High Yield Municipal Portfolio
Data updated: 2024-09-16
C000164150 — High Yield Municipal Portfolio. Intermediate Corporate Bond · $125.72M AUM · 0.89% expense ratio. Holdings, fees, performance and SEC filings.
C000164150 Fund Overview
High Yield Municipal Portfolio is a US mutual fund managed by Glenmede Fund INC, categorised as Intermediate 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: Glenmede Fund INC
- Category: Intermediate Corporate Bond
- Assets under management: $125.72M
- 1-year return: 5.0%
- SEC CIK: 0000835663
- SEC series ID: S000052157
- Share class ID: C000164150
C000164150 Investment Objective and Strategy
High Yield Municipal Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Glenmede Fund INC.
Investment objective
A high level of current income exempt from regular Federal income tax.
Principal investment strategy
Under normal circumstances, the Portfolio will invest at least 80% of the value of its net assets (including borrowings for investment purposes) in, or derive at least 80% of its income from, municipal securities that pay interest that is exempt from regular Federal income tax, but may, in certain instances, subject you to Federal alternative minimum tax. Municipal securities are debt obligations generally issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof to obtain funds for various public purposes, including the construction of public facilities. The Portfolio may invest, without limitation, in municipal securities that pay interest that may subject you to Federal alternative minimum tax.
The Federal alternative minimum tax is a Federal income tax imposed on non-corporate taxpayers calculated separately from the regular Federal income tax. It is designed to prevent non-corporate taxpayers from using certain deductions and credits (called tax-preference items) to pay little or no taxes. Certain private activity bonds pay interest that may be treated as a tax-preference item under the Federal alternative minimum tax. To the extent that the Portfolio invests in private activity bonds, a portion of the Portfolios dividends may be subject to Federal income tax for shareholders subject to Federal alternative minimum tax. The Portfolio will generally invest in municipal securities rated BB or below or Ba or below (commonly referred to as junk bonds) by nationally recognized statistical rating organizations (NRSROs) designated by Capital Guardian Trust Company (the Sub-Advisor), medium quality securities rated BBB or Baa by a NRSRO, or upper medium quality securities rated A by a NRSRO or unrated but determined to be of comparable quality at the time of purchase.
There is no minimum rating for a municipal security held by the Portfolio, and the Portfolio may purchase securities that are in default. Some of the securities in which the Portfolio will invest may have credit and liquidity support features, including guarantees and letters of credit. In seeking to achieve its objective, the Portfolio may forego opportunities that would result in capital gains and may accept prudent risks to capital value, in each case to take advantage of opportunities for higher current income. The Portfolio does not have any portfolio maturity limitations and may invest its assets in instruments with short, medium and long maturities. The Sub-Advisor seeks to purchase attractively priced securities that it considers to represent good, long-term investment opportunities.
The Sub-Advisor analyzes various factors to help identify securities, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. A security may be sold when the Sub-Advisor believes that it no longer represents a relatively attractive investment opportunity. The Sub-Advisor uses a system of multiple portfolio managers in managing the Portfolios assets. Under this approach, the Portfolio is divided into segments managed by individual managers who decide how their respective segments will be invested.
C000164150 Holdings
Top 1 holdings of High Yield Municipal Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Public Finance Authority | 0.01% |
C000164150 Performance
Total returns for C000164150 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 5.0% |
| 3 years (annualised) | -2.3% |
| 5 years (annualised) | 0.7% |
C000164150 Risk Information
Risk metrics for C000164150, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.4%
C000164150 Costs and Fees
C000164150 costs about $89 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.89%
- Gross expense ratio: 0.89%
- Portfolio turnover: 25%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000164150 Cashflows
Over the 12 months to 2024-07, High Yield Municipal Portfolio had net outflows of $56.56M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-07 | −$452.19K |
| 2024-06 | −$342.79K |
| 2024-05 | −$88.64K |
| 2024-04 | −$6.36K |
| 2024-03 | −$346.16K |
| 2024-02 | $980.43K |
C000164150 Debt Constituents
Largest debt holdings of High Yield Municipal Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Public Finance Authority | 0.01% |
C000164150 Prospectus and SEC Filings
Official High Yield Municipal Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-27
- Prospectus (485BPOS) — filed 2023-02-27
- Prospectus supplement (497) — filed 2022-05-09
- Portfolio holdings (N-PORT) — filed 2024-09-16
- Portfolio holdings (N-PORT) — filed 2024-06-07
- Portfolio holdings (N-PORT) — filed 2024-03-15
- Annual census (N-CEN) — filed 2023-12-28
- Annual census (N-CEN) — filed 2023-01-03
Related Funds
Other Intermediate 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.