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Pacific Capital Tax-Free Securities Fund
mutual fund
PTXFX
Payout Change
Pending
Price as of:
$9.58
+0.0
+0.0%
primary theme
Municipal Bond
share class
PTXFX (Mutual Fund)
Pacific Capital Tax-Free Securities Fund
Payout Change
Pending
Price as of:
$9.58
+0.0
+0.0%
primary theme
Municipal Bond
share class
PTXFX (Mutual Fund)
Pacific Capital Tax-Free Securities Fund
Payout Change
Pending
Price as of:
$9.58
+0.0
+0.0%
primary theme
Municipal Bond
share class
Name
As of 12/23/2024Price
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
1.7%
1 yr return
1.8%
3 Yr Avg Return
-0.8%
5 Yr Avg Return
0.6%
Net Assets
$236 M
Holdings in Top 10
29.2%
52 WEEK LOW AND HIGH
$9.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.33%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 9.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/23/2024Price
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
PTXFX - Profile
Distributions
- YTD Total Return 1.7%
- 3 Yr Annualized Total Return -0.8%
- 5 Yr Annualized Total Return 0.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.43%
- Dividend Yield 3.1%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NamePacific Capital Tax-Free Securities Fund
-
Fund Family NamePolen Advised Funds for FundVantage Trust and Polen Credit Opportunities Fund
-
Inception DateMay 19, 1997
-
Shares OutstandingN/A
-
Share ClassY
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerReid Smith
Fund Description
The Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in investment grade municipal obligations — debt securities that pay interest which, in the opinion of counsel to the issuer, is exempt from both federal income tax and the federal alternative minimum tax. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior notice to shareholders. The Fund generally only acquires municipal obligations that are rated “investment grade” at the time of purchase, which means they are rated in one of the top four categories by a nationally recognized statistical rating organization, or unrated obligations that the Adviser determines are of comparable quality. The Fund normally invests not less than 50% of its net assets in Hawaii municipal
obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as federal income tax. However, there may be extended periods of time when the Fund will invest less than 50% of its net assets in Hawaiian municipal obligations due to a lack of supply. The Fund may also invest in other kinds of debt instruments issued by domestic issuers.
The Fund focuses on maximizing tax exempt income consistent with prudent investment risk. It varies the average maturity of its investment portfolio from time to time in response to actual and expected interest rate movements as well as other market and economic conditions. The Fund is non-diversified, which means that the Fund may invest most of its assets in securities issued by or representing a small number of issuers. No maturity limitations apply to the Fund’s investment portfolio, and the average maturity of its portfolio can vary significantly. The Adviser monitors the Fund’s portfolio performance and reallocates the Fund’s assets in response to actual and expected market and economic changes.
This Fund is intended for investors who seek income that is exempt from federal and Hawaii income tax, a high level of liquidity, and professional portfolio management. This Fund is not intended for investors who seek high stability of principal, income that is not subject to any federal alternative minimum tax, or significant capital appreciation. As with any mutual fund, there is no guarantee that the Fund will achieve its investment objective.
PTXFX - Performance
Return Ranking - Trailing
| Period | PTXFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.7% | -7.3% | 37.5% | 48.56% |
| 1 Yr | 1.8% | -7.4% | 37.6% | 52.79% |
| 3 Yr | -0.8%* | -11.8% | 5.1% | 47.75% |
| 5 Yr | 0.6%* | -7.4% | 1103.2% | 48.14% |
| 10 Yr | 1.6%* | -1.1% | 248.8% | 50.46% |
* Annualized
Return Ranking - Calendar
| Period | PTXFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.9% | -1.4% | 41.0% | 95.56% |
| 2022 | -9.0% | -39.7% | 0.3% | 26.96% |
| 2021 | -1.4% | -5.6% | 6.9% | 90.03% |
| 2020 | 2.4% | -2.6% | 310.0% | 19.12% |
