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Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

USAA Tax Exempt Long Term Fund

USTEX | Fund

$12.18

$2.08 B

3.48%

$0.42

0.47%

Vitals

YTD Return

3.3%

1 yr return

-9.7%

3 Yr Avg Return

-4.0%

5 Yr Avg Return

-1.8%

Net Assets

$2.08 B

Holdings in Top 10

9.6%

52 WEEK LOW AND HIGH

$12.2
$11.17
$13.56

Expenses

OPERATING FEES

Expense Ratio 0.47%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 10.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$3,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

USAA Tax Exempt Long Term Fund

USTEX | Fund

$12.18

$2.08 B

3.48%

$0.42

0.47%

USTEX - Profile

Distributions

  • YTD Total Return 3.3%
  • 3 Yr Annualized Total Return -4.0%
  • 5 Yr Annualized Total Return -1.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.73%
DIVIDENDS
  • Dividend Yield 3.5%
  • 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
    Andrew Hattman

Fund Description

The Fund invests primarily in investment-grade securities, the interest from which is excludable from gross income for federal income tax purposes (referred to herein as “tax-exempt securities”). During normal market conditions, at least 80% of the Fund’s net assets will consist of tax-exempt securities. The Fund’s dollar-weighted average portfolio maturity is 10 years or more.In addition, during normal market conditions, 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 (“AMT”) for individual taxpayers. This policy may be changed only by a shareholder vote.
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USTEX - Performance

Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -86.8% 7.5% 11.90%
1 Yr -9.7% -20.9% 15.7% 91.20%
3 Yr -4.0%* -10.2% 52.2% 89.46%
5 Yr -1.8%* -5.1% 29.7% 88.89%
10 Yr -1.4%* -3.2% 13.6% 81.06%

* Annualized

Return Ranking - Calendar

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
2022 -15.2% -91.1% 101.7% 87.33%
2021 0.4% -79.2% 102.5% 26.15%
2020 0.6% -66.1% 60.0% 35.37%
2019 0.9% -57.4% 7.6% 47.62%
2018 -0.6% -35.9% 3.2% 66.20%

Total Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -86.8% 7.5% 12.49%
1 Yr -9.7% -20.9% 15.4% 91.18%
3 Yr -4.0%* -10.2% 52.2% 89.75%
5 Yr -1.8%* -5.1% 29.7% 89.94%
10 Yr -1.4%* -3.2% 13.6% 82.86%

* Annualized

Total Return Ranking - Calendar

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
2022 -15.2% -91.1% 101.7% 87.29%
2021 0.4% -79.2% 102.5% 26.24%
2020 0.6% -66.1% 60.0% 35.40%
2019 0.9% -57.4% 7.6% 48.77%
2018 -0.6% -35.9% 3.2% 67.62%

NAV & Total Return History

USTEX - Holdings

Concentration Analysis

USTEX Category Low Category High USTEX % Rank
Net Assets 2.08 B 2.87 M 73.9 B 17.38%
Number of Holdings 571 1 14000 18.19%
Net Assets in Top 10 209 M -317 M 8.64 B 14.74%
Weighting of Top 10 9.64% 2.4% 100.0% 87.06%

Top 10 Holdings

  1. REGIONAL TRANSN AUTH ILL 6.5% 2.14%
  2. Deutsche Bk Spears/Lifers Ser Ctfs 0% 1.11%
  3. MIAMI-DADE CNTY FLA WTR & SWR REV 4% 1.07%
  4. NEW JERSEY ECONOMIC DEV AUTH REV 1.917% 0.92%
  5. LIBERTY N Y DEV CORP REV 5.25% 0.91%
  6. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 0.18% 0.88%
  7. MISSOURI DEV FIN BRD INFRASTRUCTURE FACS LEASEHOLD REV 4% 0.84%
  8. PROSPER TEX INDPT SCH DIST 5% 0.79%
  9. MARICOPA CNTY ARIZ POLLUTION CTL CORP POLLUTION CTL REV 0.08% 0.78%
  10. MIDLOTHIAN TEX INDPT SCH DIST 5% 0.78%

Asset Allocation

Weighting Return Low Return High USTEX % Rank
Bonds 		100.00% 0.00% 150.86% 14.36%
Stocks 		0.00% -0.03% 4.63% 32.22%
Preferred Stocks 		0.00% -1.79% 0.04% 28.03%
Other 		0.00% -13.03% 30.01% 28.98%
Convertible Bonds 		0.00% 0.00% 0.93% 28.16%
Cash 		0.00% -50.86% 100.00% 74.42%

Bond Sector Breakdown

Weighting Return Low Return High USTEX % Rank
Municipal 		100.00% 0.00% 100.00% 12.70%
Derivative 		0.00% 0.00% 21.68% 26.85%
Cash & Equivalents 		0.00% 0.00% 100.00% 79.32%
Securitized 		0.00% 0.00% 5.93% 29.25%
Corporate 		0.00% 0.00% 9.99% 41.36%
Government 		0.00% 0.00% 52.02% 33.11%

Bond Geographic Breakdown

Weighting Return Low Return High USTEX % Rank
US 		99.91% 0.00% 142.23% 19.55%
Non US 		0.09% 0.00% 62.14% 59.46%

USTEX - Expenses

Operational Fees

USTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.47% 0.02% 3.60% 61.54%
Management Fee 0.28% 0.00% 1.10% 12.54%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% 72.27%

Sales Fees

USTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

USTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 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.

USTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 0.00% 283.00% 21.73%

USTEX - Distributions

Dividend Yield Analysis

USTEX Category Low Category High USTEX % Rank
Dividend Yield 3.48% 0.00% 35.27% 3.85%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

USTEX Category Low Category High USTEX % Rank
Net Income Ratio 2.73% -0.53% 24.00% 12.81%

Capital Gain Distribution Analysis

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

Distributions History

View More +

USTEX - Fund Manager Analysis

Managers

Andrew Hattman

Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

Andrew Hattman, CFA, CAIA, Victory Capital Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has eight years of investment management experience, all of which have been with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

Regina Conklin

Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

Regina G. Conklin, CFA, CPA, Victory Capital Senior Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has 24 years of investment management experience, and has worked 28 years with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. Ms. Conklin is a member of the CFA Institute, the CFA Society of San Antonio, and the National Federation of Municipal Analysts.

Lauren Spalten

Start Date

Tenure

Tenure Rank

Mar 02, 2021

1.25

1.3%

Lauren Spalten is a Portfolio Manager with USAA Investments, A Victory Capital Investment Franchise, and has managed the Funds since March 2021. In 2018, Ms. Spalten joined USAA Investments as a Municipal Analyst covering the Southeast region. Prior to joining USAA, Lauren was an Associate Director at Standard & Poor's (now S&P Global Ratings), where she specialized in evaluating creditworthiness of state and local governments across the Southwest United States. Lauren has additional experience in commercial real estate development and business plan development, primarily for medical and non-profit entities.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.22 1.58

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