SEKSX: American Indep Kansas Tax-Exempt Bond I

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SEKSX American Indep Kansas Tax-Exempt Bond I


Profile

SEKSX - Profile

Vitals

  • YTD Return 3.2%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $181 M
  • Holdings in Top 10 14.8%

52 WEEK LOW AND HIGH

$11.27
$10.16
$11.29

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.55%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover N/A

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $3,000,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 3.2%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.62%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Carret Kansas Tax - Exempt Bond Fund
  • Fund Family Name
    American Independence
  • Inception Date
    Dec 10, 1990
  • Shares Outstanding
    15727461
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Jason Graybill

Fund Description

The fund will invest in municipal bonds with maturities ranging up to 20 years and which are rated investment grade. It will maintain a dollar weighted average portfolio maturity between 7 and 12 years. The fund will invest at least 80% of its net assets in municipal bonds which produce interest that is exempt from federal income tax and, is exempt from Kansas state income taxes. It will invest at least 80% of its net assets in securities the income from which is not subject to AMT. The fund is non-diversified.


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Categories

Performance

SEKSX - Performance

Return Ranking - Trailing

Period SEKSX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -31.8% 956.2% 36.96%
1 Yr 1.9% -33.6% 944.8% 42.79%
3 Yr N/A* -15.9% 120.9% 15.23%
5 Yr N/A* -8.0% 60.7% 13.42%
10 Yr N/A* -5.2% 3.6% 15.13%

* Annualized

Return Ranking - Calendar

Period SEKSX Return Category Return Low Category Return High Rank in Category (%)
2019 2.7% -5.8% 20.3% 75.67%
2018 N/A -29.6% 4.6% N/A
2017 N/A -6.0% 16.5% N/A
2016 N/A -7.8% 15.0% N/A
2015 N/A -18.3% 3.0% N/A

Total Return Ranking - Trailing

Period SEKSX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -31.8% 956.2% 36.96%
1 Yr 1.9% -33.6% 944.8% 42.76%
3 Yr N/A* -15.9% 120.9% 17.23%
5 Yr N/A* -8.0% 60.7% 14.15%
10 Yr N/A* -5.1% 6.5% 17.45%

* Annualized

Total Return Ranking - Calendar

Period SEKSX Return Category Return Low Category Return High Rank in Category (%)
2019 2.7% -5.8% 20.3% 75.86%
2018 N/A -29.6% 4.6% N/A
2017 N/A -6.0% 17.5% N/A
2016 N/A -7.8% 15.0% N/A
2015 N/A -12.6% 4.2% N/A

NAV & Total Return History


Holdings

SEKSX - Holdings

Concentration Analysis

SEKSX Category Low Category High SEKSX % Rank
Net Assets 181 M 620 K 287 B 75.48%
Number of Holdings 188 1 18149 66.56%
Net Assets in Top 10 26.4 M -812 M 22.2 B 79.76%
Weighting of Top 10 14.84% 2.5% 100.0% 70.17%

Top 10 Holdings

  1. BUTLER CNTY KANS UNI SCH DIST NO 385 ANDOVER 5% 1.95%
  2. SEWARD CNTY KANS UNI SCH DIST NO 480 5% 1.62%
  3. WICHITA KANS WTR & SWR UTIL REV 5% 1.57%
  4. TOPEKA KANS UTIL REV 4% 1.51%
  5. KANSAS ST DEPT TRANSN HWY REV 5% 1.41%
  6. BUTLER CNTY KANS UNI SCH DIST NO 385 ANDOVER 5% 1.40%
  7. KANSAS ST DEPT TRANSN HWY REV 5% 1.39%
  8. JOHNSON & MIAMI CNTYS KANS UNI SCH DIST NO 230 5% 1.37%
  9. TOPEKA KANS PUB BLDG COMMN REV 5% 1.33%
  10. TOPEKA KANS UTIL REV 3.5% 1.28%

Asset Allocation

Weighting Return Low Return High SEKSX % Rank
Bonds
98.41% 78.92% 199.79% 34.69%
Cash
1.59% -128.23% 20.36% 58.78%
Stocks
0.00% -0.22% 21.06% 64.10%
Preferred Stocks
0.00% -0.14% 22.02% 67.56%
Other
0.00% -9.26% 29.30% 61.03%
Convertible Bonds
0.00% 0.00% 9.66% 79.62%

