Fund Evaluator:
abrdn Infrastructure Debt Fund A (CUGAX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 4.1% | Diamond Hill Core Plus Bond Y (DHNYX) |
| 3.9% | Diamond Hill Core Plus Bond I (DHNIX) |
| 3.7% | Diamond Hill Core Plus Bond Investor (DHNAX) |
| 3.5% | Weitz Core Plus Income Investor (WCPNX) |
| 3.4% | Nuveen Core Plus Bond I (TCBHX) |
Fund Details
abrdn Infrastructure Debt Fund A Overview
abrdn Infrastructure Debt Fund A (CUGAX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. Aberdeen launched the fund in 2001.
The investment seeks a high level of current income with a secondary objective of capital appreciation. Under normal circumstances, at least 80% of the fund's net assets (plus the amount of any borrowings for investment purposes) will be invested in U.S. and non-U.S. infrastructure-related debt issuers and/or securities intended primarily to finance infrastructure-related activities. Infrastructure-related securities include securities issued to finance any assets or projects that support the operation, function, growth or development of a community or economy.
About abrdn Infrastructure Debt Fund A (CUGAX)
There are 3 members of the management team with an average tenure of 2.56 years: Jonathan Mondillo (2023), Matthew Kence (2023), Miguel Laranjeiro (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. abrdn Infrastructure Debt Fund A has 95 securities in its portfolio. The top 10 holdings constitute 43.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
abrdn Infrastructure Debt Fund A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. abrdn Infrastructure Debt Fund A has 3.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 3.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 83.6% (80.3% domestic bond, 3.3% foreign bond and 0.0% convertible bond). abrdn Infrastructure Debt Fund A has 13.3% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $1 billion average for the Intermediate Core-Plus Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CUGAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The abrdn Infrastructure Debt Fund A expense ratio is high compared to funds in the Intermediate Core-Plus Bond category. abrdn Infrastructure Debt Fund A has an expense ratio of 1.04%, which is 33% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. abrdn Infrastructure Debt Fund A has a portfolio turnover rate of 17%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 181% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, abrdn Infrastructure Debt Fund A returned -1.4%, which earned it a grade of D, as the Intermediate Core-Plus Bond category had an average return of -1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
abrdn Infrastructure Debt Fund A has a trailing yield of 6.08%, which is above the 4.36% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
abrdn Infrastructure Debt Fund A Grades
Year to date, the fund has returned 0.9%, 1.6 percentage points better than the category, which translates into a grade of A. The fund has returned 4.1% over the past year (grade of A), 5.4% over the past three years (grade of A) and -0.4% per year over the past five years (grade of D) and 1.2% per year over the past 10 years (grade of F).
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CUGAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CUGAX Return (NAV) | -1.4% | -0.3% | 4.1% | 5.4% | -0.4% | 1.2% |
| CUGAX Grade | D | A | A | A | D | F |
| +/- Category | -0.1% | 0.5% | 1.4% | 1.3% | -0.2% | -0.6% |
| Intermediate Core-Plus Bond Avg | -1.3% | -0.7% | 2.7% | 4.2% | -0.2% | 1.8% |
| CUGAX Tax Cost Ratio | na | na | 2.4% | 2.4% | 1.7% | 1.2% |
CUGAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CUGAX Return (NAV) | 0.9% | 6.6% | 4.6% | -2.7% | -10.4% | -2.6% | 6.2% | 7.1% | 0.7% | 1.6% | 10.4% |
| CUGAX Grade | A | F | A | F | A | F | F | F | A | F | A |
| +/- Category | 1.6% | -0.7% | 2.4% | -8.9% | 3.0% | -2.0% | -2.4% | -2.1% | 1.6% | -2.8% | 6.1% |
| Intermediate Core-Plus Bond Avg | -0.6% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.4% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 4.9% |
| Total Risk Index: | 0.40 - Low |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.84 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $20 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Mondillo Jonathan (2023), Kence Matthew (2023), Laranjeiro Miguel (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 95 |
| % in Top 10 Holdings: | 43.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 3.1% |
| Domestic Bond: | 80.3% |
| Foreign Bond: | 3.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 13.3% |
Purchase Information
| Fund Family: | Aberdeen |
| Phone Number: | 866-667-9231 |
| Website: | www.aberdeen-asset.us |
| Status: | Open |
| Inception Date: | November 30, 2001 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 3.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.04% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | abrdn Infrastructure Debt Fund Instl Svc |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
