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Trending ETFs

Carret Kansas Tax-Exempt Bond Fund

mutual fund
SEKSX
Payout Change
Pending
Price as of:
$10.2 -0.01 -0.1%
primary theme
Municipal Bond
share class
Instl (SEKSX) A (IKSTX)
SEKSX (Mutual Fund)

Carret Kansas Tax-Exempt Bond Fund

Payout Change
Pending
Price as of:
$10.2 -0.01 -0.1%
primary theme
Municipal Bond
share class
Instl (SEKSX) A (IKSTX)
SEKSX (Mutual Fund)

Carret Kansas Tax-Exempt Bond Fund

Payout Change
Pending
Price as of:
$10.2 -0.01 -0.1%
primary theme
Municipal Bond
share class
Instl (SEKSX) A (IKSTX)

Name

As of 12/10/2024

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

Carret Kansas Tax-Exempt Bond Fund

SEKSX | Fund

$10.20

$121 M

2.01%

$0.21

0.60%

Vitals

YTD Return

1.4%

1 yr return

3.2%

3 Yr Avg Return

-1.0%

5 Yr Avg Return

0.8%

Net Assets

$121 M

Holdings in Top 10

14.6%

52 WEEK LOW AND HIGH

$10.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.60%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$3,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/10/2024

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

Carret Kansas Tax-Exempt Bond Fund

SEKSX | Fund

$10.20

$121 M

2.01%

$0.21

0.60%

SEKSX - Profile

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return -1.0%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.83%
DIVIDENDS
  • Dividend Yield 2.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Carret Kansas Tax-Exempt Bond Fund
  • Fund Family Name
    American Independence
  • Inception Date
    Sep 24, 2018
  • Shares Outstanding
    15951569
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jason Graybill

Fund Description

The Fund seeks to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes by investing in bonds issued by Kansas municipalities. Under normal market conditions:

●

Until April 1, 2024, the Fund will invest almost exclusively in Kansas-based securities and may also invest in obligations of the United States government and its agencies and instrumentalities, and thereafter, the Fund will invest predominantly in Kansas-based securities and may also invest in obligations of the United States government and its agencies and instrumentalities. Until April 1, 2024, the Fund intends to invest in securities issued by territories or possessions of the United States, and thereafter, the Fund may invest in securities issued by territories or possessions of the United States;

●

The Fund will invest in municipal bonds with maturities ranging up to 20 years and which are rated, at time of purchase, investment grade (rated Baa/BBB or better, as rated by a nationally recognized statistical rating organization, such as Moody’s Investors Service Inc. (‘‘Moody’s’’), Standard & Poor’s Corporation (‘‘S&P’’), or Fitch Ratings Ltd. (‘‘Fitch’’), or which are unrated and determined by the Fund’s Adviser to be of comparable quality);

●

Until April 1, 2024, the Fund will maintain a dollar weighted average portfolio maturity between 7 and 12 years, and thereafter, the Fund will maintain a dollar weighted average portfolio maturity between 3 and 15 years;

●

At least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in municipal bonds which produce interest that is exempt from federal income tax and, in the opinion of bond counsel of the issuer of Kansas obligations, is exempt from Kansas state income taxes; and

●

At least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in securities the income from which is not subject to the alternative minimum tax (“AMT”).

Main types of securities in which the Fund may invest:

●

Municipal securities from the State of Kansas

●

Municipal securities from other states and U.S. territories and possessions

●

Short-term money market securities, including cash and money market mutual funds, including shares of registered investment companies

The Fund will invest primarily in general obligation and revenue bonds. If any security held by the Fund falls below investment grade, the Fund will put the security on its credit watch list and will generally sell the security within 90 days of such credit downgrade. The Fund does not intend to principally invest in any particular sector of the municipal bond market.

Buy and Sell Strategy:

The Fund’s buy discipline is determined by the investment mandate, as well as metrics including; duration, rating, coupon, and sector/industry. After an approved universe of bonds is identified, the portfolio managers/analysts identify specific bond issues. Each credit is analyzed to determine its credit-worthiness and risk profile prior to a buy decision.

The Fund’s sell discipline takes into consideration bonds that fall in credit quality or that are viewed as having downward pricing risk. Bonds in industries that are perceived to be undergoing significant changes may result in a deteriorating financial condition. The sell discipline is also designed to alter the complexion of portfolios as portfolio managers strategically decide to change duration, credit quality, cash flows, etc.

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SEKSX - Performance

Return Ranking - Trailing

Period SEKSX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -4.4% 40.7% 93.15%
1 Yr 3.2% -2.6% 45.9% 86.70%
3 Yr -1.0%* -10.2% 6.4% 82.65%
5 Yr 0.8%* -6.5% 1105.2% 60.73%
10 Yr N/A* -0.9% 249.0% 58.29%

* Annualized

Return Ranking - Calendar

Period SEKSX Return Category Return Low Category Return High Rank in Category (%)
2023 2.2% -1.4% 41.0% 68.15%
2022 -9.8% -39.7% 0.3% 34.13%
2021 -1.2% -5.6% 6.9% 81.03%
2020 2.9% -2.6% 310.0% 7.70%
2019 2.7% 0.0% 26.0% 83.15%

Total Return Ranking - Trailing

Period SEKSX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -4.4% 40.7% 93.15%
1 Yr 3.2% -2.6% 45.9% 86.70%
3 Yr -1.0%* -10.2% 6.4% 82.65%
5 Yr 0.8%* -6.5% 1105.2% 60.73%
10 Yr N/A* -0.9% 249.0% 54.39%

