USTEX: USAA Tax Exempt Long-Term

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USTEX USAA Tax Exempt Long-Term


Profile

USTEX - Profile

Vitals

  • YTD Return 0.1%
  • 3 Yr Annualized Return 0.3%
  • 5 Yr Annualized Return 0.0%
  • Net Assets $2.4 B
  • Holdings in Top 10 9.7%

52 WEEK LOW AND HIGH

$13.57
$12.25
$14.00

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.48%

SALES FEES

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

BROKERAGE FEES

  • Turnover 24.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

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

Fund Classification

  • Primary Caregory Uncategorized
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Long

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return 0.3%
  • 5 Yr Annualized Total Return 0.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.36%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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 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.


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Categories

Performance

USTEX - Performance

Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -31.9% 954.3% 83.12%
1 Yr 0.0% -28.0% 949.8% 84.90%
3 Yr 0.3%* -17.5% 120.9% 75.49%
5 Yr 0.0%* -8.5% 60.7% 82.60%
10 Yr 0.2%* -5.2% 14.4% 54.57%

* Annualized

Return Ranking - Calendar

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
2019 3.8% -5.8% 20.3% 55.99%
2018 -2.9% -29.6% 4.6% 59.29%
2017 1.7% -6.0% 15.8% 31.32%
2016 -3.3% -7.8% 15.0% 88.69%
2015 -0.9% -11.6% 3.0% 48.87%

Total Return Ranking - Trailing

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -31.9% 954.3% 83.12%
1 Yr 0.0% -28.0% 949.8% 84.90%
3 Yr 0.3%* -17.5% 120.9% 77.25%
5 Yr 0.0%* -8.5% 60.7% 84.93%
10 Yr 0.2%* -5.2% 16.1% 65.67%

* Annualized

Total Return Ranking - Calendar

Period USTEX Return Category Return Low Category Return High Rank in Category (%)
2019 3.8% -5.8% 20.3% 56.56%
2018 -2.9% -29.6% 4.6% 65.39%
2017 1.7% -6.0% 15.8% 39.96%
2016 -3.3% -7.8% 15.0% 90.41%
2015 -0.9% -9.9% 3.0% 54.71%

NAV & Total Return History


Holdings

USTEX - Holdings

Concentration Analysis

USTEX Category Low Category High USTEX % Rank
Net Assets 2.4 B 619 K 88.4 B 22.43%
Number of Holdings 552 1 10083 31.66%
Net Assets in Top 10 228 M -202 M 26.9 B 32.63%
Weighting of Top 10 9.65% 2.6% 100.0% 87.97%

Top 10 Holdings

  1. REGIONAL TRANSN AUTH ILL 6.5% 2.18%
  2. MIAMI-DADE CNTY FLA WTR & SWR REV 4% 1.08%
  3. LIBERTY N Y DEV CORP REV 5.25% 0.92%
  4. NEW JERSEY ECONOMIC DEV AUTH REV 1.73% 0.85%
  5. MISSOURI DEV FIN BRD INFRASTRUCTURE FACS LEASEHOLD REV 4% 0.81%
  6. PROSPER TEX INDPT SCH DIST 5% 0.79%
  7. MIAMI-DADE CNTY FLA AVIATION REV 5.38% 0.79%
  8. MIDLOTHIAN TEX INDPT SCH DIST 5% 0.77%
  9. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 0.92% 0.75%
  10. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 1.99% 0.72%

Asset Allocation

Weighting Return Low Return High USTEX % Rank
Bonds
99.61% 78.92% 199.79% 19.07%
Stocks
0.27% -4.99% 21.62% 3.72%
Cash
0.13% -128.23% 19.68% 80.47%
Preferred Stocks
0.00% -0.17% 22.02% 51.56%
Other
0.00% -9.40% 31.94% 45.17%
Convertible Bonds
0.00% 0.00% 9.45% 67.74%

Stock Sector Breakdown

Weighting Return Low Return High USTEX % Rank
Utilities
0.00% 0.00% 100.00% N/A
Technology
0.00% 0.00% 25.86% N/A
Real Estate
0.00% 0.00% 100.00% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 80.00% N/A
Financial Services
0.00% 0.00% 100.00% N/A
Energy
0.00% 0.00% 100.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 29.64% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High USTEX % Rank
US
0.27% -3.06% 17.12% 3.81%
Non US
0.00% -8.93% 4.50% 42.97%

Bond Sector Breakdown

Weighting Return Low Return High USTEX % Rank
Municipal
99.87% 0.00% 100.06% 7.31%
Cash & Equivalents
0.13% -26.49% 93.17% 90.53%
Derivative
0.00% 0.00% 39.43% 50.37%
Securitized
0.00% 0.00% 97.53% 72.01%
Corporate
0.00% 0.00% 99.00% 78.49%
Government
0.00% -2.21% 99.96% 75.18%

Bond Geographic Breakdown

Weighting Return Low Return High USTEX % Rank
US
99.52% 49.78% 199.79% 9.74%
Non US
0.09% -12.10% 39.65% 81.34%

Expenses

USTEX - Expenses

Operational Fees

USTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.48% 0.01% 34.57% 82.70%
Management Fee 0.28% 0.00% 1.60% 15.84%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% 72.27%

Sales Fees

USTEX 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 0.25% 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% 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.

USTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 24.00% 0.00% 496.90% 31.38%

Distributions

USTEX - Distributions

Dividend Yield Analysis

USTEX Category Low Category High USTEX % Rank
Dividend Yield 0.00% 0.00% 3.88% 44.39%

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 3.36% -0.81% 6.02% 7.70%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

USTEX - Fund Manager Analysis

Managers

John Bonnell


Start Date

Tenure

Tenure Rank

Aug 31, 2006

14.01

14.0%

John C. Bonnell, CFA, Victory Capital Senior Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has 30 years of investment management experience, 25 of which have been with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. 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, and the National Federation of Municipal Analysts.

Andrew Hattman


Start Date

Tenure

Tenure Rank

Jul 01, 2019

1.17

1.2%

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

1.17

1.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 33.3 7.05 0.17