CAYAX: American Century CA High Yield Muni A

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CAYAX American Century CA High Yield Muni A


Profile

CAYAX - Profile

Vitals

  • YTD Return 1.5%
  • 3 Yr Annualized Return 2.8%
  • 5 Yr Annualized Return 1.4%
  • Net Assets $1.65 B
  • Holdings in Top 10 11.1%

52 WEEK LOW AND HIGH

$11.17
$10.43
$11.19

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.75%

SALES FEES

  • Front Load 4.50%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 39.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $5,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 1.5%
  • 3 Yr Annualized Total Return 2.8%
  • 5 Yr Annualized Total Return 1.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.15%
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    American Century California High Yield Municipal Fund
  • Fund Family Name
    American Century Investments
  • Inception Date
    Jan 31, 2003
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Steven Permut

Fund Description

The fund invests at least 80% of its net assets in municipal securities with income payments exempt from federal and California income taxes. It 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. The portfolio managers also may buy unrated securities if they determine such securities meet the investment objectives of the fund.


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Categories

Performance

CAYAX - Performance

Return Ranking - Trailing

Period CAYAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% 0.0% 3.6% 47.72%
1 Yr 7.1% 2.3% 11.6% 17.10%
3 Yr 2.8%* 0.3% 7.0% 16.37%
5 Yr 1.4%* -1.1% 5.6% 9.55%
10 Yr 1.9%* -0.9% 6.9% 7.81%

* Annualized

Return Ranking - Calendar

Period CAYAX Return Category Return Low Category Return High Rank in Category (%)
2019 6.1% 2.4% 8.8% 17.10%
2018 -2.8% -6.2% 2.8% 55.68%
2017 4.7% -0.2% 6.8% 5.33%
2016 -3.0% -7.9% -1.7% 41.88%
2015 1.3% -1.9% 1.8% 14.65%

Total Return Ranking - Trailing

Period CAYAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% 0.0% 3.6% 47.72%
1 Yr 7.1% 2.0% 11.6% 17.62%
3 Yr 2.8%* 0.3% 5.5% 18.71%
5 Yr 1.4%* -1.1% 4.7% 14.65%
10 Yr 1.9%* -0.9% 6.5% 11.72%

* Annualized

Total Return Ranking - Calendar

Period CAYAX Return Category Return Low Category Return High Rank in Category (%)
2019 6.1% 2.4% 8.8% 19.69%
2018 -2.8% -6.2% 2.8% 60.54%
2017 4.7% -0.2% 6.9% 7.10%
2016 -3.0% -7.9% 0.8% 45.63%
2015 1.3% -1.9% 3.7% 19.75%

NAV & Total Return History


Holdings

CAYAX - Holdings

Concentration Analysis

CAYAX Category Low Category High CAYAX % Rank
Net Assets 1.65 B 3.13 M 17.1 B 25.89%
Number of Holdings 616 19 4380 17.77%
Net Assets in Top 10 173 M -109 M 2.98 B 28.43%
Weighting of Top 10 11.07% 3.5% 74.5% 78.17%

Top 10 Holdings

  1. FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV 6% 2.12%
  2. CALIFORNIA HSG FIN AGY MUN CTFS 4% 1.54%
  3. CALIFORNIA ST 5% 1.11%
  4. CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV 5.5% 1.11%
  5. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.25% 1.10%
  6. CALIFORNIA MUN FIN AUTH STUDENT HSG REV 5% 0.92%
  7. SILICON VY TOB SECURITIZATION AUTH CALIF TOB SETTLEMENT REV 0.01% 0.83%
  8. CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK LEASE REV 5% 0.79%
  9. SAN BUENAVENTURA CALIF REV 7.5% 0.78%
  10. CALIFORNIA ST 5% 0.78%

Asset Allocation

Weighting Return Low Return High CAYAX % Rank
Bonds
99.99% 91.40% 139.68% 23.35%
Cash
0.01% -39.68% 8.60% 64.97%
Stocks
0.00% 0.00% 0.21% 26.90%
Preferred Stocks
0.00% 0.00% 0.00% 24.87%
Other
0.00% 0.00% 1.88% 38.07%
Convertible Bonds
0.00% 0.00% 0.00% 24.87%

Bond Sector Breakdown

Weighting Return Low Return High CAYAX % Rank
Municipal
99.99% 47.48% 101.06% 20.30%
Cash & Equivalents
0.01% -0.27% 8.21% 69.04%
Derivative
0.00% 0.00% 0.00% 24.87%
Securitized
0.00% 0.00% 1.47% 31.47%
Corporate
0.00% 0.00% 2.52% 32.49%
Government
0.00% -0.79% 48.11% 28.43%

Bond Geographic Breakdown

Weighting Return Low Return High CAYAX % Rank
US
99.05% 85.98% 136.27% 29.44%
Non US
0.94% 0.00% 8.97% 51.27%

Expenses

CAYAX - Expenses

Operational Fees

CAYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.75% 0.09% 3.74% 56.92%
Management Fee 0.49% 0.00% 0.70% 65.99%
12b-1 Fee 0.25% 0.00% 1.00% 39.81%
Administrative Fee N/A 0.01% 0.33% N/A

Sales Fees

CAYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.50% 2.25% 4.75% 4.65%
Deferred Load N/A 1.00% 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 39.00% 0.00% 235.00% 72.96%

Distributions

CAYAX - Distributions

Dividend Yield Analysis

CAYAX Category Low Category High CAYAX % Rank
Dividend Yield 1.25% 0.00% 1.99% 15.23%

Dividend Distribution Analysis

CAYAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

CAYAX Category Low Category High CAYAX % Rank
Net Income Ratio 3.15% 0.87% 6.70% 40.00%

Capital Gain Distribution Analysis

CAYAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

CAYAX - Fund Manager Analysis

Managers

Steven Permut


Start Date

Tenure

Tenure Rank

Dec 31, 1988

31.1

31.1%

Steven M. Permut, Senior Vice President and Senior Portfolio Manager, joined American Century Investments in 1987. He has served on teams managing fixed-income investments since joining American Century. Previously, Mr. Permut was an analyst with Moody’s Investors Service. He has a bachelor’s degree in business and geography from State University of New York – Oneonta and an MBA in finance from Golden Gate University –San Francisco. He is on the Investment Oversight Committee for the city of Mountain View, Ca. He is past chairman of the California Society of Municipal Analysts, and a former board member of the National Federation of Municipal Analysts.

Alan Kruss


Start Date

Tenure

Tenure Rank

Jan 01, 2012

8.09

8.1%

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

8.09

8.1%

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 31.1 8.63 6.93