USAIX: USAA Income

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USAIX USAA Income

  • Fund
  • USAIX
  • Price as of: Dec 05, 2019
  • $13.48
    - $0.00 - 0.00%

Profile

USAIX - Profile

Vitals

  • YTD Return 7.7%
  • 3 Yr Annualized Return 1.5%
  • 5 Yr Annualized Return 0.3%
  • Net Assets $8.63 B
  • Holdings in Top 10 5.7%

52 WEEK LOW AND HIGH

$13.48
$12.46
$13.61

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.55%

SALES FEES

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

BROKERAGE FEES

  • Turnover 13.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

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

Fund Classification


Distributions

  • YTD Total Return 7.7%
  • 3 Yr Annualized Total Return 1.5%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.49%
DIVIDENDS
  • Dividend Yield 1.1%
  • 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.


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Categories

Fund Company Quick Screens

USAIX - Fund Company Quick Screens


Performance

USAIX - Performance

Return Ranking - Trailing

Period USAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.7% -0.4% 83.7% 9.93%
1 Yr 7.7% -2.2% 26.6% 16.62%
3 Yr 1.5%* -2.6% 9.4% 34.33%
5 Yr 0.3%* -14.6% 6.6% 40.41%
10 Yr 0.9%* -5.4% 8.0% 39.68%

* Annualized

Return Ranking - Calendar

Period USAIX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.7% -12.4% 0.8% 89.66%
2017 2.0% -2.8% 17.1% 19.38%
2016 2.2% -58.1% 8.6% 10.17%
2015 -4.5% -24.0% 2.6% 94.52%
2014 2.0% -34.8% 20.3% 57.05%

Total Return Ranking - Trailing

Period USAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.7% -0.4% 83.7% 10.56%
1 Yr 7.7% -2.1% 26.6% 18.05%
3 Yr 1.5%* -2.6% 9.4% 45.02%
5 Yr 0.3%* -14.6% 6.6% 53.98%
10 Yr 0.9%* -1.4% 8.0% 51.93%

* Annualized

Total Return Ranking - Calendar

Period USAIX Return Category Return Low Category Return High Rank in Category (%)
2018 -4.7% -11.7% 6.5% 92.25%
2017 2.0% -2.7% 27.0% 31.56%
2016 2.2% -58.1% 10.7% 17.18%
2015 -4.5% -14.6% 4.2% 96.33%
2014 2.0% -34.8% 24.6% 63.46%

NAV & Total Return History


Holdings

USAIX - Holdings

Concentration Analysis

USAIX Category Low Category High USAIX % Rank
Net Assets 8.63 B 691 K 247 B 7.17%
Number of Holdings 1074 2 17572 14.48%
Net Assets in Top 10 486 M -203 M 25.7 B 20.58%
Weighting of Top 10 5.71% 2.5% 138.1% 97.71%

Top 10 Holdings

  1. United States Treasury Notes 2% 0.96%
  2. United States Treasury Bonds 2.5% 0.82%
  3. United States Treasury Bonds 2.38% 0.71%
  4. United States Treasury Notes 2.62% 0.59%
  5. United States Treasury Notes 1.62% 0.59%
  6. United States Treasury Bonds 2.25% 0.52%
  7. United States Treasury Bonds 3.88% 0.47%
  8. SBA Tower Trust 3.45% 0.36%
  9. United States Treasury Bonds 3% 0.35%
  10. Nationwide Mutual Insurance Company 4.41% 0.34%

Asset Allocation

Weighting Return Low Return High USAIX % Rank
Bonds
95.09% 80.25% 142.20% 70.41%
Convertible Bonds
2.01% 0.00% 6.26% 7.31%
Cash
1.77% -42.57% 28.73% 52.83%
Preferred Stocks
0.83% 0.00% 8.19% 2.99%
Stocks
0.31% -17.64% 26.52% 2.59%
Other
0.00% -26.77% 30.83% 82.53%

Stock Sector Breakdown

Weighting Return Low Return High USAIX % Rank
Energy
0.12% 0.00% 9.51% 20.93%
Financial Services
0.07% 0.00% 13.65% 16.42%
Consumer Defense
0.04% 0.00% 3.71% 6.16%
Utilities
0.03% 0.00% 2.67% 7.66%
Communication Services
0.03% 0.00% 18.86% 8.62%
Real Estate
0.02% 0.00% 9.30% 8.21%
Technology
0.00% 0.00% 21.18% 86.46%
Industrials
0.00% 0.00% 23.70% 86.59%
Healthcare
0.00% 0.00% 38.22% 85.91%
Consumer Cyclical
0.00% 0.00% 16.25% 87.28%
Basic Materials
0.00% 0.00% 10.36% 85.91%

Stock Geographic Breakdown

Weighting Return Low Return High USAIX % Rank
US
0.16% -17.64% 17.37% 3.44%
Non US
0.15% 0.00% 9.69% 1.00%

Bond Sector Breakdown

Weighting Return Low Return High USAIX % Rank
Corporate
62.11% 0.00% 98.80% 8.05%
Securitized
19.18% 0.00% 136.75% 40.78%
Government
9.90% -86.06% 121.70% 44.22%
Municipal
6.74% 0.00% 105.67% 43.81%
Cash & Equivalents
1.77% -42.57% 28.73% 53.27%
Derivative
0.00% -25.78% 41.91% 78.54%

Bond Geographic Breakdown

Weighting Return Low Return High USAIX % Rank
US
78.44% 60.74% 134.14% 92.69%
Non US
16.65% -27.08% 24.33% 3.73%

Expenses

USAIX - Expenses

Operational Fees

USAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.55% 0.00% 209.96% 75.51%
Management Fee 0.24% 0.00% 1.25% 12.08%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.63% 86.11%

Sales Fees

USAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.00% 5.50% N/A

Trading Fees

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

USAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 13.00% 0.00% 2053.00% 12.69%

Distributions

USAIX - Distributions

Dividend Yield Analysis

USAIX Category Low Category High USAIX % Rank
Dividend Yield 1.13% 0.00% 95.13% 29.26%

Dividend Distribution Analysis

USAIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

USAIX Category Low Category High USAIX % Rank
Net Income Ratio 3.49% 0.00% 4.99% 7.21%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

USAIX - Fund Manager Analysis

Managers

Julianne Bass


Start Date

Tenure

Tenure Rank

Jul 16, 2012

7.38

7.4%

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


Start Date

Tenure

Tenure Rank

Dec 01, 2013

6.0

6.0%

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


Start Date

Tenure

Tenure Rank

Nov 04, 2016

3.07

3.1%

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


Start Date

Tenure

Tenure Rank

Nov 04, 2016

3.07

3.1%

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.

R.Neal Graves


Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.42

0.4%

R. Neal Graves, CFA, CPA, Assistant Vice President, Insurance Portfolios, has more than 20 years of finance related experience including 18 years of investment management experience with USAA Asset Management Company. Education: Master in Professional Accounting, University of Texas at Austin and a B.B.A., University of Texas at Austin. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

James F. Jackson


Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.42

0.4%

James F. Jackson, Jr., CFA, Victory Capital Senior Portfolio Manager and Head of Fixed Income Portfolio Management–USAA Investments, A Victory Capital Investment Franchise. Mr. Jackson has investment management experience since 2000, including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan and a B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.0 33.02 7.66 7.54