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Trending ETFs

Principal Street High Income Municipal Fund

mutual fund
GSTEX
Payout Change
Pending
Price as of:
$7.39 -0.02 -0.27%
primary theme
N/A
GSTEX (Mutual Fund)

Principal Street High Income Municipal Fund

Payout Change
Pending
Price as of:
$7.39 -0.02 -0.27%
primary theme
N/A
GSTEX (Mutual Fund)

Principal Street High Income Municipal Fund

Payout Change
Pending
Price as of:
$7.39 -0.02 -0.27%
primary theme
N/A

Name

As of 10/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.39

$285 M

5.52%

$0.41

1.54%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$285 M

Holdings in Top 10

22.6%

52 WEEK LOW AND HIGH

$7.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.54%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.39

$285 M

5.52%

$0.41

1.54%

GSTEX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 5.20%
DIVIDENDS
  • Dividend Yield 5.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Principal Street High Income Municipal Fund
  • Fund Family Name
    Principal Street Partners
  • Inception Date
    Sep 15, 2017
  • Shares Outstanding
    2372319
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joseph Gulli

Fund Description

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, 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 Adviser’s 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.
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 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 Fund’s investments in debt securities may have fixed or variable principal payments. The Fund’s 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.
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.
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GSTEX - Performance

Return Ranking - Trailing

Period GSTEX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -0.4% 12.4% 83.01%
1 Yr N/A 3.3% 23.6% 96.12%
3 Yr N/A* -8.0% 3.2% 88.56%
5 Yr N/A* -4.9% 3.8% N/A
10 Yr N/A* -0.2% 155.9% N/A

* Annualized

Return Ranking - Calendar

Period GSTEX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.1% -6.2% 7.5% 97.09%
2022 -18.3% -26.9% -3.5% 65.52%
2021 -1.3% -1.9% 5.6% 94.50%
2020 N/A -10.1% 4.2% N/A
2019 N/A -0.7% 9.1% N/A

Total Return Ranking - Trailing

Period GSTEX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -0.4% 12.4% 83.01%
1 Yr N/A 3.3% 23.6% 96.12%
3 Yr N/A* -8.0% 3.2% 88.56%
5 Yr N/A* -4.9% 3.8% N/A
10 Yr N/A* -0.2% 155.9% N/A

* Annualized

Total Return Ranking - Calendar

Period GSTEX Return Category Return Low Category Return High Rank in Category (%)
2023 5.2% -4.1% 10.9% 76.21%
2022 -13.5% -26.9% 4.3% 39.90%
2021 4.0% -1.9% 10.0% 79.00%
2020 N/A -4.1% 8.2% N/A
2019 N/A -0.7% 1028633.9% N/A

NAV & Total Return History


GSTEX - Holdings

Concentration Analysis

GSTEX Category Low Category High GSTEX % Rank
Net Assets 285 M 9.79 K 16.6 B 71.57%
Number of Holdings 181 1 3325 79.31%
Net Assets in Top 10 72 M -102 M 3.51 B 67.49%
Weighting of Top 10 22.63% 4.6% 98.8% 14.36%

Top 10 Holdings

  1. City of Falmouth KY Solid Waste Disposal Facilities Revenue 2.63%
  2. Angelina Neches River Authority 2.60%
  3. Capital Trust Agency Inc 2.60%
  4. Children's Trust Fund 2.27%
  5. Atoka Industrial Development Authority 2.18%
  6. Public Finance Authority 2.11%
  7. Erie Tobacco Asset Securitization Corp 2.07%
  8. Public Finance Authority 2.07%
  9. South Carolina Jobs-Economic Development Authority 2.05%
  10. Port of Beaumont Navigation District 2.05%

Asset Allocation

Weighting Return Low Return High GSTEX % Rank
Bonds
98.40% 0.00% 146.69% 64.56%
Preferred Stocks
1.60% -47.61% 1.60% 0.99%
Cash
0.00% -0.64% 100.00% 75.86%
Stocks
0.00% 0.00% 99.62% 70.87%
Other
0.00% -5.59% 5.07% 60.59%
Convertible Bonds
0.00% 0.00% 0.00% 59.11%

