GSTEX — Green Square Tax Exempt High Income Fund
Data updated: 2024-11-14
GSTEX — Green Square Tax Exempt High Income Fund. Long Municipal - National Bond · $336.44M AUM. Holdings, fees, performance and SEC filings.
GSTEX Fund Overview
GSTEX — Green Square Tax Exempt High Income Fund is a US mutual fund managed by Managed Portfolio Series, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Managed Portfolio Series
- Category: Long Municipal - National Bond
- Assets under management: $336.44M
- 1-year return: 8.0%
- Ticker: GSTEX
- SEC CIK: 0001511699
- SEC series ID: S000058558
- Share class ID: C000192454
GSTEX Investment Objective and Strategy
Green Square Tax Exempt High Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Managed Portfolio Series.
Investment objective
The Green Square Tax Exempt High Income Funds (the Fund) primary investment objective is to provide current income exempt from regular federal income tax.
Principal investment strategy
Under normal market conditions, the Fund will invest at least 80% of its total assets in tax exempt debt securities. The Fund expects to invest the majority of its assets in debt securities that are rated below investment grade (or junk bonds), including unrated securities, with a focus on project revenue debt, but may invest up to 40% of its total assets in investment grade debt securities. The Fund may invest without limit in municipal securities issued by or on behalf of states and local governmental authorities throughout the United States and its territories. Municipal securities include, among others, private activity bonds and industrial development bonds, as well as general obligation notes, tax anticipation notes, bond anticipation notes, revenue anticipation notes, other short-term tax exempt obligations, municipal leases, obligations of municipal housing authorities, zero coupon bonds and single family revenue bonds.
The Fund may invest in all types of municipal bonds that are exempt from federal income tax, but not necessarily the federal alternative minimum tax (the AMT). The Fund may invest up to 20% of its total assets in securities subject to the AMT. The Advisers security selection process focuses primarily on project revenue bonds in five broad sectors: healthcare; education; housing; transportation and power, but may also include debt of distressed municipalities. While the Fund will invest primarily in tax exempt securities, it is possible that up to 20% of the Funds total assets may be invested in securities that generate income that is not exempt from regular federal income tax. The Fund may employ effective leverage through investment in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates ( Inverse Floaters).
Inverse Floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Fund may also invest in defaulted municipal bonds, debt securities issued in accordance with Rule 144A (Rule 144A Securities) under the Securities Act of 1933, as amended (the Securities Act), restricted securities and illiquid securities. The Funds investments in debt securities may have fixed or variable principal payments. The Funds investments may have varied interest rate payment and reset terms, including fixed and floating rates, inverse floating rate, contingent, deferred, payment in kind and auction rate features. The Fund will typically not invest more than 5% of its assets, at the time of investment, in the securities of any one obligor.
From time to time the Fund may focus its investments in the securities of issuers in the same economic sector. The Fund may invest in debt securities with any maturity or duration. In selecting securities for the Fund, the Adviser employs a top-down/bottom-up research approach with an emphasis on analyzing the stand-alone credit, including financials, bond covenants, management team, and underlying asset value. The Adviser believes that the below investment grade universe represents some of the best value in the fixed income markets. It is anticipated that the Funds portfolio generally will be comprised of 75 to 125 securities over time. Additionally, the Fund may utilize leverage ( i.e. , borrow against a line of credit) as part of the portfolio management process. The Fund may borrow up to one third of the value of its assets for investment purposes.
GSTEX Holdings
Top 10 holdings of Green Square Tax Exempt High Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Falmouth Ky Sol Wst Disp Facs | 2.54% |
| Angelina & Neches River Auth I | 2.54% |
| Capital Trust Agy Fl Revenue | 2.46% |
| The Childrens Trust Fund Pr To | 2.21% |
| Public Fin Auth Wi Sr Living C | 2.10% |
| South Carolina St Jobs-Econ De | 1.95% |
| Port Beaumont Tx Nav Dist Dock | 1.87% |
| Atoka Ok Indl Dev Auth Solid W | 1.84% |
| West Virginia Econ Dev Auth Do | 1.68% |
| Erie Cnty Ny Tobacco Asset Sec | 1.66% |
GSTEX Portfolio Allocation
Asset-class allocation of Green Square Tax Exempt High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 95.2% |
| Equity | 1.6% |
| Cash & Equivalents | 1.0% |
GSTEX Performance
Total returns for GSTEX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 8.0% |
| 3 years (annualised) | -1.7% |
GSTEX Risk Information
Risk metrics for GSTEX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.2%
GSTEX Costs and Fees
GSTEX costs about $153 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.53%
- Gross expense ratio: 1.54%
- Portfolio turnover: 21%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
GSTEX Cashflows
Over the 12 months to 2024-08, Green Square Tax Exempt High Income Fund had net inflows of $266.26M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-08 | $4.90M |
| 2024-07 | $5.92M |
| 2024-06 | $6.28M |
| 2024-05 | $3.38M |
| 2024-04 | $6.75M |
| 2024-03 | $3.17M |
GSTEX Debt Constituents
Largest debt holdings of Green Square Tax Exempt High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Falmouth Ky Sol Wst Disp Facs | 2.54% |
| Angelina & Neches River Auth I | 2.54% |
| Capital Trust Agy Fl Revenue | 2.46% |
| The Childrens Trust Fund Pr To | 2.21% |
| Public Fin Auth Wi Sr Living C | 2.10% |
| South Carolina St Jobs-Econ De | 1.95% |
| Port Beaumont Tx Nav Dist Dock | 1.87% |
| Atoka Ok Indl Dev Auth Solid W | 1.84% |
| West Virginia Econ Dev Auth Do | 1.68% |
| Erie Cnty Ny Tobacco Asset Sec | 1.66% |
GSTEX Prospectus and SEC Filings
Official Green Square Tax Exempt High Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-12-28
- Prospectus supplement (497) — filed 2023-01-19
- Prospectus supplement (497) — filed 2023-01-03
- Portfolio holdings (N-PORT) — filed 2024-10-30
- Portfolio holdings (N-PORT) — filed 2024-07-29
- Portfolio holdings (N-PORT) — filed 2024-04-26
- Annual census (N-CEN) — filed 2024-11-14
- Annual census, amended (N-CEN/A) — filed 2023-11-29
Related Funds
Other Long Municipal - National 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.