BNY Mellon Opportunistic Municipal Securities Fund
Name
As of 11/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.6%
1 yr return
9.5%
3 Yr Avg Return
-0.3%
5 Yr Avg Return
1.1%
Net Assets
$467 M
Holdings in Top 10
13.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.72%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 9.40%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DMBZX - Profile
Distributions
- YTD Total Return 2.6%
- 3 Yr Annualized Total Return -0.3%
- 5 Yr Annualized Total Return 1.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.52%
- Dividend Yield 3.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameBNY Mellon Opportunistic Municipal Securities Fund
-
Fund Family NameDreyfus
-
Inception DateNov 15, 2004
-
Shares OutstandingN/A
-
Share ClassZ
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDaniel Rabasco
Fund Description
To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal personal income tax. Typically, the fund invests substantially all of its assets in such municipal bonds. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities.
The fund invests at least 70% of its net assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher) or the unrated equivalent as determined by Insight North America LLC, the fund's sub-adviser. For additional yield, the fund may invest up to 30% of its net assets in municipal bonds rated, at the time of purchase, below investment grade ("high yield" or "junk" bonds) or the unrated equivalent as determined by the fund's sub-adviser. The dollar-weighted average maturity of the fund's portfolio normally exceeds ten years, but the fund may invest without regard to maturity or duration. A bond's maturity is the length of time until the principal must be fully repaid with interest. Dollar-weighted average maturity is an average of the stated maturities of the bonds held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates.
The fund's sub-adviser focuses on identifying undervalued sectors and securities. To select municipal bonds for the fund, the sub-adviser uses fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and actively trades among various sectors and securities based on their apparent relative values. The fund seeks to invest in several different sectors, and does not seek to overweight any particular sector but may do so depending on each sector's relative value at a given time.
A rigorous sell discipline is employed to continuously evaluate all fund holdings. Current holdings may become sell candidates if creditworthiness is deteriorating, if bonds with better risk and return characteristics become available, or if the holding no longer meets the sub-adviser's strategic or portfolio construction objectives.
Although the fund seeks to provide income exempt from federal income tax, income from some of the fund's holdings may be subject to the federal alternative minimum tax.
DMBZX - Performance
Return Ranking - Trailing
Period | DMBZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.6% | -4.7% | 25.9% | 18.97% |
1 Yr | 9.5% | 0.7% | 37.2% | 25.97% |
3 Yr | -0.3%* | -10.8% | 3.2% | 35.77% |
5 Yr | 1.1%* | -7.0% | 1103.1% | 24.13% |
10 Yr | 2.3%* | -0.9% | 248.6% | 17.00% |
* Annualized
Return Ranking - Calendar
Period | DMBZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.6% | -1.4% | 41.0% | 18.16% |
2022 | -12.2% | -39.7% | 0.3% | 57.75% |
2021 | -0.8% | -5.6% | 6.9% | 66.26% |
2020 | 2.2% | -2.6% | 310.0% | 28.06% |
2019 | 5.0% | 0.0% | 26.0% | 14.28% |
Total Return Ranking - Trailing
Period | DMBZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.6% | -4.7% | 25.9% | 18.97% |
1 Yr | 9.5% | 0.7% | 37.2% | 25.97% |
3 Yr | -0.3%* | -10.8% | 3.2% | 35.77% |
5 Yr | 1.1%* | -7.0% | 1103.1% | 24.13% |
10 Yr | 2.3%* | -0.9% | 248.6% | 17.00% |
* Annualized
Total Return Ranking - Calendar
Period | DMBZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.0% | -1.3% | 41.0% | 18.83% |
2022 | -9.7% | -39.7% | 1.1% | 54.16% |
