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abrdn Intermediate Municipal Income Fund

mutual fund
ABEIX
Payout Change
Pending
Price as of:
$8.98 -0.03 -0.33%
primary theme
Municipal Bond
share class
Instl (ABEIX) A (NTFAX) Instl (ABESX)
ABEIX (Mutual Fund)

abrdn Intermediate Municipal Income Fund

Payout Change
Pending
Price as of:
$8.98 -0.03 -0.33%
primary theme
Municipal Bond
share class
Instl (ABEIX) A (NTFAX) Instl (ABESX)
ABEIX (Mutual Fund)

abrdn Intermediate Municipal Income Fund

Payout Change
Pending
Price as of:
$8.98 -0.03 -0.33%
primary theme
Municipal Bond
share class
Instl (ABEIX) A (NTFAX) Instl (ABESX)

Name

As of 12/12/2024

Price

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

abrdn Intermediate Municipal Income Fund

ABEIX | Fund

$8.98

$45.3 M

3.91%

$0.35

0.97%

Vitals

YTD Return

4.5%

1 yr return

5.1%

3 Yr Avg Return

0.2%

5 Yr Avg Return

1.1%

Net Assets

$45.3 M

Holdings in Top 10

30.7%

52 WEEK LOW AND HIGH

$9.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.97%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 53.74%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/12/2024

Price

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

abrdn Intermediate Municipal Income Fund

ABEIX | Fund

$8.98

$45.3 M

3.91%

$0.35

0.97%

ABEIX - Profile

Distributions

  • YTD Total Return 4.5%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.64%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    abrdn Intermediate Municipal Income Fund
  • Fund Family Name
    Aberdeen
  • Inception Date
    Dec 31, 2012
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Miguel Laranjeiro

Fund Description

As a fundamental policy, under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in investment grade fixed income securities that qualify as tax-exempt municipal obligations. Tax-exempt municipal obligations include municipal obligations that pay interest that is free from U.S. federal income tax. These obligations are issued by states, U.S. territories and their political subdivisions, such as counties, cities and towns. For purposes of the Fund’s 80% policy, the Fund may, but is not required to, sell a security whose rating falls below investment grade.
Under normal market circumstances, the Fund will maintain an investment portfolio with a weighted average effective duration of 4 – 7 years and a dollar-weighted average maturity of more than 3 years but less than 10 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 specific types of municipal obligations, including tax-exempt zero-coupon securities, auction rate securities, floating- and variable-rate bonds and tender option bonds. 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 TOB trust would sell the floater and the Fund would retain the inverse floater.
The Fund may invest, without limitation, in municipal obligations whose interest income is a tax-preference item for purposes of the federal alternative minimum tax.
The Fund may invest in municipal obligations of any state, city, county or other governmental entity. The Fund currently anticipates that it will have significant exposure to Texas and New York municipal securities.
Additionally, up to 20% of the Fund’s net assets may be invested in fixed income securities that qualify as tax-exempt municipal obligations that are considered below investment grade (sometimes referred to as “junk bonds” or high yield securities). A bond is considered below investment grade if rated below investment grade by Moody’s Investors Services, Inc. (“Moody’s”) (below Baa3), S&P Global Ratings (“S&P”) (below BBB-), or Fitch, Inc. (“Fitch”) (below BBB-) or, if unrated, determined by the Adviser to be of comparable quality. In the event that a security receives different ratings from different nationally recognized statistical rating organizations (“NRSROs”), the Adviser will treat the security as being rated in the highest rating category received from an NRSRO.
In selecting securities for the Fund, the Adviser employs an opportunistic approach that takes advantage of changing market conditions. The Adviser’s process focuses on credit market, sector, security and yield curve analysis. 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.
A security may be sold to take advantage of more favorable opportunities.
Read More

ABEIX - Performance

Return Ranking - Trailing

Period ABEIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.5% -5.3% 42.4% 5.64%
1 Yr 5.1% -3.5% 46.7% 8.26%
3 Yr 0.2%* -10.4% 7.1% 21.65%
5 Yr 1.1%* -6.6% 1104.9% 28.82%
10 Yr 1.6%* -1.0% 249.0% 54.30%

