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abrdn Short Duration High Yield Municipal Fund
mutual fund
AAHMX
Payout Change
Pending
Price as of:
$9.16
+0.0
+0.0%
primary theme
High Yield Municipal Bond
share class
AAHMX (Mutual Fund)
abrdn Short Duration High Yield Municipal Fund
Payout Change
Pending
Price as of:
$9.16
+0.0
+0.0%
primary theme
High Yield Municipal Bond
share class
AAHMX (Mutual Fund)
abrdn Short Duration High Yield Municipal Fund
Payout Change
Pending
Price as of:
$9.16
+0.0
+0.0%
primary theme
High Yield Municipal Bond
share class
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
4.0%
1 yr return
4.1%
3 Yr Avg Return
-1.2%
5 Yr Avg Return
0.4%
Net Assets
$101 M
Holdings in Top 10
36.1%
52 WEEK LOW AND HIGH
$9.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.16%
SALES FEES
Front Load 2.50%
Deferred Load N/A
TRADING FEES
Turnover 95.56%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
AAHMX - Profile
Distributions
- YTD Total Return 4.0%
- 3 Yr Annualized Total Return -1.2%
- 5 Yr Annualized Total Return 0.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.14%
- Dividend Yield 3.5%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal Nameabrdn Short Duration High Yield Municipal Fund
-
Fund Family NameAberdeen
-
Inception DateMay 31, 2013
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Taylor
Fund Description
As a fundamental policy, under normal circumstances, the Short Duration High Yield Municipal Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in municipal obligations that are exempt from federal income tax (including securities subject to the federal alternative minimum tax (“AMT”)). Tax-exempt municipal obligations include municipal obligations that pay interest that is free from U.S. federal income tax (other than AMT).
The Fund may invest, without limitation, in municipal obligations whose interest income is a tax-preference item for purposes of the AMT. If this is the case, the Fund’s net return to those investors may be lower than to investors not subject to the AMT. The interest income distributed by the Fund that is derived from certain tax-exempt municipal obligations may be subject to the federal AMT for individuals. There is no limitation on the portion of the Fund’s assets that may be invested in municipal obligations subject to the AMT. An investor should consult his or her tax adviser for more information.
Under normal market conditions, the Fund will maintain an investment portfolio with a weighted average effective duration of less than 4.5 years. However, the Fund can buy securities of any maturity. The Adviser expects to increase or decrease the portfolio’s effective duration based on its outlook for the market and interest rates. Duration measures the sensitivity of bond prices to changes in interest rates. The longer the duration of a bond, the longer it will take to repay the principal and interest obligations and the more sensitive it will be to changes in interest rates. Because of events affecting the bond markets and interest rate changes, the duration of the portfolio may not meet the target at all times.
The Fund may invest in obligations of any credit quality. Under normal circumstances, the Fund invests at least 50% of its assets in municipal bonds rated BBB+ or lower by S&P Global Ratings or Baa or lower by Moody’s Investors Service, Inc., at the time of investment, or the equivalent by another independent rating agency or the unrated equivalent as determined by the Adviser. Split rate bonds will be considered to have the higher credit rating. Municipal bonds rated below investment grade (BB+/Ba1 or lower) are commonly known as “high yield” or “junk” bonds.
Municipal bonds in which the Fund may invest include, but are not limited to, general obligation bonds, auction rate securities, revenue bonds, private activity bonds, moral obligation bonds, municipal notes, municipal commercial paper, municipal lease obligations and tender option bonds.
Revenue obligations may include, but are not limited to, general obligation bonds, revenue bonds, private activity bonds, moral obligation bonds, municipal notes, municipal commercial paper, municipal lease obligations and tender option bonds. Revenue obligations may include, but are not limited to, industrial development, pollution control, public utility, housing, and health care issues. Tender option bonds are created when a holder deposits tax-exempt or other bonds into a special purpose trust (“TOB trust”). The TOB trust issues two types of securities: floating rate notes (“floaters” or “TOBs”) and a residual security junior to the floaters (“inverse floaters”). The Fund may invest in floaters issued by TOB trusts.
The Fund can invest up to 25% of its total assets in tobacco-related bonds without an appropriation pledge that makes payments only from a state’s interest in the tobacco Master Settlement Agreement (“MSA”). The MSA is an agreement, reached out of court in 1998, between the largest U.S. tobacco manufacturers and 46 states and other U.S. jurisdictions to settle claims against the tobacco manufacturers.
