DFA MN Municipal Bond Portfolio
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.9%
1 yr return
4.0%
3 Yr Avg Return
0.8%
5 Yr Avg Return
0.7%
Net Assets
$27.9 M
Holdings in Top 10
32.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.43%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 20.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DMNBX - Profile
Distributions
- YTD Total Return 1.9%
- 3 Yr Annualized Total Return 0.8%
- 5 Yr Annualized Total Return 0.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.83%
- Dividend Yield 2.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameDFA MN Municipal Bond Portfolio
-
Fund Family NameDimensional Funds
-
Inception DateJul 25, 2017
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Plecha
Fund Description
The MN Municipal Bond Portfolio seeks its investment objective by investing primarily in a universe of municipal securities issued by or on behalf of Minnesota state or local governments and their agencies, instrumentalities and regional governmental authorities, the interest on which is exempt from regular federal income tax and the state personal income tax of Minnesota. Municipal securities in which the Portfolio may invest include, among others, revenue bonds, general obligation bonds, industrial development bonds, municipal lease obligations, commercial paper, variable rate demand obligations and other instruments (including participation interests in such securities). The Portfolio invests in municipal and other fixed income securities that have an investment grade credit rating (e.g., rated AAA to BBB- by S&P Global Ratings (“S&P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”) or an equivalent rating assigned by another nationally recognized statistical rating organization, or that are unrated but have been determined by the Advisor to be of comparable quality).
The MN Municipal Bond Portfolio intends to invest in municipal securities that in the opinion of bond counsel for the issuers and under current tax law provide interest that is exempt from Minnesota state and federal personal income taxes. The Portfolio is required, and intends, to derive at least 95% of its exempt-interest dividends from interest on Minnesota municipal securities in order for any of its income to be exempt from Minnesota state personal income tax. As a fundamental investment policy, under normal market conditions, the Portfolio will invest at least 80% of its net assets in municipal securities that pay interest exempt from federal personal income tax and the Minnesota state personal income tax. The Portfolio does not currently intend to invest its assets in municipal securities whose interest is subject to the federal alternative minimum tax.
Generally, the MN Municipal Bond Portfolio will acquire obligations that mature within twenty years from the date of settlement, and in variable rate demand obligations with longer maturities. Under normal circumstances, the Portfolio will maintain a weighted average duration of no greater than six years. If a security has been redeemed by the issuer at a date prior to the stated final maturity date for the purposes of the above duration restriction, the early redemption date shall be considered the maturity date regardless of the stated final maturity. From time to time, the Portfolio may deviate from this average duration when the Advisor determines it to be appropriate under the circumstances. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.
Municipal securities are often issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, such as bridges, highways, housing, hospitals, mass transportation facilities, schools, streets and public utilities, such as water and sewer works. Municipal securities include municipal leases, certificates of participation, municipal obligation components and municipal custody receipts. The MN Municipal Bond Portfolio may invest more than 25% of its assets in municipal securities issued to finance projects in a particular segment of the bond market including, but not limited to, health care, housing, education, utilities, and transportation. The Portfolio also may invest more than 25% of its assets in industrial development bonds.
The MN Municipal Bond Portfolio may (1) purchase certain municipal securities that are insured, (2) invest in municipal securities secured by mortgages on single-family homes and multi-family projects, (3) invest in pre-refunded municipal securities, (4) purchase tax-exempt municipal securities on a “when-issued” basis and (5) use derivatives, such as fixed income related futures and options contracts, credit default swaps and interest rate swaps, to hedge against changes in interest rates. The Portfolio may also invest in exchange-traded funds (ETFs) to gain exposure to the municipal bond market pending investment in municipal bonds. The Portfolio may also invest in money market funds. The Portfolio also may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.
Although the MN Municipal Bond Portfolio attempts to invest all of its assets in tax-exempt securities, it is possible, although not anticipated, that a portion of its assets may be invested in securities that pay taxable interest, including interest that may be subject to the federal alternative minimum tax. These investments could generate taxable income for shareholders.