| 2019 | 3.9% | 0.0% | 26.0% | 45.57% |
Total Return Ranking - Trailing
| Period | PTXFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.7% | -7.3% | 37.5% | 48.56% |
| 1 Yr | 1.8% | -7.4% | 37.6% | 52.79% |
| 3 Yr | -0.8%* | -11.8% | 5.1% | 47.75% |
| 5 Yr | 0.6%* | -7.4% | 1103.2% | 48.14% |
| 10 Yr | 1.6%* | -1.1% | 248.8% | 50.46% |
* Annualized
Total Return Ranking - Calendar
| Period | PTXFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.2% | -1.3% | 41.0% | 95.08% |
| 2022 | -6.6% | -39.7% | 1.1% | 22.73% |
| 2021 | 0.9% | -4.8% | 23761504.0% | 67.35% |
| 2020 | 5.2% | -1.5% | 17057.9% | 12.61% |
| 2019 | 5.2% | 0.2% | 3514.6% | 78.26% |
NAV & Total Return History
PTXFX - Holdings
Concentration Analysis
| PTXFX | Category Low | Category High | PTXFX % Rank | |
|---|---|---|---|---|
| Net Assets | 236 M | 3.22 M | 71.9 B | 68.01% |
| Number of Holdings | 102 | 4 | 13418 | 83.81% |
| Net Assets in Top 10 | 69 M | -317 M | 3.09 B | 56.88% |
| Weighting of Top 10 | 29.18% | 1.8% | 100.3% | 13.10% |
Top 10 Holdings
- City County Honolulu HI Wastewater System Revenue 4.63%
- State of Hawaii Department of Budget Finance 4.27%
- City County Honolulu HI Wastewater System Revenue 3.28%
- State of Hawaii 3.07%
- DREYFUS GOVERN CASH MGMT-I 2.67%
- City of Phoenix Civic Improvement Corp 2.41%
- County of Maui HI 2.32%
- City County Honolulu HI Wastewater System Revenue 2.29%
- State of Hawaii 2.13%
- Honolulu City County Board of Water Supply 2.12%
Asset Allocation
| Weighting | Return Low | Return High | PTXFX % Rank | |
|---|---|---|---|---|
| Bonds | 96.40% | 0.00% | 150.86% | 83.96% |
| Cash | 3.60% | -50.86% | 44.62% | 16.32% |
| Stocks | 0.00% | 0.00% | 99.77% | 43.69% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 34.86% |
| Other | 0.00% | -3.69% | 53.54% | 43.25% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 34.52% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PTXFX % Rank | |
|---|---|---|---|---|
| Municipal | 96.11% | 44.39% | 100.00% | 73.36% |
| Cash & Equivalents | 2.67% | 0.00% | 44.41% | 19.27% |
| Derivative | 0.00% | -3.69% | 53.54% | 41.30% |
| Securitized | 0.00% | 0.00% | 5.93% | 35.60% |
| Corporate | 0.00% | 0.00% | 9.41% | 44.91% |
| Government | 0.00% | 0.00% | 52.02% | 39.99% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PTXFX % Rank | |
|---|---|---|---|---|
| US | 96.40% | 0.00% | 142.23% | 81.93% |
| Non US | 0.00% | 0.00% | 23.89% | 39.15% |
PTXFX - Expenses
Operational Fees
| PTXFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.33% | 0.01% | 8.02% | 93.01% |
| Management Fee | 0.20% | 0.00% | 1.20% | 5.57% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| PTXFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 4.75% | N/A |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| PTXFX 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.
| PTXFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 9.00% | 0.00% | 283.00% | 16.03% |
PTXFX - Distributions
Dividend Yield Analysis
| PTXFX | Category Low | Category High | PTXFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.07% | 0.00% | 14.51% | 52.55% |
Dividend Distribution Analysis
| PTXFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| PTXFX | Category Low | Category High | PTXFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.43% | -0.53% | 5.33% | 22.03% |
Capital Gain Distribution Analysis
| PTXFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.025 | OrdinaryDividend |
| Oct 31, 2024 | $0.024 | OrdinaryDividend |
| Sep 30, 2024 | $0.022 | OrdinaryDividend |
| Aug 30, 2024 | $0.026 | OrdinaryDividend |
| Jul 31, 2024 | $0.024 | OrdinaryDividend |
| Apr 30, 2024 | $0.023 | OrdinaryDividend |
| Mar 28, 2024 | $0.024 | OrdinaryDividend |
| Feb 29, 2024 | $0.022 | OrdinaryDividend |
| Jan 31, 2024 | $0.022 | OrdinaryDividend |
| Dec 29, 2023 | $0.023 | OrdinaryDividend |
| Nov 30, 2023 | $0.022 | OrdinaryDividend |
| Oct 31, 2023 | $0.022 | OrdinaryDividend |
| Jun 30, 2023 | $0.023 | OrdinaryDividend |
| May 31, 2023 | $0.022 | OrdinaryDividend |
| Apr 28, 2023 | $0.019 | OrdinaryDividend |
| Mar 31, 2023 | $0.023 | OrdinaryDividend |
| Feb 28, 2023 | $0.020 | OrdinaryDividend |
| Jan 31, 2023 | $0.020 | OrdinaryDividend |
| Dec 30, 2022 | $0.023 | OrdinaryDividend |
