abrdn Infrastructure Debt Fund
Name
As of 09/27/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-3.7%
1 yr return
-3.3%
3 Yr Avg Return
-3.1%
5 Yr Avg Return
-0.2%
Net Assets
$30 M
Holdings in Top 10
69.3%
52 WEEK LOW AND HIGH
$8.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.42%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 424.59%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/27/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CGFIX - Profile
Distributions
- YTD Total Return -3.7%
- 3 Yr Annualized Total Return -3.1%
- 5 Yr Annualized Total Return -0.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.20%
- Dividend Yield 0.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal Nameabrdn Infrastructure Debt Fund
-
Fund Family NameAberdeen
-
Inception DateJan 03, 1994
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKaty Forbes
Fund Description
Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) will be invested in U.S. and non-U.S. infrastructure-related debt issuers and/or securities intended primarily to finance infrastructure-related activities. Infrastructure-related securities include securities issued to finance any assets or projects that support the operation, function, growth or development of a community or economy.
The infrastructure investments in which the Fund may invest include, without limitation, fixed or floating-rate debt instruments, loans or other income-producing instruments issued:
| ● | by companies or other issuers to finance (or re-finance) the ownership, development, construction, maintenance, renovation, enhancement, or operation of infrastructure assets; |
| ● | by companies or other issuers that invest in, own, lease or hold infrastructure assets; and |
| ● | by companies or other issuers that operate infrastructure assets or provide services, products or raw materials related to the development, construction, maintenance, renovation, enhancement or operation of infrastructure assets. |
The Fund may hold instruments issued by a wide range of entities including, among others, operating companies, holding companies, special purpose vehicles, including vehicles created to hold or finance infrastructure assets, municipal issuers, and governments and government agencies, authorities or instrumentalities.
The infrastructure assets to which the Fund may have exposure through its investments include, without limitation, assets related to:
| ● | transportation (e.g., airports, metro systems, subways, railroads, ports, toll roads); |
| ● | transportation equipment (e.g., shipping, aircraft, railcars, containers); |
| ● | electric utilities and power (e.g., power generation, transmission and distribution); |
| ● | energy (e.g., exploration and production, pipeline, storage, refining and distribution of energy), including renewable energies (e.g., wind, solar, hydro, geothermal); |
| ● | communication networks and equipment; |
| ● | water and sewage treatment; |
| ● | social infrastructure (e.g., health care facilities, government buildings and other public service facilities); and |
| ● | metals, mining, and other resources and services related to infrastructure assets (e.g., cement, chemical companies). |
The Fund may invest up to 20% of its assets on non-infrastructure-related securities.
For purposes of the Fund’s 80% policy, debt securities include fixed income securities of any type; however, the Fund intends to invest primarily in municipal debt and corporate debt, with municipal debt comprising no less than 50% of its assets, and typically approximately 60% of its assets.
Generally, the Fund intends to invest in bonds issued by both domestic and foreign issuers, including foreign issuers from emerging market countries. While the Fund’s investments will generally be denominated in U.S. dollars, the Fund may also invest in non-dollar denominated instruments.
The Fund may also invest in securities having a variable or floating interest rate. The Fund may invest in fixed-income securities of any maturity or duration.
Under normal market conditions, the Fund will maintain a weighted average credit rating of “BBB–” or above by Standard & Poor’s Rating Service (“S&P”), or “Baa3” or above by Moody’s Investors Service, Inc. (“Moody’s”), or a comparable rating by another nationally recognized statistical rating organization. Although the Fund typically invests in investment grade debt, the Fund may also invest in high income producing instruments, rated at the time of purchase below “BBB–” by S&P, or below “Baa3” by Moody’s, or below a comparable rating by another nationally recognized statistical rating organization, or unrated bonds determined by the Adviser to be of comparable quality. Split rate bonds will be considered to have the higher credit rating. The Fund may invest in securities rated in the lowest ratings category or in default (i.e., “junk bonds”, which are speculative).