2021 | 2.1% | -4.8% | 23761504.0% | 35.72% |
2020 | 4.7% | -1.5% | 17057.9% | 22.99% |
2019 | 8.3% | 0.2% | 3514.6% | 10.56% |
NAV & Total Return History
DMBZX - Holdings
Concentration Analysis
DMBZX | Category Low | Category High | DMBZX % Rank | |
---|---|---|---|---|
Net Assets | 467 M | 3.22 M | 71.9 B | 49.97% |
Number of Holdings | 235 | 4 | 13418 | 49.73% |
Net Assets in Top 10 | 61.2 M | -317 M | 3.09 B | 58.59% |
Weighting of Top 10 | 13.17% | 1.8% | 100.3% | 70.62% |
Top 10 Holdings
- TENDER OPTION BOND TRUST RECEIPTS/CERTIFICATES 2.33%
- BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY 1.47%
- COMMONWEALTH OF PUERTO RICO 1.46%
- CLARK COUNTY SCHOOL DISTRICT 1.19%
- TRIBOROUGH BRIDGE TUNNEL AUTHORITY SALES TAX REVENUE 1.19%
- TRIBOROUGH BRIDGE TUNNEL AUTHORITY 1.17%
- COUNTY OF CLARK NV 1.12%
- CLIFTON HIGHER EDUCATION FINANCE CORP 1.10%
- ARKANSAS DEVELOPMENT FINANCE AUTHORITY 1.09%
- KENTUCKY PUBLIC ENERGY AUTHORITY 1.05%
Asset Allocation
Weighting | Return Low | Return High | DMBZX % Rank | |
---|---|---|---|---|
Bonds | 101.43% | 0.00% | 150.86% | 9.78% |
Stocks | 0.00% | 0.00% | 99.78% | 58.42% |
Preferred Stocks | 0.00% | 0.00% | 0.07% | 50.93% |
Other | 0.00% | -3.69% | 51.88% | 54.53% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 50.67% |
Cash | 0.00% | -50.86% | 44.62% | 91.41% |
Bond Sector Breakdown
Weighting | Return Low | Return High | DMBZX % Rank | |
---|---|---|---|---|
Municipal | 95.87% | 44.39% | 100.00% | 74.87% |
Derivative | 0.00% | -3.69% | 51.88% | 52.60% |
Cash & Equivalents | 0.00% | 0.00% | 44.41% | 79.16% |
Securitized | 0.00% | 0.00% | 5.93% | 51.54% |
Corporate | 0.00% | 0.00% | 9.41% | 59.69% |
Government | 0.00% | 0.00% | 52.02% | 54.41% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | DMBZX % Rank | |
---|---|---|---|---|
US | 101.43% | 0.00% | 142.23% | 9.79% |
Non US | 0.00% | 0.00% | 23.89% | 52.93% |
DMBZX - Expenses
Operational Fees
DMBZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.72% | 0.01% | 8.02% | 51.90% |
Management Fee | 0.35% | 0.00% | 1.20% | 27.74% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
DMBZX 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
DMBZX 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.
DMBZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 9.40% | 0.00% | 283.00% | 19.30% |
DMBZX - Distributions
Dividend Yield Analysis
DMBZX | Category Low | Category High | DMBZX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.96% | 0.00% | 14.51% | 37.26% |
Dividend Distribution Analysis
DMBZX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
DMBZX | Category Low | Category High | DMBZX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.52% | -0.53% | 5.33% | 18.13% |
Capital Gain Distribution Analysis
DMBZX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 31, 2024 | $0.033 | OrdinaryDividend |
Sep 30, 2024 | $0.030 | OrdinaryDividend |
Aug 30, 2024 | $0.035 | OrdinaryDividend |
Jul 31, 2024 | $0.033 | OrdinaryDividend |
Apr 30, 2024 | $0.031 | OrdinaryDividend |
Mar 28, 2024 | $0.032 | OrdinaryDividend |
Feb 29, 2024 | $0.030 | OrdinaryDividend |
Jan 31, 2024 | $0.032 | OrdinaryDividend |
Dec 29, 2023 | $0.032 | OrdinaryDividend |
Nov 30, 2023 | $0.030 | OrdinaryDividend |
Oct 31, 2023 | $0.032 | OrdinaryDividend |
Sep 29, 2023 | $0.028 | OrdinaryDividend |
Aug 31, 2023 | $0.030 | OrdinaryDividend |
Jul 31, 2023 | $0.030 | OrdinaryDividend |
Jun 30, 2023 | $0.029 | OrdinaryDividend |
May 31, 2023 | $0.031 | OrdinaryDividend |
Apr 28, 2023 | $0.026 | OrdinaryDividend |
Mar 31, 2023 | $0.028 | OrdinaryDividend |
Feb 28, 2023 | $0.025 | OrdinaryDividend |
Jan 30, 2023 | $0.028 | OrdinaryDividend |
Dec 30, 2022 | $0.027 | OrdinaryDividend |
Dec 23, 2022 | $0.001 | CapitalGainShortTerm |
Dec 23, 2022 | $0.029 | CapitalGainLongTerm |
Nov 30, 2022 | $0.026 | OrdinaryDividend |
Oct 31, 2022 | $0.027 | OrdinaryDividend |
Sep 30, 2022 | $0.025 | OrdinaryDividend |
Aug 31, 2022 | $0.026 | OrdinaryDividend |
