Carret Kansas Tax-Exempt Bond Fund
Name
As of 10/11/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.6%
1 yr return
7.2%
3 Yr Avg Return
-1.3%
5 Yr Avg Return
0.0%
Net Assets
$121 M
Holdings in Top 10
15.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.91%
SALES FEES
Front Load 4.25%
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/11/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
IKSTX - Profile
Distributions
- YTD Total Return 0.6%
- 3 Yr Annualized Total Return -1.3%
- 5 Yr Annualized Total Return 0.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.58%
- Dividend Yield 1.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameCarret Kansas Tax-Exempt Bond Fund
-
Fund Family NameAmerican Independence
-
Inception DateSep 21, 2018
-
Shares Outstanding215724
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJason Graybill
Fund Description
The Fund seeks to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes by investing in bonds issued by Kansas municipalities. Under normal market conditions:
● | Until April 1, 2024, the Fund will invest almost exclusively in Kansas-based securities and may also invest in obligations of the United States government and its agencies and instrumentalities, and thereafter, the Fund will invest predominantly in Kansas-based securities and may also invest in obligations of the United States government and its agencies and instrumentalities. Until April 1, 2024, the Fund intends to invest in securities issued by territories or possessions of the United States, and thereafter, the Fund may invest in securities issued by territories or possessions of the United States; |
● | The Fund will invest in municipal bonds with maturities ranging up to 20 years and which are rated, at time of purchase, investment grade (rated Baa/BBB or better, as rated by a nationally recognized statistical rating organization, such as Moody’s Investors Service Inc. (‘‘Moody’s’’), Standard & Poor’s Corporation (‘‘S&P’’), or Fitch Ratings Ltd. (‘‘Fitch’’), or which are unrated and determined by the Fund’s Adviser to be of comparable quality); |
● | Until April 1, 2024, the Fund will maintain a dollar weighted average portfolio maturity between 7 and 12 years, and thereafter, the Fund will maintain a dollar weighted average portfolio maturity between 3 and 15 years; |
● | At least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in municipal bonds which produce interest that is exempt from federal income tax and, in the opinion of bond counsel of the issuer of Kansas obligations, is exempt from Kansas state income taxes; and |
● | At least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in securities the income from which is not subject to the alternative minimum tax (“AMT”). |
Main types of securities in which the Fund may invest:
● | Municipal securities from the State of Kansas |
● | Municipal securities from other states and U.S. territories and possessions |
● | Short-term money market securities, including cash and money market mutual funds, including shares of registered investment companies |
The Fund will invest primarily in general obligation and revenue bonds. If any security held by the Fund falls below investment grade, the Fund will put the security on its credit watch list and will generally sell the security within 90 days of such credit downgrade. The Fund does not intend to principally invest in any particular sector of the municipal bond market.
Buy and Sell Strategy:
The Fund’s buy discipline is determined by the investment mandate, as well as metrics including; duration, rating, coupon, and sector/industry. After an approved universe of bonds is identified, the portfolio managers/analysts identify specific bond issues. Each credit is analyzed to determine its credit-worthiness and risk profile prior to a buy decision.
The Fund’s sell discipline takes into consideration bonds that fall in credit quality or that are viewed as having downward pricing risk. Bonds in industries that are perceived to be undergoing significant changes may result in a deteriorating financial condition. The sell discipline is also designed to alter the complexion of portfolios as portfolio managers strategically decide to change duration, credit quality, cash flows, etc.
IKSTX - Performance
Return Ranking - Trailing
Period | IKSTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.6% | -3.0% | 26.3% | 94.34% |
1 Yr | 7.2% | 1.7% | 37.9% | 76.03% |
3 Yr | -1.3%* | -10.2% | 3.3% | 86.65% |
5 Yr | 0.0%* | -6.8% | 1104.6% | 85.52% |
10 Yr | N/A* | -1.0% | 248.8% | 72.95% |
