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15 important things you should know about AllianceBernstein APAAX mutual fund

Updated: September 18, 2020
N/A
Bull Case
  • No Bull case arguments for now!
Bear Case
  • Low net assets
  • 3-year return below the benchmark
  • 5-year return below the benchmark
  • 10-year return below the benchmark
  • 15-year return below the benchmark
  • High expense ratio
  • Sales load and/or distribution fees

Before we start: if you’re looking for APAAX “stock” price, you can quickly find it out by visiting Finny and typing "APAAX quote". If you’re looking for a quick scoop on APAAX "stock" (price chart, key stats, buy or sell analysis and holdings), go to Finny and look for "APAAX". You’ll get all this info in one place.

Are you looking to buy or sell APAAX? Or perhaps you’re looking for APAAX fact sheet, and learn about its alternatives? If so, you came to the right place.

In this APAAX mutual fund review, we’ll address key questions our readers have been asking us about this fund, above and beyond what you can find in its prospectus, and on Morningstar or Yahoo Finance.

Here is what you’ll be able to find in this review:

  • Fact Sheet: APAAX performance, returns, expense ratio, holdings and dividend yield;
  • Analysis: APAAX buy or sell; the pros and cons of investing in APAAX mutual fund;
  • Alternatives: other ETFs and mutual funds you should consider as alternatives to APAAX.

And here is the list of questions we’ll answer:

  1. Describe AB Municipal Income Fund II: AB Pennsylvania Portfolio; Class A Shares (APAAX).
  2. What are APAAX holdings?
  3. What is APAAX performance? What are APAAX historical returns?
  4. How many up and down years did APAAX have historically?
  5. What is APAAX dividend yield?
  6. What is APAAX minimum initial investment amount?
  7. What is APAAX expense ratio?
  8. Does APAAX have any sales loads or 12b-1 distribution expenses?
  9. What is APAAX tax efficiency (tax-cost ratio)?
  10. What is APAAX beta? How would you assess APAAX risk?
  11. What is APAAX Sharpe ratio?
  12. What is APAAX Finny Score? APAAX buy or sell?
  13. What are the pros of investing in APAAX? What are APAAX buy reasons?
  14. What are the cons of investing in APAAX? What are APAAX sell reasons?

So let’s start. Scroll down to the question that interests you the most.

Fact Sheet

1. Describe AB Municipal Income Fund II: AB Pennsylvania Portfolio; Class A Shares (APAAX).

The Fund seeks to earn the highest level of current income, exempt from federal and state income taxation, that is available without assuming what Alliance considers to be undue risk by investing principally in high-yielding, predominantly medium-quality, intermediate and long term municipal debt obligations.

2. What are APAAX top holdings?

APAAX has 0 stock holdings and 80 bond holdings.

The top 10 holdings represent 35.56% of total assets. Here are the top holdings:

Name Symbol % Assets
COMMONWEALTH FING AUTH PA TOB MASTER SETTLEMENT PMT REV 5% N/A 4.38%
PHILADELPHIA PA 5.25% N/A 4.16%
PHILADELPHIA PA PKG AUTH PKG REV 5% N/A 3.95%
CUMBERLAND CNTY PA MUN AUTH REV 3% N/A 3.58%
ALTOONA PA AREA SCH DIST 5% N/A 3.43%
DELAWARE CNTY PA REGL WTR QUALITY CTL AUTH SWR REV 5% N/A 3.38%
LOWER PAXTON TWP PA 5% N/A 3.32%
NORTHAMPTON CNTY PA GEN PURP AUTH COLLEGE REV 5% N/A 3.23%
PENNSYLVANIA ECONOMIC DEV FIN AUTH EXEMPT FAC REV 5% N/A 3.15%
PHILADELPHIA PA WTR & WASTEWTR REV 5% N/A 2.98%

3. What is APAAX performance? What are APAAX historical returns?

APAAX has generated the following returns:

  • 1-month return is -0.11%;
  • 3-month return is 2.67%;
  • 1-year return is 2.46%;
  • 3-year return is 3.42%;
  • 5-year return is 3.53%;
  • 10-year return is 3.56%;
  • 15-year return is 3.67%.

4. How many up and down years did APAAX have historically?

In the last 10 years, APAAX had 9 up years and 1 down year. See Performances

5. What is APAAX dividend yield?

APAAX yield is 2.91%.

6. What is APAAX minimum initial investment amount?

APAAX minimum initial investment amount is N/A.

7. What is APAAX expense ratio?

APAAX expense ratio is 0.86%. The expense ratio of a fund is the total percentage of fund assets used for administrative, management, and all other expenses. See Expenses

8. Does APAAX have any sales loads or 12b-1 distribution expenses?

APAAX 12b-1 distribution fee is 0.25. APAAX front-end sales load is 3. APAAX back-end sales load is 0.

9. What is APAAX tax efficiency (tax-cost ratio)?

  • 1-year ax cost ratio is 0%;
  • 3-year ax cost ratio is 0%.

See Taxes

10. What is APAAX beta? How would you assess APAAX risk?

  • 3-year beta is 1.01;
  • 5-year beta is 0.96;
  • 10-year beta is 0.97;
  • 15-year beta is 0.92.

See Risks

11. What is APAAX Sharpe ratio?

  • 3-year Sharpe ratio is 0.40;
  • 5-year Sharpe ratio is 0.60;
  • 10-year Sharpe ratio is 0.81.

See Risks

Analysis

12. What is Finny Score? buy or sell?

Finny Score is 0. Our quantitative analysis shows 0 reasons to buy and 7 reasons to sell it, resulting in the Finny Score of 0.

13. What are the pros of investing in APAAX? What are APAAX buy reasons?

We don't see any strong reasons to buy APAAX.

14. What are the cons of investing in APAAX? What are APAAX negatives?

The following are APAAX weaknesses from our perspective:

  • <strong>APAAX net assets</strong> are $75.30 million. This fund is not a popular choice with retail investors.
  • <strong>APAAX 3-year return</strong> is 3.42%, which is lower than the 3-year return of the benchmark index (Bloomberg Barclays Municipal TR USD), 4.07%.
  • <strong>APAAX 5-year return</strong> is 3.53%, which is lower than the 5-year return of the benchmark index (Bloomberg Barclays Municipal TR USD), 3.97%.
  • <strong>APAAX 10-year return</strong> is 3.56%, which is lower than the 10-year return of the benchmark index (Bloomberg Barclays Municipal TR USD), 4%.
  • <strong>APAAX 15-year return</strong> is 3.67%, which is lower than the 15-year return of the benchmark index (Bloomberg Barclays Municipal TR USD), 4.31%.
  • <strong>APAAX expense ratio</strong> is 0.86%, which is not negligible. Is the fund expensive to you, and does it align to your investment strategy?
  • Warning: this fund has a 12b1 and front-end sales fee. The maximum 12b1 fee is 0.25%, while the maximum front-end sales load is 3%. A 12b-1 fee is an annual marketing or distribution fee on a mutual fund. Front-end sales load, also known as sales charge, is a fee paid when mutual funds shares are purchased. Those fees are subtracted from your total investable assets.
In the APAAX review, we covered APAAX key stats (return, performance, yield, expense ratio, and holdings), buy and sell analysis, and alternative investments. If this review was helpful to you, feel free to check out other mutual fund and ETF reviews.
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