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Name

As of 11/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Schwab California Tax-Free Bond Fund

SWCAX | Fund

$11.11

$445 M

3.10%

$0.34

0.41%

Vitals

YTD Return

2.0%

1 yr return

5.4%

3 Yr Avg Return

-0.2%

5 Yr Avg Return

0.7%

Net Assets

$445 M

Holdings in Top 10

12.2%

52 WEEK LOW AND HIGH

$11.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.41%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 43.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Schwab California Tax-Free Bond Fund

SWCAX | Fund

$11.11

$445 M

3.10%

$0.34

0.41%

SWCAX - Profile

Distributions

  • YTD Total Return 2.0%
  • 3 Yr Annualized Total Return -0.2%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.64%
DIVIDENDS
  • Dividend Yield 3.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Schwab California Tax-Free Bond Fund
  • Fund Family Name
    SCHFLFSETF
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    36335427
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kenneth Salinger

Fund Description

To pursue its goal, the fund primarily invests in investment-grade municipal securities – those in the four highest credit rating categories (rated AAA to BBB- or the unrated equivalent as determined by the investment adviser) from California issuers. The fund normally invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in municipal securities the interest from which is exempt from federal and California personal income tax and federal alternative minimum tax (AMT). These securities may include those issued by issuers located outside of California, such as U.S. territories and possessions, or by their agencies, authorities, or instrumentalities.
The fund may invest in securities from municipal issuers in California and in U.S. territories and possessions. These may include general obligation issues, which typically are backed by the issuer’s ability to levy taxes, and revenue issues, which typically are backed by a stream of revenue from a given source, such as an electric utility or a public water system. The fund may invest more than 25% of its total assets in municipal securities financing similar projects, such as those relating to education, health care, transportation and utilities and may also invest in municipal notes. The fund’s securities may carry credit enhancements (such as bond insurance) or liquidity enhancements (such as a letter of credit), which are designed to provide incremental levels of creditworthiness or liquidity.
In choosing securities, the fund’s investment adviser seeks to maximize current income within the limits of the fund’s credit and maturity standards. The investment adviser’s credit research department analyzes and monitors the securities that the fund owns or is considering buying. The fund may invest up to 15% of its assets in below investment grade bonds (sometimes called junk bonds) that are rated, at the time of investment, at least B by at least one nationally recognized statistical rating organization or are the unrated equivalent as determined by the investment adviser. If a bond is downgraded below B or the unrated equivalent, the fund may continue to hold it unless the investment adviser determines the risk of holding the bond is unacceptable when compared to the bond’s total return potential. The investment adviser may adjust the fund’s holdings based on actual or anticipated changes in interest rates or credit quality.
The fund may also invest in derivative instruments, principally futures contracts. The fund typically uses futures as a substitute for taking a position in the underlying asset or as a part of a strategy designed to reduce exposure to other risks.
During unusual market conditions, the fund may invest entirely in taxable securities and municipal securities whose interest is subject to federal income tax and the AMT, and also California personal income tax, as a temporary defensive measure. When the fund engages in such activities, the fund would not be pursuing its investment strategy and, as a result, it may not achieve its investment objective.
Read More

SWCAX - Performance

Return Ranking - Trailing

Period SWCAX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -5.6% 31.6% 61.78%
1 Yr 5.4% 0.1% 42.6% 72.64%
3 Yr -0.2%* -11.3% 3.3% 36.99%
5 Yr 0.7%* -6.9% 1103.7% 61.30%
10 Yr 1.7%* -0.9% 248.7% 50.18%

* Annualized

Return Ranking - Calendar

Period SWCAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.4% -1.4% 41.0% 63.02%
2022 -9.5% -39.7% 0.3% 30.60%
2021 -1.3% -5.6% 6.9% 86.78%
2020 1.4% -2.6% 310.0% 64.58%
2019 3.3% 0.0% 26.0% 68.31%

Total Return Ranking - Trailing

Period SWCAX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -5.6% 31.6% 61.78%
1 Yr 5.4% 0.1% 42.6% 72.64%
3 Yr -0.2%* -11.3% 3.3% 36.99%
5 Yr 0.7%* -6.9% 1103.7% 61.30%
10 Yr 1.7%* -0.9% 248.7% 50.18%

* Annualized

Total Return Ranking - Calendar

Period SWCAX Return Category Return Low Category Return High Rank in Category (%)
2023 5.4% -1.3% 41.0% 56.68%
2022 -7.5% -39.7% 1.1% 30.81%
2021 0.8% -4.8% 23761504.0% 71.03%
2020 3.4% -1.5% 17057.9% 63.26%
2019 6.0% 0.2% 3514.6% 63.60%

NAV & Total Return History

SWCAX - Holdings

Concentration Analysis

SWCAX Category Low Category High SWCAX % Rank
Net Assets 445 M 3.22 M 71.9 B 51.23%
Number of Holdings 333 4 13418 36.95%
Net Assets in Top 10 53.5 M -317 M 3.09 B 63.45%
Weighting of Top 10 12.20% 1.8% 100.3% 74.68%