The Fund’s investments may include bonds that are labeled as social, sustainability or green.
In selecting investments for the Fund, the Adviser and Sub-adviser examine the material risks of an investment across a spectrum of considerations including financial metrics, regional and national conditions and industry specific factors. The Adviser and Sub-adviser will also consider the most material potential ESG (Environmental, Social and Governance) risks and opportunities impacting issuers, where relevant. The materiality of ESG factors to the investment process varies across issuers and instrument types.
In selecting the Fund’s municipal debt securities, the Adviser and Sub-adviser generally look for a wide range of U.S. issuers and securities that provide high current income, including unrated bonds and securities of smaller issuers that offer high current income and might be overlooked by other investors and funds. The Adviser and Sub-adviser also focus on securities with coupon interest or accretion rates, current market interest rates, callability and call prices that might change the effective maturity of particular securities. The Adviser and Sub-adviser may consider selling a security if any of these factors no longer applies to a security purchased for the Fund, but is not required to do so.
In selecting the Fund’s corporate debt securities, the Adviser and Sub-adviser seek to invest in securities of issuers that are expected to exhibit stable to improving credit characteristics based on industry trends, company positioning, and management strategy, taking into account the potential positive impact of any restructurings or other corporate reorganizations.
The Fund may use derivatives under certain market conditions to manage duration and to hedge currency exposure. The Fund expects that derivative instruments will include the purchase and sale of U.S. treasury futures contracts and forward foreign exchange contracts.
All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal alternative minimum tax. The Fund does not seek to provide income exempt from federal income tax.
CGFIX - Performance
Return Ranking - Trailing
| Period | CGFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.7% | -73.0% | 19.4% | 94.27% |
| 1 Yr | -3.3% | -9.1% | 86.9% | 73.09% |
| 3 Yr | -3.1%* | -9.5% | 16.2% | 34.54% |
| 5 Yr | -0.2%* | -4.9% | 14.4% | 37.67% |
| 10 Yr | 0.6%* | -0.9% | 7.5% | 60.64% |
* Annualized
Return Ranking - Calendar
| Period | CGFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -10.0% | -22.7% | 305.1% | 19.26% |
| 2021 | -6.0% | -9.8% | 27.3% | 60.89% |
| 2020 | 6.1% | -20.8% | 10.9% | 31.56% |
| 2019 | 3.8% | -12.4% | 29.4% | 76.73% |
| 2018 | -4.8% | -10.5% | 15.8% | 2.62% |
Total Return Ranking - Trailing
| Period | CGFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.7% | -73.0% | 19.4% | 94.27% |
| 1 Yr | -3.3% | -13.4% | 86.9% | 66.91% |
| 3 Yr | -3.1%* | -9.5% | 16.2% | 32.13% |
| 5 Yr | -0.2%* | -5.3% | 14.4% | 34.53% |
| 10 Yr | 0.6%* | -0.9% | 7.5% | 57.45% |
* Annualized
Total Return Ranking - Calendar
| Period | CGFIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -10.0% | -22.7% | 305.1% | 19.63% |