| Nov 30, 2022 | $0.021 | OrdinaryDividend |
| Oct 31, 2022 | $0.020 | OrdinaryDividend |
| Sep 30, 2022 | $0.021 | OrdinaryDividend |
| Aug 31, 2022 | $0.021 | OrdinaryDividend |
| Jul 29, 2022 | $0.020 | OrdinaryDividend |
| Jun 30, 2022 | $0.020 | OrdinaryDividend |
| May 31, 2022 | $0.020 | OrdinaryDividend |
| Apr 29, 2022 | $0.019 | OrdinaryDividend |
| Mar 31, 2022 | $0.020 | OrdinaryDividend |
| Feb 28, 2022 | $0.018 | OrdinaryDividend |
| Jan 31, 2022 | $0.018 | OrdinaryDividend |
| Dec 31, 2021 | $0.021 | OrdinaryDividend |
| Nov 30, 2021 | $0.020 | OrdinaryDividend |
| Oct 29, 2021 | $0.021 | OrdinaryDividend |
| Sep 30, 2021 | $0.020 | OrdinaryDividend |
| Aug 31, 2021 | $0.020 | OrdinaryDividend |
| Jun 30, 2021 | $0.020 | OrdinaryDividend |
| May 28, 2021 | $0.021 | OrdinaryDividend |
| Apr 30, 2021 | $0.020 | OrdinaryDividend |
| Mar 31, 2021 | $0.021 | OrdinaryDividend |
| Feb 26, 2021 | $0.019 | OrdinaryDividend |
| Jan 29, 2021 | $0.019 | OrdinaryDividend |
| Dec 31, 2020 | $0.024 | OrdinaryDividend |
| Nov 30, 2020 | $0.022 | OrdinaryDividend |
| Oct 30, 2020 | $0.022 | OrdinaryDividend |
| Sep 30, 2020 | $0.022 | OrdinaryDividend |
| Aug 31, 2020 | $0.021 | OrdinaryDividend |
| Jul 31, 2020 | $0.024 | OrdinaryDividend |
| Jun 30, 2020 | $0.022 | OrdinaryDividend |
| May 29, 2020 | $0.022 | OrdinaryDividend |
| Apr 30, 2020 | $0.022 | OrdinaryDividend |
| Mar 31, 2020 | $0.022 | OrdinaryDividend |
| Feb 28, 2020 | $0.021 | OrdinaryDividend |
| Jan 31, 2020 | $0.023 | OrdinaryDividend |
| Dec 31, 2019 | $0.022 | OrdinaryDividend |
| Dec 12, 2008 | $0.014 | CapitalGainLongTerm |
| Dec 27, 2007 | $0.003 | CapitalGainShortTerm |
| Dec 27, 2007 | $0.007 | CapitalGainLongTerm |
| Dec 06, 2006 | $0.009 | CapitalGainLongTerm |
| Dec 07, 2005 | $0.006 | CapitalGainShortTerm |
| Dec 07, 2005 | $0.128 | CapitalGainLongTerm |
| Dec 08, 2004 | $0.000 | CapitalGainShortTerm |
| Dec 08, 2004 | $0.160 | CapitalGainLongTerm |
| Dec 04, 2003 | $0.055 | CapitalGainLongTerm |
| Dec 05, 2002 | $0.003 | CapitalGainShortTerm |
| Dec 05, 2002 | $0.059 | CapitalGainLongTerm |
| Dec 06, 2001 | $0.001 | CapitalGainShortTerm |
| Dec 06, 2001 | $0.105 | CapitalGainLongTerm |
PTXFX - Fund Manager Analysis
Managers
Reid Smith
Start Date
Tenure
Tenure Rank
Aug 23, 2021
0.77
0.8%
Reid Smith, CFA is lead portfolio manager responsible for the day-to-day management of the Funds. Mr. Smith is a Vice President and Senior Portfolio Manager with the Adviser. He has served as a portfolio manager of the Funds since August 23, 2021. He has over 30 years of fixed income portfolio management experience with an extensive background in municipal bond portfolio management. Mr. Smith was a Financial Advisor/Investments at Stifel from September 2020 to August 2021. Prior to that, Mr. Smith was CIO/Director at Ziegler Capital Management – BPG Group from November 2015 to July 2019. Mr. Smith began his career in portfolio management with the Adviser in 1986. Mr. Smith also worked as a Principal/Senior Portfolio Manager at Vanguard Group from 1992 to 2009 and as Head of the Barclays Wealth Fixed Income Group from 2011 to 2015. Mr. Smith is a Chartered Financial Analyst and a graduate of the University of Hawaii at Manoa, Shidler School of Business, where he received both his Bachelors and Master degrees in business administration.
Stephen Dodge
Start Date
Tenure
Tenure Rank
Sep 01, 2021
0.75
0.8%
Mr. Dodge is a Vice President and Portfolio Manager with BOH. He has served as a portfolio manager of the Trust since September 1, 2021 and has been assisting with the Trust since June 2018. He has over 3 years of fixed income experience with a focus on municipal bond portfolio management. Mr. Dodge was a Senior Investment Analyst at BOH Fixed Income from June 2018 to August 2021. Prior to that, Mr. Dodge was an Investment Analyst at BOH Portfolio Management Team from January 2016 to June 2018. Mr. Dodge is a graduate of the University of Hawaii at Manoa, Shidler School of Business, where he received his Bachelors in business administration with a focus on finance. Mr. Dodge simultaneously graduated from University of Hawaii at Manoa, where he received his Bachelors of Arts with a major in Mandarin Chinese.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.36 | 1.58 |
