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Name

As of 11/21/2024

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

Transamerica High Yield Muni

THCYX | Fund

$10.67

$116 M

3.51%

$0.38

1.79%

Vitals

YTD Return

6.0%

1 yr return

10.7%

3 Yr Avg Return

-1.9%

5 Yr Avg Return

0.7%

Net Assets

$116 M

Holdings in Top 10

21.5%

52 WEEK LOW AND HIGH

$10.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.79%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 96.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

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

Transamerica High Yield Muni

THCYX | Fund

$10.67

$116 M

3.51%

$0.38

1.79%

THCYX - Profile

Distributions

  • YTD Total Return 6.0%
  • 3 Yr Annualized Total Return -1.9%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.28%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Transamerica High Yield Muni
  • Fund Family Name
    Transamerica
  • Inception Date
    Sep 30, 2016
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matthew Dalton

Fund Description

Under normal circumstances, the fund’s sub-adviser, Belle Haven Investments, L.P. (the “sub-adviser”), invests at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in municipal fixed-income securities the interest from which is exempt from federal income tax and the federal alternative minimum tax (“AMT”) applicable to individuals. Interest income from some of the municipal obligations in which the fund may invest may be subject to the AMT. The fund primarily invests in “high yield” municipal bonds under normal market conditions. For this purpose, “high yield” municipal bonds are those rated medium to lower grade. The fund normally invests primarily in general obligation and revenue bonds issued by U.S. municipal issuers, as well as issuers in U.S. territories and possessions. The fund may invest 25% or more of its total net assets in any sector or sub-sector of the municipal bond market.The fund pursues an actively managed, total return strategy that seeks to identify inefficiencies in the municipal bond market. The sub-adviser’s investment process is engineered to seek to exploit mispricing that the sub-adviser aims to identify at the issuer, credit, industry, security and/or maturity level based on macro-economic and fundamental analysis. Analysis is also used to determine the fund’s yield curve positioning. Investment decisions are made by the sub-adviser in an effort to maximize total return while balancing portfolio risk.Medium grade municipal bonds are those rated “A” to “BBB” by Standard & Poor’s Rating Services (“S&P”). Lower-grade municipal bonds (commonly known as “junk bonds”) are those rated below “Baa” by Moody’s Investors Service, Inc. (“Moody’s”) or lower than “BBB” by S&P or Fitch, Inc. (“Fitch”) or comparable ratings by other nationally recognized rating organizations (or, in the case of unrated securities, determined by the sub-adviser to be of comparable quality). The fund has the flexibility to invest the remainder of its assets in a broad array of issuers across the credit spectrum.The fund may also invest up to 15% of its net assets in municipal bonds that are distressed securities. Distressed securities are securities that are the subject of bankruptcy proceedings or are rated in the lowest rating categories by at least one independent rating agency (“CC” or lower by S&P or Fitch or “Ca” or lower by Moody’s), or if unrated, judged to be of comparable quality by the sub-adviser. The fund may also invest in higher quality debt securities.Under normal conditions, the duration of the fund will generally vary between three and 20 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The fund does not limit the maturity of the securities in which it invests. The maturity of a fixed-income security is the measure of time remaining until the final payment on the security is due. However, under normal circumstances, the fund may focus on longer-term maturities in an effort to capture the higher yields generally associated with such maturities.The fund may invest more than 25% of its net assets in securities relating to one political subdivision, such as any state or U.S. territory. The fund may,but is not required to, invest in derivative instruments such as options for speculative, hedging, or duration management purposes. The fund may also invest in exchange-traded funds (“ETFs”) as well as municipal bond closed-end funds.The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.The fund is non-diversified.
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THCYX - Performance

Return Ranking - Trailing

Period THCYX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -2.0% 12.4% 37.25%
1 Yr 10.7% 1.0% 18.7% 41.67%
3 Yr -1.9%* -8.8% 3.0% 85.07%
5 Yr 0.7%* -5.0% 3.8% 73.10%
10 Yr 2.5%* -0.4% 155.6% 69.77%

* Annualized

Return Ranking - Calendar

Period THCYX Return Category Return Low Category Return High Rank in Category (%)
2023 4.8% -6.2% 7.5% 6.37%
2022 -20.8% -26.9% -3.5% 89.55%
2021 4.7% -1.9% 5.6% 7.07%
2020 -0.5% -4.0% 4.2% 73.60%
2019 5.6% -0.7% 9.1% 32.98%

Total Return Ranking - Trailing

Period THCYX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -2.0% 12.4% 37.25%
1 Yr 10.7% 1.0% 18.7% 41.67%
3 Yr -1.9%* -8.8% 3.0% 85.07%
5 Yr 0.7%* -5.0% 3.8% 73.10%
10 Yr 2.5%* -0.4% 155.6% 69.77%

* Annualized

Total Return Ranking - Calendar

Period THCYX Return Category Return Low Category Return High Rank in Category (%)
2023 9.0% -4.1% 10.9% 12.75%
2022 -18.4% -26.9% 4.3% 92.04%
2021 7.5% -1.9% 10.0% 10.61%
2020 2.9% -2.6% 8.2% 64.47%
2019 7.7% -0.7% 1028633.9% 72.77%

