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Trending ETFs

Name

As of 08/26/2022

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

$9.52

$69.3 M

1.37%

$0.13

0.66%

Vitals

YTD Return

-8.0%

1 yr return

-7.3%

3 Yr Avg Return

-0.2%

5 Yr Avg Return

0.9%

Net Assets

$69.3 M

Holdings in Top 10

32.7%

52 WEEK LOW AND HIGH

$9.5
$9.26
$10.67

Expenses

OPERATING FEES

Expense Ratio 0.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 17.32%

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 08/26/2022

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

$9.52

$69.3 M

1.37%

$0.13

0.66%

RCTEX - Profile

Distributions

  • YTD Total Return -8.0%
  • 3 Yr Annualized Total Return -0.2%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.38%
DIVIDENDS
  • Dividend Yield 1.4%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Rockefeller Intermediate Tax Exempt National Bond Fund
  • Fund Family Name
    Rockefeller & Co.
  • Inception Date
    Dec 26, 2013
  • Shares Outstanding
    7266007
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Andrew Kello

Fund Description

The Fund seeks to achieve its investment objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds and other fixed income securities that generate income exempt from regular federal income tax, including the federal alternative minimum tax (“AMT”). The Fund may invest in all types of municipal bonds, including, but not limited to, general obligation bonds, government bonds and industrial development bonds. The Fund may also invest in asset-backed and mortgage-backed securities, other investment companies, exchange-traded funds (“ETFs”) and the obligations of other issuers that pay interest that is exempt from regular federal income taxes. While the Fund will invest primarily in tax exempt securities, it is possible that up to 20% of the Fund’s total assets may be invested in fixed income securities that generate income that is not
exempt from regular federal income tax, including the federal AMT. The Fund invests primarily in investment grade municipal bonds and other types of fixed income securities. Investment grade securities are fixed income securities rated in the top four ratings categories by independent rating organizations such as Standard & Poor’s Ratings Group (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) or another nationally recognized statistical rating organization (“NRSRO”), or, if unrated, deemed by Rockefeller & Co. LLC, the Fund’s investment adviser (the “Adviser”) to be of comparable quality. While the Fund may invest in securities of any duration, the Adviser anticipates the weighted average duration of the Fund’s portfolio will be more than three years but less than ten years.
The Fund’s investment philosophy is based on a combination of forecasted macro-economic conditions over a six- to twelve-month horizon and is complemented by bottom-up fundamental research. To select investments for the Fund, the Adviser applies the macro-economic analysis by considering securities of any duration which appear to offer the best relative value. The Adviser’s bottom-up research process seeks to identify and avoid issuers which could have significant negative changes in credit quality. In addition to traditional macro-economic and credit analysis, the Adviser may also consider market sentiment and behavioral factors when assessing a security’s relative value and worthiness within a portfolio seeking principal protection and income.
The Fund may also invest in fixed income securities rated below investment grade by an independent rating agency when purchased, including high-yield fixed income securities, and in unrated or split rated securities deemed by the Adviser to be of comparable quality. Such securities are also known as “junk bonds” or “high yield bonds.”
The Fund may invest in securities that are illiquid, thinly traded or subject to special resale restrictions, such as those imposed by Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Fund’s investments may also include securities that do not produce immediate cash income, such as zero-coupon bonds. The Fund may also purchase and sell securities on a when-issued basis, which involves a commitment by the Fund to purchase or sell securities at a predetermined price or yield, but where payment for the securities is not required until the delivery date.
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RCTEX - Performance

Return Ranking - Trailing

Period RCTEX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.0% -86.8% 7.5% 37.14%
1 Yr -7.3% -16.3% 15.7% 68.54%
3 Yr -0.2%* -6.2% 10.3% 77.55%
5 Yr 0.9%* -3.5% 5.7% 78.44%
10 Yr N/A* -0.6% 8.3% N/A

* Annualized

Return Ranking - Calendar

Period RCTEX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.9% -91.1% 101.7% 89.78%
2022 2.7% -79.2% 310.0% 18.92%
2021 3.8% -66.1% 15.4% 37.61%
2020 -0.5% -57.4% 97.2% 25.55%
2019 1.3% -100.0% 6.8% 44.49%

Total Return Ranking - Trailing

Period RCTEX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.0% -86.8% 7.5% 35.76%
1 Yr -7.3% -16.3% 23.6% 58.34%
3 Yr -0.2%* -7.0% 11.5% 66.18%
5 Yr 0.9%* -4.0% 5.7% 68.18%
10 Yr N/A* -0.6% 8.3% N/A

