CALIFORNIA HIGH-YIELD MUNICIPAL FUND
Fund
CAYAX
Price as of:
$9.87
- $0.00
- 0.00%
Primary Theme
fund company
Name
As of 11/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
3.9%
1 yr return
8.3%
3 Yr Avg Return
-1.1%
5 Yr Avg Return
0.7%
Net Assets
$1.38 B
Holdings in Top 10
8.8%
52 WEEK LOW AND HIGH
$9.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.75%
SALES FEES
Front Load 4.50%
Deferred Load N/A
TRADING FEES
Turnover 25.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CAYAX - Profile
Distributions
- YTD Total Return 3.9%
- 3 Yr Annualized Total Return -1.1%
- 5 Yr Annualized Total Return 0.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.66%
- Dividend Yield 3.4%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameCALIFORNIA HIGH-YIELD MUNICIPAL FUND
-
Fund Family NameAmerican Century Investments
-
Inception DateJan 31, 2003
-
Shares Outstanding6152414
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAlan Kruss
Fund Description
The fund invests in California municipal and other debt securities with an emphasis on high-yield securities. A high-yield security is one that has been rated below investment-grade, or determined by the investment advisor to be of similar quality. Under normal market conditions, the portfolio managers invest at least 80% of the fund’s net assets in municipal securities with income payments exempt from federal and California income taxes. Cities, counties and other municipalities in California and U.S. territories usually issue these securities for public projects, such as schools, roads, and water and sewer systems. Some of these investments are not necessarily exempt from the federal alternative minimum tax.
The portfolio managers seek to invest in securities that will result in a high yield for the fund. To accomplish this, the portfolio managers buy securities that are rated below investment-grade, including so-called junk bonds and bonds that are in technical or monetary default. Issuers of these securities often have short financial histories or have questionable credit or have had and may continue to have problems making interest and principal payments.
The portfolio managers also may buy unrated securities if they determine such securities meet the investment objectives of the fund.
Although the fund invests primarily for income, it also employs techniques designed to realize capital appreciation. For example, the portfolio managers may select bonds with maturities and coupon rates that position the fund for potential capital appreciation for a variety of reasons, including their view on the direction of future interest-rate movements and the potential for a credit upgrade.
When determining whether to sell a security, the portfolio managers consider, among other things, current and anticipated changes in interest rates, the credit quality of a particular issuer, comparable alternatives, general market conditions and any other factor deemed relevant by the portfolio managers.
CAYAX - Performance
Return Ranking - Trailing
| Period | CAYAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.9% | -5.9% | 32.8% | 6.00% |
| 1 Yr | 8.3% | -0.7% | 37.0% | 8.86% |
| 3 Yr | -1.1%* | -10.7% | 3.6% | 77.36% |
| 5 Yr | 0.7%* | -6.8% | 1103.7% | 56.87% |
| 10 Yr | 2.6%* | -0.9% | 248.8% | 9.32% |
* Annualized
Return Ranking - Calendar
| Period | CAYAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.7% | -1.4% | 41.0% | 51.64% |
| 2022 | -14.9% | -39.7% | 0.3% | 87.26% |
| 2021 | 1.2% | -5.6% | 6.9% | 6.62% |
| 2020 | 0.7% | -2.6% | 310.0% | 87.28% |
| 2019 | 6.1% | 0.0% | 26.0% | 5.79% |
Total Return Ranking - Trailing
| Period | CAYAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.9% | -5.9% | 32.8% | 6.00% |
| 1 Yr | 8.3% | -0.7% | 37.0% | 8.86% |
| 3 Yr | -1.1%* | -10.7% | 3.6% | 77.36% |