The Fund may invest in municipal obligations of any state, city, county or other governmental entity, including Puerto Rico and U.S. territories. The Fund currently anticipates that it will have significant exposure to New York municipal securities.
In selecting investments for the Fund, the Adviser generally looks for a wide range of U.S. issuers and securities that provide high current income, including unrated bonds and securities of smaller issuers that offer high current income and might be overlooked by other investors and funds. The Adviser also focuses on securities with coupon interest or accretion rates, current market interest rates, callability and call prices that might change the effective maturity of particular securities. The Adviser may consider selling a security if any of these factors no longer applies to a security purchased for the Fund, but are not required to do so. The Adviser also examines the material risks of an investment across a spectrum of considerations including financial metrics, regional and national conditions and industry specific factors. The Adviser may also consider the most material potential ESG (Environmental, Social and Governance) risks and opportunities impacting issuers, where relevant. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser. The relevance of ESG factors to the investment process varies across issuers and instrument types.
The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective.
AAHMX - Performance
Return Ranking - Trailing
| Period | AAHMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -4.2% | 11.1% | 68.66% |
| 1 Yr | 4.1% | -3.8% | 11.4% | 72.64% |
| 3 Yr | -1.2%* | -9.3% | 2.5% | 50.00% |
| 5 Yr | 0.4%* | -5.3% | 3.4% | 77.95% |
| 10 Yr | N/A* | -0.8% | 155.1% | N/A |
* Annualized
Return Ranking - Calendar
| Period | AAHMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -0.7% | -6.2% | 7.5% | 96.53% |
| 2022 | -11.1% | -26.9% | -3.5% | 7.04% |
| 2021 | 1.7% | -1.9% | 5.6% | 65.99% |
| 2020 | -1.0% | -4.0% | 4.2% | 84.18% |
| 2019 | 2.0% | -0.7% | 9.1% | 99.47% |
Total Return Ranking - Trailing
| Period | AAHMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -4.2% | 11.1% | 68.66% |
| 1 Yr | 4.1% | -3.8% | 11.4% | 72.64% |
| 3 Yr | -1.2%* | -9.3% | 2.5% | 50.00% |
| 5 Yr | 0.4%* | -5.3% | 3.4% | 77.95% |
| 10 Yr | N/A* | -0.8% | 155.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | AAHMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.2% | -4.1% | 10.9% | 98.51% |
| 2022 | -8.8% | -26.9% | 4.3% | 8.04% |
| 2021 | 4.0% | -1.9% | 10.0% | 78.68% |
| 2020 | 1.8% | -2.6% | 8.2% | 77.55% |
| 2019 | 3.5% | -0.7% | 1028633.9% | 99.47% |
NAV & Total Return History
AAHMX - Holdings
Concentration Analysis
| AAHMX | Category Low | Category High | AAHMX % Rank | |
|---|---|---|---|---|
| Net Assets | 101 M | 3.1 M | 15.6 B | 94.50% |
| Number of Holdings | 120 | 20 | 3325 | 91.46% |
| Net Assets in Top 10 | 37 M | -102 M | 1.96 B | 82.91% |
| Weighting of Top 10 | 36.05% | 4.6% | 98.9% | 7.54% |
Top 10 Holdings
- Colorado Health Facilities Authority 6.38%
- City of Shakopee MN Senior Housing Revenue 4.23%
- Washington State Housing Finance Commission 3.91%
- Calhoun County Navigation Industrial Development Authority 3.56%
- Madison County Capital Resource Corp 3.42%
- State of Nevada Department of Business Industry 3.07%
- California Public Finance Authority 2.95%
- Palomar Health 2.92%
- Buckeye Tobacco Settlement Financing Authority 2.89%
- Kansas Independent College Finance Authority 2.72%
Asset Allocation
| Weighting | Return Low | Return High | AAHMX % Rank | |
|---|---|---|---|---|
| Bonds | 100.60% | 0.00% | 146.69% | 28.71% |
| Stocks | 0.00% | 0.00% | 99.72% | 99.50% |
| Preferred Stocks | 0.00% | -47.61% | 0.00% | 95.48% |
| Other | 0.00% | -5.67% | 5.07% | 93.47% |
| Convertible Bonds | 0.00% | 0.00% | 0.00% | 95.48% |
| Cash | 0.00% | -0.64% | 10.86% | 97.99% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | AAHMX % Rank | |
|---|---|---|---|---|
| Municipal | 97.97% | 50.68% | 100.00% | 52.76% |
| Derivative | 0.00% | -7.70% | 1.10% | 91.46% |
| Cash & Equivalents | 0.00% | 0.00% | 10.86% | 95.48% |
| Securitized | 0.00% | 0.00% | 22.44% | 95.48% |
| Corporate | 0.00% | 0.00% | 2.83% | 97.49% |
| Government | 0.00% | 0.00% | 0.09% | 95.48% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | AAHMX % Rank | |
|---|---|---|---|---|
| US | 100.60% | 0.00% | 139.84% | 28.64% |
| Non US | 0.00% | 0.00% | 13.35% | 96.48% |
AAHMX - Expenses
Operational Fees
| AAHMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.16% | 0.22% | 3.44% | 37.13% |
| Management Fee | 0.55% | 0.00% | 1.41% | 80.69% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 59.81% |
| Administrative Fee | N/A | 0.02% | 0.35% | N/A |
Sales Fees
| AAHMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 2.50% | 1.00% | 4.50% | 88.37% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| AAHMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | 94.74% |
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.
| AAHMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 95.56% | 2.00% | 121.00% | 95.19% |
AAHMX - Distributions
Dividend Yield Analysis
| AAHMX | Category Low | Category High | AAHMX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.49% | 0.00% | 5.94% | 84.65% |
Dividend Distribution Analysis
| AAHMX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| AAHMX | Category Low | Category High | AAHMX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.14% | 1.11% | 5.44% | 90.59% |
Capital Gain Distribution Analysis
| AAHMX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.027 | OrdinaryDividend |
| Oct 31, 2024 | $0.027 | OrdinaryDividend |
| Sep 30, 2024 | $0.028 | OrdinaryDividend |
| Aug 30, 2024 | $0.028 | OrdinaryDividend |
| Jul 31, 2024 | $0.028 | OrdinaryDividend |
| Apr 30, 2024 | $0.024 | OrdinaryDividend |
| Mar 28, 2024 | $0.023 | OrdinaryDividend |
| Feb 29, 2024 | $0.023 | OrdinaryDividend |
| Jan 31, 2024 | $0.023 | OrdinaryDividend |
| Dec 29, 2023 | $0.025 | OrdinaryDividend |
| Nov 30, 2023 | $0.022 | OrdinaryDividend |
| Oct 31, 2023 | $0.021 | OrdinaryDividend |
| Sep 29, 2023 | $0.020 | OrdinaryDividend |
| Aug 31, 2023 | $0.019 | OrdinaryDividend |
| Jul 31, 2023 | $0.021 | OrdinaryDividend |
| Jun 30, 2023 | $0.021 | OrdinaryDividend |
| May 31, 2023 | $0.019 | OrdinaryDividend |
| Apr 28, 2023 | $0.018 | OrdinaryDividend |
| Mar 31, 2023 | $0.018 | OrdinaryDividend |
| Feb 28, 2023 | $0.019 | OrdinaryDividend |
| Jan 31, 2023 | $0.019 | OrdinaryDividend |
| Dec 30, 2022 | $0.019 | OrdinaryDividend |
| Nov 30, 2022 | $0.020 | OrdinaryDividend |
| Oct 31, 2022 | $0.020 | OrdinaryDividend |
| Sep 30, 2022 | $0.020 | OrdinaryDividend |
| Aug 31, 2022 | $0.021 | OrdinaryDividend |
| Jul 29, 2022 | $0.022 | OrdinaryDividend |
| Jun 30, 2022 | $0.020 | OrdinaryDividend |
| May 31, 2022 | $0.019 | OrdinaryDividend |
| Apr 29, 2022 | $0.019 | OrdinaryDividend |
| Mar 31, 2022 | $0.017 | OrdinaryDividend |
| Feb 28, 2022 | $0.018 | OrdinaryDividend |
| Jan 31, 2022 | $0.016 | OrdinaryDividend |
| Dec 31, 2021 | $0.017 | OrdinaryDividend |
| Nov 30, 2021 | $0.016 | OrdinaryDividend |
| Oct 29, 2021 | $0.015 | OrdinaryDividend |
| Sep 30, 2021 | $0.016 | OrdinaryDividend |
| Aug 31, 2021 | $0.017 | OrdinaryDividend |
| Jul 30, 2021 | $0.017 | OrdinaryDividend |
| Jun 30, 2021 | $0.019 | OrdinaryDividend |
| Jun 01, 2021 | $0.018 | OrdinaryDividend |
| Apr 30, 2021 | $0.019 | OrdinaryDividend |
| Mar 31, 2021 | $0.019 | OrdinaryDividend |
| Feb 26, 2021 | $0.021 | OrdinaryDividend |
| Jan 29, 2021 | $0.020 | OrdinaryDividend |
| Dec 31, 2020 | $0.022 | OrdinaryDividend |
| Nov 30, 2020 | $0.019 | OrdinaryDividend |
| Oct 30, 2020 | $0.019 | OrdinaryDividend |
| Sep 30, 2020 | $0.023 | OrdinaryDividend |
| Aug 31, 2020 | $0.020 | OrdinaryDividend |
| Jul 31, 2020 | $0.022 | OrdinaryDividend |
| Jun 30, 2020 | $0.028 | OrdinaryDividend |
| May 29, 2020 | $0.024 | OrdinaryDividend |
| Apr 30, 2020 | $0.029 | OrdinaryDividend |
| Mar 31, 2020 | $0.028 | OrdinaryDividend |
| Feb 28, 2020 | $0.022 | OrdinaryDividend |
