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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$8.21

$1.97 B

3.86%

$0.32

0.58%

Vitals

YTD Return

3.7%

1 yr return

-9.1%

3 Yr Avg Return

-3.4%

5 Yr Avg Return

N/A

Net Assets

$1.97 B

Holdings in Top 10

12.0%

52 WEEK LOW AND HIGH

$8.2
$7.40
$9.02

Expenses

OPERATING FEES

Expense Ratio 0.58%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$8.21

$1.97 B

3.86%

$0.32

0.58%

IORCX - Profile

Distributions

  • YTD Total Return 3.7%
  • 3 Yr Annualized Total Return -3.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.20%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco California Municipal Fund
  • Fund Family Name
    Invesco
  • Inception Date
    May 24, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Mark DeMitry

Fund Description

Under normal market conditions, and as a fundamental policy, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the Fund’s state income tax. The policy stated in the foregoing sentence may not be changed without shareholder approval of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (1940 Act). In complying with this 80% investment requirement, the Fund may invest in derivatives and other instruments that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement.
As a fundamental policy, the Fund may invest up to 20% of its net assets in securities subject to the federal alternative minimum tax (AMT). Additionally, under normal market conditions, and as a fundamental policy, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in California municipal securities and in derivatives and other instruments that have economic characteristics similar to such securities. These securities are generally issued by the state and its political subdivisions (such as cities, towns, counties, agencies and authorities) and primarily include municipal bonds (long-term (more than one-year) obligations), municipal notes (short-term obligations) and interests in municipal leases. Municipal securities generally are classified as general or revenue obligations. General obligations are secured by the issuer’s pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue obligations are bonds whose interest is payable only from the revenues derived from a particular facility or class of facilities, or a specific excise tax or other revenue source. The securities in which the Fund invests may also include securities issued by issuers located outside of California, such as U.S. territories, commonwealths and possessions, or their agencies, instrumentalities and authorities if the interest on such securities is not subject to California and federal income tax. These securities are “California municipal securities” for purposes of this prospectus.
Most of the securities the Fund buys are “investment-grade” (rated in one of the four highest rating categories of a nationally recognized statistical rating organization, such as S&P Global Ratings or, in the case of unrated securities, determined by the Fund’s Adviser, Invesco Advisers, Inc. (Invesco or the Adviser), to be comparable to securities rated investment-grade), although the Fund also can invest as much as 25% of its total assets in below-investment-grade securities (sometimes called “junk bonds”). This restriction is applied at the time of purchase and the Fund may continue to hold a security whose credit rating has been downgraded or, in the case of an unrated security, after the Adviser has changed its assessment of the security’s credit quality. As a result, credit rating downgrades or other market fluctuations may cause the Fund’s holdings of
below-investment-grade securities to exceed, at times significantly, this restriction for an extended period of time. If the Fund has more than 25% of its total assets invested in below-investment-grade securities, the Adviser will not purchase additional below-investment-grade securities until the level of holdings in those securities no longer exceeds the restriction. The Fund also invests in unrated securities, in which case the Adviser internally assigns ratings to those securities, after assessing their credit quality and other factors, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Adviser’s credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization.
To the extent the Fund invests in pre-refunded municipal securities collateralized by U.S. government securities, the Fund may treat those securities as investment-grade (AAA) securities even if the issuer itself has a below-investment-grade rating.
The Fund does not limit its investments to securities of a particular maturity range, and may hold both short and long-term securities. However, the Fund expects to focus on longer-term securities to seek higher yields. This portfolio strategy is subject to change. The Fund may invest in obligations that pay interest at fixed or variable rates.
The Fund can invest in inverse floaters, a variable rate obligation, to seek increased income and return. The Fund’s investment in inverse floaters entails a degree of leverage. The Fund can expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s investments in inverse floaters are included for purposes of the 80% policies described above. The Fund can also engage in reverse repurchase agreements, which also create leverage.
The Fund can invest in derivative instruments, including futures contracts. The Fund can use futures contracts, including interest rate futures, to reduce exposure to interest rate changes and to manage duration.
The Fund can borrow money to purchase additional securities, another form of leverage. Although the amount of borrowing will vary from time to time, the amount of leveraging from borrowings will not exceed one-third of the Fund’s total assets.
The Fund may invest more than 25% of its net assets in a segment of the municipal securities market with similar characteristics if the Adviser determines that the yields available from obligations in a particular segment justify the additional risks of a larger investment in such segment. The Fund may not, however, invest more than 25% of its net assets in industrial development revenue bonds issued for companies in the same industry.
The Fund can invest up to 25% of its total assets in tobacco settlement revenue bonds and up to 25% of its total assets in tobacco-related bonds without an appropriation pledge that make payments only from a state's interest in the Master Settlement Agreement (MSA).
In selecting investments for the Fund, the portfolio managers generally look at a wide range of California municipal securities from different issuers that provide high current income, including unrated bonds, that have favorable credit characteristics and that provide opportunities for value. The portfolio managers may consider selling a security if any of these factors no longer applies to a security purchased for the Fund, but are not required to do so.
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IORCX - Performance