* Annualized

Total Return Ranking - Calendar

Period SEKSX Return Category Return Low Category Return High Rank in Category (%)
2023 4.0% -1.3% 41.0% 83.91%
2022 -8.0% -39.7% 1.1% 35.22%
2021 0.7% -4.8% 23761504.0% 72.65%
2020 7.0% -1.5% 17057.9% 3.15%
2019 3.0% 0.2% 3514.6% 93.95%

NAV & Total Return History

SEKSX - Holdings

Concentration Analysis

SEKSX Category Low Category High SEKSX % Rank
Net Assets 121 M 3.22 M 71.9 B 83.40%
Number of Holdings 166 4 13418 69.38%
Net Assets in Top 10 17.9 M -317 M 3.09 B 90.06%
Weighting of Top 10 14.57% 1.8% 100.3% 65.93%

Top 10 Holdings

  1. Allen County Unified School District No 257 1.73%
  2. State of Kansas Department of Transportation 1.72%
  3. State of Kansas Department of Transportation 1.71%
  4. Johnson Miami Counties Unified School District No 230 Spring Hills 1.68%
  5. Kansas Development Finance Authority 1.38%
  6. State of Kansas Department of Transportation 1.31%
  7. Johnson County Unified School District No 229 Blue Valley 1.27%
  8. City of Lenexa KS 1.27%
  9. County of Johnson KS 1.27%
  10. Douglas County Unified School District No 497 Lawrence 1.25%

Asset Allocation

Weighting Return Low Return High SEKSX % Rank
Bonds 		98.54% 0.00% 150.86% 59.33%
Cash 		1.46% -50.86% 44.62% 41.84%
Stocks 		0.00% 0.00% 99.78% 91.81%
Preferred Stocks 		0.00% 0.00% 0.07% 90.60%
Other 		0.00% -3.69% 53.54% 85.83%
Convertible Bonds 		0.00% 0.00% 0.93% 90.42%

Bond Sector Breakdown

Weighting Return Low Return High SEKSX % Rank
Municipal 		98.41% 44.39% 100.00% 49.36%
Cash & Equivalents 		0.86% 0.00% 44.41% 35.46%
Derivative 		0.00% -3.69% 53.54% 85.49%
Securitized 		0.00% 0.00% 5.93% 90.49%
Corporate 		0.00% 0.00% 9.41% 90.76%
Government 		0.00% 0.00% 52.02% 91.30%

Bond Geographic Breakdown

Weighting Return Low Return High SEKSX % Rank
US 		98.54% 0.00% 142.23% 57.02%
Non US 		0.00% 0.00% 23.89% 92.75%

SEKSX - Expenses

Operational Fees

SEKSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.60% 0.01% 8.02% 68.28%
Management Fee 0.30% 0.00% 1.20% 18.05%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

SEKSX 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

SEKSX 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.

SEKSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% 42.14%

SEKSX - Distributions

Dividend Yield Analysis

SEKSX Category Low Category High SEKSX % Rank
Dividend Yield 2.01% 0.00% 14.51% 92.15%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SEKSX Category Low Category High SEKSX % Rank
Net Income Ratio 1.83% -0.53% 5.33% 57.31%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SEKSX - Fund Manager Analysis

Managers

Jason Graybill

Start Date

Tenure

Tenure Rank

Dec 31, 2016

5.42

5.4%

Jason is a Principal and Senior Managing Director at Carret Asset Management. He also serves on the firm's Executive Committee. He has over 25 years of experience in the investment management industry. At Carret, he is the Co-Director of the firm's Fixed Income Strategy. In this capacity, Jason Co-Chairs the Fixed Income Investment Policy Committee (IPC) and is responsible for all facets of Carret's Fixed Income capabilities. He also serves as a member of the firm's Equity IPC. He has been a guest on Bloomberg TV and Radio, BNN TV and CBS News Radio. He is frequently interviewed by leading industry publications including The Wall Street Journal and BusinessWeek, and is a guest speaker at securities industry events. Prior to joining Carret, he was a Senior Portfolio Manager at Abner, Herrman and Brock Asset Management in Jersey City, NJ and a Research Analyst at Oxford Capital Management in Baltimore, MD. Jason is a member of the CFA Institute and the New York Society of Security Analysts (NYSSA).

Neil Klein

Start Date

Tenure

Tenure Rank

Dec 31, 2016

5.42

5.4%

Neil is a Principal and Senior Managing Director and Senior Portfolio Manager at Carret Asset Management. He also serves on the firm's Executive Committee. He has over 25 years of experience in the investment management industry. At Carret, he is the Co-Director of the firm's Fixed Income Strategy. In this capacity, Neil Co-Chairs the Fixed Income Investment Policy Committee (IPC) and is responsible for all facets of Carret's Fixed Income capabilities. Neil has been a guest on Bloomberg Radio and has been interviewed for his market perspective by such media outlets as: The Wall Street Journal, Forbes, Business Week/Bloomberg, Debtwire, and The Financial Times. Prior to joining Carret, he was a Managing Director and Senior Portfolio Manager at Abner, Herrman & Brock Asset Management. Formerly, Neil spent nine years with Oppenheimer & Co., Inc. in New York City as a Senior Fixed Income Portfolio Manager managing the fixed income investment strategies for Oppenheimer Investment Advisers’ discretionary portfolios. Neil began his investment career in 1987 at Merrill Lynch. Neil is a member of The Municipal Analysts Group of New York (MAGNY) and the National Federation of Municipal Analysts (NFMA). Mr. Klein graduated from Pennsylvania State University in 1987, with a Bachelor of Science degree in AgriBusiness Management and from Temple University, Fox School of Business with a Master of Business Administration (MBA) degree. Neil resides in Gladstone, NJ with his wife and two children.

Tenure Analysis

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

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