NAV & Total Return History

THCYX - Holdings

Concentration Analysis

THCYX Category Low Category High THCYX % Rank
Net Assets 116 M 9.79 K 15.6 B 91.58%
Number of Holdings 230 1 3325 75.62%
Net Assets in Top 10 26.2 M -102 M 3.51 B 88.56%
Weighting of Top 10 21.53% 4.6% 98.8% 16.50%

Top 10 Holdings

  1. FIXED INC CLEARING CORP.REPO 5.07%
  2. Development Authority of Lagrange 2.66%
  3. U.S. Treasury Bonds 2.48%
  4. Rampart Range Metropolitan District No. 5 2.02%
  5. Industrial Development Authority of the County of Pima 1.74%
  6. Washington State Housing Finance Commission 1.70%
  7. Wisconsin Health Educational Facilities Authority 1.55%
  8. Pennsylvania Economic Development Financing Authority 1.52%
  9. Tempe Industrial Development Authority 1.43%
  10. James City County Economic Development Authority 1.36%

Asset Allocation

Weighting Return Low Return High THCYX % Rank
Bonds 		97.28% 0.00% 146.69% 71.57%
Other 		5.07% -5.59% 5.07% 1.49%
Stocks 		0.00% 0.00% 99.62% 75.98%
Preferred Stocks 		0.00% -47.61% 0.00% 67.66%
Convertible Bonds 		0.00% 0.00% 0.00% 64.18%
Cash 		0.00% -0.64% 100.00% 89.55%

Bond Sector Breakdown

Weighting Return Low Return High THCYX % Rank
Municipal 		99.19% 0.00% 100.00% 30.85%
Corporate 		0.23% 0.00% 2.83% 41.29%
Derivative 		0.00% -7.53% 2.16% 61.69%
Cash & Equivalents 		0.00% 0.00% 100.00% 78.61%
Securitized 		0.00% 0.00% 22.44% 65.17%
Government 		0.00% 0.00% 0.09% 66.17%

Bond Geographic Breakdown

Weighting Return Low Return High THCYX % Rank
US 		97.28% 0.00% 139.84% 68.16%
Non US 		0.00% 0.00% 13.35% 68.16%

THCYX - Expenses

Operational Fees

THCYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.79% 0.22% 3.44% 13.30%
Management Fee 0.54% 0.00% 1.41% 74.51%
12b-1 Fee 1.00% 0.00% 1.00% 90.83%
Administrative Fee N/A 0.02% 0.35% 11.84%

Sales Fees

THCYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load 1.00% 1.00% 4.00% 63.89%

Trading Fees

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

THCYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 96.00% 2.00% 121.00% 96.83%

THCYX - Distributions

Dividend Yield Analysis

THCYX Category Low Category High THCYX % Rank
Dividend Yield 3.51% 0.00% 5.94% 68.63%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

THCYX Category Low Category High THCYX % Rank
Net Income Ratio 2.28% 1.11% 5.44% 85.29%

Capital Gain Distribution Analysis

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

Distributions History

View More +

THCYX - Fund Manager Analysis

Managers

Matthew Dalton

Start Date

Tenure

Tenure Rank

Jul 31, 2013

8.84

8.8%

Matthew Dalton is the Chief Executive Officer and Chief Investment Officer of Belle Haven Investments. Matt has worked exclusively in the fixed income asset class since 1985. Matt left the family farm in central Indiana and began his career at Shearson Lehman Brothers in Chicago. There, he rose to Senior Vice President of the Municipal Trading and Sales Department. In 1994, Matt was recruited to Rodman and Renshaw to head their Municipal Bond Department until joining Belle Haven in 1996. Matt assumed his current position in 2002, utilizing his years of experience in the institutional muni market to launch and guide the firm in the direction of investment management. Matt is the lead portfolio manager for all of Belle Haven’s strategies. Belle Haven’s SMA strategies have earned recognition and awards from Lipper and PSN Top Guns. Matt has been named the top portfolio manager in the United States by Citywire for his management of the Transamerica Intermediate Municipal mutual fund, an effort which earned the fund a 2016 Lipper Fund Award in Lipper’s Three Years Intermediate Municipal Debt Funds category and a 2018 Lipper Fund Award in Lipper’s Five Years Intermediate Municipal Debt Funds category. Matt’s expert commentary has appeared regularly in such publications as The Wall Street Journal, Debtwire, Reuters, The Bond Buyer and Bloomberg News. Matt resides in Katonah, New York with his wife, Chris, and their three children.

Max Christiana

Start Date

Tenure

Tenure Rank

Nov 09, 2021

0.56

0.6%

Max joined Belle Haven in 2016 as an associate, and was a trader for several years until his promotion to Portfolio Manager. Max gained extensive trading insight and intuition while running the Firm’s proprietary bond offering system, Hydra. Through his experience, Max has developed a keen sense of trading, valuation, and municipal market dynamics that have contributed to his growth and success as a Portfolio Manager. Max began his career in trading operations and throughout his tenure, has cultivated an innate understanding of the firm’s core values and investment philosophy. Max’s previous experience includes trading for the Global Markets division of Citizens Bank. Mr. Christiana is a graduate of Boston College with a Bachelor’s degree in Finance, where he was a four-year starter on their varsity golf team. He was also a four-time member of the ACC Academic Honor Roll. Max resides in New York, New York.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.55 2.52

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