Return Ranking - Trailing

Period IORCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% -86.8% 7.5% 9.60%
1 Yr -9.1% -21.2% 15.7% 86.82%
3 Yr -3.4%* -10.0% 52.4% 77.05%
5 Yr N/A* -4.7% 30.0% 6.60%
10 Yr N/A* -3.1% 13.6% 4.38%

* Annualized

Return Ranking - Calendar

Period IORCX Return Category Return Low Category Return High Rank in Category (%)
2022 -14.5% -91.1% 101.7% 84.12%
2021 0.3% -79.2% 102.5% 29.68%
2020 1.0% -66.1% 60.0% 9.08%
2019 N/A -57.4% 7.6% N/A
2018 N/A -35.9% 3.2% N/A

Total Return Ranking - Trailing

Period IORCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% -86.8% 7.5% 9.92%
1 Yr -9.1% -21.2% 15.4% 86.86%
3 Yr -3.4%* -10.0% 52.4% 77.68%
5 Yr N/A* -4.7% 30.0% 4.46%
10 Yr N/A* -3.1% 13.7% 3.38%

* Annualized

Total Return Ranking - Calendar

Period IORCX Return Category Return Low Category Return High Rank in Category (%)
2022 -14.5% -91.1% 101.7% 84.12%
2021 0.3% -79.2% 102.5% 29.77%
2020 1.0% -66.1% 60.0% 9.17%
2019 N/A -57.4% 7.6% N/A
2018 N/A -35.9% 3.2% N/A

NAV & Total Return History


IORCX - Holdings

Concentration Analysis

IORCX Category Low Category High IORCX % Rank
Net Assets 1.97 B 2.87 M 73.9 B 18.87%
Number of Holdings 769 1 14000 11.99%
Net Assets in Top 10 233 M -317 M 8.64 B 12.94%
Weighting of Top 10 12.02% 2.4% 100.0% 78.97%

Top 10 Holdings

  1. SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5% 1.72%
  2. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV 0% 1.48%
  3. LOS ANGELES CALIF DEPT ARPTS REV 5% 1.42%
  4. LOS ANGELES CALIF DEPT ARPTS REV 5% 1.41%
  5. LOS ANGELES CALIF DEPT ARPTS REV 5% 1.40%
  6. LOS ANGELES CALIF DEPT ARPTS REV 5% 1.36%
  7. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV 0% 1.29%
  8. FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV 4% 1.22%
  9. LOS ANGELES CALIF DEPT WTR & PWR REV 0.02% 1.21%
  10. SAN MATEO CNTY CALIF JT PWRS FING AUTH LEASE REV 5% 1.03%

Asset Allocation

Weighting Return Low Return High IORCX % Rank
Bonds
102.31% 0.00% 150.86% 2.55%
Stocks
0.00% -0.03% 4.63% 27.19%
Preferred Stocks
0.00% -1.79% 0.04% 24.20%
Other
0.00% -13.03% 30.01% 25.11%
Convertible Bonds
0.00% 0.00% 0.93% 24.34%
Cash
-2.31% -50.86% 100.00% 97.27%

