Six Circles Tax Aware Bond
CBTAX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 525 Market Street San Francisco CA United States of America 94105
- IPO Date
- May 19, 2020
- CIK
- 0001081400
- Website
- sixcirclesfunds.com
- Similar Companies
- Business
- Six Circles Tax Aware Bond Fund (CBTAX) is a mutual fund that seeks after-tax total return by investing primarily in municipal securities across varying maturity ranges, with at least 50% of assets allocated to tax-exempt municipals; it also invests in taxable fixed income instruments, including U.S. bonds, cash equivalents, and municipal taxable securities, targeting intermediate-term national municipal exposure with an effective duration of approximately 5.6 to 6.25 years. The fund employs a multi-sub-adviser approach, with allocations managed by specialists including Allspring, Nuveen, and Capital Group for municipal components, alongside J.P. Morgan Private Investments Inc. as the primary adviser; portfolio composition emphasizes high-quality credits (e.g., AAA/AA ratings comprising over 50%), revenue bonds from sectors like health facilities, utilities, and clean energy, and broad diversification across U.S. state and local issuers, with top holdings such as Connecticut ST Health & Edl Facs Auth Rev, California Cmnty Choice Fing Auth Clean Energy Proj Rev, and New York N Y obligations. It features a low expense ratio of 0.13-0.14%, no-load share class, turnover ratio around 12-50%, and assets under management exceeding $12.8 billion, serving high-net-worth investors in discretionary advisory programs and trusts managed by JPMorgan Chase affiliates. Launched on May 19, 2020, as part of the Six Circles Funds platform established by J.P. Morgan Private Investments Inc., the fund operates from headquarters in New York, NY, under Six Circles Trust domiciled in Wilmington, Delaware; it targets taxable U.S. investors seeking federally tax-advantaged income, with geographic focus on U.S. municipal issuers nationwide. Recent developments include sustained asset growth to over $14 billion amid resilient municipal market performance, ongoing portfolio manager adjustments such as additions of Lee Chu in 2023 and Jeffrey Eshleman in 2024 to the multi-manager team, and continued expense limitations by the adviser to maintain competitiveness; the fund received a Morningstar Bronze Medalist Rating upgrade driven by cost advantages and People Pillar improvements, reflecting no major disruptions like sub-adviser changes or acquisitions within the past 1-2 years but steady optimization for advisory program integration.