Hancock Horizon Louisiana Tax-Free Income Fund
Name
As of 05/24/2019Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$5.97 M
Holdings in Top 10
46.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio N/A
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 05/24/2019Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
HHLCX - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameHancock Horizon Louisiana Tax-Free Income Fund
-
Fund Family NameN/A
-
Inception DateFeb 01, 2011
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJeffery R. Tanguis
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from federal and Louisiana income tax. This investment policy may not be changed without shareholder approval. While the Fund intends to invest primarily in municipal bonds of Louisiana issuers, securities of issuers located outside of Louisiana that are exempt from both federal and Louisiana income tax are included for purposes of the 80% test. The Fund may invest up to 35% of its total assets in municipal securities issued by U.S. territories.
The types of municipal securities that the Fund may invest in include, without limitation, state and local general obligation bonds (bonds whose payments are typically backed by the taxing power of the municipal issuer) and revenue bonds (bonds whose payments are backed by revenue from a particular source). The Fund may also invest in other municipal securities including, without limitation, industrial development bonds, bond anticipation notes, tax anticipation notes, municipal lease obligations, certificates of participation and tax exempt commercial paper. In addition, the Fund may invest in securities of investment companies, including exchange-traded funds (“ETFs”), pending direct investment in municipal securities. The Fund intends to invest in investment grade municipal bonds (rated in one of the four highest rating categories by at least one rating agency), but also may invest up to 15% of its net assets in municipal bonds rated below investment grade (high yield or “junk” bonds). Although the Fund intends to invest substantially all of its assets in tax-free securities, the Fund may invest up to 20% of its net assets in securities that pay interest subject to the federal alternative minimum tax applicable to non-corporate taxpayers and in securities that pay taxable interest. The Fund is non-diversified, meaning that it may invest a large percentage of its assets in a single issuer or a relatively small number of issuers. The Fund, however, intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, to be treated as a regulated investment company.
In selecting investments for the Fund, the Adviser employs a value-oriented strategy to identify higher yielding bonds that offer a greater potential for above average returns. When making investment decisions, the Adviser seeks to leverage its knowledge of Louisiana issues and issuers to gain a competitive advantage in the selection of undervalued bonds. Although the Adviser intends to invest Fund assets across a variety of municipal securities, the Fund may have significant positions in certain types of municipal obligations (such as general obligations, municipal leases, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Adviser may sell a bond it deems to have deteriorating credit quality or limited upside potential as compared to other investments.
HHLCX - Performance
Return Ranking - Trailing
Period | HHLCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -3.2% | 7.6% | 76.49% |
1 Yr | N/A | -6.4% | 8.5% | 23.18% |
3 Yr | N/A* | -2.3% | 3.6% | 29.76% |
5 Yr | N/A* | -1.3% | 1.7% | 4.44% |
10 Yr | N/A* | -1.1% | 4.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | HHLCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -7.2% | 11.0% | 55.10% |