Jul 29, 2022 | $0.022 | OrdinaryDividend |
Jun 30, 2022 | $0.023 | OrdinaryDividend |
May 31, 2022 | $0.024 | OrdinaryDividend |
Apr 29, 2022 | $0.023 | OrdinaryDividend |
Mar 31, 2022 | $0.024 | OrdinaryDividend |
Feb 28, 2022 | $0.022 | OrdinaryDividend |
Jan 31, 2022 | $0.024 | OrdinaryDividend |
Dec 31, 2021 | $0.024 | OrdinaryDividend |
Dec 23, 2021 | $0.057 | CapitalGainLongTerm |
Nov 30, 2021 | $0.025 | OrdinaryDividend |
Oct 29, 2021 | $0.023 | OrdinaryDividend |
Sep 30, 2021 | $0.024 | OrdinaryDividend |
Aug 31, 2021 | $0.026 | OrdinaryDividend |
Jul 30, 2021 | $0.024 | OrdinaryDividend |
Jun 30, 2021 | $0.028 | OrdinaryDividend |
May 28, 2021 | $0.024 | OrdinaryDividend |
Apr 30, 2021 | $0.026 | OrdinaryDividend |
Mar 31, 2021 | $0.028 | OrdinaryDividend |
Feb 26, 2021 | $0.024 | OrdinaryDividend |
Jan 29, 2021 | $0.035 | OrdinaryDividend |
Dec 31, 2020 | $0.028 | OrdinaryDividend |
Dec 23, 2020 | $0.001 | CapitalGainShortTerm |
Dec 23, 2020 | $0.027 | CapitalGainLongTerm |
Nov 30, 2020 | $0.029 | OrdinaryDividend |
Oct 30, 2020 | $0.028 | OrdinaryDividend |
Sep 30, 2020 | $0.028 | OrdinaryDividend |
Jul 31, 2020 | $0.029 | OrdinaryDividend |
Jun 30, 2020 | $0.031 | OrdinaryDividend |
Apr 30, 2020 | $0.029 | OrdinaryDividend |
Feb 28, 2020 | $0.028 | OrdinaryDividend |
Jan 31, 2020 | $0.030 | OrdinaryDividend |
Dec 31, 2019 | $0.031 | OrdinaryDividend |
Nov 29, 2019 | $0.029 | OrdinaryDividend |
Oct 31, 2019 | $0.031 | OrdinaryDividend |
Sep 30, 2019 | $0.031 | OrdinaryDividend |
Aug 30, 2019 | $0.031 | OrdinaryDividend |
Jul 31, 2019 | $0.034 | OrdinaryDividend |
Dec 19, 2013 | $0.004 | CapitalGainShortTerm |
Dec 13, 2012 | $0.007 | CapitalGainShortTerm |
DMBZX - Fund Manager Analysis
Managers
Daniel Rabasco
Start Date
Tenure
Tenure Rank
Feb 10, 2012
10.31
10.3%
Dan is the head of municipal bonds at Mellon Investments Corp, overseeing and guiding the investment management process for the firm’s tax-exempt strategies. Previously, he was the head of trading for tax-exempt bonds, responsible for managing the municipal bond trading desk. Before joining the firm, Dan directed the municipal bond group at Fleet where he was responsible for managing mutual fund, common trust fund and high net worth client assets. Previously, he was a portfolio manager at Evergreen Investments, where he managed national and state-specific mutual funds. His other responsibilities included hospital and high yield credit analysis. Dan began his career as a municipal analyst at Liberty Insurance Company. Dan has been in the investment industry since 1987. Dan holds a BA from Boston College and an MBA from Suffolk University. Dan has served as a member of the Municipal Securities Rulemaking Board's Investor Advisory Group (2004-2008). He holds the CFA® designation and is a member of the CFA Institute.
Jeffrey Burger
Start Date
Tenure
Tenure Rank
May 06, 2014
8.07
8.1%
Jeffrey Burger, CFA Director, Senior Portfolio Manager Jeffrey is a senior portfolio manager for US Municipal Bond strategies. He is responsible for managing US Municipal Bond strategies for institutional, high net worth and mutual fund clients. Previously, he served as a senior analyst for the firm, specializing in land-secured and special tax bonds. Prior to joining the firm in 2009, Jeffrey worked at Columbia Management as a portfolio manager and senior research analyst and at Fitch Ratings as a senior-level analyst. He is a former chairman and member of the executive committee and board of governors for the National Federation of Municipal Analysts. He is also a former president of the Boston Municipal Analysts Forum. Jeffrey has been in the investment industry since 1998. Jeffrey earned an MPA from the Maxwell School of Citizenship and Public Affairs at Syracuse University and a BA degree, cum laude, in policy studies and public relations from Syracuse University. He holds the CFA® designation and is a member of the CFA Institute.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.35 | 1.58 |