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SNDPX AB Diversified Municipal

  • Fund
  • SNDPX
  • Price as of: Aug 19, 2019
  • $14.72 - $0.01 - 0.07%
  • Category
  • National Munis

SNDPX - Profile

Vitals

  • YTD Return 4.2%
  • 3 Yr Annualized Return -0.1%
  • 5 Yr Annualized Return 0.3%
  • Net Assets $6.48 B
  • Holdings in Top 10 12.8%

52 WEEK LOW AND HIGH

$14.72
$13.94
$14.73

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.49%

SALES FEES

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

BROKERAGE FEES

  • Turnover 23.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$25,000

IRA

N/A

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Short

Distributions

  • YTD Total Return 4.2%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.02%
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name AB Intermediate Diversified Municipal Portfolio
  • Fund Family Name AllianceBernstein
  • Inception Date Jan 09, 1989
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Robert B. (Guy) Davidson

Fund Description

The fund invests at least 80% of its net assets in municipal securities. It invests at least 80% of its total assets in municipal securities rated A, or better by national rating agencies, and comparably rated municipal notes. The fund may invest up to 20% of its total assets in fixed-income securities rated BB or B by national rating agencies, which are not investment-grade (commonly known as "junk bonds").

SNDPX - Performance

Return Ranking - Trailing

Period SNDPX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% 0.0% 5.7% 63.07%
1 Yr 4.0% -2.9% 5.5% 55.09%
3 Yr -0.1%* -3.2% 1.3% 60.94%
5 Yr 0.3%* -1.8% 2.2% 49.18%
10 Yr 0.3%* -8.7% 2.3% 75.60%

* Annualized


Return Ranking - Calendar

Period SNDPX Return Category Return Low Category Return High Rank in Category (%)
2018 -1.3% -4.8% 0.8% 37.88%
2017 0.9% -0.9% 5.6% 63.89%
2016 -2.3% -6.1% 7.3% 38.68%
2015 -0.1% -10.9% 2.6% 33.13%
2014 1.8% -60.4% 12.0% 68.15%

Total Return Ranking - Trailing

Period SNDPX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% 0.0% 6.0% 63.47%
1 Yr 4.0% -2.8% 6.9% 56.29%
3 Yr -0.1%* -3.2% 3.2% 67.69%
5 Yr 0.3%* -1.8% 3.7% 55.35%
10 Yr 0.3%* -8.7% 4.8% 80.72%

* Annualized


Total Return Ranking - Calendar

Period SNDPX Return Category Return Low Category Return High Rank in Category (%)
2018 -1.3% -4.8% 1.7% 43.29%
2017 0.9% -0.9% 6.2% 67.75%
2016 -2.3% -6.1% 7.3% 46.50%
2015 -0.1% -9.6% 3.9% 41.98%
2014 1.8% -60.4% 12.0% 69.21%

NAV & Total Return History

SNDPX - Holdings

Concentration Analysis

SNDPX Category Low Category High SNDPX % Rank
Net Assets 6.48 B 762 K 68.3 B 8.38%
Number of Holdings 773 3 8426 22.20%
Net Assets in Top 10 822 M -4.59 M 2.02 B 3.40%
Weighting of Top 10 12.84% 2.5% 100.0% 53.60%

Top 10 Holdings

  1. PENNSYLVANIA ST 5% 2.04%

  2. METROPOLITAN TRANSN AUTH N Y REV 5% 1.71%

  3. United States Treasury Notes 2.62% 1.53%

  4. GRAND PKWY TRANSN CORP TEX 5% 1.48%

  5. METROPOLITAN TRANSN AUTH N Y REV 5% 1.22%

  6. SOUTHEAST ALA GAS SUPPLY DIST GAS SUPPLY REV 4% 1.18%

  7. CENTRAL PLAINS ENERGY PROJ NEB GAS PROJ REV 5% 1.01%

  8. CALIFORNIA ST 5% 0.92%

  9. ILLINOIS ST 5% 0.90%

  10. TENNESSEE ENERGY ACQUISITION CORP GAS REV 4% 0.85%


Asset Allocation

Weighting Return Low Return High SNDPX % Rank
Bonds
98.30% 17.56% 101.83% 53.40%
Cash
1.70% -1.83% 82.44% 48.00%
Stocks
0.00% 0.00% 0.39% 46.40%
Preferred Stocks
0.00% 0.00% 8.94% 46.20%
Other
0.00% -2.64% 30.00% 45.00%
Convertible Bonds
0.00% 0.00% 2.66% 46.40%