The MN Municipal Bond Portfolio is primarily designed for investment by Minnesota tax payers.
The MN Municipal Bond Portfolio is “non-diversified,” which means that the Portfolio may invest its assets in a smaller number of issuers than a diversified fund.
DMNBX - Performance
Return Ranking - Trailing
Period | DMNBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.9% | -1.9% | 26.5% | 86.79% |
1 Yr | 4.0% | 2.4% | 37.3% | 98.74% |
3 Yr | 0.8%* | -9.9% | 3.4% | 12.42% |
5 Yr | 0.7%* | -6.7% | 1104.9% | 57.69% |
10 Yr | N/A* | -0.8% | 248.9% | N/A |
* Annualized
Return Ranking - Calendar
Period | DMNBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.1% | -1.4% | 41.0% | 93.01% |
2022 | -2.9% | -39.7% | 0.3% | 3.24% |
2021 | -1.1% | -5.6% | 6.9% | 78.60% |
2020 | 0.4% | -2.6% | 310.0% | 92.64% |
2019 | 2.1% | 0.0% | 26.0% | 88.44% |
Total Return Ranking - Trailing
Period | DMNBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.9% | -1.9% | 26.5% | 86.79% |
1 Yr | 4.0% | 2.4% | 37.3% | 98.74% |
3 Yr | 0.8%* | -9.9% | 3.4% | 12.42% |
5 Yr | 0.7%* | -6.7% | 1104.9% | 57.69% |
10 Yr | N/A* | -0.8% | 248.9% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | DMNBX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.6% | -1.3% | 41.0% | 98.47% |
2022 | -2.0% | -39.7% | 1.1% | 3.24% |
2021 | -0.3% | -4.8% | 23761504.0% | 93.00% |
2020 | 1.4% | -1.5% | 17057.9% | 93.89% |
2019 | 3.3% | 0.2% | 3514.6% | 91.43% |
NAV & Total Return History
DMNBX - Holdings
Concentration Analysis
DMNBX | Category Low | Category High | DMNBX % Rank | |
---|---|---|---|---|
Net Assets | 27.9 M | 3.22 M | 71.9 B | 97.48% |
Number of Holdings | 71 | 4 | 13418 | 94.29% |
Net Assets in Top 10 | 8.96 M | -317 M | 3.45 B | 95.42% |
Weighting of Top 10 | 32.16% | 1.9% | 100.1% | 9.89% |
Top 10 Holdings
- City of Minneapolis 5.14%
- Windom Independent School District No. 177 3.80%
- County of Hennepin 3.75%
- City of Waconia 2.94%
- University of Minnesota 2.90%
- City of Minneapolis 2.84%
- Stillwater Independent School District No. 834 2.81%
- State of Minnesota 2.73%
- State of Minnesota 2.71%
- City of Red Wing 2.54%
Asset Allocation
Weighting | Return Low | Return High | DMNBX % Rank | |
---|---|---|---|---|
Bonds | 98.42% | 0.00% | 150.86% | 63.40% |
Cash | 1.58% | -50.86% | 43.45% | 35.37% |
Stocks | 0.00% | 0.00% | 99.89% | 63.06% |
Preferred Stocks | 0.00% | 0.00% | 0.08% | 58.13% |
Other | 0.00% | -3.72% | 51.88% | 58.46% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 57.89% |
Bond Sector Breakdown
Weighting | Return Low | Return High | DMNBX % Rank | |
---|---|---|---|---|
Municipal | 97.88% | 44.39% | 100.00% | 56.96% |
Derivative | 0.00% | -3.72% | 51.88% | 56.34% |
Cash & Equivalents | 0.00% | 0.00% | 43.45% | 82.81% |
Securitized | 0.00% | 0.00% | 5.93% | 58.29% |
Corporate | 0.00% | 0.00% | 9.41% | 65.36% |
Government | 0.00% | 0.00% | 52.02% | 61.36% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | DMNBX % Rank | |
---|---|---|---|---|
US | 98.42% | 0.00% | 142.23% | 61.05% |
Non US | 0.00% | 0.00% | 23.89% | 60.12% |
DMNBX - Expenses
Operational Fees
DMNBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.43% | 0.01% | 8.02% | 89.38% |
Management Fee | 0.25% | 0.00% | 1.20% | 10.28% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
DMNBX 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
DMNBX 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.
