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Trending ETFs

Name

As of 06/21/2024

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

$9.86

$222 M

1.99%

$0.20

1.33%

Vitals

YTD Return

0.1%

1 yr return

0.7%

3 Yr Avg Return

-1.9%

5 Yr Avg Return

-0.1%

Net Assets

$222 M

Holdings in Top 10

18.2%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.33%

SALES FEES

Front Load 3.00%

Deferred Load N/A

TRADING FEES

Turnover 14.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

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

$9.86

$222 M

1.99%

$0.20

1.33%

BHIAX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return -1.9%
  • 5 Yr Annualized Total Return -0.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.25%
DIVIDENDS
  • Dividend Yield 2.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    HAWAII MUNICIPAL BOND FUND
  • Fund Family Name
    Bishop Street
  • Inception Date
    Jan 17, 2001
  • Shares Outstanding
    1498363
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Eric Lo

Fund Description

The Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade municipal bonds, the interest from which is exempt from regular federal and Hawaii state income taxes. While the Adviser attempts to maximize the portion of the Fund’s assets invested in Hawaii issues, the Fund may also invest in municipal bonds issued by other U.S. states, territories and possessions. There is no restriction upon the amount of the Fund’s assets that may be invested in obligations that pay income subject to the federal alternative minimum tax (the “Federal AMT”) applicable to non-corporate shareholders (i.e., shareholders that are not taxed as corporations, including but not limited to individual investors). To the extent that the Fund invests in securities subject to the Federal AMT, the income received from these securities could be taxable to certain shareholders. Although the Adviser intends to invest Fund assets across a variety of municipal securities, the Fund may have significant positions in certain types of municipal obligations, such as state and local general obligation bonds (bonds whose payments are typically backed by the taxing power of the municipal issuer) and revenue bonds (bonds whose payments are backed by revenue from a particular source). The Fund may also invest in municipal bonds that are pre-refunded, meaning that the payment of principal and interest of the bonds is funded from a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. Government (including its agencies and instrumentalities). There is no limit on the average maturity of the Fund’s portfolio. While the portfolio duration of the Fund’s portfolio will vary, it is generally expected to be within a 10% margin (higher or lower) of the duration of the Fund’s benchmark index.

The Adviser will use its judgment to invest in securities that will provide a high level of current income in light of current market conditions. In making a determination to buy, sell or hold a security, the portfolio managers give special consideration to the relative value of the security in comparison to the available alternatives, while remaining consistent with the objectives of the portfolio. The portfolio management team considers several factors when selecting securities for the Fund’s portfolio, including the current state of a bond’s issuer and the possibility that an

improvement or deterioration in its financial health may result in, respectively, an upgrade or downgrade of the issuer’s credit rating. The portfolio management team may continue to hold a bond that has been downgraded if it believes it is in the best interest of the Fund’s shareholders. The portfolio management team may choose to sell a bond based on its analysis of the economy and any direct impact on budget cash flows, debt ratios, and credit ratings.

The Fund is classified as “non-diversified,” which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

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BHIAX - Performance

Return Ranking - Trailing

Period BHIAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -3.1% 17.0% 75.37%
1 Yr 0.7% -2.3% 29.9% 96.75%
3 Yr -1.9%* -11.1% 2.9% 83.86%
5 Yr -0.1%* -6.4% 1102.0% 87.55%
10 Yr 0.8%* -0.6% 248.4% 91.33%

* Annualized

Return Ranking - Calendar

Period BHIAX Return Category Return Low Category Return High Rank in Category (%)
2023 0.5% -1.4% 41.0% 98.11%
2022 -8.1% -39.7% 0.3% 20.81%
2021 -1.2% -5.6% 6.9% 82.25%
2020 1.5% -2.6% 310.0% 60.71%
2019 3.4% 0.0% 26.0% 65.15%

Total Return Ranking - Trailing

Period BHIAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -3.1% 17.0% 75.37%
1 Yr 0.7% -2.3% 29.9% 96.75%
3 Yr -1.9%* -11.1% 2.9% 83.86%
5 Yr -0.1%* -6.4% 1102.0% 87.55%
10 Yr 0.8%* -0.6% 248.4% 91.33%

* Annualized

Total Return Ranking - Calendar

Period BHIAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% -1.3% 41.0% 99.74%
2022 -7.1% -39.7% 1.1% 27.87%
2021 0.2% -4.8% 23761504.0% 83.11%
2020 3.6% -1.5% 17057.9% 56.56%
2019 4.4% 0.2% 3514.6% 84.92%

NAV & Total Return History


BHIAX - Holdings

Concentration Analysis

BHIAX Category Low Category High BHIAX % Rank
Net Assets 222 M 3.22 M 71.9 B 68.34%
Number of Holdings 226 2 13067 50.29%
Net Assets in Top 10 39.8 M -317 M 3.56 B 70.50%
Weighting of Top 10 18.19% 2.0% 100.2% 50.39%

