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USAIX USAA Income

  • Fund
  • USAIX
  • Price as of: May 28, 2019
  • $13.08 + $0.04 + 0.31%
  • Category
  • Total Bond Market

USAIX - Profile

Vitals

  • YTD Return 4.5%
  • 3 Yr Annualized Return 0.2%
  • 5 Yr Annualized Return -0.4%
  • Net Assets $8.11 B
  • Holdings in Top 10 6.5%

52 WEEK LOW AND HIGH

$13.08
$12.45
$13.08

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.52%

SALES FEES

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

BROKERAGE FEES

  • Turnover 8.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

N/A

Investment Themes

CATEGORY

Total Bond Market
  • Fund Type Open End Mutual Fund
  • Investment Style Intermediate Core-Plus Bond

Distributions

  • YTD Total Return 4.5%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return -0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.40%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name USAA Income Fund
  • Fund Family Name USAA
  • Inception Date Mar 04, 1974
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Julianne Bass

Fund Description

The USAA Income Fund (USAIX) is an actively managed fund designed to provide high current income. USAIX does this by investing in various bonds with an emphasis on investment-grade debt. This includes Treasuries, corporates, mortgage-backed securities as well as investment-grade sovereigns and foreign corporate bonds. The fund employs fundamental analysis to help balance risk and find undervalued junk bonds.

USAIX features low expenses and makes an ideal core position for investors in a diversified fixed-income portfolio. The fund is managed by USAA Asset Management Company.

USAIX - Performance

Return Ranking - Trailing

Period USAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.5% -3.3% 10.0% 19.85%
1 Yr 2.4% -16.1% 6.8% 44.50%
3 Yr 0.2%* -4.3% 44.5% 26.78%
5 Yr -0.4%* -6.2% 23.5% 57.25%
10 Yr 1.3%* -7.3% 15.9% 25.67%

* Annualized


Return Ranking - Calendar

Period USAIX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.7% -22.2% 3.1% 79.08%
2017 2.0% -5.1% 25.1% 20.44%
2016 2.2% -8.5% 192.8% 18.80%
2015 -4.5% -33.0% 3.0% 79.27%
2014 2.0% -29.8% 32.1% 33.01%

Total Return Ranking - Trailing

Period USAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.5% -3.3% 10.5% 21.39%
1 Yr 2.4% -16.1% 9.6% 51.05%
3 Yr 0.2%* -4.3% 49.7% 43.27%
5 Yr -0.4%* -3.8% 28.8% 72.18%
10 Yr 1.3%* -7.3% 18.7% 47.71%

* Annualized


Total Return Ranking - Calendar

Period USAIX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.7% -22.2% 7.9% 83.54%
2017 2.0% -4.6% 25.1% 34.40%
2016 2.2% -4.1% 204.3% 31.31%
2015 -4.5% -32.4% 4.2% 84.80%
2014 2.0% -29.8% 32.1% 44.11%

NAV & Total Return History

USAIX - Holdings

Concentration Analysis

USAIX Category Low Category High USAIX % Rank
Net Assets 8.11 B 337 K 218 B 12.52%
Number of Holdings 1048 3 17333 23.72%
Net Assets in Top 10 526 M -1.98 B 29.3 B 33.11%
Weighting of Top 10 6.54% 4.0% 1535.2% 97.34%

Top 10 Holdings

  1. United States Treasury Notes 2% 0.98%

  2. Us Long Bond(Cbt) Jun19 Xcbt 20190619 0.83%

  3. United States Treasury Bonds 2.5% 0.76%

  4. United States Treasury Bonds 2.38% 0.74%

  5. United States Treasury Bonds 2.5% 0.70%

  6. United States Treasury Notes 2.62% 0.62%

  7. United States Treasury Notes 1.62% 0.59%

  8. United States Treasury Bonds 2.75% 0.50%

  9. United States Treasury Bonds 3.88% 0.44%

  10. SBA Tower Trust 3.45% 0.38%


Asset Allocation

Weighting Return Low Return High USAIX % Rank
Bonds
96.64% -248.60% 340.77% 38.44%
Convertible Bonds
1.16% 0.00% 18.42% 20.12%
Preferred Stocks
1.10% 0.00% 20.33% 5.80%
Cash
0.80% -246.66% 358.29% 76.95%
Stocks
0.29% -0.99% 97.68% 12.59%
Other
0.00% -98.75% 57.15% 80.81%

