Name
As of 02/11/2025Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.8%
1 yr return
2.4%
3 Yr Avg Return
-0.2%
5 Yr Avg Return
-0.1%
Net Assets
$194 M
Holdings in Top 10
20.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.08%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 14.00%
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 02/11/2025Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
BSHIX - Profile
Distributions
- YTD Total Return 0.8%
- 3 Yr Annualized Total Return -0.2%
- 5 Yr Annualized Total Return -0.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.49%
- Dividend Yield 2.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameHAWAII MUNICIPAL BOND FUND
-
Fund Family NameBishop Street
-
Inception DateAug 26, 1997
-
Shares Outstanding11034014
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerEric 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.
BSHIX - Performance
Return Ranking - Trailing
Period | BSHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.8% | -0.5% | 10.4% | 53.33% |
1 Yr | 2.4% | -5.1% | 36.1% | 78.55% |
3 Yr | -0.2%* | -9.5% | 13.0% | 80.11% |
5 Yr | -0.1%* | -7.8% | 1104.1% | 80.72% |
10 Yr | 0.9%* | -1.1% | 249.0% | 86.83% |
* Annualized
Return Ranking - Calendar
Period | BSHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2024 | -0.9% | -6.2% | 34.9% | 41.80% |
2023 | 0.5% | -1.4% | 41.0% | 98.18% |
2022 | -8.2% | -39.7% | 0.3% | 21.93% |
2021 | -1.1% | -5.6% | 6.9% | 79.09% |
2020 | 1.6% | -2.6% | 310.0% | 55.85% |
Total Return Ranking - Trailing
Period | BSHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.8% | -0.5% | 10.4% | 53.33% |
1 Yr | 2.4% | -5.1% | 36.1% | 78.55% |
3 Yr | -0.2%* | -9.5% | 13.0% | 80.11% |
5 Yr | -0.1%* | -7.8% | 1104.1% | 80.72% |
10 Yr | 0.9%* | -1.1% | 249.0% | 86.83% |
* Annualized
Total Return Ranking - Calendar
Period | BSHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2024 | 1.6% | -6.2% | 34.9% | 70.77% |
2023 | 2.3% | -1.3% | 41.0% | 99.53% |
2022 | -7.0% | -39.7% | 1.1% | 26.57% |
2021 | 0.5% | -4.8% | 23761504.0% | 76.13% |
2020 | 4.0% | -1.5% | 17057.9% | 41.91% |
NAV & Total Return History
BSHIX - Holdings
Concentration Analysis
BSHIX | Category Low | Category High | BSHIX % Rank | |
---|---|---|---|---|
Net Assets | 194 M | 3.22 M | 71.9 B | 71.96% |
Number of Holdings | 211 | 4 | 14014 | 55.44% |
Net Assets in Top 10 | 40.3 M | -317 M | 3.09 B | 71.57% |
Weighting of Top 10 | 20.40% | 1.5% | 100.3% | 38.53% |
Top 10 Holdings
- HAWAII ST ARPTS SYS REVENUE STATE OF HAWAII AIRPORTS SYSTEM REVENUE 3.73%
- HAWAII ST DEPT OF BUDGET FIN STATE OF HAWAII DEPARTMENT OF BUDGET FINANCE 2.56%
- HAWAII ST HSG FIN DEV CORP M HAWAII HOUSING FINANCE DEVELOPMENT CORP 2.29%
- HONOLULU CITY CNTY HI MF REV CITY COUNTY OF HONOLULU HI 2.08%
- HAWAII ST HSG FIN DEV CORP M HAWAII HOUSING FINANCE DEVELOPMENT CORP 2.04%
- HAWAII ST HARBOR SYS REVENUE STATE OF HAWAII HARBOR SYSTEM REVENUE 1.75%
- HAWAII ST HSG FIN DEV CORP M HAWAII HOUSING FINANCE DEVELOPMENT CORP 1.56%
- HONOLULU CITY CNTY HI WSTWTR CITY COUNTY HONOLULU HI WASTEWATER SYSTEM REVENU 1.49%