* Annualized
Return Ranking - Calendar
Period | IKSTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.2% | -1.4% | 41.0% | 67.82% |
2022 | -9.8% | -39.7% | 0.3% | 34.12% |
2021 | -1.2% | -5.6% | 6.9% | 80.78% |
2020 | 2.8% | -2.6% | 310.0% | 9.44% |
2019 | 2.8% | 0.0% | 26.0% | 81.44% |
Total Return Ranking - Trailing
Period | IKSTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.6% | -3.0% | 26.3% | 94.34% |
1 Yr | 7.2% | 1.7% | 37.9% | 76.03% |
3 Yr | -1.3%* | -10.2% | 3.3% | 86.65% |
5 Yr | 0.0%* | -6.8% | 1104.6% | 85.52% |
10 Yr | N/A* | -1.0% | 248.8% | 84.96% |
* Annualized
Total Return Ranking - Calendar
Period | IKSTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.8% | -1.3% | 41.0% | 87.58% |
2022 | -8.2% | -39.7% | 1.1% | 37.71% |
2021 | 0.5% | -4.8% | 23761504.0% | 76.01% |
2020 | 4.7% | -1.5% | 17057.9% | 22.01% |
2019 | 3.1% | 0.2% | 3514.6% | 93.22% |
NAV & Total Return History
IKSTX - Holdings
Concentration Analysis
IKSTX | Category Low | Category High | IKSTX % Rank | |
---|---|---|---|---|
Net Assets | 121 M | 3.22 M | 71.9 B | 83.08% |
Number of Holdings | 164 | 4 | 13418 | 69.37% |
Net Assets in Top 10 | 19.1 M | -317 M | 3.45 B | 88.55% |
Weighting of Top 10 | 15.69% | 1.9% | 100.1% | 58.36% |
Top 10 Holdings
- Seward County Unified School District No 480 Liberal 2.00%
- Butler County Unified School District No 385 Andover 1.74%
- State of Kansas Department of Transportation 1.72%
- State of Kansas Department of Transportation 1.72%
- Johnson Miami Counties Unified School District No 230 Spring Hills 1.68%
- Allen County Unified School District No 257 1.66%
- Kansas Development Finance Authority 1.36%
- State of Kansas Department of Transportation 1.30%
- County of Johnson KS 1.26%
- Johnson County Unified School District No 229 Blue Valley 1.26%
Asset Allocation
Weighting | Return Low | Return High | IKSTX % Rank | |
---|---|---|---|---|
Bonds | 98.41% | 0.00% | 150.86% | 63.81% |
Cash | 1.59% | -50.86% | 43.45% | 35.02% |
Stocks | 0.00% | 0.00% | 99.89% | 74.98% |
Preferred Stocks | 0.00% | 0.00% | 0.08% | 73.24% |
Other | 0.00% | -3.72% | 51.88% | 70.77% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 72.79% |
Bond Sector Breakdown
Weighting | Return Low | Return High | IKSTX % Rank | |
---|---|---|---|---|
Municipal | 98.41% | 44.39% | 100.00% | 49.60% |
Cash & Equivalents | 0.64% | 0.00% | 43.45% | 32.89% |
Derivative | 0.00% | -3.72% | 51.88% | 69.11% |
Securitized | 0.00% | 0.00% | 5.93% | 72.86% |
Corporate | 0.00% | 0.00% | 9.41% | 77.14% |
Government | 0.00% | 0.00% | 52.02% | 75.60% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | IKSTX % Rank | |
---|---|---|---|---|
US | 98.41% | 0.00% | 142.23% | 61.45% |
Non US | 0.00% | 0.00% | 23.89% | 75.17% |
IKSTX - Expenses
Operational Fees
IKSTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.91% | 0.01% | 8.02% | 33.84% |
Management Fee | 0.30% | 0.00% | 1.20% | 17.17% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 56.78% |
Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
IKSTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 4.25% | 0.50% | 4.75% | 19.25% |
Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
IKSTX 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.
IKSTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 283.00% | 42.20% |
IKSTX - Distributions
Dividend Yield Analysis
IKSTX | Category Low | Category High | IKSTX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.77% | 0.00% | 14.51% | 93.68% |
Dividend Distribution Analysis
IKSTX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
IKSTX | Category Low | Category High | IKSTX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.58% | -0.53% | 5.33% | 68.33% |
Capital Gain Distribution Analysis
IKSTX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.015 | OrdinaryDividend |
Aug 30, 2024 | $0.015 | OrdinaryDividend |
Jul 31, 2024 | $0.015 | OrdinaryDividend |
Apr 30, 2024 | $0.014 | OrdinaryDividend |
Mar 28, 2024 | $0.015 | OrdinaryDividend |
Feb 29, 2024 | $0.014 | OrdinaryDividend |
Nov 30, 2023 | $0.014 | OrdinaryDividend |
Oct 31, 2023 | $0.015 | OrdinaryDividend |
Aug 31, 2023 | $0.015 | OrdinaryDividend |
Jul 31, 2023 | $0.015 | OrdinaryDividend |
Jun 30, 2023 | $0.014 | OrdinaryDividend |
May 31, 2023 | $0.015 | OrdinaryDividend |
Apr 28, 2023 | $0.013 | OrdinaryDividend |
Mar 31, 2023 | $0.015 | OrdinaryDividend |
Feb 28, 2023 | $0.013 | OrdinaryDividend |
Jan 31, 2023 | $0.014 | OrdinaryDividend |
Dec 30, 2022 | $0.014 | OrdinaryDividend |
Dec 14, 2022 | $0.001 | CapitalGainLongTerm |
Nov 30, 2022 | $0.014 | OrdinaryDividend |