2022 | N/A | -10.1% | 6.8% | 19.03% |
2021 | N/A | -4.9% | 0.0% | 6.13% |
2020 | N/A | -5.6% | 1.8% | 3.58% |
2019 | -2.3% | -34.8% | 15.6% | 0.81% |
Total Return Ranking - Trailing
Period | HHLCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -3.2% | 7.6% | 60.86% |
1 Yr | N/A | -6.4% | 8.5% | 6.75% |
3 Yr | N/A* | -2.3% | 3.6% | 2.68% |
5 Yr | N/A* | -1.3% | 4.4% | 0.65% |
10 Yr | N/A* | -1.1% | 5.6% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | HHLCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -7.2% | 11.0% | 9.57% |
2022 | N/A | -10.1% | 6.9% | 1.02% |
2021 | N/A | -4.9% | 1.0% | 0.26% |
2020 | N/A | -5.6% | 4.0% | 0.26% |
2019 | -0.6% | -34.8% | 16.3% | 0.40% |
NAV & Total Return History
HHLCX - Holdings
Concentration Analysis
HHLCX | Category Low | Category High | HHLCX % Rank | |
---|---|---|---|---|
Net Assets | 5.97 M | 6.28 M | 20.6 B | 100.00% |
Number of Holdings | 29 | 31 | 4231 | 99.62% |
Net Assets in Top 10 | 2.94 M | -4.71 M | 2.92 B | 99.11% |
Weighting of Top 10 | 46.47% | 2.5% | 58.7% | 4.19% |
Top 10 Holdings
- IBERIA PARISH LA PARISHWIDE SCH DIST 3.75% 4.50%
- LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV 5% 4.45%
- DE SOTO PARISH LA SCH BRD SALES & USE TAX 3.5% 4.34%
- PLAQUEMINE LA SALES & USE TAX 3.5% 4.30%
- RED RIVER PARISH LA PARISHWIDE SCH DIST NO 1 4% 4.22%
- LAFAYETTE PARISH LA SCH BRD SALES TAX REV 4% 4.22%
- LOUISIANA ST TRANSN AUTH 4.5% 4.20%
- ST TAMMANY PARISH LA HOSP SVC DIST NO 2 3.12% 4.14%
- NEW ORLEANS LA WTR REV 5% 4.05%
- LAFOURCHE PARISH LA CONS SCH DIST NO 1 PARISH WIDE 3.12% 3.95%
Asset Allocation
Weighting | Return Low | Return High | HHLCX % Rank | |
---|---|---|---|---|
Bonds | 92.52% | -0.60% | 103.72% | 94.16% |
Cash | 7.48% | -3.73% | 93.39% | 5.72% |
Stocks | 0.00% | 0.00% | 0.32% | 14.10% |
Preferred Stocks | 0.00% | 0.00% | 0.00% | 12.83% |
Other | 0.00% | -2.39% | 8.43% | 24.65% |
Convertible Bonds | 0.00% | 0.00% | 0.00% | 12.83% |
Bond Sector Breakdown
Weighting | Return Low | Return High | HHLCX % Rank | |
---|---|---|---|---|
Cash & Equivalents | 6.74% | -3.73% | 93.39% | 5.72% |
Derivative | 0.00% | -0.20% | 0.00% | 12.83% |
Securitized | 0.00% | 0.00% | 0.00% | 12.83% |
Corporate | 0.00% | 0.00% | 4.72% | 21.22% |
Municipal | 0.00% | 0.00% | 103.73% | 94.03% |
Government | 0.00% | -17.97% | 1.02% | 12.83% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | HHLCX % Rank | |
---|---|---|---|---|
US | 92.52% | -0.60% | 102.38% | 76.11% |
Non US | 0.00% | 0.00% | 22.38% | 79.29% |
HHLCX - Expenses
Operational Fees
HHLCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | N/A | 0.09% | 2.58% | 0.13% |
Management Fee | N/A | 0.08% | 1.30% | 97.71% |
12b-1 Fee | N/A | 0.00% | 1.00% | 65.93% |
Administrative Fee | N/A | 0.00% | 0.33% | 36.04% |
Sales Fees
HHLCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 5.75% | N/A |
Deferred Load | N/A | 0.50% | 5.00% | N/A |
Trading Fees
HHLCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 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.
HHLCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 3.32% | 293.00% | 73.87% |
HHLCX - Distributions
Dividend Yield Analysis
HHLCX | Category Low | Category High | HHLCX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 2.83% | 90.47% |
Dividend Distribution Analysis
HHLCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
HHLCX | Category Low | Category High | HHLCX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -0.21% | 4.62% | 93.14% |
Capital Gain Distribution Analysis
HHLCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Daily | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 30, 2019 | $0.025 | OrdinaryDividend |
Mar 29, 2019 | $0.023 | OrdinaryDividend |