| 5 Yr | 0.7%* | -6.8% | 1103.7% | 56.87% |
| 10 Yr | 2.6%* | -0.9% | 248.8% | 9.32% |
* Annualized
Total Return Ranking - Calendar
| Period | CAYAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.1% | -1.3% | 41.0% | 40.61% |
| 2022 | -12.2% | -39.7% | 1.1% | 86.86% |
| 2021 | 4.0% | -4.8% | 23761504.0% | 6.68% |
| 2020 | 3.4% | -1.5% | 17057.9% | 63.45% |
| 2019 | 9.4% | 0.2% | 3514.6% | 4.86% |
NAV & Total Return History
CAYAX - Holdings
Concentration Analysis
| CAYAX | Category Low | Category High | CAYAX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.38 B | 3.22 M | 71.9 B | 24.13% |
| Number of Holdings | 625 | 4 | 13418 | 19.19% |
| Net Assets in Top 10 | 137 M | -317 M | 3.09 B | 33.64% |
| Weighting of Top 10 | 8.82% | 1.8% | 100.3% | 85.67% |
Top 10 Holdings
- California Housing Finance Agency 3.50% 11/20/2035 1.11%
- Silicon Valley Tobacco Securitization Authority 0.00% 06/01/2036 1.09%
- California Infrastructure Economic Development Bank 4.00% 10/01/2042 1.02%
- California Statewide Communities Development Authority 5.25% 12/01/2056 0.96%
- Palomar Health 5.00% 11/01/2042 0.92%
- San Joaquin Hills Transportation Corridor Agency 0.00% 01/15/2031 0.83%
- California Municipal Finance Authority 5.00% 05/15/2051 0.81%
- Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue 5.00% 06/01/2051 0.70%
- California Community Choice Financing Authority 5.25% 11/01/2054 0.70%
- CSCDA Community Improvement Authority 4.00% 10/01/2056 0.69%
Asset Allocation
| Weighting | Return Low | Return High | CAYAX % Rank | |
|---|---|---|---|---|
| Bonds | 99.82% | 0.00% | 150.86% | 25.50% |
| Stocks | 0.15% | 0.00% | 99.78% | 7.39% |
| Cash | 0.04% | -50.86% | 44.62% | 81.28% |
| Other | 0.00% | -3.69% | 51.88% | 15.79% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 20.32% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 19.67% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CAYAX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 0.00% | N/A |
| Technology | 0.00% | 0.00% | 0.00% | N/A |
| Real Estate | 0.00% | 0.00% | 0.00% | N/A |
| Industrials | 0.00% | 0.00% | 100.00% | N/A |
| Healthcare | 0.00% | 0.00% | 0.00% | N/A |
| Financial Services | 0.00% | 0.00% | 0.00% | N/A |
| Energy | 0.00% | 0.00% | 0.00% | N/A |
| Communication Services | 0.00% | 0.00% | 100.00% | N/A |
| Consumer Defense | 0.00% | 0.00% | 0.00% | N/A |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | N/A |
| Basic Materials | 0.00% | 0.00% | 0.00% | N/A |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CAYAX % Rank | |
|---|---|---|---|---|
| US | 0.15% | 0.00% | 99.78% | 7.40% |
| Non US | 0.00% | -0.03% | 9.76% | 19.65% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CAYAX % Rank | |
|---|---|---|---|---|
| Municipal | 99.96% | 44.39% | 100.00% | 13.11% |
| Derivative | 0.00% | -3.69% | 51.88% | 11.79% |
| Cash & Equivalents | 0.00% | 0.00% | 44.41% | 67.16% |
| Securitized | 0.00% | 0.00% | 5.93% | 20.80% |
| Corporate | 0.00% | 0.00% | 9.41% | 35.05% |
| Government | 0.00% | 0.00% | 52.02% | 26.09% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CAYAX % Rank | |
|---|---|---|---|---|
| US | 99.82% | 0.00% | 142.23% | 24.12% |
| Non US | 0.00% | 0.00% | 23.89% | 24.32% |
CAYAX - Expenses
Operational Fees
| CAYAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.75% | 0.01% | 8.02% | 47.93% |
| Management Fee | 0.49% | 0.00% | 1.20% | 77.56% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 41.32% |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| CAYAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 4.50% | 0.50% | 4.75% | 4.02% |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| CAYAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
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.
| CAYAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 25.00% | 0.00% | 283.00% | 71.68% |
CAYAX - Distributions
Dividend Yield Analysis
| CAYAX | Category Low | Category High | CAYAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.43% | 0.00% | 14.51% | 11.19% |
Dividend Distribution Analysis
| CAYAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| CAYAX | Category Low | Category High | CAYAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.66% | -0.53% | 5.33% | 13.42% |
Capital Gain Distribution Analysis
| CAYAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Oct 31, 2024 | $0.028 | OrdinaryDividend |
| Sep 30, 2024 | $0.027 | OrdinaryDividend |
| Aug 30, 2024 | $0.030 | OrdinaryDividend |
| Jul 31, 2024 | $0.029 | OrdinaryDividend |
| Apr 30, 2024 | $0.029 | OrdinaryDividend |
| Mar 28, 2024 | $0.029 | OrdinaryDividend |
| Dec 31, 2023 | $0.030 | OrdinaryDividend |
| Oct 31, 2023 | $0.028 | OrdinaryDividend |
| Sep 29, 2023 | $0.029 | OrdinaryDividend |
| Aug 31, 2023 | $0.028 | OrdinaryDividend |
| Jul 31, 2023 | $0.026 | OrdinaryDividend |
| Jun 30, 2023 | $0.030 | OrdinaryDividend |
| May 31, 2023 | $0.028 | OrdinaryDividend |
| Apr 28, 2023 | $0.026 | OrdinaryDividend |
| Mar 31, 2023 | $0.029 | OrdinaryDividend |
| Feb 28, 2023 | $0.028 | OrdinaryDividend |
| Jan 31, 2023 | $0.025 | OrdinaryDividend |
| Dec 30, 2022 | $0.029 | OrdinaryDividend |
| Nov 30, 2022 | $0.027 | OrdinaryDividend |
| Oct 31, 2022 | $0.025 | OrdinaryDividend |
| Sep 30, 2022 | $0.028 | OrdinaryDividend |
| Aug 31, 2022 | $0.025 | OrdinaryDividend |
| Jul 29, 2022 | $0.025 | OrdinaryDividend |
| Jun 30, 2022 | $0.026 | OrdinaryDividend |
| May 31, 2022 | $0.024 | OrdinaryDividend |
| Apr 29, 2022 | $0.026 | OrdinaryDividend |
| Mar 31, 2022 | $0.024 | OrdinaryDividend |
| Jan 31, 2022 | $0.021 | OrdinaryDividend |
| Dec 31, 2021 | $0.024 | OrdinaryDividend |
| Nov 30, 2021 | $0.023 | OrdinaryDividend |
| Oct 31, 2021 | $0.023 | OrdinaryDividend |
| Sep 30, 2021 | $0.023 | OrdinaryDividend |
| Aug 31, 2021 | $0.022 | OrdinaryDividend |
| Jul 31, 2021 | $0.024 | OrdinaryDividend |
| Jun 30, 2021 | $0.024 | OrdinaryDividend |
| May 31, 2021 | $0.022 | OrdinaryDividend |
| Apr 30, 2021 | $0.026 | OrdinaryDividend |
| Mar 31, 2021 | $0.024 | OrdinaryDividend |
| Feb 28, 2021 | $0.026 | OrdinaryDividend |
| Jan 31, 2021 | $0.022 | OrdinaryDividend |
| Dec 31, 2020 | $0.027 | OrdinaryDividend |
| Nov 30, 2020 | $0.025 | OrdinaryDividend |
| Oct 30, 2020 | $0.026 | OrdinaryDividend |
| Sep 30, 2020 | $0.026 | OrdinaryDividend |
| Aug 31, 2020 | $0.026 | OrdinaryDividend |
| Aug 31, 2020 | $0.024 | OrdinaryDividend |
| May 29, 2020 | $0.027 | OrdinaryDividend |
| Apr 30, 2020 | $0.027 | OrdinaryDividend |
| Mar 31, 2020 | $0.025 | OrdinaryDividend |
| Feb 28, 2020 | $0.025 | OrdinaryDividend |
| Dec 31, 2019 | $0.026 | OrdinaryDividend |
| Nov 29, 2019 | $0.026 | OrdinaryDividend |
| Oct 31, 2019 | $0.026 | OrdinaryDividend |
| Sep 30, 2019 | $0.027 | OrdinaryDividend |
| Aug 30, 2019 | $0.027 | OrdinaryDividend |
| Jul 31, 2019 | $0.028 | OrdinaryDividend |
CAYAX - Fund Manager Analysis
Managers
Alan Kruss
Start Date
Tenure
Tenure Rank
Jan 01, 2012
10.42
10.4%
Mr. Kruss, Vice President and Portfolio Manager, has been a member of the team that manages Government Agency Money Market since November 2001. He joined American Century in 1997 as an Investment Administrator. In 2000, he was named Fixed Income Trader and in 2001, he was named Portfolio Manager. He has a bachelor's degree in finance from San Francisco State University.
Joseph Gotelli
Start Date
Tenure
Tenure Rank
Jan 01, 2012
10.42
10.4%
Mr. Gotelli, Portfolio Manager and Vice President, has joined American Century Investments since 2008. He has shared primary responsibility for the management of the fund, and has served on teams managing fixed-income investments since joining the advisor. Prior to joining American Century Investments, he was an assistant portfolio manager at Franklin Templeton Investments for seven years. He has a bachelor’s degree in business economics from the University of California, Santa Barbara and an MBA from Santa Clara University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.35 | 1.58 |