* Annualized

Total Return Ranking - Calendar

Period RCTEX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.9% -91.1% 101.7% 89.78%
2022 2.7% -79.2% 310.0% 18.96%
2021 3.8% -66.1% 15.4% 38.72%
2020 -0.5% -57.4% 97.2% 28.87%
2019 1.3% -48.8% 7.0% 47.82%

NAV & Total Return History


RCTEX - Holdings

Concentration Analysis

RCTEX Category Low Category High RCTEX % Rank
Net Assets 69.3 M 1.23 M 73.9 B 89.84%
Number of Holdings 56 1 14000 72.71%
Net Assets in Top 10 23.5 M -317 M 8.64 B 60.83%
Weighting of Top 10 32.73% 2.4% 100.0% 30.72%

Top 10 Holdings

  1. ALASKA HSG FIN CORP MTG REV 5% 4.11%
  2. TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV 6.25% 4.03%
  3. ILLINOIS FIN AUTH REV 4% 3.80%
  4. Houston Tex 5% 3.26%
  5. MASSACHUSETTS ST DEV FIN AGY REV 5% 3.18%
  6. CHICAGO ILL O HARE INTL ARPT REV 5% 3.06%
  7. MASSACHUSETTS ST 4% 3.06%
  8. SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA 4% 2.94%
  9. PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG REV 3.2% 2.90%
  10. OHIO ST WTR DEV AUTH REV 5% 2.88%

Asset Allocation

Weighting Return Low Return High RCTEX % Rank
Bonds
99.94% 0.00% 150.86% 30.50%
Cash
0.06% -50.86% 100.00% 58.71%
Stocks
0.00% -0.03% 4.63% 73.17%
Preferred Stocks
0.00% -1.79% 0.04% 71.42%
Other
0.00% -13.03% 30.01% 71.73%
Convertible Bonds
0.00% 0.00% 0.93% 71.91%

Bond Sector Breakdown

Weighting Return Low Return High RCTEX % Rank
Municipal
99.94% 0.00% 100.00% 34.07%
Cash & Equivalents
0.06% 0.00% 100.00% 64.11%
Derivative
0.00% 0.00% 21.68% 77.23%
Securitized
0.00% 0.00% 5.93% 72.49%
Corporate
0.00% 0.00% 9.99% 77.49%
Government
0.00% 0.00% 52.02% 73.46%

Bond Geographic Breakdown

Weighting Return Low Return High RCTEX % Rank
US
99.94% 0.00% 142.23% 16.79%
Non US
0.00% 0.00% 62.14% 94.11%

RCTEX - Expenses

Operational Fees

RCTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.02% 3.60% 38.75%
Management Fee 0.35% 0.00% 1.10% 28.49%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% 44.17%

Sales Fees

RCTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

RCTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 25.37%

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.

RCTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.32% 0.00% 283.00% 52.60%

RCTEX - Distributions

Dividend Yield Analysis

RCTEX Category Low Category High RCTEX % Rank
Dividend Yield 1.37% 0.00% 35.27% 1.20%

Dividend Distribution Analysis

RCTEX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Monthly

Net Income Ratio Analysis

RCTEX Category Low Category High RCTEX % Rank
Net Income Ratio 1.38% -0.53% 24.00% 76.06%

Capital Gain Distribution Analysis

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

Distributions History

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RCTEX - Fund Manager Analysis

Managers

Andrew Kello


Start Date

Tenure

Tenure Rank

Sep 27, 2016

5.68

5.7%

Andrew M. Kello, is a Portfolio Manager for Fixed Income within the Investment Group. Prior to joining Rockefeller in 2006 as a Portfolio Engineer, Mr. Kello worked at UBS Financial Services, Inc. as an Investment Associate for the Institutional Sales Group. He was also a Financial Advisor in their Private Client Group and a Client Service Associate. Mr. Kello holds a B.S. in Organizational Communication from Northeastern University.

Stefan Langer


Start Date

Tenure

Tenure Rank

Mar 30, 2021

1.17

1.2%

Stefan Langer, CFA® is an Associate Portfolio Manager within the Adviser’s Fixed Income Team. He has served as a co-portfolio manager of the Rockefeller Intermediate Tax-Exempt National Bond Fund and Rockefeller Intermediate Tax-Exempt New York Bond Fund since March 2021. Prior to this role, he was a Municipal Credit Analyst responsible for maintaining a municipal bond credit database, analyzing new credits, and surveilling current issuer holdings. Prior to joining the Adviser in 2013, he worked at UBS Financial Services Inc. as a portfolio management intern. Mr. Langer holds a B.S. in Business Administration with concentrations in Finance & Investments and graduated with distinction from the University of North Carolina at Chapel Hill.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.22 1.58