual funds that span investment grade ultra-short maturities to high yield credits. Jonathan joined the firm in 2018 from Alpine Woods Capital Investors, LLC, when two mutual funds he managed were acquired by Aberdeen Standard Investments. Prior to that, Jonathan worked for Fidelity Capital Markets. Jonathan graduated with a B.S. in Finance from Bentley University.

Mark Taylor


Start Date

Tenure

Tenure Rank

Feb 29, 2016

6.25

6.3%

Mark Taylor is an Investment Director and Head of Municipal Bond Research at abrdn. Mark joined abrdn as a result of an agreement with Alpine Woods Capital Investors, LLC to transfer certain assets related to the investment management business of Alpine in May 2018. Mark joined the company in February 2012 as Head of Municipal Bond Research and was made a Portfolio Manager in May 2013. Mark is a public-finance industry veteran with over 28 years of muni fixed income experience. Previously, Mark was a VP at Barclays Capital in the global financial risk management team, where his group managed an over $5 billion portfolio of municipal liquidity facilities and LOCs. As the senior group member, he was responsible for high yield credits, all high profile credits, and assigning trading limits/credit analysis for all Supranational banks (i.e. World Bank, International Monetary Fund – IMF), World Trade Organization (WTO), as well as the United Nations and its umbrella organizations. Earlier, Mark was a VP at MBIA on the insured portfolio management team where he oversaw a $375 billion municipal insured portfolio, including workout strategies. He began the first six years of his career as a muni bond analyst at Moody’s Investors Service. Mark earned his BS in Business Administration with a concentration in Finance and Insurance from Northeastern University.

Miguel Laranjeiro


Start Date

Tenure

Tenure Rank

Dec 31, 2016

5.42

5.4%

Miguel Laranjeiro is an Investment Manager at Aberdeen Standard Investments. Miguel is responsible for municipal credit analysis in the high yield sector as well as high grade tax backed sectors. Miguel joined Aberdeen Standard Investments in 2018 from Alpine Woods Capital Investors where he was focused on credit analysis in the Public Finance sector for Alpine's two municipal funds, Alpine Ultra Short Municipal Income Fund (ATOIX) and Alpine High Yield Managed Duration Fund (AHYMX). Previously, Miguel worked for Thomson Reuters as an analyst focused primarily on Fundamentals Analysis in the Emerging Markets sectors.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.22 1.58