Bond Sector Breakdown

Weighting Return Low Return High IORCX % Rank
Municipal
98.69% 0.00% 100.00% 57.98%
Cash & Equivalents
1.26% 0.00% 100.00% 41.02%
Corporate
0.05% 0.00% 9.99% 13.26%
Derivative
0.00% 0.00% 21.68% 23.79%
Securitized
0.00% 0.00% 5.93% 25.02%
Government
0.00% 0.00% 52.02% 27.99%

Bond Geographic Breakdown

Weighting Return Low Return High IORCX % Rank
US
97.12% 0.00% 142.23% 54.56%
Non US
5.19% 0.00% 62.14% 10.07%

IORCX - Expenses

Operational Fees

IORCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.58% 0.02% 3.60% 46.43%
Management Fee 0.41% 0.00% 1.10% 44.61%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

IORCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

IORCX 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.

IORCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% 28.73%

IORCX - Distributions

Dividend Yield Analysis

IORCX Category Low Category High IORCX % Rank
Dividend Yield 3.86% 0.00% 35.27% 2.14%

Dividend Distribution Analysis

IORCX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

IORCX Category Low Category High IORCX % Rank
Net Income Ratio 3.20% -0.53% 24.00% 6.72%

Capital Gain Distribution Analysis

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

Distributions History

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IORCX - Fund Manager Analysis

Managers

Mark DeMitry


Start Date

Tenure

Tenure Rank

Sep 27, 2006

15.68

15.7%

Mr. DeMitry has been a Vice President and Senior Portfolio Manager of OppenheimerFunds Inc since July 2009. He was an Associate Portfolio Manager with OppenheimerFunds Inc from September 2006 to June 2009. DeMitry has been an associate portfolio manager with OppenheimerFunds since September 2006 and has been a research analyst of OppenheimerFunds, Inc. since June 2003; a credit analyst of OppenheimerFunds, Inc. from July 2001 to May 2003; an associate regional sales representative of OppenheimerFunds, Inc. from December 2000 to June 2001.

Mark Paris


Start Date

Tenure

Tenure Rank

Jun 21, 2019

2.95

3.0%

Mark Paris is Chief Investment Officer and Head of Municipal Strategies for Invesco Fixed Income. In this capacity, he is responsible for the oversight and implementationof all municipal bond strategies. Mr. Paris entered the financial industry in 1990 and joined Invesco in 2010 when the firm combined with Van Kampen investments. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the muncipal fixed income team at Morgan Stanley/Van Kampen, which he joing in 2002. He also was previously a trader and portfolio manager at Oppenheimer Funds, head underwriter at Chase Manhattan Bank, and a trader and underwriter at NatWest Bank. Mr. Paris earned a BBA in finance from Baruch College of the City University of New York.

Tim O'Reilly


Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

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."

Scott Cottier


Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

Mr. Cottier has been a Senior Vice President of OppenheimerFunds, Inc. since January 2017 and a Senior Portfolio Manager of OppenheimerFunds, Inc. since September 2002. He was Vice President of OppenheimerFunds, Inc. from September 2002 to December 2016. Mr. Cottier is a co-team leader, a portfolio manager, an officer, and a trader for the Fund and other Oppenheimer funds. Cottier has been a vice president and a senior portfolio manager with OppenheimerFunds, Inc. He has been a vice president of OppenheimerFunds, Inc. since 2002. Prior to joining it in 2002, Cottier was a portfolio manager and trader at Victory Capital Management from 1999 to 2002.

Michael Camarella


Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

Mr. Camarella has been a Vice President and Senior Portfolio Manager of the OppenheimerFunds Inc since January 2011. He was an Assistant Vice President of OppenheimerFunds Inc from July 2009 to December 2010 and an Associate Portfolio Manager with OppenheimerFunds Inc from January 2008 to December 2010. Camarella has been a research analyst of OppenheimerFunds since February 2006. Camarella was a credit analyst of the manager from June 2003 to January 2006. Prior to joining the firm, he was employed as an investment banking analyst for Wachovia Securities in Charlotte, North Carolina.

Julius Williams


Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.21 1.58