Stock Sector Breakdown

Weighting Return Low Return High USAIX % Rank
Financial Services
0.09% -0.20% 19.84% 15.19%
Energy
0.08% -0.07% 13.35% 21.75%
Consumer Defense
0.04% -0.21% 11.75% 10.94%
Utilities
0.03% -0.05% 8.49% 17.13%
Communication Services
0.03% -0.05% 4.13% 17.50%
Real Estate
0.02% -0.04% 11.09% 14.70%
Industrials
0.01% -0.14% 11.90% 23.33%
Technology
0.00% -0.33% 12.59% 84.93%
Healthcare
0.00% -0.20% 10.12% 86.03%
Consumer Cyclical
0.00% -0.17% 9.93% 87.73%
Basic Materials
0.00% -0.07% 7.31% 86.03%

Stock Geographic Breakdown

Weighting Return Low Return High USAIX % Rank
US
0.18% -4.76% 57.02% 11.79%
Non US
0.11% -0.62% 92.84% 7.00%

Bond Sector Breakdown

Weighting Return Low Return High USAIX % Rank
Corporate
63.17% 0.00% 128.48% 6.81%
Securitized
17.61% 0.00% 102.58% 78.64%
Government
10.96% -91.96% 178.24% 70.69%
Municipal
7.06% 0.00% 102.07% 4.74%
Derivative
0.00% -207.30% 299.06% 73.50%
Cash & Equivalents
-0.43% -547.52% 359.78% 82.58%

Bond Geographic Breakdown

Weighting Return Low Return High USAIX % Rank
US
80.39% -245.97% 218.41% 57.96%
Non US
16.25% -108.37% 122.36% 28.58%

USAIX - Expenses

Operational Fees

USAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.52% 0.00% 38.42% 82.28%
Management Fee 0.24% 0.00% 2.15% 10.85%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.63% 77.48%

Sales Fees

USAIX 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 0.15% 5.50% N/A

Trading Fees

USAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

USAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 8.00% 0.00% 2337.00% 1.87%

USAIX - Distributions

Dividend Yield Analysis

USAIX Category Low Category High USAIX % Rank
Dividend Yield 0.03% 0.00% 6.64% 25.50%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

USAIX Category Low Category High USAIX % Rank
Net Income Ratio 3.40% -2.82% 7.22% 14.66%

Capital Gain Distribution Analysis

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

USAIX - Managers

Julianne Bass

Manager

Start Date

Tenure

Tenure Rank

Jul 16, 2012

6.88

6.9%

JULIANNE BASS, CFA, is vice president and portfolio manager. Education: B.B.A., University of Texas at Austin; M.B.A., University of Houston. She holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


Brian W. Smith

Manager

Start Date

Tenure

Tenure Rank

Dec 01, 2013

5.5

5.5%

Brian W. Smith, CFA, CPA, Executive Director Mutual Funds Portfolios. Mr. Smith has started to engage in investment management and worked for USAA since 1999 and 1985, respectively. Education: B.B.A., University of Texas at San Antonio, M.B.A., University of Texas at San Antonio. He is a member of the CFA Institute and the CFA Society of San Antonio.


John Spear

Manager

Start Date

Tenure

Tenure Rank

Nov 04, 2016

2.57

2.6%

CFA, Senior Vice President, Chief Investment Officer of USAA Investments, has co-managed the Fund since November 2016. Mr. Spear has managed the USAA Life Insurance Portfolio since November 1999 and has supervised the USAA fixed-income portfolio management team since May 2012.Education: B.B.A., Western Illinois University. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


Kurt Daum

Manager

Start Date

Tenure

Tenure Rank

Nov 04, 2016

2.57

2.6%

Kurt Daum, J.D., Executive Director of Mutual Funds Portfolios, focusing on all areas of fixed-income research, has co-managed the Fund since November 2016. Prior to joining USAA, he was a Director at Highland Capital Management focused on fixed-income and private equity investing from January 2009 until November 2013. Education: B.B.A., University of Texas at Austin; J.D., University of Texas School of Law.


Tenure Analysis

Category Low

0.0

Category High

30.43

Category Average

6.96

Category Mode

7.04