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Name

As of 12/04/2023

Price

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

HAWAIIAN TAX-FREE TRUST

HULCX | Fund

$10.45

$479 M

1.22%

$0.13

1.62%

Vitals

YTD Return

0.9%

1 yr return

0.5%

3 Yr Avg Return

-2.5%

5 Yr Avg Return

-0.3%

Net Assets

$479 M

Holdings in Top 10

25.0%

52 WEEK LOW AND HIGH

$10.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.62%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 14.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/04/2023

Price

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

HAWAIIAN TAX-FREE TRUST

HULCX | Fund

$10.45

$479 M

1.22%

$0.13

1.62%

HULCX - Profile

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return -2.5%
  • 5 Yr Annualized Total Return -0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.67%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    HAWAIIAN TAX-FREE TRUST
  • Fund Family Name
    Aquila Group of Funds
  • Inception Date
    Jul 30, 1998
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Reid Smith

Fund Description

Under normal circumstances, at least 80% of the Trust’s assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Hawaii State and regular Federal income taxes. In general, almost all of these obligations are issued by the State of Hawaii, its counties and various other local authorities; these obligations may also include certain other governmental issuers. We call these “Hawaiian Obligations.” These securities may include participation or other interests in municipal securities and variable rate demand notes. Some Hawaiian Obligations, such as general obligation issues, are backed by the issuer’s taxing authority, while other Hawaiian Obligations, such as revenue bonds, are backed only by revenues from certain facilities or other sources and not by the issuer itself. These obligations can be of any maturity, but the Trust’s weighted average maturity has traditionally been between 5 and 15 years. The Trust is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”), which means it may invest a greater percentage of its assets in a smaller number of issuers than a diversified fund.

At the time of purchase, the Trust’s Hawaiian Obligations must be of investment grade quality. This means that they must either

· be rated within the four highest credit ratings assigned by nationally recognized statistical rating organizations or,
· if unrated, be determined to be of comparable quality by the Trust’s investment adviser, Asset Management Group of Bank of Hawaii (the “Adviser”).

The Adviser selects obligations for the Trust’s portfolio in order to achieve the Trust’s objective by considering various characteristics including quality, maturity and coupon rate.

Read More

HULCX - Performance

Return Ranking - Trailing

Period HULCX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -2.4% 34.9% 97.83%
1 Yr 0.5% -5.2% 25.9% 96.23%
3 Yr -2.5%* -11.1% 6101.3% 88.82%
5 Yr -0.3%* -4.8% 1103.3% 94.70%
10 Yr 0.4%* -0.3% 247.9% 98.69%

* Annualized

Return Ranking - Calendar

Period HULCX Return Category Return Low Category Return High Rank in Category (%)
2022 -8.2% -40.2% 0.3% 21.97%
2021 -1.6% -5.6% 6.9% 94.65%
2020 1.5% -2.6% 310.0% 60.00%
2019 2.6% 0.0% 26.0% 84.34%
2018 -1.4% -25.2% 11.0% 25.04%

Total Return Ranking - Trailing

Period HULCX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -2.4% 34.9% 97.83%
1 Yr 0.5% -5.2% 25.9% 96.23%
3 Yr -2.5%* -11.1% 6101.3% 88.82%
5 Yr -0.3%* -4.8% 1103.3% 94.70%
10 Yr 0.4%* -0.3% 247.9% 98.69%

* Annualized

Total Return Ranking - Calendar

Period HULCX Return Category Return Low Category Return High Rank in Category (%)
2022 -7.4% -40.2% 1.1% 30.91%
2021 -0.8% -4.8% 23761504.0% 97.46%
2020 2.6% -1.5% 17127.1% 85.55%
2019 3.2% 0.2% 3514.6% 91.69%
2018 -0.2% -11.3% 15.0% 86.12%

NAV & Total Return History

HULCX - Holdings

Concentration Analysis

HULCX Category Low Category High HULCX % Rank
Net Assets 479 M 3.48 M 68.1 B 46.75%
Number of Holdings 186 2 13001 62.13%
Net Assets in Top 10 120 M -317 M 5.07 B 35.90%
Weighting of Top 10 25.04% 1.4% 100.2% 22.48%

