IORCX: Invesco California Municipal Fund - MutualFunds.com

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Invesco Oppenheimer Rochester California Municipal Fund

IORCX - Snapshot

Vitals

  • YTD Return 2.2%
  • 3 Yr Annualized Return 6.8%
  • 5 Yr Annualized Return 5.9%
  • Net Assets $2.05 B
  • Holdings in Top 10 12.1%

52 WEEK LOW AND HIGH

$9.15
$8.08
$9.29

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.71%

SALES FEES

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

BROKERAGE FEES

  • Turnover 11.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000,000
  • IRA N/A

Fund Classification

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

Compare IORCX to Popular Municipal Bond Funds and ETFs

Overview

Income Profile

Income Risk

Returns Profile

Allocations

Expenses

About

$14.80

+0.07%

$78.56 B

-

$0.00

2.28%

-

$11.24

0.00%

$32.48 B

-

$0.00

1.44%

-

$13.56

0.00%

$24.26 B

-

$0.00

1.73%

-

$15.94

0.00%

$20.00 B

-

$0.00

0.57%

-

$116.89

+0.07%

$18.20 B

-

-

2.62%

-

IORCX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 6.8%
  • 5 Yr Annualized Total Return 5.9%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.40%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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. Additionally, under normal market conditions, it invests at least 80% of its net assets in California municipal securities and in derivatives and other instruments that have economic characteristics similar to such securities.


IORCX - Performance

Return Ranking - Trailing

Period IORCX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -4.8% 307.0% 13.57%
1 Yr 4.2% -5.4% 5.8% 2.17%
3 Yr 6.8%* -0.6% 8.2% 0.76%
5 Yr 5.9%* -0.3% 6.9% 0.72%
10 Yr 6.1%* -0.1% 8.1% 2.53%

* Annualized

Return Ranking - Calendar

Period IORCX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -0.3% 15.4% N/A
2018 N/A -10.3% 97.2% N/A
2017 N/A -100.0% 7.6% N/A
2016 N/A -7.9% 96.8% N/A
2015 N/A -4.8% 3.0% N/A

Total Return Ranking - Trailing

Period IORCX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -4.8% 307.0% 13.57%
1 Yr 4.2% -8.3% 5.8% 1.71%
3 Yr 6.8%* -2.5% 8.2% 0.59%
5 Yr 5.9%* -1.5% 6.9% 0.66%
10 Yr 6.1%* -0.4% 8.1% 2.53%

* Annualized

Total Return Ranking - Calendar

Period IORCX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -0.3% 15.4% N/A
2018 N/A -10.3% 11.0% N/A
2017 N/A -100.0% 7.6% N/A
2016 N/A -7.9% 3.0% N/A
2015 N/A -4.8% 4.0% N/A

NAV & Total Return History


IORCX - Holdings

Concentration Analysis

IORCX Category Low Category High IORCX % Rank
Net Assets 2.05 B 611 K 78.6 B 17.54%
Number of Holdings 681 1 10805 15.28%
Net Assets in Top 10 244 M -199 M 3.97 B 17.81%
Weighting of Top 10 12.05% 2.5% 100.0% 77.86%

Top 10 Holdings

  1. SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5% 1.85%
  2. SAN BERNARDINO CALIF CMNTY COLLEGE DIST 4% 1.56%
  3. LOS ANGELES CALIF DEPT ARPTS REV 5% 1.45%
  4. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV 0% 1.26%
  5. SAN MATEO CNTY CALIF JT PWRS FING AUTH LEASE REV 5% 1.10%
  6. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV 0% 1.10%
  7. UNIVERSITY CALIF REVS 5% 0.98%
  8. LOS ANGELES CALIF DEPT WTR & PWR REV 5% 0.94%
  9. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV 6% 0.92%
  10. ORANGE CNTY CALIF LOC TRANSN AUTH SALES TAX REV 5% 0.88%

Asset Allocation

Weighting Return Low Return High IORCX % Rank
Bonds
100.15% 0.00% 147.66% 11.77%
Stocks
0.00% 0.00% 1.80% 16.73%
Preferred Stocks
0.00% -0.98% 1.07% 13.13%
Other
0.00% -1.46% 12.83% 16.35%
Convertible Bonds
0.00% 0.00% 1.64% 13.53%
Cash
-0.15% -47.66% 100.00% 87.88%

Bond Sector Breakdown

Weighting Return Low Return High IORCX % Rank
Municipal
99.96% 0.00% 100.00% 18.55%
Cash & Equivalents
0.04% 0.00% 100.00% 77.11%
Derivative
0.00% 0.00% 2.16% 12.97%
Securitized
0.00% 0.00% 6.06% 15.05%
Corporate
0.00% 0.00% 12.97% 27.11%
Government
0.00% 0.00% 49.72% 17.81%

Bond Geographic Breakdown

Weighting Return Low Return High IORCX % Rank
US
94.33% 0.00% 141.34% 69.90%
Non US
5.82% 0.00% 27.62% 11.56%

IORCX - Expenses

Operational Fees

IORCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.71% 0.01% 4.23% 56.95%
Management Fee 0.40% 0.00% 1.10% 34.76%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.47% N/A

Sales Fees

IORCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% 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% 2.00% 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 11.00% 0.00% 233.00% 16.04%

IORCX - Distributions

Dividend Yield Analysis

IORCX Category Low Category High IORCX % Rank
Dividend Yield 0.00% 0.00% 3.55% 18.64%

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 3.40% 0.00% 6.48% 7.64%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

IORCX - Fund Manager Analysis

Managers

Mark DeMitry


Start Date

Tenure

Tenure Rank

Sep 27, 2006

14.1

14.1%

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

1.36

1.4%

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

0.94

0.9%

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

0.94

0.9%

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

0.94

0.9%

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

0.94

0.9%

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
0.02 35.61 7.61 2.84
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