Bond Sector Breakdown

Weighting Return Low Return High GSTEX % Rank
Municipal
96.29% 0.00% 100.00% 82.27%
Corporate
2.54% 0.00% 2.83% 1.97%
Cash & Equivalents
0.00% 0.00% 100.00% 46.31%
Derivative
0.00% -7.53% 2.16% 55.67%
Securitized
0.00% 0.00% 22.44% 61.58%
Government
0.00% 0.00% 0.09% 62.07%

Bond Geographic Breakdown

Weighting Return Low Return High GSTEX % Rank
US
98.40% 0.00% 139.84% 60.59%
Non US
0.00% 0.00% 13.35% 63.05%

GSTEX - Expenses

Operational Fees

GSTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.54% 0.22% 3.44% 26.83%
Management Fee 0.55% 0.00% 1.41% 76.70%
12b-1 Fee 0.50% 0.00% 1.00% 63.64%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

GSTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

GSTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GSTEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 121.00% N/A

GSTEX - Distributions

Dividend Yield Analysis

GSTEX Category Low Category High GSTEX % Rank
Dividend Yield 5.52% 0.00% 6.13% 1.94%

Dividend Distribution Analysis

GSTEX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

GSTEX Category Low Category High GSTEX % Rank
Net Income Ratio 5.20% 1.11% 5.70% 2.43%

Capital Gain Distribution Analysis

GSTEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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GSTEX - Fund Manager Analysis

Managers

Joseph Gulli


Start Date

Tenure

Tenure Rank

Sep 15, 2017

4.71

4.7%

Joseph Gulli, 55, joined Green Square Boston in October 2016 as a partner and head of credit research, ensuring that the management team for the funds and the separately managed accounts remains intact. Prior to this recent move, Joe had joined Oppenheimer Asset Management in November 2014 and has worked in asset management since 1992. Throughout his career, Joe has concentrated primarily on high yield and investment grade tax exempts, including analysis and restructurings. Joe brings expertise in both high yield and investment grade tax exempts, as well distressed credits and restructurings. Joe is responsible for a wide range of sector and credit analysis, continuing surveillance of credits, and buy and sell recommendations. Prior to starting at OAM, Joe was at Lord Abbett & Co. for seven years, most recently as Partner and Director of Municipal Bond Research at Management. Prior to Lord Abbett, Joe worked for SMC Fixed Income Management for one year after working as a tax-exempt analyst for 14 years at Merrill Lynch Investment Managers. Joe earned his Bachelor’s degree at Rider University in accounting and finance.

Troy Willis


Start Date

Tenure

Tenure Rank

Jan 22, 2021

1.35

1.4%

Troy E. Willis, CFA, Senior Portfolio Manager. Mr. Willis also serves as the Chief Investment Officer – Municipal Bond Strategies for Principal Street Partners. Prior to Principal Street, Troy was the co-head of the OppenheimerFunds Rochester Municipal Bond Team where he was responsible for $26 billion assets under management and delivering top decile weighted average performance for over a decade. He is a leading expert and frequent speaker on the municipal bond market with more than 20 years of market experience. Troy received his Bachelor of Arts in International Studies from West Virginia University, a Juris Doctor with a focus on Corporate Law from West Virginia College of Law, and a Master of Business Administration with a concentration on Finance and Economics from the University of Rochester Simon School of Business. Troy is a CFA charter holder, member of the National Federation of Municipal Analysts and the CFA Society of New York.

Charles Pulire


Start Date

Tenure

Tenure Rank

Mar 01, 2022

0.25

0.3%

Charles S. Pulire, CFA Mr. Pulire is a Senior Portfolio Manager, Municipal Bond Strategies, for Principal Street Partners. From 2006-2020 Charlie was as a senior portfolio manager on the municipal bond team at OppenheimerFunds and then Invesco. Prior to that, he worked at Wise Construction Corporation in Boston and served as a structural engineer on nuclear submarines for the Department of Defense in New Hampshire. Mr. Pulire has been in the municipal bond industry since 2005. Mr. Pulire earned a BS degree in civil engineering from the University of Maine and an MBA in finance and corporate accounting from the William E. Simon Graduate School of Business Administration at the University of Rochester. Mr. Pulire has held a Chartered Financial Analyst® (CFA) designation since 2012, and is member of the CFA Institute and the CFA Society of Rochester.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.5 2.52