- HONOLULU CITY CNTY HI WSTWTR CITY COUNTY HONOLULU HI WASTEWATER SYSTEM REVENU 1.47%
- HAWAII ST ARPTS SYS REVENUE STATE OF HAWAII AIRPORTS SYSTEM REVENUE 1.42%
Asset Allocation
Weighting | Return Low | Return High | BSHIX % Rank | |
---|---|---|---|---|
Bonds | 98.60% | 0.00% | 150.86% | 55.14% |
Cash | 1.40% | -50.86% | 44.62% | 46.24% |
Stocks | 0.00% | 0.00% | 99.77% | 36.74% |
Preferred Stocks | 0.00% | 0.00% | 0.07% | 26.61% |
Other | 0.00% | -3.69% | 53.54% | 36.69% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 26.25% |
Bond Sector Breakdown
Weighting | Return Low | Return High | BSHIX % Rank | |
---|---|---|---|---|
Municipal | 98.68% | 44.39% | 100.00% | 45.07% |
Cash & Equivalents | 0.56% | 0.00% | 44.41% | 43.15% |
Derivative | 0.00% | -3.69% | 53.54% | 34.74% |
Securitized | 0.00% | 0.00% | 5.93% | 27.60% |
Corporate | 0.00% | 0.00% | 9.41% | 38.53% |
Government | 0.00% | 0.00% | 52.02% | 31.85% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | BSHIX % Rank | |
---|---|---|---|---|
US | 98.60% | 0.00% | 142.23% | 52.82% |
Non US | 0.00% | 0.00% | 23.89% | 30.91% |
BSHIX - Expenses
Operational Fees
BSHIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.08% | 0.01% | 3.85% | 27.24% |
Management Fee | 0.35% | 0.00% | 1.20% | 25.72% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.44% | 90.66% |
Sales Fees
BSHIX 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
BSHIX 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.
BSHIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 14.00% | 0.00% | 283.00% | 37.55% |
BSHIX - Distributions
Dividend Yield Analysis
BSHIX | Category Low | Category High | BSHIX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.31% | 0.00% | 14.51% | 86.90% |
Dividend Distribution Analysis
BSHIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
BSHIX | Category Low | Category High | BSHIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.49% | -0.53% | 5.33% | 72.38% |
Capital Gain Distribution Analysis
BSHIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Jan 31, 2025 | $0.019 | OrdinaryDividend |
Dec 31, 2024 | $0.020 | OrdinaryDividend |
Nov 29, 2024 | $0.019 | OrdinaryDividend |
Oct 31, 2024 | $0.019 | OrdinaryDividend |
Sep 30, 2024 | $0.019 | OrdinaryDividend |
Aug 30, 2024 | $0.020 | OrdinaryDividend |
Jul 31, 2024 | $0.019 | OrdinaryDividend |
Apr 30, 2024 | $0.019 | OrdinaryDividend |
Mar 28, 2024 | $0.018 | OrdinaryDividend |
Feb 29, 2024 | $0.017 | OrdinaryDividend |
Oct 31, 2023 | $0.016 | OrdinaryDividend |
Sep 29, 2023 | $0.016 | OrdinaryDividend |
Aug 31, 2023 | $0.017 | OrdinaryDividend |
Jul 31, 2023 | $0.010 | OrdinaryDividend |
Jun 30, 2023 | $0.016 | OrdinaryDividend |
May 31, 2023 | $0.016 | OrdinaryDividend |
Apr 28, 2023 | $0.015 | OrdinaryDividend |
Mar 31, 2023 | $0.014 | OrdinaryDividend |
Feb 28, 2023 | $0.014 | OrdinaryDividend |
Jan 31, 2023 | $0.015 | OrdinaryDividend |
Dec 30, 2022 | $0.010 | OrdinaryDividend |
Nov 30, 2022 | $0.010 | OrdinaryDividend |
Oct 31, 2022 | $0.010 | OrdinaryDividend |
Sep 30, 2022 | $0.010 | OrdinaryDividend |
