GIJAX: Guggenheim Municipal Income Fund - MutualFunds.com

Welcome to MutualFunds.com

Please help us personalize your experience and select the one that best describes you.

Your personalized experience is almost ready.

Join other Individual Investors receiving FREE personalized market updates and research. Join other Institutional Investors receiving FREE personalized market updates and research. Join other Financial Advisors receiving FREE personalized market updates and research.

Thank you!

Check your email and confirm your subscription to complete your personalized experience.

Thank you for your submission

We hope you enjoy your experience

Channels

Fixed income news, reports, video and more.

Municipal bonds news, reports, video and more.

Practice management news, reports, video and more.

Portfolio management news, reports, video and more.

Retirement news, reports, video and more.

Learn from industry thought leaders and expert market participants.

Deepen your understanding of Responsible Investing.

Enhance retirement outcomes with helpful tactics.

Guggenheim Municipal Income A

GIJAX - Snapshot

Vitals

  • YTD Return 0.5%
  • 3 Yr Annualized Return 3.8%
  • 5 Yr Annualized Return 3.4%
  • Net Assets $78.2 M
  • Holdings in Top 10 26.1%

52 WEEK LOW AND HIGH

$13.14
$11.84
$13.51

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.34%

SALES FEES

  • Front Load 4.00%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 30.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,500
  • IRA N/A

Fund Classification

  • Primary Theme
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Long

Compare GIJAX to Popular Municipal Bond Funds and ETFs

Overview

Income Profile

Income Risk

Returns Profile

Allocations

Expenses

About

$14.64

0.00%

$78.20 B

0.00%

$0.00

1.17%

0.17%

$11.21

0.00%

$32.33 B

0.00%

$0.00

1.17%

0.17%

$13.38

0.00%

$24.21 B

0.00%

$0.00

0.38%

0.52%

$15.93

0.00%

$19.35 B

0.00%

$0.00

0.50%

0.17%

$115.42

+0.14%

$17.86 B

-

-

1.19%

0.07%

GIJAX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return 2.4%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.31%
DIVIDENDS
  • Dividend Yield 1.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Guggenheim Municipal Income Fund
  • Fund Family Name
    Guggenheim Investments
  • Inception Date
    Apr 28, 2004
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Anne Walsh

Fund Description

The fund normally invests at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in a diversified portfolio of municipal securities whose interest is free from federal income tax.


GIJAX - Performance

Return Ranking - Trailing

Period GIJAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -9.3% 300.5% 35.14%
1 Yr 2.8% -5.9% 6.6% 40.53%
3 Yr 3.8%* -0.9% 7.4% 28.65%
5 Yr 3.4%* -0.2% 7.0% 31.36%
10 Yr 4.3%* -0.1% 8.1% 16.50%

* Annualized

Return Ranking - Calendar

Period GIJAX Return Category Return Low Category Return High Rank in Category (%)
2019 4.5% -0.3% 15.4% 27.18%
2018 -1.9% -10.3% 97.2% 38.15%
2017 3.4% -100.0% 7.6% 8.58%
2016 -2.5% -7.9% 96.8% 36.65%
2015 0.2% -4.8% 3.0% 20.25%

Total Return Ranking - Trailing

Period GIJAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -9.3% 300.5% 35.08%
1 Yr -1.3% -8.7% 6.6% 87.58%
3 Yr 2.4%* -2.4% 7.4% 70.53%
5 Yr 2.6%* -1.4% 7.0% 60.51%
10 Yr 3.8%* -0.5% 8.1% 25.37%

* Annualized

Total Return Ranking - Calendar

Period GIJAX Return Category Return Low Category Return High Rank in Category (%)
2019 4.5% -0.3% 15.4% 27.65%
2018 -1.6% -10.3% 11.0% 31.72%
2017 3.4% -100.0% 7.6% 11.12%
2016 -2.5% -7.9% 3.0% 41.52%
2015 0.2% -4.8% 4.0% 25.57%

NAV & Total Return History


GIJAX - Holdings

Concentration Analysis

GIJAX Category Low Category High GIJAX % Rank
Net Assets 78.2 M 617 K 78.2 B 87.69%
Number of Holdings 240 3 10083 46.37%
Net Assets in Top 10 18.2 M -202 M 4.54 B 85.77%
Weighting of Top 10 26.08% 2.4% 99.7% 20.83%