Bond Sector Breakdown

Weighting Return Low Return High SEKSX % Rank
Municipal
98.41% 0.00% 100.11% 23.55%
Cash & Equivalents
1.59% -26.49% 69.70% 65.67%
Derivative
0.00% -0.83% 19.30% 65.77%
Securitized
0.00% 0.00% 97.53% 81.80%
Corporate
0.00% 0.00% 99.66% 85.19%
Government
0.00% -2.21% 100.00% 83.40%

Bond Geographic Breakdown

Weighting Return Low Return High SEKSX % Rank
US
98.41% 49.78% 199.79% 18.45%
Non US
0.00% -12.10% 39.65% 93.40%

Expenses

SEKSX - Expenses

Operational Fees

SEKSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.55% 0.01% 34.57% 73.61%
Management Fee 0.30% 0.00% 1.60% 27.40%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

SEKSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

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

SEKSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.90% 16.38%

Distributions

SEKSX - Distributions

Dividend Yield Analysis

SEKSX Category Low Category High SEKSX % Rank
Dividend Yield 0.00% 0.00% 3.91% 61.46%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SEKSX Category Low Category High SEKSX % Rank
Net Income Ratio 2.62% -0.81% 6.02% 40.91%

Capital Gain Distribution Analysis

SEKSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

Dividend Payout History

View More +

Fund Manager Analysis

SEKSX - Fund Manager Analysis

Managers

Jason Graybill


Start Date

Tenure

Tenure Rank

Dec 31, 2016

3.58

3.6%

Jason is a Principal and Senior Managing Director at Carret Asset Management. He also serves on the firm's Executive Committee. He has over 25 years of experience in the investment management industry. At Carret, he is the Co-Director of the firm's Fixed Income Strategy. In this capacity, Jason Co-Chairs the Fixed Income Investment Policy Committee (IPC) and is responsible for all facets of Carret's Fixed Income capabilities. He also serves as a member of the firm's Equity IPC. He has been a guest on Bloomberg TV and Radio, BNN TV and CBS News Radio. He is frequently interviewed by leading industry publications including The Wall Street Journal and BusinessWeek, and is a guest speaker at securities industry events. Prior to joining Carret, he was a Senior Portfolio Manager at Abner, Herrman and Brock Asset Management in Jersey City, NJ and a Research Analyst at Oxford Capital Management in Baltimore, MD. Jason is a member of the CFA Institute and the New York Society of Security Analysts (NYSSA).

Neil Klein


Start Date

Tenure

Tenure Rank

Dec 31, 2016

3.58

3.6%

Neil is a Principal and Senior Managing Director and Senior Portfolio Manager at Carret Asset Management. He also serves on the firm's Executive Committee. He has over 25 years of experience in the investment management industry. At Carret, he is the Co-Director of the firm's Fixed Income Strategy. In this capacity, Neil Co-Chairs the Fixed Income Investment Policy Committee (IPC) and is responsible for all facets of Carret's Fixed Income capabilities. Neil has been a guest on Bloomberg Radio and has been interviewed for his market perspective by such media outlets as: The Wall Street Journal, Forbes, Business Week/Bloomberg, Debtwire, and The Financial Times. Prior to joining Carret, he was a Managing Director and Senior Portfolio Manager at Abner, Herrman & Brock Asset Management. Formerly, Neil spent nine years with Oppenheimer & Co., Inc. in New York City as a Senior Fixed Income Portfolio Manager managing the fixed income investment strategies for Oppenheimer Investment Advisers’ discretionary portfolios. Neil began his investment career in 1987 at Merrill Lynch. Neil is a member of The Municipal Analysts Group of New York (MAGNY) and the National Federation of Municipal Analysts (NFMA). Mr. Klein graduated from Pennsylvania State University in 1987, with a Bachelor of Science degree in AgriBusiness Management and from Temple University, Fox School of Business with a Master of Business Administration (MBA) degree. Neil resides in Gladstone, NJ with his wife and two children.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.69 7.48 0.58