ACHMX — Aberdeen High Yield Managed Duration Municipal Fund
Data updated: 2026-09-29
ACHMX — Aberdeen High Yield Managed Duration Municipal Fund. Long Corporate Bond · $24.92M AUM. Holdings, fees, performance and SEC filings.
ACHMX Fund Overview
ACHMX — Aberdeen High Yield Managed Duration Municipal Fund is a US mutual fund managed by abrdn Funds, categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: abrdn Funds
- Category: Long Corporate Bond
- Assets under management: $24.92M
- Ticker: ACHMX
- SEC CIK: 0001413594
- SEC series ID: S000061519
- Share class ID: C000224176
ACHMX Investment Objective and Strategy
Aberdeen High Yield Managed Duration Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by abrdn Funds.
Investment objective
The Aberdeen High Yield Managed Duration Municipal Fund (the High Yield Managed Duration Municipal Fund or the Fund) seeks a high level of current income exempt from federal income tax.
Principal investment strategy
Under normal circumstances, the High Yield Managed Duration Municipal Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in municipal obligations that are exempt from federal income tax (including securities subject to the federal alternative minimum tax (AMT)). The Fund may invest, without limitation, in municipal obligations whose interest is a tax-preference item for purposes of the AMT. If this is the case, the Funds net return to those investors may be lower than to investors not subject to the AMT. The interest income distributed by the Fund that is derived from certain tax-exempt municipal obligations may be subject to the federal AMT for individuals and corporations. There is no limitation on the portion of the Funds assets that may be invested in municipal obligations subject to the AMT.
An investor should consult his or her tax adviser for more information. The Fund has a flexible investment strategy and may invest in obligations of any credit quality and duration. Under normal circumstances, the Fund invests at least 50% of its assets in municipal bonds rated BBB or lower by Standard & Poors, a subsidiary of The McGraw Hill Companies, Inc., or Baa or lower by Moodys Investor Service, Inc., at the time of investment, or the equivalent by another independent rating agency or the unrated equivalent as determine by the Adviser. Split rate bonds will be considered to have the higher credit rating. Municipal bonds rated below investment grade (BB/Ba or lower) are commonly known as high yield or junk bonds. Municipal bonds in which the Fund may invest include, but are not limited to, general obligation bonds, revenue bonds, private activity bonds, moral obligation bonds, municipal notes, municipal commercial paper, municipal lease obligations and tender option bonds.
Revenue obligations may include, but are not limited to, general obligation bonds, revenue bonds, private activity bonds, moral obligation bonds, municipal notes, municipal commercial paper, municipal lease obligations and tender option bonds. Revenue obligations may include, but are not limited to, industrial development, pollution control, public utility, housing, and health care issues. Tender option bonds are created when a holder deposits tax-exempt or other bonds into a special purpose trust (TOB trust). The TOB trust issues two types of securities: floating rate notes (floaters or TOBs) and a residual security junior to the floaters (inverse floaters). The Fund does not currently intend to deposit bonds into a TOB trust, but may invest in the variable rate securities issued by TOB trusts.
The Fund seeks to maintain effective portfolio duration between two and seven years, however, it can buy securities of any maturity. The Adviser expects to increase or decrease the portfolios effective duration based on its outlook for the market and interest rates. Duration measures the sensitivity of bond prices to changes in interest rates. The longer the duration of a bond, the longer it will take to repay the principal and interest obligations and the more sensitive it will be to changes in interest rates. Because of events affecting the bond markets and interest rate changes, the duration of the portfolio might not meet the target at all times. The Fund can invest up to 25% of its total assets in tobacco-related bonds without an appropriation pledge that makes payments only from a states interest in the tobacco Master Settlement Agreement (MSA).
The MSA is an agreement, reached out of court in 1998, between the largest U.S. tobacco manufacturers and 46 states and other U.S. jurisdictions to settle claims against the tobacco manufacturers. In selecting investments for the Fund, the Adviser generally looks for a wide range of U.S. issuers and securities that provide high current income, including unrated bonds and securities of smaller issuers that offer high current income and might be overlooked by other investors and funds. The Adviser also focuses on securities with coupon interest or accretion rates, current market interest rates, callability and call prices that might change the effective maturity of particular securities. The Adviser may consider selling a security if any of these factors no longer applies to a security purchased for the Fund, but are not required to do so.
ACHMX Holdings
Top 10 holdings of Aberdeen High Yield Managed Duration Municipal Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Colorado St Hlth Facs Auth Revenue | 10.24% |
| Houston Tx Arpt Sys Revenue | 5.18% |
| Southeast Energy Authority A Cooperative | 4.83% |
| Public Fin Auth Wi Revenue | 4.20% |
| Florida St Dev Fin Corp. Eductnl Facs Revenue | 4.13% |
| Florida Loc Govt Fin Commission Senior Living Revenue | 4.02% |
| Pennsylvania St Econ Dev Fingauth Exempt Facs Revenue | 4.02% |
| National Fin Auth Nh Spl Revenue | 3.97% |
| Madison Cnty Ny Capital Resource Corp. Corp. Revenue | 3.86% |
| Hgr Edu Facs Fing Auth Fl Hgr Eductnl Facs Revenue | 3.70% |
ACHMX Portfolio Allocation
Asset-class allocation of Aberdeen High Yield Managed Duration Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.3% |
ACHMX Performance
Total returns for ACHMX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 0.5% |
| 1 year | 3.8% |
| 3 years (annualised) | 2.4% |
| 5 years (annualised) | -0.2% |
ACHMX Risk Information
Risk metrics for ACHMX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.1%
ACHMX Costs and Fees
ACHMX costs about $167 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.67%
- Gross expense ratio: 1.92%
- Portfolio turnover: 97%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
ACHMX Cashflows
Over the 12 months to 2026-04, Aberdeen High Yield Managed Duration Municipal Fund had net outflows of $47.54M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$43.64K |
| 2026-03 | −$2.21M |
| 2026-02 | −$1.07M |
| 2026-01 | −$3.99M |
| 2025-12 | −$4.48M |
| 2025-11 | −$13.92M |
ACHMX Debt Constituents
Largest debt holdings of Aberdeen High Yield Managed Duration Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Colorado St Hlth Facs Auth Revenue | 10.24% |
| Houston Tx Arpt Sys Revenue | 5.18% |
| Southeast Energy Authority A Cooperative | 4.83% |
| Public Fin Auth Wi Revenue | 4.20% |
| Florida St Dev Fin Corp. Eductnl Facs Revenue | 4.13% |
| Florida Loc Govt Fin Commission Senior Living Revenue | 4.02% |
| Pennsylvania St Econ Dev Fingauth Exempt Facs Revenue | 4.02% |
| National Fin Auth Nh Spl Revenue | 3.97% |
| Madison Cnty Ny Capital Resource Corp. Corp. Revenue | 3.86% |
| Hgr Edu Facs Fing Auth Fl Hgr Eductnl Facs Revenue | 3.70% |
ACHMX Prospectus and SEC Filings
Official Aberdeen High Yield Managed Duration Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus supplement (497) — filed 2026-03-04
- Prospectus supplement (497) — filed 2024-03-05
- Portfolio holdings (N-PORT) — filed 2026-09-29
- Portfolio holdings (N-PORT) — filed 2026-06-26
- Portfolio holdings (N-PORT) — filed 2026-03-25
- Annual census (N-CEN) — filed 2026-01-14
- Annual census (N-CEN) — filed 2025-01-13
Related Funds
Other Long Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.