* Annualized

Return Ranking - Calendar

Period ABEIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -1.4% 41.0% 79.19%
2022 -11.2% -39.7% 0.3% 46.08%
2021 -0.1% -5.6% 6.9% 34.02%
2020 -0.3% -2.6% 310.0% 97.62%
2019 3.1% 0.0% 26.0% 75.81%

Total Return Ranking - Trailing

Period ABEIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.5% -5.3% 42.4% 5.64%
1 Yr 5.1% -3.5% 46.7% 8.26%
3 Yr 0.2%* -10.4% 7.1% 21.65%
5 Yr 1.1%* -6.6% 1104.9% 28.82%
10 Yr 1.6%* -1.0% 249.0% 54.30%

* Annualized

Total Return Ranking - Calendar

Period ABEIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.7% -1.3% 41.0% 49.97%
2022 -8.4% -39.7% 1.1% 39.11%
2021 2.8% -4.8% 23761504.0% 19.66%
2020 2.8% -1.5% 17057.9% 78.92%
2019 4.8% 0.2% 3514.6% 82.07%

NAV & Total Return History

ABEIX - Holdings

Concentration Analysis

ABEIX Category Low Category High ABEIX % Rank
Net Assets 45.3 M 3.22 M 71.9 B 94.56%
Number of Holdings 86 4 13418 90.93%
Net Assets in Top 10 13.8 M -317 M 3.09 B 92.34%
Weighting of Top 10 30.70% 1.8% 100.3% 12.10%

Top 10 Holdings

  1. New Jersey Transportation Trust Fund Authority 4.75%
  2. Mississippi Business Finance Corp 4.26%
  3. State of Nevada Department of Business Industry 3.51%
  4. Buckeye Tobacco Settlement Financing Authority 3.31%
  5. Harris County Cultural Education Facilities Finance Corp 2.62%
  6. Metropolitan Transportation Authority 2.61%
  7. Connecticut State Health Educational Facilities Authority 2.55%
  8. Indiana Finance Authority 2.42%
  9. California Community Choice Financing Authority 2.39%
  10. Public Finance Authority 2.27%

Asset Allocation

Weighting Return Low Return High ABEIX % Rank
Bonds 		100.30% 0.00% 150.86% 18.52%
Stocks 		0.00% 0.00% 99.77% 52.15%
Preferred Stocks 		0.00% 0.00% 0.07% 42.71%
Other 		0.00% -3.69% 53.54% 49.50%
Convertible Bonds 		0.00% 0.00% 0.93% 42.35%
Cash 		0.00% -50.86% 44.62% 89.12%

Bond Sector Breakdown

Weighting Return Low Return High ABEIX % Rank
Municipal 		99.84% 44.39% 100.00% 19.15%
Derivative 		0.00% -3.69% 53.54% 48.42%
Cash & Equivalents 		0.00% 0.00% 44.41% 74.82%
Securitized 		0.00% 0.00% 5.93% 43.70%
Corporate 		0.00% 0.00% 9.41% 53.00%
Government 		0.00% 0.00% 52.02% 46.93%

Bond Geographic Breakdown

Weighting Return Low Return High ABEIX % Rank
US 		100.30% 0.00% 142.23% 17.80%
Non US 		0.00% 0.00% 23.89% 44.93%

ABEIX - Expenses

Operational Fees

ABEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.97% 0.01% 8.02% 30.98%
Management Fee 0.43% 0.00% 1.20% 49.46%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% 43.30%

Sales Fees

ABEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% 10.28%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

ABEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 14.18%

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.

ABEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 53.74% 0.00% 283.00% 94.22%

ABEIX - Distributions

Dividend Yield Analysis

ABEIX Category Low Category High ABEIX % Rank
Dividend Yield 3.91% 0.00% 14.51% 7.85%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ABEIX Category Low Category High ABEIX % Rank
Net Income Ratio 2.64% -0.53% 5.33% 14.21%

Capital Gain Distribution Analysis

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

Distributions History

View More +

ABEIX - Fund Manager Analysis

Managers

Miguel Laranjeiro

Start Date

Tenure

Tenure Rank

Dec 31, 2018

3.42

3.4%

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.

Mark Taylor

Start Date

Tenure

Tenure Rank

Dec 31, 2018

3.42

3.4%

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

Dec 31, 2018

3.42

3.4%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58

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