CLFAX: Invesco CA Tax-Free Income A

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CLFAX Invesco CA Tax-Free Income A

  • Fund
  • CLFAX
  • Price as of: Oct 18, 2019
  • $12.09 - $0.01 - 0.08%

CLFAX - Profile

Vitals

  • YTD Return 4.0%
  • 3 Yr Annualized Return -0.7%
  • 5 Yr Annualized Return -0.4%
  • Net Assets $441 M
  • Holdings in Top 10 10.8%

52 WEEK LOW AND HIGH

$12.09
$11.47
$12.25

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.27%

SALES FEES

  • Front Load 4.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 18.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000

IRA

$250

Fund Classification

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style Muni California Long

Distributions

  • YTD Total Return 4.0%
  • 3 Yr Annualized Total Return -0.7%
  • 5 Yr Annualized Total Return -0.4%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 3.46%
DIVIDENDS
  • Dividend Yield 2.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Invesco California Tax-Free Income Fund
  • Fund Family Name Invesco
  • Inception Date Jul 28, 1997
  • Shares Outstanding N/A
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Julius Williams

Fund Description

The fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities that pay interest exempt from federal and California state income taxes. It invests primarily in investment grade California municipal securities. The fund may invest up to 20% of its net assets in municipal securities below investment grade. These types of securities are commonly referred to as junk bonds.

CLFAX - Performance

Return Ranking - Trailing

Period CLFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% 2.3% 10.4% 67.88%
1 Yr 5.0% 1.8% 12.9% 85.42%
3 Yr -0.7%* -1.6% 5.6% 94.86%
5 Yr -0.4%* -1.4% 6.1% 89.70%
10 Yr 0.7%* -1.0% 7.7% 88.28%

* Annualized


Return Ranking - Calendar

Period CLFAX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.5% -6.2% 2.8% 88.65%
2017 1.8% -0.2% 6.8% 71.60%
2016 -3.6% -7.9% -1.7% 70.00%
2015 0.1% -1.9% 1.8% 52.87%
2014 7.7% 1.5% 16.6% 45.10%

Total Return Ranking - Trailing

Period CLFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% 2.3% 10.4% 68.39%
1 Yr 5.0% 0.8% 12.9% 77.08%
3 Yr -0.7%* -1.6% 4.6% 96.57%
5 Yr -0.4%* -1.4% 6.1% 92.73%
10 Yr 0.7%* -1.0% 7.7% 90.34%

* Annualized


Total Return Ranking - Calendar

Period CLFAX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.5% -6.2% 2.8% 90.27%
2017 1.8% -0.2% 6.9% 81.07%
2016 -3.6% -7.9% 0.8% 71.25%
2015 0.1% -1.9% 3.7% 58.60%
2014 7.7% 2.0% 16.6% 47.71%

NAV & Total Return History

CLFAX - Holdings

Concentration Analysis

CLFAX Category Low Category High CLFAX % Rank
Net Assets 441 M 3.1 M 16.3 B 62.24%
Number of Holdings 265 18 3999 50.51%
Net Assets in Top 10 45.7 M -110 M 2.97 B 74.49%
Weighting of Top 10 10.79% 3.8% 80.5% 87.24%

Top 10 Holdings

  1. CALIFORNIA PUB FIN AUTH REV 1.42% 1.82%

  2. SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5% 1.26%

  3. CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV 5% 1.13%

  4. SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN WTR REV 5% 1.03%

  5. YOSEMITE CALIF CMNTY COLLEGE DIST 0% 1.01%

  6. CALIFORNIA HEALTH FACS FING AUTH REV 5% 0.96%

  7. IRVINE CALIF UNI SCH DIST SPL TAX 5% 0.94%

  8. TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV 5.12% 0.91%

  9. GILROY CALIF UNI SCH DIST 0% 0.88%

  10. UNIVERSITY CALIF REVS 5% 0.85%


Asset Allocation

Weighting Return Low Return High CLFAX % Rank
Bonds
99.95% 91.08% 158.35% 35.20%
Cash
0.05% -38.61% 8.91% 61.73%
Stocks
0.00% 0.00% 0.20% 61.73%
Preferred Stocks
0.00% 0.00% 0.00% 60.71%
Other
0.00% -40.48% 2.17% 63.27%
Convertible Bonds
0.00% 0.00% 0.00% 60.71%

Bond Sector Breakdown

Weighting Return Low Return High CLFAX % Rank
Municipal
99.95% 91.09% 153.13% 38.78%
Cash & Equivalents
0.05% -38.61% 8.91% 60.71%
Derivative
0.00% 0.00% 0.00% 60.71%
Securitized
0.00% 0.00% 1.72% 60.71%
Corporate
0.00% 0.00% 1.71% 64.80%
Government
0.00% -5.09% 1.93% 54.59%

Bond Geographic Breakdown

Weighting Return Low Return High CLFAX % Rank
US
97.85% 87.68% 158.35% 54.08%
Non US
2.10% 0.00% 8.93% 30.61%

CLFAX - Expenses

Operational Fees

CLFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.27% 0.09% 28.64% 29.02%
Management Fee 0.47% 0.00% 0.70% 61.22%
12b-1 Fee 0.24% 0.00% 1.00% 34.23%
Administrative Fee N/A 0.01% 0.33% N/A

Sales Fees

CLFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.25% 2.25% 4.75% 31.82%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CLFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 1.00% 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.

CLFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 18.00% 0.00% 293.00% 35.05%

CLFAX - Distributions

Dividend Yield Analysis

CLFAX Category Low Category High CLFAX % Rank
Dividend Yield 2.52% 0.00% 4.09% 9.18%

Dividend Distribution Analysis

CLFAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

CLFAX Category Low Category High CLFAX % Rank
Net Income Ratio 3.46% 0.87% 6.70% 27.98%

Capital Gain Distribution Analysis

CLFAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

CLFAX - Managers

Julius Williams

Manager

Start Date

Tenure

Tenure Rank

Jun 28, 2011

8.26

8.3%

Julius Williams is a Senior Portfolio Manager for Invesco municipal strategies. Mr. Williams entered the industry in 2000. Prior to joining Invesco, he was a portfolio manager and trader for municipal funds at Van Kampen. He joined Invesco in 2010 when the firm combined with Van Kampen. Mr. Williams earned a BA degree in economics and sociology, and a Master of Education degree in educational psychology from the University of Virginia.


James D. Phillips

Manager

Start Date

Tenure

Tenure Rank

Mar 06, 2015

4.57

4.6%

James Phillips is a Senior Portfolio Manager for Invesco municipal strategies. Mr. Phillips joined Invesco in 2010, when the firm combined with Van Kampen. At Van Kampen, which he joined in 1991, he was a portfolio manager for municipal strategies. He also served as a credit analyst and has specialized in researching nonrated municipal bonds across all sectors. Previously, he was at the Federal Deposit Insurance Corporation, where he managed a portfolio of distressed bank assets. He started in the municipal bond market at Underwood, Neuhaus & Co. in Houston, structuring municipal bond issues in the health care, senior living and special tax sectors. He entered the industry in 1985. Mr. Phillips earned a BA degree in American literature from Empire State College, the independent study division of the State University of New York, and an MBA in finance from the State University of New York at Albany.


Mark Paris

Manager

Start Date

Tenure

Tenure Rank

Mar 06, 2015

4.57

4.6%

Mark Paris serves as Senior Portfolio Manager and Head of Portfolio Management and Trading for Invesco Municipal Bond Team. Mr. Paris entered the industry in 1990 and joined Invesco in 2010. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the Municipal Fixed Income team at Morgan Stanley, which he joined in 2002. He also was previously a trader/portfolio manager at Oppenheimer Funds, head underwriter at Chase Manhattan Bank and a trader/underwriter at NatWest Bank. Mr. Paris earned a BBA degree in finance from Baruch College – The City University of New York (CUNY). He holds the Series 7, 24, 79, 53 and 63 registrations.


Tim O’Reilly

Manager

Start Date

Tenure

Tenure Rank

Apr 01, 2016

3.5

3.5%

Tim O'Reilly is a Portfolio Manager for Invesco Municipal Strategies. Mr. O'Reilly joined Invesco in 2010 when the firm combined with Van Kampen, where he served as a senior unit trust fixed income portfolio manager, with responsibilities that included fixed income trading, risk management and credit analysis. He has a diverse knowledge base, with trading experience in municipals, corporates and equities. He joined Van Kampen in 2001. Mr. O'Reilly earned a BS degree in finance from Eastern Illinois University and an MBA in finance from the University of Illinois at Chicago. He holds the Series 7, 63 and 79 registrations.


John Connelly

Manager

Start Date

Tenure

Tenure Rank

Apr 01, 2016

3.5

3.5%

John Connelly, has been associated with Invesco and/or its affiliates since 2016. From 1994 to 2015, he was employed by Raymond James & Associates, where he served as Senior Vice President of Municipal High Yield Trading from 2012 to 2015. Prior to 2012, he served as Director of the Municipal High Yield Trading Group.


John Schorle

Manager

Start Date

Tenure

Tenure Rank

Jun 28, 2018

1.26

1.3%

John Schorle, Portfolio Manager, who has been responsible for the Fund since 2018 and has been associated with Invesco and/or its affiliates since 2010.


Tenure Analysis

Category Low

0.25

Category High

30.77

Category Average

9.03

Category Mode

6.59