DMNBX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 20.00% | 0.00% | 283.00% | 59.29% |
DMNBX - Distributions
Dividend Yield Analysis
DMNBX | Category Low | Category High | DMNBX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.99% | 0.00% | 14.51% | 91.84% |
Dividend Distribution Analysis
DMNBX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
DMNBX | Category Low | Category High | DMNBX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.83% | -0.53% | 5.33% | 91.13% |
Capital Gain Distribution Analysis
DMNBX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.016 | OrdinaryDividend |
Aug 29, 2024 | $0.016 | OrdinaryDividend |
Jul 30, 2024 | $0.019 | OrdinaryDividend |
Apr 29, 2024 | $0.017 | OrdinaryDividend |
Mar 27, 2024 | $0.018 | OrdinaryDividend |
Feb 28, 2024 | $0.014 | OrdinaryDividend |
Jan 30, 2024 | $0.010 | OrdinaryDividend |
Dec 11, 2023 | $0.020 | OrdinaryDividend |
Nov 29, 2023 | $0.013 | OrdinaryDividend |
Oct 30, 2023 | $0.014 | OrdinaryDividend |
Sep 28, 2023 | $0.012 | OrdinaryDividend |
Aug 30, 2023 | $0.013 | OrdinaryDividend |
Jul 28, 2023 | $0.011 | OrdinaryDividend |
Jun 29, 2023 | $0.010 | OrdinaryDividend |
May 30, 2023 | $0.012 | OrdinaryDividend |
Apr 27, 2023 | $0.009 | OrdinaryDividend |
Mar 30, 2023 | $0.015 | OrdinaryDividend |
Feb 27, 2023 | $0.008 | OrdinaryDividend |
Jan 30, 2023 | $0.008 | OrdinaryDividend |
Dec 12, 2022 | $0.009 | OrdinaryDividend |
Nov 29, 2022 | $0.008 | OrdinaryDividend |
Oct 28, 2022 | $0.009 | OrdinaryDividend |
Sep 29, 2022 | $0.007 | OrdinaryDividend |
Aug 30, 2022 | $0.007 | OrdinaryDividend |
Jul 28, 2022 | $0.007 | OrdinaryDividend |
Jun 29, 2022 | $0.007 | OrdinaryDividend |
May 27, 2022 | $0.007 | OrdinaryDividend |
Apr 28, 2022 | $0.005 | OrdinaryDividend |
Mar 30, 2022 | $0.010 | OrdinaryDividend |
Feb 25, 2022 | $0.004 | OrdinaryDividend |
Jan 28, 2022 | $0.005 | OrdinaryDividend |
Dec 13, 2021 | $0.006 | OrdinaryDividend |
Nov 29, 2021 | $0.006 | OrdinaryDividend |
Oct 28, 2021 | $0.006 | OrdinaryDividend |
Sep 29, 2021 | $0.005 | OrdinaryDividend |
Aug 30, 2021 | $0.006 | OrdinaryDividend |
Jul 29, 2021 | $0.007 | OrdinaryDividend |
Jun 29, 2021 | $0.006 | OrdinaryDividend |
May 27, 2021 | $0.007 | OrdinaryDividend |
Apr 29, 2021 | $0.005 | OrdinaryDividend |
Mar 30, 2021 | $0.012 | OrdinaryDividend |
Feb 25, 2021 | $0.009 | OrdinaryDividend |
Jan 28, 2021 | $0.004 | OrdinaryDividend |
Dec 14, 2020 | $0.060 | OrdinaryDividend |
Nov 27, 2020 | $0.005 | OrdinaryDividend |
Oct 29, 2020 | $0.009 | OrdinaryDividend |
Sep 29, 2020 | $0.012 | OrdinaryDividend |
Jul 30, 2020 | $0.008 | OrdinaryDividend |
Jun 29, 2020 | $0.008 | OrdinaryDividend |