| Jan 31, 2020 | $0.022 | OrdinaryDividend |
| Dec 31, 2019 | $0.000 | OrdinaryDividend |
| Nov 29, 2019 | $0.000 | OrdinaryDividend |
| Oct 31, 2019 | $0.000 | OrdinaryDividend |
| Sep 30, 2019 | $0.000 | OrdinaryDividend |
| Aug 30, 2019 | $0.000 | OrdinaryDividend |
| Jul 31, 2019 | $0.000 | OrdinaryDividend |
AAHMX - Fund Manager Analysis
Managers
Mark Taylor
Start Date
Tenure
Tenure Rank
May 31, 2013
9.01
9.0%
Mark Taylor is an Investment Director and Head of Municipal Bond Research at abrdn. Mark joined abrdn as a result of an agreement with Alpine Woods Capital Investors, LLC to transfer certain assets related to the investment management business of Alpine in May 2018. Mark joined the company in February 2012 as Head of Municipal Bond Research and was made a Portfolio Manager in May 2013. Mark is a public-finance industry veteran with over 28 years of muni fixed income experience. Previously, Mark was a VP at Barclays Capital in the global financial risk management team, where his group managed an over $5 billion portfolio of municipal liquidity facilities and LOCs. As the senior group member, he was responsible for high yield credits, all high profile credits, and assigning trading limits/credit analysis for all Supranational banks (i.e. World Bank, International Monetary Fund – IMF), World Trade Organization (WTO), as well as the United Nations and its umbrella organizations. Earlier, Mark was a VP at MBIA on the insured portfolio management team where he oversaw a $375 billion municipal insured portfolio, including workout strategies. He began the first six years of his career as a muni bond analyst at Moody’s Investors Service. Mark earned his BS in Business Administration with a concentration in Finance and Insurance from Northeastern University.
Jonathan Mondillo
Start Date
Tenure
Tenure Rank
May 31, 2013
9.01
9.0%
Jonathan Mondillo is Head of Municipals on the Municipal Bond Team at abrdn. He is responsible for overseeing three municipal bond mutual funds that span investment grade ultra-short maturities to high yield credits. Jonathan joined the firm in 2018 from Alpine Woods Capital Investors, LLC, when two mutual funds he managed were acquired by Aberdeen Standard Investments. Prior to that, Jonathan worked for Fidelity Capital Markets. Jonathan graduated with a B.S. in Finance from Bentley University.
Miguel Laranjeiro
Start Date
Tenure
Tenure Rank
Dec 31, 2016
5.42
5.4%
Miguel Laranjeiro is an Investment Manager at Aberdeen Standard Investments. Miguel is responsible for municipal credit analysis in the high yield sector as well as high grade tax backed sectors. Miguel joined Aberdeen Standard Investments in 2018 from Alpine Woods Capital Investors where he was focused on credit analysis in the Public Finance sector for Alpine's two municipal funds, Alpine Ultra Short Municipal Income Fund (ATOIX) and Alpine High Yield Managed Duration Fund (AHYMX). Previously, Miguel worked for Thomson Reuters as an analyst focused primarily on Fundamentals Analysis in the Emerging Markets sectors.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 21.43 | 7.58 | 2.52 |
