Tax-Exempt Fund of California
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-0.8%
1 yr return
2.9%
3 Yr Avg Return
-1.0%
5 Yr Avg Return
1.1%
Net Assets
$2.92 B
Holdings in Top 10
9.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.29%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 17.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
$25
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
EXCAX - Profile
Distributions
- YTD Total Return -0.8%
- 3 Yr Annualized Total Return -1.0%
- 5 Yr Annualized Total Return 1.1%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.36%
- Dividend Yield 3.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameTax-Exempt Fund of California
-
Fund Family NameCapital Group Fund Group
-
Inception DateAug 22, 2008
-
Shares OutstandingN/A
-
Share ClassF3
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKarl Zeile
Fund Description
The fund seeks to achieve its objectives by primarily investing in municipal bonds issued by the state of California and its agencies and municipalities. Consistent with the fund’s objectives, the fund may also invest in municipal securities that are issued by jurisdictions outside California. Municipal bonds are debt obligations generally issued to obtain funds for various public purposes, including the construction of public facilities. The fund may also invest in bonds exempt from federal and state taxation that are used to fund private projects.
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from both regular federal and California income taxes and that do not subject you to federal alternative minimum tax. The fund may also invest up to 20% of its assets in “private activity bonds” whose interest is generally subject to the federal alternative minimum tax. The fund is intended primarily for taxable residents of California.
The fund will invest primarily in debt securities rated BBB- or better or Baa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. The fund may also invest in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Such securities are sometimes referred to as “junk bonds.”
The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.
The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.
EXCAX - Performance
Return Ranking - Trailing
Period | EXCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.8% | -4.7% | 11.1% | 53.73% |
1 Yr | 2.9% | -3.8% | 33.8% | 23.51% |
3 Yr | -1.0%* | -11.3% | 2.6% | 35.54% |
5 Yr | 1.1%* | -6.1% | 1102.0% | 23.57% |
10 Yr | N/A* | -0.5% | 248.1% | 20.19% |
* Annualized
Return Ranking - Calendar
Period | EXCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.4% | -1.4% | 41.0% | 24.98% |
2022 | -11.4% | -39.7% | 0.3% | 49.54% |
2021 | -0.3% | -5.6% | 6.9% | 42.90% |
2020 | 1.7% | -2.6% | 310.0% | 52.07% |
2019 | 4.0% | 0.0% | 26.0% | 40.74% |
Total Return Ranking - Trailing
Period | EXCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.8% | -4.7% | 11.1% | 53.73% |
1 Yr | 2.9% | -3.8% | 33.8% | 23.51% |
3 Yr | -1.0%* | -11.3% | 2.6% | 35.54% |
5 Yr | 1.1%* | -6.1% | 1102.0% | 23.57% |
10 Yr | N/A* | -0.5% | 248.1% | 20.81% |
* Annualized
Total Return Ranking - Calendar
Period | EXCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.5% | -1.3% | 41.0% | 27.33% |
2022 | -8.8% | -39.7% | 1.1% | 43.87% |
2021 | 2.6% | -4.8% | 23761504.0% | 23.51% |
2020 | 4.1% | -1.5% | 17057.9% | 39.17% |
2019 | 7.6% | 0.2% | 3514.6% | 19.36% |
NAV & Total Return History
EXCAX - Holdings
Concentration Analysis
EXCAX | Category Low | Category High | EXCAX % Rank | |
---|---|---|---|---|
Net Assets | 2.92 B | 3.22 M | 71.9 B | 11.79% |