| 2021 | 1.2% | -9.8% | 27.3% | 62.50% |
| 2020 | 6.4% | -20.8% | 10.9% | 44.00% |
| 2019 | 7.3% | -8.4% | 29.4% | 84.16% |
| 2018 | 1.0% | -10.2% | 18.0% | 2.62% |
NAV & Total Return History
CGFIX - Holdings
Concentration Analysis
| CGFIX | Category Low | Category High | CGFIX % Rank | |
|---|---|---|---|---|
| Net Assets | 30 M | 1.5 M | 5.01 B | 89.67% |
| Number of Holdings | 234 | 4 | 4478 | 40.99% |
| Net Assets in Top 10 | 20.8 M | -398 M | 2.55 B | 83.75% |
| Weighting of Top 10 | 69.33% | 13.1% | 100.0% | 77.06% |
Top 10 Holdings
- State Street Institutional US Government Money Market Fund 18.41%
- United States Treasury Inflation Indexed Bonds 9.96%
- Brazil Notas do Tesouro Nacional Serie F 7.65%
- Mexican Bonos 7.10%
- Italy Buoni Poliennali Del Tesoro 5.22%
- CREDIT AGRICOLE CIB 4.61%
- BANK OF MONTREAL 4.56%
- SOCIETE GENERALE 4.28%
- RABOBANK NEDERLAND 3.94%
- ING BANK NV 3.60%
Asset Allocation
| Weighting | Return Low | Return High | CGFIX % Rank | |
|---|---|---|---|---|
| Cash | 50.45% | -6278.21% | 410.43% | 10.25% |
| Bonds | 33.26% | -326.45% | 6347.80% | 75.27% |
| Stocks | 17.46% | -3.75% | 97.95% | 62.90% |
| Convertible Bonds | 0.12% | 0.00% | 87.92% | 99.65% |
| Preferred Stocks | 0.00% | -0.12% | 46.97% | 95.41% |
| Other | -1.18% | -21.53% | 148.54% | 88.69% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CGFIX % Rank | |
|---|---|---|---|---|
| Consumer Defense | 51.19% | 0.00% | 13.62% | 83.46% |
| Basic Materials | 24.67% | 0.00% | 27.46% | 2.36% |
| Consumer Cyclical | 15.07% | 0.00% | 29.09% | 7.48% |
| Industrials | 9.08% | 0.00% | 21.45% | 7.48% |
| Utilities | 0.00% | 0.00% | 9.23% | 96.06% |
| Technology | 0.00% | 0.00% | 39.58% | 35.83% |
| Real Estate | 0.00% | 0.00% | 51.26% | 87.80% |
| Healthcare | 0.00% | 0.00% | 45.63% | 96.46% |
| Financial Services | 0.00% | 0.00% | 59.28% | 96.06% |
| Energy | 0.00% | 0.00% | 100.00% | 100.00% |
| Communication Services | 0.00% | 0.00% | 21.78% | 51.57% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CGFIX % Rank | |
|---|---|---|---|---|
| US | 11.22% | -8.85% | 91.88% | 71.38% |
| Non US | 6.24% | -19.62% | 42.11% | 29.68% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CGFIX % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 43.01% | 0.27% | 100.00% | 10.25% |
| Government | 12.61% | 0.00% | 84.29% | 57.24% |
| Corporate | 3.48% | 0.00% | 87.73% | 99.65% |
| Securitized | 0.00% | 0.00% | 56.83% | 99.65% |
| Municipal | 0.00% | 0.00% | 27.33% | 99.65% |
| Derivative | -1.18% | 0.00% | 88.81% | 40.99% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CGFIX % Rank | |
|---|---|---|---|---|
| Non US | 19.97% | -382.37% | 121.02% | 43.46% |
| US | 13.29% | -126.19% | 6311.18% | 77.74% |
CGFIX - Expenses
Operational Fees
| CGFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.42% | 0.29% | 31.15% | 31.65% |
| Management Fee | 0.50% | 0.00% | 2.50% | 19.79% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.25% | 0.01% | 0.30% | 94.52% |
Sales Fees
| CGFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| CGFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | 34.74% |
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.
| CGFIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 424.59% | 0.00% | 491.00% | 83.06% |
CGFIX - Distributions
Dividend Yield Analysis
| CGFIX | Category Low | Category High | CGFIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.68% | 0.00% | 4.56% | 99.29% |
Dividend Distribution Analysis
| CGFIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| CGFIX | Category Low | Category High | CGFIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.20% | -2.51% | 6.83% | 49.28% |
Capital Gain Distribution Analysis
| CGFIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 23, 2020 | $0.025 | OrdinaryDividend |
| Dec 23, 2019 | $0.197 | OrdinaryDividend |
| Sep 16, 2019 | $0.069 | OrdinaryDividend |
| Jun 17, 2019 | $0.068 | OrdinaryDividend |
| Dec 21, 2018 | $0.488 | OrdinaryDividend |
| Dec 21, 2015 | $0.032 | OrdinaryDividend |
| Dec 22, 2014 | $0.094 | OrdinaryDividend |
| Sep 15, 2014 | $0.071 | OrdinaryDividend |
| Jun 16, 2014 | $0.063 | OrdinaryDividend |
| Dec 23, 2013 | $0.146 | OrdinaryDividend |
| Sep 17, 2012 | $0.051 | OrdinaryDividend |
| Jun 18, 2012 | $0.013 | OrdinaryDividend |
| Mar 19, 2012 | $0.052 | OrdinaryDividend |
| Dec 21, 2011 | $0.146 | OrdinaryDividend |
| Sep 19, 2011 | $0.042 | OrdinaryDividend |
| Jun 20, 2011 | $0.077 | OrdinaryDividend |
| Mar 21, 2011 | $0.073 | OrdinaryDividend |
| Dec 20, 2010 | $0.345 | OrdinaryDividend |
| Sep 20, 2010 | $0.053 | OrdinaryDividend |
| Jun 21, 2010 | $0.059 | OrdinaryDividend |
| Mar 22, 2010 | $0.112 | OrdinaryDividend |
| Dec 21, 2009 | $0.092 | OrdinaryDividend |
| Sep 21, 2009 | $0.051 | OrdinaryDividend |
CGFIX - Fund Manager Analysis
Managers
Katy Forbes
Start Date
Tenure
Tenure Rank
Nov 15, 2019
2.54
2.5%
Katy Forbes is an Investment Director in the Multi-Asset Investing team at Aberdeen Standard Investments. She is a member of the Strategic Investment Group and is a member of the GARS portfolio construction team. She joined the Government bond team in 2008 as a secondary manager on the inflation-linked bond funds and was appointed primary manager of UK inflation-linked funds in 2010. Katy joined Standard Life Investments in 2001 holding various roles on the Treasury team and as Asset and Liability Manager for Standard Life Bank. She holds a BSc (1st class honors) from the University of Edinburgh and is a CFA charterholder.
Scott Smith
Start Date
Tenure
Tenure Rank
Nov 15, 2019
2.54
2.5%
Scott Smith is an Investment Director within Multi-Asset Fund Management at Aberdeen Standard Investments and is a member of the Strategic Investment Group and the GARS portfolio construction team. Scott is also responsible for ensuring that asset allocation views are expressed effectively and consistently across a range of internal and third party funds. Previous experience involved implementation and oversight of derivative-based absolute return strategies across the business. Scott joined Standard Life Investments in 2006 as a performance analyst, working on a broad range of funds covering fixed-interest, equities and property. In 2010 he moved to the Multi-Asset Investing Team. Scott graduated with an MA (Hons) in Economics with Business Economics from University of Glasgow. He also has an MPhil in International Finance and Economic Policy from the University of Glasgow and has the Investment Management Certificate (IMC) and is a CFA Charterholder.
Thomas Maxwell
Start Date
Tenure
Tenure Rank
Aug 25, 2020
1.76
1.8%
Thomas Maxwell is an Investment Director in the Multi-Asset Solutions team at Aberdeen Standard Investments. Thomas is a co-manager of both Global Focused Strategies and the Absolute Return Global Bond Strategies and is a member of the Strategic Investment Group. Prior to joining the Multi-Asset Solutions team in July 2018, Thomas was a portfolio manager within the Credit team for global credit funds, and he had research responsibilities for the financial sector. Thomas joined Standard Life Investments in 2010 as a credit analyst. Thomas graduated with a BA (Hons) from Manchester University, holds the Investment Management Certificate and is a CFA charter holder.
Alistair Veitch
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
Veitch is vice president and investment manager of BlackRock International Ltd. since 1998. Previously, he followed Asian equity markets for Edinburgh Fund Managers.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 17.37 | 4.48 | 1.67 |