Top 10 Holdings

  1. Dreyfus AMT-Free Tx-Ex Cash Mgmt Instl 5.08%
  2. iShares Short-Term National Muni Bd ETF 4.94%
  3. EL CAMINO CALIF HOSP DIST 3.13%
  4. YSLETA TEX INDPT SCH DIST 4% 2.36%
  5. LOS ANGELES CALIF DEPT ARPTS REV 5% 1.83%
  6. NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 5% 1.82%
  7. PRIVATE COLLEGES & UNIVS AUTH GA REV 5% 1.81%
  8. STOCKTON CALIF PUB FING AUTH WTR REV 6.25% 1.71%
  9. ARIZONA INDL DEV AUTH REV 2.12% 1.70%
  10. CLEVELAND TEX INDPT SCH DIST 4% 1.70%

Asset Allocation

Weighting Return Low Return High GIJAX % Rank
Bonds
95.35% 65.51% 149.06% 81.70%
Cash
5.07% -49.07% 34.49% 16.10%
Stocks
0.00% 0.00% 1.67% 38.98%
Preferred Stocks
0.00% -0.98% 1.04% 35.49%
Convertible Bonds
0.00% 0.00% 1.83% 35.94%
Other
-0.42% -1.48% 12.83% 99.66%

Bond Sector Breakdown

Weighting Return Low Return High GIJAX % Rank
Municipal
94.47% 49.08% 100.00% 83.22%
Corporate
4.99% 0.00% 13.25% 0.85%
Cash & Equivalents
0.53% 0.00% 34.49% 61.96%
Government
0.01% 0.00% 49.86% 6.07%
Derivative
0.00% 0.00% 2.16% 35.37%
Securitized
0.00% 0.00% 6.06% 36.85%

Bond Geographic Breakdown

Weighting Return Low Return High GIJAX % Rank
US
94.11% 65.51% 142.92% 70.18%
Non US
1.24% 0.00% 27.43% 42.74%

GIJAX - Expenses

Operational Fees

GIJAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.34% 0.01% 4.01% 24.45%
Management Fee 0.50% 0.00% 1.10% 76.10%
12b-1 Fee 0.25% 0.00% 1.00% 44.50%
Administrative Fee N/A 0.01% 0.47% 45.55%

Sales Fees

GIJAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.00% 0.50% 5.75% 39.26%
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

GIJAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

GIJAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 30.00% 0.00% 235.00% 69.94%

GIJAX - Distributions

Dividend Yield Analysis

GIJAX Category Low Category High GIJAX % Rank
Dividend Yield 1.51% 0.00% 3.81% 2.59%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

GIJAX Category Low Category High GIJAX % Rank
Net Income Ratio 2.31% 0.04% 6.48% 58.76%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

GIJAX - Fund Manager Analysis

Managers

Anne Walsh


Start Date

Tenure

Tenure Rank

Jan 17, 2012

8.71

8.7%

Anne B. Walsh, Chief Investment Officer, Fixed Income, Senior Managing Director and Portfolio Manager of Guggenheim Partners. Ms. Walsh joined Guggenheim Partners (or its affiliate or predecessor) in 2007 is also the head of the Portfolio Construction Group and Portfolio Management. She oversees more than $185 billion in fixed-income investments including Agencies, Credit, Municipals, and Structured Securities. She is responsible for portfolio design, strategy, sector allocation and risk management, as well as conveying Guggenheim Partners' macroeconomic outlook to Portfolio Managers and fixed income Sector Specialists. Ms. Walsh specializes in liability-driven portfolio management. Prior to joining Guggenheim Partners, she served as Chief Investment Officer at Reinsurance Group of America, and also held roles at Zurich Scudder Investments, Lincoln Investment Management and American Bankers Insurance Group. She has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute. Ms. Walsh received her BSBA and MBA from Auburn University and her J.D. from the University of Miami School of Law.