Top 10 Holdings

  1. City County Honolulu HI Wastewater System Revenue 4.16%
  2. City County Honolulu HI Wastewater System Revenue 3.84%
  3. State of Hawaii Department of Budget Finance 3.29%
  4. State of Hawaii Airports System Revenue 2.49%
  5. State of Hawaii 2.22%
  6. City County Honolulu HI Wastewater System Revenue 2.20%
  7. State of Hawaii Harbor System Revenue 1.93%
  8. Honolulu City County Board of Water Supply 1.83%
  9. State of Hawaii Harbor System Revenue 1.73%
  10. State of Hawaii 1.35%

Asset Allocation

Weighting Return Low Return High HULCX % Rank
Bonds 		98.06% 0.00% 150.86% 65.97%
Cash 		1.94% -50.86% 48.14% 32.27%
Stocks 		0.00% 0.00% 99.82% 40.27%
Preferred Stocks 		0.00% 0.00% 0.52% 33.55%
Other 		0.00% -8.54% 33.35% 42.58%
Convertible Bonds 		0.00% 0.00% 0.93% 33.76%

Bond Sector Breakdown

Weighting Return Low Return High HULCX % Rank
Municipal 		98.84% 44.39% 100.00% 42.58%
Cash & Equivalents 		1.03% 0.00% 48.14% 30.04%
Derivative 		0.00% -8.54% 24.50% 40.17%
Securitized 		0.00% 0.00% 5.93% 35.17%
Corporate 		0.00% 0.00% 9.41% 46.10%
Government 		0.00% 0.00% 52.02% 39.07%

Bond Geographic Breakdown

Weighting Return Low Return High HULCX % Rank
US 		98.06% 0.00% 142.23% 63.02%
Non US 		0.00% 0.00% 23.89% 38.77%

HULCX - Expenses

Operational Fees

HULCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.62% 0.03% 20.65% 8.30%
Management Fee 0.23% 0.00% 1.20% 8.46%
12b-1 Fee 1.00% 0.00% 1.00% 85.99%
Administrative Fee 0.23% 0.01% 0.44% 92.81%

Sales Fees

HULCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load 1.00% 0.25% 5.00% 35.92%

Trading Fees

HULCX 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.

HULCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 0.00% 283.00% 38.96%

HULCX - Distributions

Dividend Yield Analysis

HULCX Category Low Category High HULCX % Rank
Dividend Yield 1.22% 0.00% 4.57% 37.79%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

HULCX Category Low Category High HULCX % Rank
Net Income Ratio 0.67% -0.53% 5.33% 93.49%

Capital Gain Distribution Analysis

HULCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

HULCX - Fund Manager Analysis

Managers

Reid Smith

Start Date

Tenure

Tenure Rank

Aug 23, 2021

0.77

0.8%

Reid Smith, CFA is lead portfolio manager responsible for the day-to-day management of the Funds. Mr. Smith is a Vice President and Senior Portfolio Manager with the Adviser. He has served as a portfolio manager of the Funds since August 23, 2021. He has over 30 years of fixed income portfolio management experience with an extensive background in municipal bond portfolio management. Mr. Smith was a Financial Advisor/Investments at Stifel from September 2020 to August 2021. Prior to that, Mr. Smith was CIO/Director at Ziegler Capital Management – BPG Group from November 2015 to July 2019. Mr. Smith began his career in portfolio management with the Adviser in 1986. Mr. Smith also worked as a Principal/Senior Portfolio Manager at Vanguard Group from 1992 to 2009 and as Head of the Barclays Wealth Fixed Income Group from 2011 to 2015. Mr. Smith is a Chartered Financial Analyst and a graduate of the University of Hawaii at Manoa, Shidler School of Business, where he received both his Bachelors and Master degrees in business administration.

Stephen Dodge

Start Date

Tenure

Tenure Rank

Sep 01, 2021

0.75

0.8%

Mr. Dodge is a Vice President and Portfolio Manager with BOH. He has served as a portfolio manager of the Trust since September 1, 2021 and has been assisting with the Trust since June 2018. He has over 3 years of fixed income experience with a focus on municipal bond portfolio management. Mr. Dodge was a Senior Investment Analyst at BOH Fixed Income from June 2018 to August 2021. Prior to that, Mr. Dodge was an Investment Analyst at BOH Portfolio Management Team from January 2016 to June 2018. Mr. Dodge is a graduate of the University of Hawaii at Manoa, Shidler School of Business, where he received his Bachelors in business administration with a focus on finance. Mr. Dodge simultaneously graduated from University of Hawaii at Manoa, where he received his Bachelors of Arts with a major in Mandarin Chinese.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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