UMBPX — UBS Municipal Bond Fund
Data updated: 2022-05-26
UMBPX — UBS Municipal Bond Fund. Municipal - National Bond · $83.92M AUM · 0.40% expense ratio. Holdings, fees, performance and SEC filings.
UMBPX Fund Overview
UMBPX — UBS Municipal Bond Fund is a US mutual fund managed by Ubs Funds, categorised as 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: Ubs Funds
- Category: Municipal - National Bond
- Assets under management: $83.92M
- 1-year return: -4.2%
- Ticker: UMBPX
- SEC CIK: 0000886244
- SEC series ID: S000047156
- Share class ID: C000147814
UMBPX Investment Objective and Strategy
UBS Municipal Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ubs Funds.
Investment objective
The Fund seeks to provide total return consisting of capital appreciation and current income exempt from federal income tax.
Principal investment strategy
"Principal investments Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in municipal bonds and other investments with similar economic characteristics, the interest on which is exempt from regular federal income tax. The Fund primarily invests in securities that, at the time of purchase, are rated investment grade by an independent rating agency (or if unrated are deemed to be of comparable quality by the Advisor), but may invest up to 10% in securities rated below investment grade (also known as ""junk bonds""). The Fund may also, to a lesser extent, invest in US Treasury securities and other securities of the US government, its agencies and government-sponsored enterprises. The Fund is a non-diversified fund.
The Fund's weighted average portfolio duration will normally range between 3 and 10 years, but the Fund generally targets a duration of between 4.5 and 7 years. The Fund may invest in bonds of any maturity or duration. The Fund may invest in insured and uninsured municipal securities. The Fund's investments may include, but are not limited to, general obligation and revenue bonds, tax-exempt commercial paper, short-term municipal notes, tender option bonds (including inverse floaters), floating and variable rate obligations, and other municipal securities that pay income exempt from federal income tax. The Fund does not intend to invest substantially in securities whose interest is subject to the federal alternative minimum tax. The Fund may, but is not required to, use exchange traded or over-the-counter (""OTC"") derivative instruments for risk management purposes or as part of the Fund's investment strategies.
Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include interest rate and credit instruments such as options (including, options on futures and swap agreements), futures, swap agreements (including, interest rate, total return, and credit default swaps), credit-linked securities and structured investments. All of these derivatives may be used for risk management purposes, such as hedging against a specific security, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; to establish net short positions for individual sectors, markets or securities; or to adjust the Fund's portfolio duration.
Management process The Advisor adheres to a disciplined top-down and bottom-up investment process that seeks to leverage information advantage by using a proprietary credit research framework while focusing on three key decisions: duration, sector allocation and security selection. The investment process begins with an in-depth analysis of top-down inputs to determine the correct duration positioning of the portfolio. These inputs originate from the Advisor's proprietary research on the structure of the yield curve and its relationship to the US Treasury market. The Advisor's sector allocation analysis determines the attractiveness of various segments of the municipal market with a focus on two main themesbond security (e.g., state vs. local general obligation bonds) and essential services (e.g., water and sewer systems or electric utilities).
Security selection represents the final level of decision-making in the Advisor's investment process. The Advisor uses rigorous credit/structure analysis and relative pricing to select securities that the Advisor believes demonstrate superior risk/return characteristics. The Advisor then seeks to select individual securities that will provide the portfolio the desired sector and duration exposures at the lowest cost."
UMBPX Performance
Total returns for UMBPX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -4.2% |
| 3 years (annualised) | 0.5% |
UMBPX Risk Information
Risk metrics for UMBPX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.1%
UMBPX Costs and Fees
UMBPX costs about $40 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.40%
- Gross expense ratio: 0.74%
- Portfolio turnover: 35%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
UMBPX Cashflows
Over the 12 months to 2022-03, UBS Municipal Bond Fund had net outflows of $27.90M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2022-03 | −$8.46M |
| 2022-02 | −$9.25M |
| 2022-01 | $952.86K |
| 2021-12 | −$1.73M |
| 2021-11 | −$826.93K |
| 2021-10 | −$525.17K |
UMBPX Debt Constituents
No individual debt constituents are reported in UBS Municipal Bond Fund's latest SEC N-PORT filing.
UMBPX Prospectus and SEC Filings
Official UBS Municipal Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus supplement (497) — filed 2021-11-02
- Prospectus supplement (497) — filed 2021-02-22
- Prospectus supplement (497) — filed 2019-11-14
- Portfolio holdings (N-PORT) — filed 2022-05-26
- Portfolio holdings (N-PORT) — filed 2022-02-22
- Portfolio holdings (N-PORT) — filed 2021-11-26
- Annual census (N-CEN) — filed 2021-09-13
- Annual census (N-CEN) — filed 2020-09-11
Related Funds
Other 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.