Tributary Nebraska Tax-Free Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.6%
1 yr return
0.8%
3 Yr Avg Return
-1.2%
5 Yr Avg Return
0.8%
Net Assets
$51.9 M
Holdings in Top 10
18.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.74%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 11.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FONPX - Profile
Distributions
- YTD Total Return -1.6%
- 3 Yr Annualized Total Return -1.2%
- 5 Yr Annualized Total Return 0.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.57%
- Dividend Yield 2.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameTributary Nebraska Tax-Free Fund
-
Fund Family NameTributary Funds
-
Inception DateJan 04, 2016
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerTravis Nordstrom
Fund Description
Under normal market conditions, the Fund invests not less than 80% of its assets, plus any borrowing for investment purposes, in municipal securities that generate income exempt from Nebraska state income tax and federal income tax, including the alternative minimum tax. The Fund will not invest more than 10% of its assets in the types of municipal securities that pay interest subject to alternative minimum tax. The Fund invests primarily in debt securities within the four highest credit categories (Aaa, Aa, A, Baa or equivalent) by at least one nationally recognized statistical rating organization (“NRSRO”), or if unrated, deemed to be of comparable quality by the Fund’s Sub-Adviser, First National Advisers, LLC.
The Fund seeks to maintain a dollar-weighted average portfolio maturity of between three and fifteen years. The dollar-weighted average portfolio maturity is measured from the portion of the Fund’s assets that are invested in fixed-income securities. The Fund’s Sub-Adviser uses a longer–term, value-oriented strategy and looks for municipal securities that offer attractive yields for the assumed level of credit risk.
Municipal securities include debt obligations (such as bonds, notes, commercial paper and lease obligations) issued by the respective state and its political subdivisions, municipalities, agencies and authorities. These securities include revenue bonds, which may be repaid only from the revenue of a specific facility or source.
The Fund may purchase municipal securities that represent lease obligations in an amount not to exceed 10% of its total assets.
The Fund may also invest in high yield or “junk bonds,” which are those bonds with a credit rating of below Baa3 (or equivalent) by an NRSRO.
The Fund is non-diversified.
FONPX - Performance
Return Ranking - Trailing
Period | FONPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.6% | -4.7% | 11.1% | 91.95% |
1 Yr | 0.8% | -3.8% | 33.8% | 90.91% |
3 Yr | -1.2%* | -11.3% | 2.6% | 42.31% |
5 Yr | 0.8%* | -6.1% | 1102.0% | 50.35% |
10 Yr | N/A* | -0.5% | 248.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | FONPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.2% | -1.4% | 41.0% | 67.01% |
2022 | -7.8% | -39.7% | 0.3% | 19.26% |
2021 | -1.8% | -5.6% | 6.9% | 96.15% |
2020 | 2.7% | -2.6% | 310.0% | 11.47% |
2019 | 2.9% | 0.0% | 26.0% | 80.99% |
Total Return Ranking - Trailing
Period | FONPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.6% | -4.7% | 11.1% | 91.95% |
1 Yr | 0.8% | -3.8% | 33.8% | 90.91% |
3 Yr | -1.2%* | -11.3% | 2.6% | 42.31% |
5 Yr | 0.8%* | -6.1% | 1102.0% | 50.35% |
10 Yr | N/A* | -0.5% | 248.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | FONPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.6% | -1.3% | 41.0% | 73.26% |
2022 | -6.1% | -39.7% | 1.1% | 19.59% |
2021 | 0.0% | -4.8% | 23761504.0% | 87.18% |
2020 | 4.7% | -1.5% | 17057.9% | 21.86% |
2019 | 5.8% | 0.2% | 3514.6% | 67.90% |
NAV & Total Return History
FONPX - Holdings
Concentration Analysis
FONPX | Category Low | Category High | FONPX % Rank | |
---|---|---|---|---|
Net Assets | 51.9 M | 3.22 M | 71.9 B | 93.33% |
Number of Holdings | 154 | 2 | 13067 | 70.42% |
Net Assets in Top 10 | 9.41 M | -317 M | 3.4 B | 95.08% |
Weighting of Top 10 | 18.15% | 1.9% | 100.4% | 50.00% |
Top 10 Holdings
- Village of Boys Town NE 3.32%
- Douglas County Hospital Authority No. 2 2.26%
- Omaha School District 1.93%
- Loup River Public Power District 1.87%
- Omaha School District 1.54%
- Papillion-La Vista School District No. 27 1.53%
- Douglas County School District No. 59 1.45%
- Douglas County Public Facilities Corp. 1.44%
- Gretna Public Schools 1.42%
- Douglas County School District No. 59 1.39%
Asset Allocation
Weighting | Return Low | Return High | FONPX % Rank | |
---|---|---|---|---|
Bonds | 98.33% | 0.00% | 150.86% | 54.66% |
Cash | 1.67% | -50.86% | 50.09% | 42.65% |
Stocks | 0.00% | 0.00% | 99.81% | 63.07% |
Preferred Stocks | 0.00% | 0.00% | 0.52% | 57.73% |
Other | 0.00% | -3.18% | 33.35% | 57.61% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 57.76% |
Bond Sector Breakdown
Weighting | Return Low | Return High | FONPX % Rank | |
---|---|---|---|---|
Municipal | 98.11% | 44.39% | 100.00% | 53.67% |
Cash & Equivalents | 1.27% | 0.00% | 48.02% | 25.50% |
Securitized | 0.96% | 0.00% | 5.93% | 0.13% |
Derivative | 0.00% | -3.18% | 23.38% | 56.05% |
Corporate | 0.00% | 0.00% | 9.41% | 64.65% |
Government | 0.00% | 0.00% | 52.02% | 61.21% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | FONPX % Rank | |
---|---|---|---|---|
US | 98.33% | 0.00% | 142.23% | 51.91% |
Non US | 0.00% | 0.00% | 23.89% | 61.42% |
FONPX - Expenses
Operational Fees
FONPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.74% | 0.01% | 20.65% | 50.03% |
Management Fee | 0.40% | 0.00% | 1.20% | 41.98% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.25% | 0.01% | 0.44% | 94.93% |
Sales Fees
FONPX 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
FONPX 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.
FONPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 11.00% | 0.00% | 283.00% | 27.02% |
FONPX - Distributions
Dividend Yield Analysis
FONPX | Category Low | Category High | FONPX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.29% | 0.00% | 14.56% | 84.09% |
Dividend Distribution Analysis
FONPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
FONPX | Category Low | Category High | FONPX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.57% | -0.53% | 5.33% | 68.24% |
Capital Gain Distribution Analysis
FONPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 01, 2024 | $0.017 | DailyAccrualFund |
Mar 01, 2024 | $0.015 | DailyAccrualFund |
Feb 01, 2024 | $0.017 | DailyAccrualFund |
Dec 29, 2023 | $0.016 | DailyAccrualFund |
Nov 30, 2023 | $0.015 | DailyAccrualFund |
Oct 31, 2023 | $0.016 | DailyAccrualFund |
Sep 29, 2023 | $0.015 | DailyAccrualFund |
Aug 31, 2023 | $0.016 | DailyAccrualFund |
Jul 31, 2023 | $0.016 | DailyAccrualFund |
Jun 30, 2023 | $0.015 | DailyAccrualFund |
May 31, 2023 | $0.015 | DailyAccrualFund |
Apr 28, 2023 | $0.015 | DailyAccrualFund |
Mar 31, 2023 | $0.020 | DailyAccrualFund |
Feb 28, 2023 | $0.016 | DailyAccrualFund |
Jan 31, 2023 | $0.015 | DailyAccrualFund |
Dec 30, 2022 | $0.014 | DailyAccrualFund |
Dec 01, 2022 | $0.013 | DailyAccrualFund |
Nov 30, 2022 | $0.013 | DailyAccrualFund |
Nov 01, 2022 | $0.014 | DailyAccrualFund |
Oct 03, 2022 | $0.013 | DailyAccrualFund |
Sep 01, 2022 | $0.013 | DailyAccrualFund |
Aug 01, 2022 | $0.013 | DailyAccrualFund |
Jul 01, 2022 | $0.013 | DailyAccrualFund |
Jun 01, 2022 | $0.013 | DailyAccrualFund |
May 02, 2022 | $0.012 | DailyAccrualFund |
Apr 01, 2022 | $0.014 | DailyAccrualFund |
Mar 01, 2022 | $0.011 | DailyAccrualFund |
Feb 01, 2022 | $0.013 | DailyAccrualFund |
Dec 31, 2021 | $0.013 | DailyAccrualFund |
Nov 30, 2021 | $0.012 | DailyAccrualFund |
Oct 29, 2021 | $0.013 | DailyAccrualFund |
Sep 30, 2021 | $0.012 | DailyAccrualFund |
Aug 31, 2021 | $0.013 | DailyAccrualFund |
Jul 30, 2021 | $0.013 | DailyAccrualFund |
Jun 30, 2021 | $0.013 | DailyAccrualFund |
May 28, 2021 | $0.014 | DailyAccrualFund |
Apr 30, 2021 | $0.013 | DailyAccrualFund |
Mar 31, 2021 | $0.014 | DailyAccrualFund |
Feb 26, 2021 | $0.011 | DailyAccrualFund |
Jan 29, 2021 | $0.014 | DailyAccrualFund |
Dec 31, 2020 | $0.014 | DailyAccrualFund |
Nov 30, 2020 | $0.014 | DailyAccrualFund |
Oct 30, 2020 | $0.014 | DailyAccrualFund |
Sep 30, 2020 | $0.013 | DailyAccrualFund |
Aug 31, 2020 | $0.014 | DailyAccrualFund |
Jul 31, 2020 | $0.014 | DailyAccrualFund |
Jun 30, 2020 | $0.013 | DailyAccrualFund |
May 29, 2020 | $0.015 | DailyAccrualFund |
Apr 30, 2020 | $0.014 | DailyAccrualFund |
Mar 31, 2020 | $0.015 | DailyAccrualFund |
Feb 28, 2020 | $0.015 | DailyAccrualFund |
Jan 31, 2020 | $0.016 | DailyAccrualFund |
Jan 02, 2020 | $0.016 | DailyAccrualFund |
Dec 02, 2019 | $0.016 | DailyAccrualFund |
Nov 01, 2019 | $0.016 | DailyAccrualFund |
Oct 01, 2019 | $0.015 | DailyAccrualFund |
Sep 03, 2019 | $0.018 | DailyAccrualFund |
