AllianceBernstein National Municipal Income Fund Releases Latest Monthly Portfolio Update
In its latest release dated December 23, 2024, the AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) has unveiled its monthly portfolio update for November 30, 2024. This regular update allows investors and stakeholders to review changes and performance in a constantly evolving investment landscape.
The report highlights the Fund's top fixed-income investments, shedding light on where significant capital allocation is happening. The leading positions in fixed-income holdings are as follows:
1. Lamar Consolidated Independent School District Series 2024-2 is the most significant holding at 2.71%, issued at a 5.00% rate maturing on February 15, 2053.
2. Following closely is the City of New Orleans LA Series 2021-A, making up 2.66% of the portfolio with a 5.00% interest rate until its maturity on December 1, 2046.
3. The Prosper Independent School District Series 2024, with a 4.00% coupon, occupies 2.47% of the portfolio until February 15, 2054.
These three investments illustrate a focus on educational funding and public service infrastructure, a strategy that may attract socially conscious investors seeking stable returns.
Analyzing the sector allocations, the Fund shows a diverse spread across multiple industries, with health care not-for-profit leading at 11.37%. Following this, we see a variety of sectors contributing to the robust portfolio:
This diversity in sector representation minimizes risk and promotes stability, ensuring the Fund can adapt to various market conditions.
The report breaks down geographic exposure, with Texas leading at 19.33%, demonstrating a significant investment in the state's municipal bonds. Other states contributing to the portfolio include Illinois (8.82%), New York (7.87%), and Florida (5.95%). This varied geographic strategy enhances risk management by diversifying locality-related risks.
In terms of credit quality, the Fund maintains a strong focus on investment-grade bonds, with 47.53% rated AAA or AA. This underscores a commitment to stability and proving to stakeholders that the Fund prioritizes sound credit quality amid a fluctuating market.
The maturity profile is another critical element of the analysis, with a substantial 58.97% of holdings maturing in 20 to 30 years. Such a duration strategy is favoured by investors seeking long-term returns while enabling the Fund to navigate current market dynamics effectively.
These statistics reflect a healthy portfolio that combines strategic long-term holdings with a focus on liquidity through manageable turnover rates.
The monthly portfolio update from AllianceBernstein National Municipal Income Fund reflects their proactive investment strategy and commitment to transparency. By providing detailed insights into holdings, sector allocations, and credit quality, they equip investors with valuable information needed to gauge the Fund's performance. Such updates not only signal a healthy approach to asset management but also enhance investor confidence in the Fund’s operations. As markets continue to evolve, stakeholders can look forward to further updates in the coming months, showcasing the Fund's adaptability and strategic planning in managing municipal income effectively.
Top Fixed-Income Holdings
The report highlights the Fund's top fixed-income investments, shedding light on where significant capital allocation is happening. The leading positions in fixed-income holdings are as follows:
1. Lamar Consolidated Independent School District Series 2024-2 is the most significant holding at 2.71%, issued at a 5.00% rate maturing on February 15, 2053.
2. Following closely is the City of New Orleans LA Series 2021-A, making up 2.66% of the portfolio with a 5.00% interest rate until its maturity on December 1, 2046.
3. The Prosper Independent School District Series 2024, with a 4.00% coupon, occupies 2.47% of the portfolio until February 15, 2054.
These three investments illustrate a focus on educational funding and public service infrastructure, a strategy that may attract socially conscious investors seeking stable returns.
Sector and Industry Breakdown
Analyzing the sector allocations, the Fund shows a diverse spread across multiple industries, with health care not-for-profit leading at 11.37%. Following this, we see a variety of sectors contributing to the robust portfolio:
- - Miscellaneous Revenue: 8.15%
- - Prepay Energy: 7.30%
- - Airport Developments: 6.24%
- - Industrial Development - Airline: 3.65%
This diversity in sector representation minimizes risk and promotes stability, ensuring the Fund can adapt to various market conditions.
Geographic Allocation
The report breaks down geographic exposure, with Texas leading at 19.33%, demonstrating a significant investment in the state's municipal bonds. Other states contributing to the portfolio include Illinois (8.82%), New York (7.87%), and Florida (5.95%). This varied geographic strategy enhances risk management by diversifying locality-related risks.
Credit Quality Overview
In terms of credit quality, the Fund maintains a strong focus on investment-grade bonds, with 47.53% rated AAA or AA. This underscores a commitment to stability and proving to stakeholders that the Fund prioritizes sound credit quality amid a fluctuating market.
Bond Maturity Breakdown
The maturity profile is another critical element of the analysis, with a substantial 58.97% of holdings maturing in 20 to 30 years. Such a duration strategy is favoured by investors seeking long-term returns while enabling the Fund to navigate current market dynamics effectively.
Key Portfolio Statistics
- - Total Net Assets: $370.42 Million
- - Average Coupon Rate: 4.49%
- - Total Number of Holdings: 166
- - Portfolio Turnover: 55%
These statistics reflect a healthy portfolio that combines strategic long-term holdings with a focus on liquidity through manageable turnover rates.
Conclusion
The monthly portfolio update from AllianceBernstein National Municipal Income Fund reflects their proactive investment strategy and commitment to transparency. By providing detailed insights into holdings, sector allocations, and credit quality, they equip investors with valuable information needed to gauge the Fund's performance. Such updates not only signal a healthy approach to asset management but also enhance investor confidence in the Fund’s operations. As markets continue to evolve, stakeholders can look forward to further updates in the coming months, showcasing the Fund's adaptability and strategic planning in managing municipal income effectively.
Topics Financial Services & Investing）
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