B. Scott Minerd


Start Date

Tenure

Tenure Rank

Jan 17, 2012

8.71

8.7%

B. Scott Minerd, Chairman, Global Chief Investment Officer, Managing Partner and Portfolio Manager of Guggenheim Partners. Mr. Minerd joined Guggenheim Partners (or its affiliate or predecessor) in May 1998. Mr. Minerd leads Guggenheim Partners' research on global macroeconomics and guides the firm’s investment strategies.Previously, Mr. Minerd was a Managing Director with Credit Suisse First Boston in charge of trading and risk management for the Fixed Income Credit Trading Group. In this position, he was responsible for the corporate bond, preferred stock, money markets, U.S. government agency and sovereign debt, derivatives securities, structured debt and interest rate swaps trading business units. Prior to that, Mr. Minerd was Morgan Stanley’s London based European Capital Markets Products Trading and Risk Manager responsible for Eurobonds, Euro-MTNs, domestic European Bonds, FRNs, derivative securities and money market products in 12 European currencies and Asian markets. Mr. Minerd has also held capital markets positions with Merrill Lynch and Continental Bank. Prior to that, he was a Certified Public Accountant and worked for the public accounting firm of Price Waterhouse. Mr. Minerd is a member of the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets, helping advise the NY Fed President and senior management at the bank about the current financial markets and ways the public and private sectors can better understand and mitigate systematic risks. Mr. Minerd also works with the Organization for Economic Cooperation and Development (OECD), advising on research and analysis of private sector infrastructure investment, and is a contributing member of the World Economic Forum (WEF). He is a regularly featured guest and contributor to leading financial media outlets, including The Wall Street Journal, The Financial Times, Bloomberg, and CNBC, where he shares insights on today’s financial climate. Mr. Minerd holds a B.S. degree in Economics from the Wharton School, University of Pennsylvania, Philadelphia, and has completed graduate work at the University of Chicago Graduate School of Business and the Wharton School, University of Pennsylvania.

Allen Li


Start Date

Tenure

Tenure Rank

Jan 31, 2017

3.67

3.7%

Allen Li, Managing Director and Portfolio Manager of Guggenheim Partners. Mr. Li joined Guggenheim in 2007 with a dual role in equities and investment grade corporate research. He began covering municipal bonds when Guggenheim built up sector exposure to take advantage of the auction-rate securities market dislocation in early 2008. He manages Guggenheim’s dedicated municipal portfolios in addition to overseeing multi-strategy accounts’ exposure to the sector. Mr. Li received a B.A. in Economics from Cornell University. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

Steven Brown


Start Date

Tenure

Tenure Rank

Dec 10, 2019

0.81

0.8%

Steve Brown, Senior Managing Director and Portfolio Manager of Guggenheim Partners and Senior Managing Director and Portfolio Manager of Security Investors. He has co-managed Series E since 2016. Mr. Brown joined Guggenheim Investments in 2010 and is a Portfolio Manager for Guggenheim Partners' Active Fixed Income and Total Return mandates. He works with the Chief Investment Officers and other members of the Portfolio Management team to develop and execute portfolio strategy. Additionally, he works closely with the Sector Teams and Portfolio Construction Group. Prior to joining Portfolio Management in 2012, Brown worked in Guggenheim Partners' Asset Backed Securities group. His responsibilities on that team included trading and evaluating investment opportunities and monitoring credit performance. Prior to joining Guggenheim Partners in 2010, Mr. Brown held roles within structured products at ABN AMRO and Bank of America in Chicago and London. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

Adam Bloch


Start Date

Tenure

Tenure Rank

Dec 10, 2019

0.81

0.8%

Adam Bloch, Managing Director and Portfolio Manager of Guggenheim Partners. Mr. Bloch joined Guggenheim Partners in 2012 and is a Portfolio Manager for the firm's Active Fixed Income and Total Return mandates. Mr. Bloch works with the Chief Investment Officers and other Portfolio Managers to develop portfolio strategy that is in line with the firm’s views. He oversees strategy implementation, working with research analysts and traders to generate trade ideas, hedge portfolios, and manage day-to-day risk. Prior to joining Guggenheim Partners, he worked in Leveraged Finance at Bank of America Merrill Lynch in New York where he structured high-yield bonds and leveraged loans for leveraged buyouts, restructurings, and corporate refinancings across multiple industries. Mr. Bloch graduated from the University of Pennsylvania.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.85 8.29 2.76