DCTIX: Delaware Tax-Free CA Institutional

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DCTIX Delaware Tax-Free CA Institutional

  • Fund
  • DCTIX
  • Price as of: Oct 18, 2019
  • $12.36 - $0.00 - 0.00%

DCTIX - Profile

Vitals

  • YTD Return 4.6%
  • 3 Yr Annualized Return 0.0%
  • 5 Yr Annualized Return 0.2%
  • Net Assets $97.7 M
  • Holdings in Top 10 20.9%

52 WEEK LOW AND HIGH

$12.36
$11.69
$12.50

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.77%

SALES FEES

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

BROKERAGE FEES

  • Turnover 16.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Fund Classification

PRIMARY CATEGORY

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

Distributions

  • YTD Total Return 4.6%
  • 3 Yr Annualized Total Return 0.0%
  • 5 Yr Annualized Total Return 0.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.55%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Delaware Tax-Free California Fund
  • Fund Family Name Delaware Funds by Macquarie
  • Inception Date Dec 31, 2013
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Stephen J. Czepiel

Fund Description

Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from California state personal income taxes. It will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

DCTIX - Performance

Return Ranking - Trailing

Period DCTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% 2.3% 10.4% 51.30%
1 Yr 5.3% 1.8% 12.9% 76.56%
3 Yr 0.0%* -1.6% 5.6% 78.29%
5 Yr 0.2%* -1.4% 6.1% 65.45%
10 Yr -1.0%* -1.0% 7.7% 100.00%

* Annualized


Return Ranking - Calendar

Period DCTIX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.4% -6.2% 2.8% 78.92%
2017 2.9% -0.2% 6.8% 32.54%
2016 -3.1% -7.9% -1.7% 50.00%
2015 0.5% -1.9% 1.8% 28.66%
2014 8.3% 1.5% 16.6% 36.60%

Total Return Ranking - Trailing

Period DCTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% 2.3% 10.4% 51.30%
1 Yr 5.4% 0.8% 12.9% 64.06%
3 Yr 0.0%* -1.6% 4.6% 78.86%
5 Yr 0.2%* -1.4% 6.1% 67.88%
10 Yr -1.0%* -1.0% 7.7% 100.00%

* Annualized


Total Return Ranking - Calendar

Period DCTIX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.2% -6.2% 2.8% 76.76%
2017 2.9% -0.2% 6.9% 38.46%
2016 -3.1% -7.9% 0.8% 51.88%
2015 0.5% -1.9% 3.7% 33.76%
2014 8.3% 2.0% 16.6% 36.60%

NAV & Total Return History

DCTIX - Holdings

Concentration Analysis

DCTIX Category Low Category High DCTIX % Rank
Net Assets 97.7 M 3.1 M 16.3 B 88.78%
Number of Holdings 112 18 3999 86.22%
Net Assets in Top 10 20.5 M -110 M 2.97 B 88.27%
Weighting of Top 10 20.85% 3.8% 80.5% 33.16%

Top 10 Holdings

  1. CALIFORNIA EDL FACS AUTH REV 5% 4.05%

  2. SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5% 3.11%

  3. PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.75% 2.87%

  4. CALIFORNIA HEALTH FACS FING AUTH REV 4% 2.29%

  5. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5% 2.09%

  6. CALIFORNIA MUN FIN AUTH MOBILE HOME PK REV 4% 1.38%

  7. CALIFORNIA MUN FIN AUTH REV 6.5% 1.29%

  8. PUERTO RICO SALES TAX FING CORP SALES TAX REV 5% 1.29%

  9. SACRAMENTO CNTY CALIF ARPT SYS REV 5% 1.25%

  10. SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5% 1.25%


Asset Allocation

Weighting Return Low Return High DCTIX % Rank
Bonds
103.10% 91.08% 158.35% 4.59%
Stocks
0.00% 0.00% 0.20% 58.67%
Preferred Stocks
0.00% 0.00% 0.00% 57.65%
Convertible Bonds
0.00% 0.00% 0.00% 57.65%
Cash
0.00% -38.61% 8.91% 75.51%
Other
-3.10% -40.48% 2.17% 99.49%

Bond Sector Breakdown

Weighting Return Low Return High DCTIX % Rank
Municipal
103.10% 91.09% 153.13% 6.63%
Derivative
0.00% 0.00% 0.00% 57.65%
Cash & Equivalents
0.00% -38.61% 8.91% 73.47%
Securitized
0.00% 0.00% 1.72% 57.65%
Corporate
0.00% 0.00% 1.71% 61.73%
Government
0.00% -5.09% 1.93% 52.55%

Bond Geographic Breakdown

Weighting Return Low Return High DCTIX % Rank
US
97.57% 87.68% 158.35% 59.69%
Non US
5.53% 0.00% 8.93% 13.78%

DCTIX - Expenses

Operational Fees

DCTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.77% 0.09% 28.64% 52.85%
Management Fee 0.55% 0.00% 0.70% 91.84%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.33% N/A

Sales Fees

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

Trading Fees

DCTIX 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.

DCTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 16.00% 0.00% 293.00% 27.32%

DCTIX - Distributions

Dividend Yield Analysis

DCTIX Category Low Category High DCTIX % Rank
Dividend Yield 1.19% 0.00% 4.09% 74.49%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

DCTIX Category Low Category High DCTIX % Rank
Net Income Ratio 3.55% 0.87% 6.70% 23.83%

Capital Gain Distribution Analysis

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

DCTIX - Managers

Stephen J. Czepiel

Manager

Start Date

Tenure

Tenure Rank

Jul 16, 2007

12.22

12.2%

Stephen J. Czepiel Senior Vice President, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager Stephen J. Czepiel leads the portfolio management of the firm’s municipal bonds strategies, a role he assumed in February 2019. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management (MIM) in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.


Gregory A. Gizzi

Manager

Start Date

Tenure

Tenure Rank

Dec 28, 2012

6.76

6.8%

Gregory A. Gizzi Senior Vice President, Head of Municipal Bonds, Senior Portfolio Manager Gregory A. Gizzi is head of municipal bonds in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for the taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm’s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management (MIM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.


Jake van Roden

Manager

Start Date

Tenure

Tenure Rank

Dec 29, 2017

1.75

1.8%

Jake van Roden is head of Macquarie’s municipal trading team. He is also a portfolio manager for the firm’s nine open-end state-specific municipal bond funds, as well as for several municipal bond client accounts, a role he assumed in December 2017. He joined the municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Before that, van Roden interned at Macquarie Investment Management (MIM), which includes the former Delaware Investments, in the client services department. He received a bachelor’s degree in American studies with a minor in government from Franklin & Marshall College.


Tenure Analysis

Category Low

0.25

Category High

30.77

Category Average

9.03

Category Mode

6.59