IE000KVZ81R6
BNY Mellon U.S. Municipal Infrastructure Debt Fund SGD-Hedged (Dist.)

  • Fixed income
  • US
  • SGD Cash
  • Distributing
Invest with
SGD Cash
Payout type
Distributing
Risk rating
2
About this fund
Description
The Fund seeks to achieve a high level of income as is consistent with the preservation of capital through investing predominantly in taxable and tax-exempt municipal bonds issued to finance infrastructure sectors and projects in the US.
Key information
Annual report
Product Highlight Sheet
Prospectus
Information Memorandum
Factsheet
Our perspective
Why we think this fund is best-in-class
product
Product
It is the only fund that provides access to the municipal bonds in the US to retail investors. The municipal bond market is designed for the US infrastructure as the primary funding market for it.The municipal bond market is generally an overlooked asset class with low institutional and overseas participation which creates inefficiency to be exploited. The fund management company has a long experience in this asset class, being the first active manager in this space.
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people
People
Managed by an experienced senior portfolio management team with over 25 years’ average industry experience. They are supported by a dedicated US Municipal Debt platform and wider firm analytical resources.
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performance
Performance
Historically the team has added additional performance to the fund’s legal benchmark through security and sector selection, as well as duration and curve positioning.The Fund can and has experienced negative performance, which is usually driven by concerted retail flows.
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process
Process
Utilises independent and intensive credit research by the research analysts, reviewing fundamentals including financial statements, bond covenants, the underlying economy and other relevant sector specific considerations such as legal or regulatory issues.Has a disciplined sizing process guided by allocation limits for sectors, scenario testing to limit the maximum downside risk in a position, and tracking error band.
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cost
Cost
Access to institutional share class with no trailer fees to achieve the lowest possible fees.
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selectionCriteria
How it fits in a portfolio
The US municipal bond market generates an attractive level of income with a low level of default and credit quality better than investment grade corporate bonds. In addition, the market historically has had a low correlation to US treasuries, corporate bonds and equities market. Therefore, investors could consider using this fund as a diversifier to the existing portfolio, or more specifically, getting a diversifying income source from it.Investors, however, should be aware of the temporary dislocation that could happen to the asset class usually driven by retail outflows. One recent example is the drawdown in 2022, driven by the largest outflow by retail investors since the global financial crisis.Updated as of 2022/09/23
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Invest in this fund
Performance
Shows the total return of this distributing fund, which includes dividends paid out.
Total returns
All Time
6.20%
YTD
-3.27%
1 month
-0.07%
6 month
-4.42%
1 year
-0.54%
As of Aug 2025
Distributions
4.49%
02 Sep 2025
Yield
4.94%As of Jun 2025
Risk metrics
Max drawdown
-6.21%As of Aug 2025
Volatility
5.16%As of Aug 2025
Calendar returns
YearTotalJanFebMarAprMayJunJulAugSepOctNovDec
2025--0.3%1.5%-1.2%-2.9%-2.2%0.1%1.8%-0.1%----
20245.5%2.0%-0.4%0.7%-0.9%0.3%1.7%0.5%-1.2%-0.4%0.3%3.1%-0.2%
20236.0%1.9%0.7%0.8%0.9%0.6%-0.1%-1.8%1.3%-1.6%-1.5%2.7%2.2%
2022----------0.0%0.1%-2.0%
Top Exposures
MASSACHUSETTS ST SPL OBLIG REV (2026-07-15 Maturity)2.81%
DETROIT MICH CITY SCH DIST (2029-05-01 Maturity)2.21%
SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV (2050-01-15 Maturity)2.13%
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV (2052-02-01 Maturity)2.12%
NEW YORK TRANSN DEV CORP REV (2051-06-30 Maturity)1.92%
MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV (2027-10-15 Maturity)1.89%
MARYLAND ST ECONOMIC DEV CORP REV (2057-05-31 Maturity)1.85%
CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV (2047-08-15 Maturity)1.79%
BATTERY PK CITY AUTH N Y REV (2028-11-01 Maturity)1.71%
FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV (2049-01-15 Maturity)1.62%
MISSOURI ST HEALTH & EDL FACS AUTH EDL FACS REV (2046-01-15 Maturity)1.58%
DENVER COLO CITY & CNTY ARPT REV (2028-11-15 Maturity)1.51%
TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV (2049-12-31 Maturity)1.38%
NEW YORK TRANSN DEV CORP SPL FAC REV (2045-10-01 Maturity)1.29%
RICHMOND VA PUB UTIL REV (2043-01-15 Maturity)1.24%
Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.
Fund fees
0.55% p.a.
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Fund facts
ISIN
IE000KVZ81R6
Fund house
BNY Mellon IM
Fund size
S$517.4M
As of 29 Aug 2025
Fund inception date
14 Oct 2022
Fund class currency
SGD
Fund share class
SGD W (M)
Oldest share class ISIN
IE00BDCJZ442
Oldest share inception date
19 Apr 2017
Pricing frequency
Daily

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