Bond Sector Breakdown

Weighting Return Low Return High SNDPX % Rank
Municipal
96.68% 0.00% 104.99% 66.00%
Cash & Equivalents
1.70% -8.39% 82.44% 47.60%
Government
1.61% -6.32% 93.35% 3.60%
Derivative
0.00% 0.00% 0.08% 47.00%
Securitized
0.00% 0.00% 23.62% 47.40%
Corporate
0.00% 0.00% 39.71% 54.60%

Bond Geographic Breakdown

Weighting Return Low Return High SNDPX % Rank
US
97.59% 17.56% 101.37% 52.00%
Non US
0.71% 0.00% 23.82% 33.80%

SNDPX - Expenses

Operational Fees

SNDPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.49% 0.09% 4.80% 84.83%
Management Fee 0.34% 0.00% 0.65% 28.14%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.34% N/A

Sales Fees

SNDPX 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 0.50% 5.50% N/A

Trading Fees

SNDPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

Turnover 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.

SNDPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 23.00% 0.00% 739.25% 37.13%

SNDPX - Distributions

Dividend Yield Analysis

SNDPX Category Low Category High SNDPX % Rank
Dividend Yield 1.33% 0.00% 2.53% 55.89%

Dividend Distribution Analysis

SNDPX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

SNDPX Category Low Category High SNDPX % Rank
Net Income Ratio 2.02% 0.01% 4.95% 63.47%

Capital Gain Distribution Analysis

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

SNDPX - Managers

Robert B. (Guy) Davidson

Manager

Start Date

Tenure

Tenure Rank

Jan 09, 1989

30.58

30.6%

R. B. Davidson III joined the firm as Director of Municipal Bonds in 1992. He is Chairman of the Tax-Exempt Fixed Income Investment Policy Group and a member of the Taxable Fixed Income Investment Policy Group. Davidson also serves on the partnership committee at AB. Before joining the firm, he was vice president and head of municipal strategies at J.P. Morgan Securities and an associate economist at Lehman Brothers. He is the author of “The Value of Tax Management for Bond Portfolios,” published in The Journal of Private Portfolio Management, Spring 1999; “Maximizing Expected After-Tax Returns,” published by Probus in 1994 in the Handbook of Municipal Bonds; and “Analyzing Quality Spreads,” published in The Municipal Finance Journal in 1991. Davidson was named to the Institutional Investor‘s All-America Research Team in 1992. He earned a BA with honors from Wesleyan University and an MBA from the New York University Stern School of Business. Location: New York


Terrance T. Hults

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2002

16.59

16.6%

Terrance T. Hults is a member of the Tax-Exempt Fixed-Income Investment Policy Group. Prior to joining the firm, he was an associate in the Municipal Derivative Products department at Merrill Lynch Capital Markets, where he specialized in securities arbitrage. These transactions involved issuers and investors, as well as proprietary trading and utilized futures, options, interest-rate swaps, and other over-the-counter derivative structures. Hults received a BA in economics from Williams College and an MBA in finance from Columbia University. Location: New York


Matthew J Norton

Manager

Start Date

Tenure

Tenure Rank

Jan 28, 2016

3.51

3.5%

Matthew Norton is a Portfolio Manager on the Municipal Bond team, which oversees tax-exempt investing at AB. He joined the firm in 2005, focusing primarily on research in tax-exempt and taxable fixed-income markets. In this role, Norton worked on building expected return models across fixed-income sectors and on monitoring derivative exposures. Before joining AB, he worked for a year as a statistical research analyst at St. Lawrence University, evaluating the accuracy of biometric devices. Norton holds a BS in economics and mathematics from St. Lawrence University and an MBA in economics and quantitative finance from New York University Stern School of Business. Location: New York


Andrew D. Potter

Manager

Start Date

Tenure

Tenure Rank

Jan 26, 2018

1.51

1.5%

Andrew Potter is a Vice President and Portfolio Manager on the Municipal Bond team, which oversees tax-exempt investing at AllianceBernstein. He joined the team in 2007 as an associate portfolio manager (APM), responsible for monitoring risk exposures and implementing investment strategy across the firm’s tax-aware fixed-income platform. In 2013, Mr. Potter took on additional responsibility as supervisor for the team’s APMs. He moved into his current role in 2015, shifting his focus toward developing portfolio strategy. Mr. Potter holds a BA in physics with a minor in economics from Colgate University. He is a CFA charterholder and a member of the CFA Society New York. Location: New York


Tenure Analysis

Category Low

0.0

Category High

39.77

Category Average

7.57

Category Mode

4.32