Dec 16, 2019 | $0.009 | OrdinaryDividend |
Nov 27, 2019 | $0.009 | OrdinaryDividend |
Oct 30, 2019 | $0.012 | OrdinaryDividend |
Sep 27, 2019 | $0.007 | OrdinaryDividend |
Aug 29, 2019 | $0.009 | OrdinaryDividend |
Jul 30, 2019 | $0.011 | OrdinaryDividend |
Jun 27, 2019 | $0.008 | OrdinaryDividend |
May 30, 2019 | $0.010 | OrdinaryDividend |
Apr 29, 2019 | $0.012 | OrdinaryDividend |
Mar 28, 2019 | $0.009 | OrdinaryDividend |
Feb 27, 2019 | $0.008 | OrdinaryDividend |
Jan 30, 2019 | $0.012 | OrdinaryDividend |
Dec 17, 2018 | $0.010 | OrdinaryDividend |
Nov 29, 2018 | $0.007 | OrdinaryDividend |
Oct 30, 2018 | $0.010 | OrdinaryDividend |
Sep 27, 2018 | $0.008 | OrdinaryDividend |
Aug 30, 2018 | $0.009 | OrdinaryDividend |
Jul 30, 2018 | $0.010 | OrdinaryDividend |
Jun 28, 2018 | $0.008 | OrdinaryDividend |
May 30, 2018 | $0.010 | OrdinaryDividend |
Apr 27, 2018 | $0.008 | OrdinaryDividend |
Mar 28, 2018 | $0.012 | OrdinaryDividend |
Feb 27, 2018 | $0.007 | OrdinaryDividend |
Jan 30, 2018 | $0.011 | OrdinaryDividend |
Dec 14, 2017 | $0.006 | OrdinaryDividend |
Nov 29, 2017 | $0.006 | OrdinaryDividend |
Oct 30, 2017 | $0.009 | OrdinaryDividend |
Sep 28, 2017 | $0.013 | OrdinaryDividend |
DMNBX - Fund Manager Analysis
Managers
David Plecha
Start Date
Tenure
Tenure Rank
Jul 25, 2017
4.85
4.9%
David Plecha is Dimensional’s Global Head of Fixed Income. A member of the Investment Committee and Investment Research Committee, he not only manages US and global portfolios but also maintains much of the fixed income research and client communications. Dave received his Chartered Financial Analyst® designation in 1996. Prior to joining Dimensional in 1989, he managed stock index futures and options for Leland O’Brien Rubinstein Associates and was an operations planner for Texas Instruments.
Joseph Kolerich
Start Date
Tenure
Tenure Rank
Jul 25, 2017
4.85
4.9%
Joseph Kolerich is Head of Fixed Income, Americas, Senior Portfolio Manager and Vice President of Dimensional and a member of the Investment Committee. Mr. Kolerich has an MBA from the University of Chicago Booth School of Business and a BS from Northern Illinois University. Mr. Kolerich joined DFA as a portfolio manager in 2001 and has been responsible for the fixed income portfolios since 2012.
Travis Meldau
Start Date
Tenure
Tenure Rank
Feb 28, 2018
4.25
4.3%
Mr. Meldau is a Portfolio Manager and Vice President of Dimensional Fund Advisors LP. Mr. Meldau holds an MBA from Wake Forest University, and a BSBA from Appalachian State University. Mr. Meldau joined Dimensional in 2011, has been a portfolio manager since 2011.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.33 | 1.58 |