Beta: Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Bloomberg Barclays New York Municipal: Bloomberg Barclays New York Municipal Index is a market-value-weighted index that includes only investment-grade tax-exempt bonds of issuers within the state of New York. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Bond Statistic Average Coupon: The average coupon is the weighted average coupon rate of all the bond holdings.
Bond Statistic Average Duration in Years: Expressed in years, average duration is a weighted average of the estimated price sensitivity of the bond holdings to a given change in interest rates. With respect to individual bonds, for example, a duration of 4 years indicates that the price of a bond will rise/fall by approximately 4% if rates in general fall/rise by 1%. Typically, bonds with a longer duration pay higher interest but are more sensitive to interest rate changes.
Bond Statistic Average Life in Years: Expressed in years, average life is time weighting the expected principal payments, taking into consideration the impact of calls and prepayments. In general, it is a better measure than average maturity for bonds that have the ability to prepay principal before they reach maturity (e.g., mortgages, mortgage-backed securities and asset-backed securities). Data shown is a weighted average of the bond holdings.
Bond Statistic Average Yield to Maturity: A weighted average of all the bond holding's yield to maturities. Yield to maturity is the return a bond earns if held to maturity, based on its price and coupon. Assumes that coupon payments can be reinvested at the yield to maturity.
Bond Statistic Effective Duration in Years: Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change.
Capture Ratio Downside: Ratio of a fund/model’s return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the fund/model produced a lower return than the index.
Capture Ratio Upside: Ratio of a fund/model’s return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the fund/model produced a higher return than the index during periods when the index was up.
Distribution rate 12-month: The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.
Historical Long-Term Capital Gains: When a capital gain distribution is paid, the net asset value per share is reduced by the amount of the payment plus or minus any change in the value of the fund's holdings. Read our explanation of
the effect of a capital gain on a fund's price for details. Two types of capital gains are realized by our funds — short-term and long-term. Net short-term capital gains are distributed to shareholders as income dividends and are taxed at ordinary income tax rates. Long-term capital gain distributions are taxed at a maximum 15% rate. The information above classifies gain from the sale or exchange of a capital asset held for more than one year as a long-term capital gain.
Historical Regular Dividend: Funds pay their shareholders dividends (usually from income or dividends earned by the fund) during the year. Regular dividends are typically paid monthly, quarterly or annually. The share prices of all of our equity funds and funds of funds decrease when a dividend is paid. In addition, the share price of Capital World Bond Fund, American Funds Strategic Bond Fund and American Funds Inflation Linked Bond Fund also decrease when a dividend is paid.
Historical Short-Term Capital Gains: When a capital gain distribution is paid, the net asset value per share is reduced by the amount of the payment plus or minus any change in the value of the fund's holdings. Read our explanation of
the effect of a capital gain on a fund's price for details. Two types of capital gains are realized by our funds — short-term and long-term. Net short-term capital gains are distributed to shareholders as income dividends and are taxed at ordinary income tax rates. Long-term capital gain distributions are taxed at a maximum 15% rate.
Historical Special Dividend: A fund pays a special dividend when the income earned by the fund exceeds the income the fund has paid in the form of regular dividends throughout the year. Special dividends are distributed with the last dividend payment at the end of the calendar year. The share prices of all of our equity funds and funds of funds decrease when a special dividend is paid. In addition, the share prices of Capital World Bond Fund, American Funds Strategic Bond Fund and American Funds Inflation Linked Bond Fund also decrease when a special dividend is paid.
R-Squared: R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Standard Deviation: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.
