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VCITX Vanguard CA Long-Term Tax-Exempt Inv

  • Fund
  • VCITX
  • Price as of: Dec 01, 2016
  • $11.60
  • - $0.06
  • - 0.52%
  • Category
  • Single State Municipal Bonds

VCITX - Profile

Vitals

  • YTD Return -5.0%
  • 3 Yr Annualized Return 6.3%
  • 5 Yr Annualized Return 5.6%
  • Net Assets $3.78 B
  • Holdings in Top 10 6.0%

52 WEEK LOW AND HIGH

$11.60
$11.60
$12.70

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.20%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 17.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

$3,000

Investment Themes

CATEGORY

Single State Municipal Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Muni California Long

Distributions

  • YTD Total Return -5.0%
  • 3 Yr Annualized Total Return 6.3%
  • 5 Yr Annualized Total Return 5.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.55%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Vanguard California Long Term Tax Exempt Fund
  • Fund Family Name Vanguard
  • Inception Date Apr 07, 1986
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager James M. D'Arcy

Fund Description

The fund invests primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional governmental and public financing authorities. At least 80% of its assets will be invested in securities whose income is exempt from federal and California state taxes. Although the fund has no limitations on the maturities of individual securities, its dollar-weighted average maturity is expected to be between 10 and 25 years. The fund is non-diversified.

VCITX - Performance

Return Ranking - Trailing

Period VCITX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -5.0% -22.9% 2.7% 65.82% 5
1 Yr 5.3% -2.0% 11.9% 12.04% 1
3 Yr 6.3% * -0.7% 10.7% 8.34% 1
5 Yr 5.6% * 0.0% 9.5% 5.58% 1
10 Yr 4.6% * -0.1% 5.6% 6.59% 1

* Annualized


Return Ranking - Calendar

Period VCITX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.7% -7.9% 1.8% 3.40% 1
2014 7.7% -0.2% 15.6% 10.27% 1
2013 -6.3% -20.2% 0.0% 24.85% 2
2012 4.8% -0.9% 13.5% 16.05% 2
2011 6.8% -0.8% 10.2% 14.21% 1

Total Return Ranking - Trailing

Period VCITX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -5.0% -22.9% 2.7% 66.99% 5
1 Yr 5.3% -4.6% 9.5% 6.16% 1
3 Yr 6.3% * -0.4% 10.7% 6.00% 1
5 Yr 5.6% * 0.0% 9.5% 4.24% 1
10 Yr 4.6% * -0.1% 5.6% 5.42% 1

* Annualized


Total Return Ranking - Calendar

Period VCITX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.7% -7.9% 4.1% 7.31% 1
2014 7.7% -0.2% 17.8% 12.19% 1
2013 -6.3% -20.2% 0.7% 27.53% 2
2012 4.8% -0.6% 13.5% 19.62% 2
2011 6.8% -0.8% 15.9% 18.70% 2

NAV & Total Return History

VCITX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

VCITX Category Low Category High VCITX % Rank Quintile
Net Assets 3.78 B 2.11 M 16.6 B 0.68% 1
Number of Holdings 807 15 3582 0.39% 1
Net Assets in Top 10 229 M 2.4 M 2.29 B 3.59% 1
Weighting of Top 10 6.0% 4.1% 76.7% 34.21% 5

Top 10 Holdings

  1. California St Go Bds 6.5% 0.98%
  2. San Francisco Calif City & Cnt Rev Bd 5% 0.78%
  3. Golden St Tob Securitization C Enh 0.01% 0.62%
  4. California St Go Bds 6% 0.62%
  5. J P Morgan Chase Putters / Dri Ctfs 0.52%
  6. California Health Facs Fing Au Rev Bd 5% 0.50%
  7. Los Angeles Calif Dept Arpts A Sr Rev 5% 0.49%
  8. Abag Fin Auth 5% 0.48%
  9. Alameda Corridor Transn Auth 0.48%
  10. Univ Calif Regts Med Ctr Poole Med Ct 5% 0.47%

Asset Allocation

Weighting Category Low Category High VCITX % Rank Quintile
Bonds
99.75% 0.00% 101.50% 3.29% 2
Cash
0.25% -1.55% 99.63% 19.38% 4
Other
0.00% -0.58% 23.51% 5.43% 1
Convertible Bonds
0.00% 0.00% 0.00% 0.10% 1
Preferred Stocks
0.00% 0.00% 0.00% 0.10% 1
Stocks
0.00% 0.00% 0.73% 0.97% 1

Bond Sector Breakdown

Weighting Category Low Category High VCITX % Rank Quintile
Municipal
99.75% 0.00% 106.80% 3.20% 2
Cash & Equivalents
0.25% -1.55% 99.63% 19.28% 4
Securitized
0.00% 0.00% 0.00% 0.10% 1
Corporate
0.00% 0.00% 10.46% 1.36% 1
Derivative
0.00% -0.13% 0.00% 0.10% 1
Government
0.00% -10.86% 5.02% 5.33% 2

Bond Geographic Breakdown

Weighting Category Low Category High VCITX % Rank Quintile
US
99.75% 0.00% 101.50% 3.29% 2
Non US
0.00% 0.00% 0.00% 0.10% 1

VCITX - Expenses

Operational Fees

VCITX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.20% 0.12% 5.19% 17.73% 1
Management Fee 0.17% 0.00% 0.80% 3.78% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.33% N/A N/A

Sales Fees

VCITX Fees (% of AUM) Category Low Category High VCITX Rank Quintile
Front Load N/A 1.00% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

VCITX Fees (% of AUM) Category Low Category High VCITX Rank Quintile
Max Redemption Fee N/A 0.50% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VCITX Fees (% of AUM) Category Low Category High VCITX Rank Quintile
Turnover 17.00% 0.00% 131.91% 4.90% 4

VCITX - Distributions

Dividend Yield Analysis

VCITX Category Low Category High VCITX % Rank Quintile
Dividend Yield 0.4% 0.00% 0.99% 9.64% 2

Dividend Distribution Analysis

VCITX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

VCITX Category Low Category High VCITX % Rank Quintile
Net Income Ratio 3.55% 0.00% 7.39% 9.40% 2

Capital Gain Distribution Analysis

VCITX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

VCITX - Managers

James M. D'Arcy

Manager

Start Date

Jul 22, 2011

Tenure

5.28

Tenure Rank

7.9%

James M. D’Arcy, Portfolio Manager, and has been with Vanguard since 2011. Prior to this ,James D'Arcy is a director and senior portfolio manager for Columbia Management focusing on tax-exempt and crossover short duration accounts. In addition, he manages two short-term funds and various short-term separate accounts and is responsible for developing tax-exempt strategies for Columbia Management’s tax-exempt liquidity strategies group. Mr. D'Arcy joined Columbia Management in 1999 and has been a member of the investment community since 1996. Prior to joining Columbia Management, Mr. D'Arcy worked on the fixed-income trading desk at Wells Capital Management. Mr. D'Arcy received his B.A. in economics from the University of Colorado at Boulder. He holds the Chartered Financial Analyst designation. In addition, he is a member of the CFA North Carolina Society and the National Federation of Municipal Analysts.


Tenure Analysis

Category Low

0.0

Category High

37.1

Category Average

9.21

Category Mode

4.8