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Name

As of 04/18/2024

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

Pacific Capital Tax-Free Securities Fund

PTXFX | Fund

$9.53

$238 M

0.00%

0.34%

Vitals

YTD Return

-0.6%

1 yr return

0.3%

3 Yr Avg Return

-1.4%

5 Yr Avg Return

0.7%

Net Assets

$238 M

Holdings in Top 10

28.6%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.34%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 9.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/18/2024

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

Pacific Capital Tax-Free Securities Fund

PTXFX | Fund

$9.53

$238 M

0.00%

0.34%

PTXFX - Profile

Distributions

  • YTD Total Return -0.6%
  • 3 Yr Annualized Total Return -1.4%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.43%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Pacific Capital Tax-Free Securities Fund
  • Fund Family Name
    Pacific Capital
  • Inception Date
    May 19, 1997
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Reid Smith

Fund Description

The Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in investment grade municipal obligations — debt securities that pay interest which, in the opinion of counsel to the issuer, is exempt from both federal income tax and the federal alternative minimum tax. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior notice to shareholders. The Fund generally only acquires municipal obligations that are rated “investment grade” at the time of purchase, which means they are rated in one of the top four categories by a nationally recognized statistical rating organization, or unrated obligations that the Adviser determines are of comparable quality. The Fund normally invests not less than 50% of its net assets in Hawaii municipal

obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as federal income tax. However, there may be extended periods of time when the Fund will invest less than 50% of its net assets in Hawaiian municipal obligations due to a lack of supply. The Fund may also invest in other kinds of debt instruments issued by domestic issuers.

The Fund focuses on maximizing tax exempt income consistent with prudent investment risk. It varies the average maturity of its investment portfolio from time to time in response to actual and expected interest rate movements as well as other market and economic conditions. The Fund is non-diversified, which means that the Fund may invest most of its assets in securities issued by or representing a small number of issuers. No maturity limitations apply to the Fund’s investment portfolio, and the average maturity of its portfolio can vary significantly. The Adviser monitors the Fund’s portfolio performance and reallocates the Fund’s assets in response to actual and expected market and economic changes.

This Fund is intended for investors who seek income that is exempt from federal and Hawaii income tax, a high level of liquidity, and professional portfolio management. This Fund is not intended for investors who seek high stability of principal, income that is not subject to any federal alternative minimum tax, or significant capital appreciation. As with any mutual fund, there is no guarantee that the Fund will achieve its investment objective.

Read More

PTXFX - Performance

Return Ranking - Trailing

Period PTXFX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -4.7% 10.2% 38.24%
1 Yr 0.3% -3.9% 31.6% 94.23%
3 Yr -1.4%* -11.3% 2.5% 54.74%
5 Yr 0.7%* -6.0% 1102.0% 57.40%
10 Yr 1.7%* -0.4% 248.1% 54.11%

* Annualized

Return Ranking - Calendar

Period PTXFX Return Category Return Low Category Return High Rank in Category (%)
2023 0.9% -1.4% 41.0% 95.52%
2022 -9.0% -39.7% 0.3% 27.22%
2021 -1.4% -5.6% 6.9% 89.58%
2020 2.4% -2.6% 310.0% 19.06%
2019 3.9% 0.0% 26.0% 44.61%

Total Return Ranking - Trailing

Period PTXFX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -4.7% 10.2% 38.24%
1 Yr 0.3% -3.9% 31.6% 94.23%
3 Yr -1.4%* -11.3% 2.5% 54.74%
5 Yr 0.7%* -6.0% 1102.0% 57.40%
10 Yr 1.7%* -0.4% 248.1% 54.11%

* Annualized

Total Return Ranking - Calendar

Period PTXFX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -1.3% 41.0% 94.80%
2022 -6.6% -39.7% 1.1% 22.74%
2021 0.9% -4.8% 23761504.0% 67.02%
2020 5.2% -1.5% 17057.9% 12.55%
2019 5.2% 0.2% 3514.6% 77.45%

NAV & Total Return History

PTXFX - Holdings

Concentration Analysis

PTXFX Category Low Category High PTXFX % Rank
Net Assets 238 M 3.22 M 71.9 B 65.91%
Number of Holdings 108 2 13067 82.74%
Net Assets in Top 10 67.1 M -317 M 3.4 B 55.72%
Weighting of Top 10 28.57% 1.9% 100.4% 14.04%

Top 10 Holdings

  1. City County Honolulu HI Wastewater System Revenue 4.76%
  2. State of Hawaii Department of Budget Finance 4.35%
  3. State of Hawaii 3.14%
  4. State of Arizona Distribution Revenue 2.54%
  5. DREYFUS GOVERN CASH MGMT-I 2.49%
  6. County of Maui HI 2.39%
  7. City County Honolulu HI Wastewater System Revenue 2.36%
  8. Honolulu City County Board of Water Supply 2.19%
  9. State of Hawaii 2.18%
  10. State of Hawaii State Highway Fund 2.18%

Asset Allocation

Weighting Return Low Return High PTXFX % Rank
Bonds 		96.80% 0.00% 150.86% 77.20%
Cash 		3.20% -50.86% 50.09% 19.00%
Stocks 		0.00% 0.00% 99.81% 42.12%
Preferred Stocks 		0.00% 0.00% 0.52% 33.23%
Other 		0.00% -8.54% 33.35% 35.68%
Convertible Bonds 		0.00% 0.00% 0.93% 33.35%

Bond Sector Breakdown

Weighting Return Low Return High PTXFX % Rank
Municipal 		96.11% 44.39% 100.00% 73.72%
Cash & Equivalents 		2.49% 0.00% 48.02% 16.48%
Derivative 		0.00% -8.54% 23.38% 34.00%
Securitized 		0.00% 0.00% 5.93% 34.46%
Corporate 		0.00% 0.00% 9.41% 44.32%
Government 		0.00% 0.00% 52.02% 37.77%

Bond Geographic Breakdown

Weighting Return Low Return High PTXFX % Rank
US 		96.80% 0.00% 142.23% 73.76%
Non US 		0.00% 0.00% 23.89% 37.88%

PTXFX - Expenses

Operational Fees

PTXFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.34% 0.01% 20.65% 93.01%
Management Fee 0.20% 0.00% 1.20% 5.30%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

PTXFX 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

PTXFX 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.

PTXFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 9.00% 0.00% 283.00% 16.74%

PTXFX - Distributions

Dividend Yield Analysis

PTXFX Category Low Category High PTXFX % Rank
Dividend Yield 0.00% 0.00% 14.56% 52.52%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PTXFX Category Low Category High PTXFX % Rank
Net Income Ratio 2.43% -0.53% 5.33% 21.79%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PTXFX - 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 7.37 1.58

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