Number of Holdings | 1408 | 2 | 13067 | 4.98% |
Net Assets in Top 10 | 277 M | -317 M | 3.4 B | 13.01% |
Weighting of Top 10 | 9.80% | 1.9% | 100.4% | 83.35% |
Top 10 Holdings
- CHEVRON USA INC FRN 11-01-35 1.30%
- TREASURY BILL 0.0% 03-05-24 1.23%
- CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY (MPT) 5.0% 05-01-54 1.17%
- CITY OF PASADENA CA FRN 02-01-35 1.11%
- CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY (MPT) 4.0% 02-01-52 1.09%
- CHEVRON USA INC FRN 11-01-35 1.07%
- LOS ANGELES DEPARTMENT OF WATER POWER WATER SYSTEM REVENUE FRN 07-01-49 0.72%
- CALIFORNIA HOUSING FINANCE AGENCY 3.5% 11-20-35 0.71%
- CALIFORNIA HOUSING FINANCE AGENCY 4.0% 03-20-33 0.70%
- LOS ANGELES DEPARTMENT OF WATER POWER POWER SYSTEM REVENUE FRN 07-01-35 0.70%
Asset Allocation
Weighting | Return Low | Return High | EXCAX % Rank | |
---|---|---|---|---|
Bonds | 99.34% | 0.00% | 150.86% | 27.04% |
Cash | 0.65% | -50.86% | 50.09% | 74.30% |
Other | 0.01% | -3.18% | 33.35% | 9.77% |
Stocks | 0.00% | 0.00% | 99.81% | 68.82% |
Preferred Stocks | 0.00% | 0.00% | 0.52% | 64.40% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 64.46% |
Bond Sector Breakdown
Weighting | Return Low | Return High | EXCAX % Rank | |
---|---|---|---|---|
Municipal | 98.76% | 44.39% | 100.00% | 43.47% |
Derivative | 0.01% | -3.18% | 23.38% | 5.95% |
Cash & Equivalents | 0.00% | 0.00% | 48.02% | 84.85% |
Securitized | 0.00% | 0.00% | 5.93% | 65.17% |
Corporate | 0.00% | 0.00% | 9.41% | 70.83% |
Government | 0.00% | 0.00% | 52.02% | 67.45% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | EXCAX % Rank | |
---|---|---|---|---|
US | 99.34% | 0.00% | 142.23% | 24.98% |
Non US | 0.00% | 0.00% | 23.89% | 67.83% |
EXCAX - Expenses
Operational Fees
EXCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.29% | 0.01% | 20.65% | 94.82% |
Management Fee | 0.25% | 0.00% | 1.20% | 10.28% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.05% | 0.01% | 0.44% | 15.62% |
Sales Fees
EXCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.50% | 4.75% | N/A |
Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
EXCAX 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.
EXCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 17.00% | 0.00% | 283.00% | 49.89% |
EXCAX - Distributions
Dividend Yield Analysis
EXCAX | Category Low | Category High | EXCAX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.20% | 0.00% | 14.56% | 51.81% |
Dividend Distribution Analysis
EXCAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
EXCAX | Category Low | Category High | EXCAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.36% | -0.53% | 5.33% | 26.78% |
Capital Gain Distribution Analysis
EXCAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 01, 2024 | $0.044 | DailyAccrualFund |
Mar 01, 2024 | $0.041 | DailyAccrualFund |
Feb 01, 2024 | $0.043 | DailyAccrualFund |
Jan 02, 2024 | $0.006 | DailyAccrualFund |
Dec 01, 2023 | $0.042 | DailyAccrualFund |
Nov 01, 2023 | $0.042 | DailyAccrualFund |
Oct 02, 2023 | $0.040 | DailyAccrualFund |
Sep 01, 2023 | $0.041 | DailyAccrualFund |
Aug 01, 2023 | $0.042 | DailyAccrualFund |
Jul 03, 2023 | $0.041 | DailyAccrualFund |
Jun 01, 2023 | $0.040 | DailyAccrualFund |
May 01, 2023 | $0.038 | DailyAccrualFund |
Apr 03, 2023 | $0.038 | DailyAccrualFund |
Mar 01, 2023 | $0.036 | DailyAccrualFund |
Feb 01, 2023 | $0.040 | DailyAccrualFund |
Jan 03, 2023 | $0.041 | DailyAccrualFund |
Dec 01, 2022 | $0.038 | DailyAccrualFund |
Nov 01, 2022 | $0.039 | DailyAccrualFund |
Oct 03, 2022 | $0.037 | DailyAccrualFund |
Sep 01, 2022 | $0.037 | DailyAccrualFund |
Aug 01, 2022 | $0.037 | DailyAccrualFund |