Oct 31, 2022 | $0.015 | OrdinaryDividend |
Sep 30, 2022 | $0.014 | OrdinaryDividend |
Aug 31, 2022 | $0.014 | OrdinaryDividend |
Jul 29, 2022 | $0.014 | OrdinaryDividend |
Jun 30, 2022 | $0.013 | OrdinaryDividend |
May 31, 2022 | $0.014 | OrdinaryDividend |
Apr 29, 2022 | $0.014 | OrdinaryDividend |
Mar 31, 2022 | $0.014 | OrdinaryDividend |
Feb 28, 2022 | $0.013 | OrdinaryDividend |
Jan 31, 2022 | $0.014 | OrdinaryDividend |
Dec 31, 2021 | $0.014 | OrdinaryDividend |
Dec 14, 2021 | $0.009 | CapitalGainShortTerm |
Dec 14, 2021 | $0.009 | CapitalGainLongTerm |
Nov 30, 2021 | $0.013 | OrdinaryDividend |
Oct 29, 2021 | $0.014 | OrdinaryDividend |
Sep 30, 2021 | $0.014 | OrdinaryDividend |
Aug 31, 2021 | $0.015 | OrdinaryDividend |
Jun 30, 2021 | $0.014 | OrdinaryDividend |
May 28, 2021 | $0.014 | OrdinaryDividend |
Apr 30, 2021 | $0.015 | OrdinaryDividend |
Mar 31, 2021 | $0.015 | OrdinaryDividend |
Feb 26, 2021 | $0.014 | OrdinaryDividend |
Jan 29, 2021 | $0.014 | OrdinaryDividend |
Dec 31, 2020 | $0.015 | OrdinaryDividend |
Dec 11, 2020 | $0.000 | CapitalGainLongTerm |
Nov 30, 2020 | $0.015 | OrdinaryDividend |
Oct 30, 2020 | $0.016 | OrdinaryDividend |
Sep 30, 2020 | $0.015 | OrdinaryDividend |
Aug 31, 2020 | $0.016 | OrdinaryDividend |
Jul 31, 2020 | $0.017 | OrdinaryDividend |
Jun 30, 2020 | $0.017 | OrdinaryDividend |
May 29, 2020 | $0.018 | OrdinaryDividend |
Apr 30, 2020 | $0.018 | OrdinaryDividend |
Mar 31, 2020 | $0.018 | OrdinaryDividend |
Feb 28, 2020 | $0.017 | OrdinaryDividend |
Jan 31, 2020 | $0.018 | OrdinaryDividend |
Dec 13, 2019 | $0.023 | CapitalGainShortTerm |
Nov 29, 2019 | $0.001 | OrdinaryDividend |
Oct 31, 2019 | $0.001 | OrdinaryDividend |
Sep 30, 2019 | $0.001 | OrdinaryDividend |
Aug 30, 2019 | $0.001 | OrdinaryDividend |
Jul 31, 2019 | $0.001 | OrdinaryDividend |
IKSTX - Fund Manager Analysis
Managers
Jason Graybill
Start Date
Tenure
Tenure Rank
Dec 31, 2016
5.42
5.4%
Jason is a Principal and Senior Managing Director at Carret Asset Management. He also serves on the firm's Executive Committee. He has over 25 years of experience in the investment management industry. At Carret, he is the Co-Director of the firm's Fixed Income Strategy. In this capacity, Jason Co-Chairs the Fixed Income Investment Policy Committee (IPC) and is responsible for all facets of Carret's Fixed Income capabilities. He also serves as a member of the firm's Equity IPC. He has been a guest on Bloomberg TV and Radio, BNN TV and CBS News Radio. He is frequently interviewed by leading industry publications including The Wall Street Journal and BusinessWeek, and is a guest speaker at securities industry events. Prior to joining Carret, he was a Senior Portfolio Manager at Abner, Herrman and Brock Asset Management in Jersey City, NJ and a Research Analyst at Oxford Capital Management in Baltimore, MD. Jason is a member of the CFA Institute and the New York Society of Security Analysts (NYSSA).
Neil Klein
Start Date
Tenure
Tenure Rank
Dec 31, 2016
5.42
5.4%
Neil is a Principal and Senior Managing Director and Senior Portfolio Manager at Carret Asset Management. He also serves on the firm's Executive Committee. He has over 25 years of experience in the investment management industry. At Carret, he is the Co-Director of the firm's Fixed Income Strategy. In this capacity, Neil Co-Chairs the Fixed Income Investment Policy Committee (IPC) and is responsible for all facets of Carret's Fixed Income capabilities. Neil has been a guest on Bloomberg Radio and has been interviewed for his market perspective by such media outlets as: The Wall Street Journal, Forbes, Business Week/Bloomberg, Debtwire, and The Financial Times. Prior to joining Carret, he was a Managing Director and Senior Portfolio Manager at Abner, Herrman & Brock Asset Management. Formerly, Neil spent nine years with Oppenheimer & Co., Inc. in New York City as a Senior Fixed Income Portfolio Manager managing the fixed income investment strategies for Oppenheimer Investment Advisers’ discretionary portfolios. Neil began his investment career in 1987 at Merrill Lynch. Neil is a member of The Municipal Analysts Group of New York (MAGNY) and the National Federation of Municipal Analysts (NFMA). Mr. Klein graduated from Pennsylvania State University in 1987, with a Bachelor of Science degree in AgriBusiness Management and from Temple University, Fox School of Business with a Master of Business Administration (MBA) degree. Neil resides in Gladstone, NJ with his wife and two children.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.35 | 1.58 |