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USTEX USAA Tax Exempt Long-Term

  • Fund
  • USTEX
  • Price as of: Sep 17, 2019
  • $13.52 - $0.01 - 0.07%

USTEX - Profile

Vitals

  • YTD Return 3.6%
  • 3 Yr Annualized Return -0.7%
  • 5 Yr Annualized Return -0.2%
  • Net Assets $2.51 B
  • Holdings in Top 10 10.9%

52 WEEK LOW AND HIGH

$13.52
$12.84
$13.73

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.48%

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

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Long

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return -0.7%
  • 5 Yr Annualized Total Return -0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.73%
DIVIDENDS
  • Dividend Yield 1.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name USAA Tax Exempt Long Term Fund
  • Fund Family Name USAA
  • Inception Date Mar 19, 1982
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager John C. Bonnell

Fund Description

The fund invests primarily in investment-grade securities the interest from which is excludable from gross income for federal income tax (referred to herein as "tax-exempt securities"). During normal market conditions, at least 80% of its net assets will consist of tax-exempt securities. The fund's dollar-weighted average portfolio maturity is 10 years or more. At least 80% of the fund's annual net investment income dividends will be tax-exempt and excludable from the calculation of the federal alternative minimum tax for individual taxpayers.

USTEX - Performance

Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -0.2% 18.3% 52.04%
1 Yr 3.7% -4.4% 15.6% 55.05%
3 Yr -0.7%* -3.0% 9.3% 80.69%
5 Yr -0.2%* -14.8% 3.5% 74.03%
10 Yr 0.4%* -8.7% 6.5% 40.05%

* Annualized


Return Ranking - Calendar

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.9% -13.7% 6.9% 63.32%
2017 1.7% -6.5% 21.2% 26.62%
2016 -3.3% -58.1% 8.6% 91.87%
2015 -0.9% -24.0% 2.6% 49.55%
2014 6.0% -60.4% 83.0% 16.49%

Total Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -0.2% 18.3% 52.86%
1 Yr 3.7% -4.4% 15.6% 58.29%
3 Yr -0.7%* -3.0% 9.3% 83.95%
5 Yr -0.2%* -14.8% 5.5% 81.11%
10 Yr 0.4%* -8.7% 7.0% 57.04%

* Annualized


Total Return Ranking - Calendar

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.9% -13.7% 6.9% 70.80%
2017 1.7% -6.5% 27.0% 38.23%
2016 -3.3% -58.1% 10.7% 94.11%
2015 -0.9% -14.6% 4.2% 56.99%
2014 6.0% -60.4% 83.0% 20.11%

NAV & Total Return History

USTEX - Holdings

Concentration Analysis

USTEX Category Low Category High USTEX % Rank
Net Assets 2.51 B 701 K 241 B 23.81%
Number of Holdings 563 1 17412 29.12%
Net Assets in Top 10 267 M -179 M 23.7 B 30.73%
Weighting of Top 10 10.91% 2.5% 212.7% 83.81%

Top 10 Holdings

  1. REGIONAL TRANSN AUTH ILL 6.5% 2.11%

  2. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.52% 2.01%

  3. REGIONAL TRANSN AUTH ILL 5.75% 1.02%

  4. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.55% 0.98%

  5. LIBERTY N Y DEV CORP REV 5.25% 0.88%

  6. TENDER OPT BD TR RCPTS / CTFS VAR STS 1.65% 0.83%

  7. NEW JERSEY ECONOMIC DEV AUTH REV 3% 0.81%

  8. MIAMI-DADE CNTY FLA AVIATION REV 5.38% 0.79%

  9. MISSOURI DEV FIN BRD INFRASTRUCTURE FACS LEASEHOLD REV 4% 0.77%

  10. MIDLOTHIAN TEX INDPT SCH DIST 5% 0.73%


Asset Allocation

Weighting Return Low Return High USTEX % Rank
Bonds
99.99% 80.17% 129.72% 15.68%
Cash
0.01% -37.85% 22.95% 82.12%
Stocks
0.00% -14.50% 14.08% 27.73%
Preferred Stocks
0.00% -1.25% 4.10% 32.75%
Other
0.00% -16.03% 27.53% 26.67%
Convertible Bonds
0.00% 0.00% 6.30% 53.37%

Bond Sector Breakdown

Weighting Return Low Return High USTEX % Rank
Municipal
99.99% 0.00% 106.42% 9.52%
Cash & Equivalents
0.01% -37.85% 22.95% 79.30%
Derivative
0.00% -24.73% 33.80% 26.96%
Securitized
0.00% 0.00% 141.25% 63.19%
Corporate
0.00% -1.23% 99.47% 67.88%
Government
0.00% -74.40% 115.78% 64.36%

Bond Geographic Breakdown

Weighting Return Low Return High USTEX % Rank
US
99.91% 66.38% 150.14% 10.18%
Non US
0.08% -43.03% 26.38% 80.77%

USTEX - Expenses

Operational Fees

USTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.48% 0.00% 209.96% 83.49%
Management Fee 0.28% 0.00% 1.25% 16.85%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.63% 74.29%

Sales Fees

USTEX 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

USTEX 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.

USTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 13.00% 0.00% 1856.00% 12.05%

USTEX - Distributions

Dividend Yield Analysis

USTEX Category Low Category High USTEX % Rank
Dividend Yield 1.84% 0.00% 95.96% 22.45%

Dividend Distribution Analysis

USTEX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

USTEX Category Low Category High USTEX % Rank
Net Income Ratio 3.73% -0.18% 4.99% 3.72%

Capital Gain Distribution Analysis

USTEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

USTEX - Managers

John C. Bonnell

Manager

Start Date

Tenure

Tenure Rank

Aug 31, 2006

13.01

13.0%

John C. Bonnell, CFA, Vice President and Senior Portfolio Manager of USAA Investment Management Company(IMCO). Prior to joining IMCO, Mr. Bonnell worked for OppenheimerFunds as a vice president and portfolio manager (May 2004 - July 2006). Education: B.B.A., University of Texas at San Antonio; M.B.A., St. Mary’s University. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA institute, the CFA Society of San Antonio, and the National Federation of Municipal Analysts.


Andrew Hattman

Manager

Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.17

0.2%

Andrew Hattman, CFA, CAIA, Victory Capital Portfolio Manager–USAA Investments, A Victory Capital Investment Franchise, has co-managed the Fund since July 2019. Mr. Hattman holds CFA and CAIA designations.


Regina G. Conklin

Manager

Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.17

0.2%

Shafer joined USAA Investment Management Company in 1991. She worked for five years in mutual fund support, performing accounting and reporting functions for fund portfolios. In 1996, she moved to a position as a fixed-income securities analyst before being named a portfolio manager in 1999. Shafer holds the Certified Public Accountant and Chartered Financial Analyst designation.


Tenure Analysis

Category Low

0.0

Category High

39.94

Category Average

7.49

Category Mode

7.29