Jul 01, 2022 | $0.035 | DailyAccrualFund |
Jun 01, 2022 | $0.036 | DailyAccrualFund |
May 02, 2022 | $0.034 | DailyAccrualFund |
Apr 01, 2022 | $0.035 | DailyAccrualFund |
Mar 01, 2022 | $0.032 | DailyAccrualFund |
Feb 01, 2022 | $0.035 | DailyAccrualFund |
Jan 03, 2022 | $0.035 | DailyAccrualFund |
Dec 01, 2021 | $0.034 | DailyAccrualFund |
Nov 01, 2021 | $0.034 | DailyAccrualFund |
Oct 01, 2021 | $0.033 | DailyAccrualFund |
Sep 01, 2021 | $0.035 | DailyAccrualFund |
Aug 02, 2021 | $0.035 | DailyAccrualFund |
Jul 01, 2021 | $0.034 | DailyAccrualFund |
Jun 01, 2021 | $0.036 | DailyAccrualFund |
May 03, 2021 | $0.035 | DailyAccrualFund |
Apr 01, 2021 | $0.036 | DailyAccrualFund |
Mar 01, 2021 | $0.033 | DailyAccrualFund |
Feb 01, 2021 | $0.037 | DailyAccrualFund |
Jan 04, 2021 | $0.110 | DailyAccrualFund |
Dec 01, 2020 | $0.038 | DailyAccrualFund |
Nov 02, 2020 | $0.038 | DailyAccrualFund |
Oct 01, 2020 | $0.036 | DailyAccrualFund |
Sep 01, 2020 | $0.038 | OrdinaryDividend |
Aug 03, 2020 | $0.039 | OrdinaryDividend |
Jul 01, 2020 | $0.038 | OrdinaryDividend |
Jun 01, 2020 | $0.040 | OrdinaryDividend |
May 01, 2020 | $0.039 | OrdinaryDividend |
Apr 01, 2020 | $0.042 | OrdinaryDividend |
Mar 02, 2020 | $0.038 | OrdinaryDividend |
Feb 03, 2020 | $0.040 | OrdinaryDividend |
Dec 02, 2019 | $0.042 | DailyAccrualFund |
Nov 01, 2019 | $0.041 | DailyAccrualFund |
Oct 01, 2019 | $0.041 | DailyAccrualFund |
Sep 03, 2019 | $0.043 | DailyAccrualFund |
Aug 01, 2019 | $0.044 | DailyAccrualFund |
Jul 01, 2019 | $0.043 | OrdinaryDividend |
Jun 03, 2019 | $0.045 | DailyAccrualFund |
May 01, 2019 | $0.045 | DailyAccrualFund |
Apr 01, 2019 | $0.047 | DailyAccrualFund |
Mar 01, 2019 | $0.042 | DailyAccrualFund |
Feb 01, 2019 | $0.047 | DailyAccrualFund |
Jan 02, 2019 | $0.047 | DailyAccrualFund |
Dec 03, 2018 | $0.045 | DailyAccrualFund |
Nov 01, 2018 | $0.046 | DailyAccrualFund |
Sep 04, 2018 | $0.046 | DailyAccrualFund |
Aug 01, 2018 | $0.045 | DailyAccrualFund |
Jul 02, 2018 | $0.045 | DailyAccrualFund |
Jun 01, 2018 | $0.047 | DailyAccrualFund |
May 01, 2018 | $0.046 | DailyAccrualFund |
Apr 02, 2018 | $0.045 | DailyAccrualFund |
Mar 01, 2018 | $0.042 | DailyAccrualFund |
Feb 01, 2018 | $0.049 | DailyAccrualFund |
Jan 02, 2018 | $0.047 | DailyAccrualFund |
Dec 01, 2017 | $0.044 | DailyAccrualFund |
Nov 01, 2017 | $0.047 | DailyAccrualFund |
Oct 02, 2017 | $0.046 | DailyAccrualFund |
Sep 01, 2017 | $0.048 | DailyAccrualFund |
Aug 01, 2017 | $0.048 | DailyAccrualFund |
Jul 03, 2017 | $0.046 | DailyAccrualFund |
Jun 01, 2017 | $0.049 | DailyAccrualFund |
May 01, 2017 | $0.048 | DailyAccrualFund |
Apr 03, 2017 | $0.049 | DailyAccrualFund |
Mar 01, 2017 | $0.044 | DailyAccrualFund |
EXCAX - Fund Manager Analysis
Managers
Karl Zeile
Start Date
Tenure
Tenure Rank
Jan 01, 2003
19.42
19.4%
Zeile has been employed by Capital and its affiliates since 1999.
Mark Marinella
Start Date
Tenure
Tenure Rank
Oct 01, 2018
3.67
3.7%
Mark Marinella is a fixed income portfolio manager at Capital Group. He has 31 years of investment industry experience and has been with Capital Group for four years. Earlier in his career at Capital, he was head of the Investment Resources Group as well as a senior manager in fixed income. Prior to joining Capital, Mark was a global chief investment officer for fixed income and currencies at State Street Global Advisors. He holds an MBA from Boston College and a bachelor’s degree in economics from the University of Massachusetts. He also holds the Chartered Financial Analyst® designation. Mark is based in Los Angeles.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.37 | 1.58 |