Top 10 Holdings

  1. HAWAII ST ARPTS SYS REVENUE STATE OF HAWAII AIRPORTS SYSTEM REVENUE 3.37%
  2. HAWAII ST DEPT OF BUDGET FIN STATE OF HAWAII DEPARTMENT OF BUDGET FINANCE 2.33%
  3. HAWAII ST HSG FIN DEV CORP M HAWAII HOUSING FINANCE DEVELOPMENT CORP 2.04%
  4. HAWAII ST HSG FIN DEV CORP M HAWAII HOUSING FINANCE DEVELOPMENT CORP 1.85%
  5. HAWAII ST HARBOR SYS REVENUE STATE OF HAWAII HARBOR SYSTEM REVENUE 1.57%
  6. HONOLULU CITY CNTY HI MF REV CITY COUNTY OF HONOLULU HI 1.47%
  7. FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X 1.45%
  8. HAWAII ST HSG FIN DEV CORP M HAWAII HOUSING FINANCE DEVELOPMENT CORP 1.40%
  9. HONOLULU CITY CNTY HI CITY COUNTY OF HONOLULU HI 1.38%
  10. HONOLULU CITY CNTY HI WSTWTR CITY COUNTY HONOLULU HI WASTEWATER SYSTEM REVENU 1.33%

Asset Allocation

Weighting Return Low Return High BHIAX % Rank
Bonds
98.42% 0.00% 150.86% 56.69%
Cash
1.58% -50.86% 46.80% 41.26%
Stocks
0.00% 0.00% 99.81% 34.03%
Preferred Stocks
0.00% 0.00% 0.56% 26.25%
Other
0.00% -3.18% 33.35% 36.06%
Convertible Bonds
0.00% 0.00% 0.93% 26.16%

Bond Sector Breakdown

Weighting Return Low Return High BHIAX % Rank
Municipal
98.68% 44.39% 100.00% 45.01%
Cash & Equivalents
1.45% 0.00% 46.24% 25.93%
Derivative
0.00% -3.18% 19.67% 31.71%
Securitized
0.00% 0.00% 5.93% 27.79%
Corporate
0.00% 0.00% 9.41% 39.40%
Government
0.00% 0.00% 52.02% 33.01%

Bond Geographic Breakdown

Weighting Return Low Return High BHIAX % Rank
US
98.42% 0.00% 142.23% 54.45%
Non US
0.00% 0.00% 23.89% 30.67%

BHIAX - Expenses

Operational Fees

BHIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.33% 0.01% 20.65% 21.72%
Management Fee 0.35% 0.00% 1.20% 25.71%
12b-1 Fee 0.25% 0.00% 1.00% 42.51%
Administrative Fee N/A 0.01% 0.44% 90.73%

Sales Fees

BHIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.00% 0.50% 4.75% 66.57%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

BHIAX 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.

BHIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 0.00% 283.00% 38.52%

BHIAX - Distributions

Dividend Yield Analysis

BHIAX Category Low Category High BHIAX % Rank
Dividend Yield 1.99% 0.00% 14.51% 90.71%

Dividend Distribution Analysis

BHIAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

BHIAX Category Low Category High BHIAX % Rank
Net Income Ratio 1.25% -0.53% 5.33% 80.87%

Capital Gain Distribution Analysis

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

Distributions History

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BHIAX - Fund Manager Analysis

Managers

Eric Lo


Start Date

Tenure

Tenure Rank

Dec 01, 2017

4.5

4.5%

Eric Lo, Bishop Street Capital Management, Assistant Vice President and Portfolio Manager, serves as co-portfolio manager of the Hawaii Municipal Bond Fund. Mr. Lo joined Bishop Street Capital Management in 2014 and has over 19 years of investment experience having previous roles at Bank of America, merrill Lynch, Morgan Stanley and Credit Suisse. Mr. Lo received a B.S. from Massachusetts Institute of Technology

Stephanie Nomura


Start Date

Tenure

Tenure Rank

Jul 01, 2021

0.92

0.9%

Ms. Nomura is a Vice President and Senior Portfolio Manager with BOH. She has over 16 years of experience in the investment industry, with over 15 years of experience in municipal bond portfolio management. Prior to joining the firm, Ms. Nomura served as Vice President and Investment Manager with Central Pacific Bank from 2015 to 2016; she served as Vice President and Fixed Income Portfolio Manager with First Hawaiian Bank from 2007 to 2015; and she served as Vice President and Fixed Income Portfolio Manager with Oakwood Capital Management in Los Angeles from 2003 to 2007. Ms. Nomura earned her Bachelor of Arts in Economics from University of California, Irvine and her Master of Business Administration from the University of Hawaii at Manoa, Shidler School of Business.

Tenure Analysis

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