AllianceBernstein National Municipal Income Fund (AFB)

• Market cap: $315M
• 1 day: 0.18%
• 5 days: -2.32%
• 1 month: -2.58%
• 3 months: -5.84%
• 6 months: -0.99%
• Year to date: 0.73%
• 1 year: 1.86%
• 5 years: -20.28%
• 10 years: -19.99%

About: Alliancebernstein National Muni Inc Fd is a diversified, closed-end management investment company. It seeks to provide high current income exempt from regular federal income tax by investing substantially all of its net assets in municipal securities that pay interest that is exempt from federal income tax.

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

4% less capital invested

Capital invested by funds: $196M [Q2] → $188M (-$7.4M) [Q3]

5.74% less ownership

Funds ownership: 61.32% [Q2] → 55.59% (-5.74%) [Q3]

12% less funds holding

Funds holding: 89 [Q2] → 78 (-11) [Q3]

30% less repeat investments, than reductions

Existing positions increased: 21 | Existing positions reduced: 30

69% less first-time investments, than exits

New positions opened: 5 | Existing positions closed: 16