Aug 31, 2022 | $0.010 | OrdinaryDividend |
Jul 29, 2022 | $0.009 | OrdinaryDividend |
Jun 30, 2022 | $0.009 | OrdinaryDividend |
May 31, 2022 | $0.013 | OrdinaryDividend |
Apr 29, 2022 | $0.009 | OrdinaryDividend |
Mar 31, 2022 | $0.009 | OrdinaryDividend |
Feb 28, 2022 | $0.008 | OrdinaryDividend |
Jan 31, 2022 | $0.008 | OrdinaryDividend |
Dec 31, 2021 | $0.010 | OrdinaryDividend |
Dec 14, 2021 | $0.025 | CapitalGainLongTerm |
Nov 30, 2021 | $0.009 | OrdinaryDividend |
Oct 29, 2021 | $0.008 | OrdinaryDividend |
Sep 30, 2021 | $0.009 | OrdinaryDividend |
Aug 31, 2021 | $0.009 | OrdinaryDividend |
Jul 30, 2021 | $0.009 | OrdinaryDividend |
Jun 30, 2021 | $0.010 | OrdinaryDividend |
May 28, 2021 | $0.009 | OrdinaryDividend |
Apr 30, 2021 | $0.010 | OrdinaryDividend |
Mar 31, 2021 | $0.010 | OrdinaryDividend |
Feb 26, 2021 | $0.015 | OrdinaryDividend |
Jan 29, 2021 | $0.015 | OrdinaryDividend |
Jan 29, 2021 | $0.015 | OrdinaryDividend |
Dec 31, 2020 | $0.011 | OrdinaryDividend |
Dec 15, 2020 | $0.006 | CapitalGainShortTerm |
Dec 15, 2020 | $0.033 | CapitalGainLongTerm |
Nov 30, 2020 | $0.016 | OrdinaryDividend |
Oct 30, 2020 | $0.016 | OrdinaryDividend |
Sep 30, 2020 | $0.016 | OrdinaryDividend |
Aug 31, 2020 | $0.016 | OrdinaryDividend |
Jul 31, 2020 | $0.016 | OrdinaryDividend |
Jun 30, 2020 | $0.016 | OrdinaryDividend |
May 29, 2020 | $0.017 | OrdinaryDividend |
Apr 30, 2020 | $0.018 | OrdinaryDividend |
Mar 31, 2020 | $0.017 | OrdinaryDividend |
Feb 28, 2020 | $0.017 | OrdinaryDividend |
Jan 31, 2020 | $0.019 | OrdinaryDividend |
Dec 31, 2019 | $0.019 | OrdinaryDividend |
Nov 29, 2019 | $0.019 | OrdinaryDividend |
Oct 31, 2019 | $0.019 | OrdinaryDividend |
Sep 30, 2019 | $0.019 | OrdinaryDividend |
Aug 30, 2019 | $0.020 | OrdinaryDividend |
Jul 31, 2019 | $0.021 | OrdinaryDividend |
Oct 05, 2018 | $0.001 | CapitalGainLongTerm |
Dec 21, 2017 | $0.006 | CapitalGainLongTerm |
Dec 22, 2016 | $0.012 | CapitalGainShortTerm |
Dec 22, 2016 | $0.033 | CapitalGainLongTerm |
Sep 09, 2016 | $0.012 | CapitalGainLongTerm |
Sep 09, 2015 | $0.005 | CapitalGainLongTerm |
Dec 22, 2014 | $0.016 | CapitalGainLongTerm |
Aug 22, 2013 | $0.043 | CapitalGainLongTerm |
Dec 13, 2012 | $0.041 | CapitalGainLongTerm |
Dec 15, 2010 | $0.015 | CapitalGainLongTerm |
Dec 13, 2007 | $0.001 | CapitalGainShortTerm |
Dec 13, 2007 | $0.032 | CapitalGainLongTerm |
Aug 09, 2007 | $0.008 | CapitalGainShortTerm |
Aug 09, 2007 | $0.008 | CapitalGainLongTerm |
Dec 14, 2006 | $0.004 | CapitalGainShortTerm |
Dec 14, 2006 | $0.033 | CapitalGainLongTerm |
Aug 22, 2006 | $0.001 | CapitalGainLongTerm |
Sep 08, 2005 | $0.002 | CapitalGainLongTerm |
Dec 14, 2004 | $0.102 | CapitalGainLongTerm |
Sep 09, 2004 | $0.005 | CapitalGainShortTerm |
Sep 09, 2004 | $0.008 | CapitalGainLongTerm |
Dec 30, 2003 | $0.106 | CapitalGainLongTerm |
Sep 10, 2003 | $0.001 | CapitalGainShortTerm |
Sep 10, 2003 | $0.009 | CapitalGainLongTerm |
Dec 30, 2002 | $0.045 | CapitalGainLongTerm |
Sep 18, 2000 | $0.005 | CapitalGainLongTerm |
BSHIX - 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 |