Feb 28, 2019 | $0.022 | OrdinaryDividend |
Jan 31, 2019 | $0.027 | OrdinaryDividend |
Dec 31, 2018 | $0.022 | OrdinaryDividend |
Nov 30, 2018 | $0.025 | OrdinaryDividend |
Oct 31, 2018 | $0.027 | OrdinaryDividend |
Sep 28, 2018 | $0.023 | OrdinaryDividend |
Aug 31, 2018 | $0.025 | OrdinaryDividend |
Jul 31, 2018 | $0.025 | OrdinaryDividend |
Jun 29, 2018 | $0.022 | OrdinaryDividend |
May 31, 2018 | $0.025 | OrdinaryDividend |
Apr 30, 2018 | $0.023 | OrdinaryDividend |
Mar 29, 2018 | $0.023 | OrdinaryDividend |
Feb 28, 2018 | $0.020 | OrdinaryDividend |
Jan 31, 2018 | $0.030 | OrdinaryDividend |
Dec 29, 2017 | $0.028 | OrdinaryDividend |
Nov 30, 2017 | $0.026 | OrdinaryDividend |
Oct 31, 2017 | $0.027 | OrdinaryDividend |
Sep 29, 2017 | $0.035 | OrdinaryDividend |
Aug 31, 2017 | $0.041 | OrdinaryDividend |
Jul 31, 2017 | $0.036 | OrdinaryDividend |
Jun 30, 2017 | $0.037 | OrdinaryDividend |
May 31, 2017 | $0.042 | OrdinaryDividend |
Apr 28, 2017 | $0.041 | OrdinaryDividend |
Mar 31, 2017 | $0.040 | OrdinaryDividend |
Feb 28, 2017 | $0.038 | OrdinaryDividend |
Jan 31, 2017 | $0.045 | OrdinaryDividend |
Dec 30, 2016 | $0.041 | OrdinaryDividend |
Nov 30, 2016 | $0.041 | OrdinaryDividend |
Oct 31, 2016 | $0.036 | OrdinaryDividend |
Sep 30, 2016 | $0.038 | OrdinaryDividend |
Aug 31, 2016 | $0.043 | OrdinaryDividend |
Jul 29, 2016 | $0.038 | OrdinaryDividend |
Jun 30, 2016 | $0.046 | OrdinaryDividend |
May 31, 2016 | $0.040 | OrdinaryDividend |
Apr 29, 2016 | $0.040 | OrdinaryDividend |
Mar 31, 2016 | $0.046 | OrdinaryDividend |
Feb 29, 2016 | $0.041 | OrdinaryDividend |
Jan 29, 2016 | $0.041 | OrdinaryDividend |
Dec 31, 2015 | $0.046 | OrdinaryDividend |
Nov 30, 2015 | $0.039 | OrdinaryDividend |
Oct 30, 2015 | $0.041 | OrdinaryDividend |
Sep 30, 2015 | $0.045 | OrdinaryDividend |
Aug 31, 2015 | $0.041 | OrdinaryDividend |
Jul 31, 2015 | $0.044 | OrdinaryDividend |
Jun 30, 2015 | $0.045 | OrdinaryDividend |
May 29, 2015 | $0.042 | OrdinaryDividend |
Apr 30, 2015 | $0.042 | OrdinaryDividend |
Mar 31, 2015 | $0.044 | OrdinaryDividend |
Jan 30, 2015 | $0.035 | OrdinaryDividend |
Dec 31, 2014 | $0.026 | OrdinaryDividend |
Nov 28, 2014 | $0.025 | OrdinaryDividend |
Oct 31, 2014 | $0.029 | OrdinaryDividend |
Sep 30, 2014 | $0.035 | OrdinaryDividend |
Aug 29, 2014 | $0.046 | OrdinaryDividend |
Jul 31, 2014 | $0.045 | OrdinaryDividend |
Jun 30, 2014 | $0.041 | OrdinaryDividend |
May 30, 2014 | $0.046 | OrdinaryDividend |
Apr 30, 2014 | $0.044 | OrdinaryDividend |
Mar 31, 2014 | $0.040 | OrdinaryDividend |
Feb 28, 2014 | $0.039 | OrdinaryDividend |
Jan 31, 2014 | $0.048 | OrdinaryDividend |
Dec 31, 2013 | $0.045 | OrdinaryDividend |
Nov 29, 2013 | $0.042 | OrdinaryDividend |
Oct 31, 2013 | $0.050 | OrdinaryDividend |
Sep 30, 2013 | $0.045 | OrdinaryDividend |
Aug 30, 2013 | $0.047 | OrdinaryDividend |
Jul 31, 2013 | $0.051 | OrdinaryDividend |
Jun 28, 2013 | $0.044 | OrdinaryDividend |
HHLCX - Fund Manager Analysis
Managers
Jeffery R. Tanguis
Start Date
Tenure
Tenure Rank
Feb 01, 2011
8.25
8.3%
Jeffery Tanguis serves as Investment Director of Horizon Advisers. Prior to joining Hancock Bank in 2005, Mr. Tanguis served as the Senior Fixed Income Manager of Hibernia National Bank from 1987 to 2005. He has been working in the investment industry since 1987. He received his B.S. in Finance from Louisiana State University and is a member of the CFA Institute.
Nathan Grant
Start Date
Tenure
Tenure Rank
May 31, 2018
0.92
0.9%
Nathan Grant, CFA, serves as a Corporate Credit Analyst for the Adviser and has managed the Louisiana Tax-Free Income Fund and Mississippi Tax-Free Income Fund since 2018. Mr. Grant joined the Adviser in 2009 and has over 20 years of investment experience.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.75 | 28.92 | 11.47 | 16.51 |