Aug 01, 2019 | $0.019 | DailyAccrualFund |
Jul 01, 2019 | $0.018 | OrdinaryDividend |
Jun 03, 2019 | $0.024 | DailyAccrualFund |
May 01, 2019 | $0.026 | DailyAccrualFund |
Apr 01, 2019 | $0.027 | DailyAccrualFund |
Mar 01, 2019 | $0.024 | DailyAccrualFund |
Feb 01, 2019 | $0.027 | DailyAccrualFund |
Dec 31, 2018 | $0.027 | DailyAccrualFund |
Dec 03, 2018 | $0.026 | DailyAccrualFund |
Nov 01, 2018 | $0.027 | DailyAccrualFund |
Sep 04, 2018 | $0.027 | DailyAccrualFund |
Aug 01, 2018 | $0.027 | DailyAccrualFund |
Jul 02, 2018 | $0.027 | DailyAccrualFund |
Jun 01, 2018 | $0.027 | DailyAccrualFund |
May 01, 2018 | $0.026 | DailyAccrualFund |
Apr 02, 2018 | $0.027 | DailyAccrualFund |
Mar 01, 2018 | $0.024 | DailyAccrualFund |
Feb 01, 2018 | $0.027 | DailyAccrualFund |
Jan 02, 2018 | $0.027 | DailyAccrualFund |
Dec 01, 2017 | $0.026 | DailyAccrualFund |
Nov 01, 2017 | $0.027 | DailyAccrualFund |
Oct 02, 2017 | $0.026 | DailyAccrualFund |
Sep 01, 2017 | $0.027 | DailyAccrualFund |
Aug 01, 2017 | $0.027 | DailyAccrualFund |
Jul 03, 2017 | $0.026 | DailyAccrualFund |
Jun 01, 2017 | $0.027 | DailyAccrualFund |
May 01, 2017 | $0.026 | DailyAccrualFund |
Apr 03, 2017 | $0.027 | DailyAccrualFund |
Mar 01, 2017 | $0.024 | DailyAccrualFund |
Feb 01, 2017 | $0.026 | DailyAccrualFund |
Jan 03, 2017 | $0.027 | DailyAccrualFund |
Dec 01, 2016 | $0.025 | DailyAccrualFund |
Nov 01, 2016 | $0.027 | DailyAccrualFund |
Oct 03, 2016 | $0.026 | DailyAccrualFund |
Sep 01, 2016 | $0.027 | DailyAccrualFund |
Aug 01, 2016 | $0.027 | DailyAccrualFund |
Jul 01, 2016 | $0.027 | DailyAccrualFund |
Jun 01, 2016 | $0.027 | DailyAccrualFund |
May 02, 2016 | $0.027 | DailyAccrualFund |
Apr 01, 2016 | $0.029 | DailyAccrualFund |
Mar 01, 2016 | $0.028 | DailyAccrualFund |
Feb 01, 2016 | $0.029 | DailyAccrualFund |
FONPX - Fund Manager Analysis
Managers
Travis Nordstrom
Start Date
Tenure
Tenure Rank
Dec 31, 2015
6.42
6.4%
Travis joined First National in 1999. Prior to joining First National, he worked at Commerzbank AG in Frankfurt, Germany, where he also studied financial economics on a Fulbright Scholarship. Travis received his B.S. in Economics from Nebraska Wesleyan University and M.S. in Economics from the University of Nebraska at Omaha. Travis has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and past president of the CFA Society of Nebraska.
Ronald Horner
Start Date
Tenure
Tenure Rank
Dec 31, 2015
6.42
6.4%
Ronald Horner, Managing Director, Fixed Income. Ron joined First National in March 2006 as a Managing Director and Head of Fixed Income. In this capacity, Ron provides leadership and oversight for all of First National’s fixed income investment mandates. Ronald’s over 30 year career in investment management includes 18 years with Commercial Federal Bank serving as an Investment Portfolio Manager and Secondary Mortgage Marketing Manager. He received his B.S. from Creighton University and Masters of Business Administration from the University of Nebraska at Omaha.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.37 | 1.58 |