Top 10 Holdings

  1. Lease RB Series 2024H 1.51%
  2. Clean Energy RB Series 2023D 1.47%
  3. GO Bonds 1.34%
  4. Refunding RB 2nd Series 2023C 1.27%
  5. GO Bonds Series 2017 1.19%
  6. GO Refunding Bonds 1.17%
  7. RB Series 2022A1 1.16%
  8. RB Series 2023F 1.07%
  9. Power System RB Series 2023F2 1.02%
  10. Toll Bridge RB Series 2024I 1.00%

Asset Allocation

Weighting Return Low Return High SWCAX % Rank
Bonds 		103.08% 0.00% 150.86% 4.92%
Stocks 		0.00% 0.00% 99.78% 54.62%
Preferred Stocks 		0.00% 0.00% 0.07% 46.60%
Other 		0.00% -3.69% 51.88% 51.40%
Convertible Bonds 		0.00% 0.00% 0.93% 46.32%
Cash 		0.00% -50.86% 44.62% 90.68%

Bond Sector Breakdown

Weighting Return Low Return High SWCAX % Rank
Municipal 		99.44% 44.39% 100.00% 31.42%
Derivative 		0.00% -3.69% 51.88% 49.27%
Cash & Equivalents 		0.00% 0.00% 44.41% 76.90%
Securitized 		0.00% 0.00% 5.93% 47.59%
Corporate 		0.00% 0.00% 9.41% 55.82%
Government 		0.00% 0.00% 52.02% 50.40%

Bond Geographic Breakdown

Weighting Return Low Return High SWCAX % Rank
US 		103.08% 0.00% 142.23% 4.93%
Non US 		0.00% 0.00% 23.89% 50.07%

SWCAX - Expenses

Operational Fees

SWCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.41% 0.01% 8.02% 90.07%
Management Fee 0.22% 0.00% 1.20% 7.72%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

SWCAX 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

SWCAX 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.

SWCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 43.00% 0.00% 283.00% 90.28%

SWCAX - Distributions

Dividend Yield Analysis

SWCAX Category Low Category High SWCAX % Rank
Dividend Yield 3.10% 0.00% 14.51% 48.04%

Dividend Distribution Analysis

SWCAX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

SWCAX Category Low Category High SWCAX % Rank
Net Income Ratio 1.64% -0.53% 5.33% 66.31%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SWCAX - Fund Manager Analysis

Managers

Kenneth Salinger

Start Date

Tenure

Tenure Rank

Mar 26, 2008

14.19

14.2%

Kenneth Salinger, CFA, Vice President and Head of Tax-Exempt Strategies, leads the portfolio management team for Schwab’s national and state-specific tax-free bond funds and municipal money market funds. He also has overall responsibility for all aspects of the management of each of the tax-free bond funds. Prior to joining Charles Schwab Investment Management, Inc in 2008, Mr. Salinger was a senior portfolio manager at Wells Capital Management, working on a team that managed municipal bond assets. He worked at American Century Investments from 1992 to 2006, where he was a vice president and senior portfolio manager, responsible for daily management of a number of national and state specific municipal bond funds. Mr. Salinger has worked in fixed-income asset management since 1994.

John Khodarahmi

Start Date

Tenure

Tenure Rank

Jul 22, 2015

6.86

6.9%

John Khodarahmi, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Charles Schwab Investment Management in 2015, Mr. Khodarahmi was a Vice President and Senior Municipal Trader at Eaton Vance Management for the firm’s tax-free bond funds since 2002. He has worked in fixed-income asset management and trading since 1990.

James Cortez

Start Date

Tenure

Tenure Rank

Dec 18, 2019

2.45

2.5%

James Cortez, CFA, Portfolio Manager, is responsible for the day-to-day co-management of Charles Schwab Investment Management, Inc (CSIM). Previous to this role, Mr. Cortez was a director on CSIM’s municipal research team, focusing on healthcare and higher education credits. Prior to joining CSIM in 2006, Mr. Cortez was an associate director and healthcare analyst at Standard & Poor’s Corporation. He also worked at Driehaus Capital Management as an international specialist and at Harris Trust and Savings Bank as a financial analyst.

Jason Diefenthaler

Start Date

Tenure

Tenure Rank

Dec 17, 2021

0.45

0.5%

Jason Diefenthaler is a Senior Portfolio Manager and the Head of Wasmer Schroeder Municipal Bond Strategies at Schwab Asset Management. He leads the portfolio management team for the Wasmer Schroeder Municipal Bond Strategies. Mr. Diefenthaler is also responsible for the day- to-day co-management of the Schwab Opportunistic Municipal Bond Fund. Previously, Mr. Diefenthaler was the director of tax-exempt portfolio management at Wasmer Schroeder & Company, LLC (Schwab Asset Management became the investment adviser for the Wasmer Schroeder Strategies in 2020). He oversaw all tax-exempt strategies and the management of the Wasmer Schroeder High Yield Municipal Fund, which subsequently reorganized into the Schwab Opportunistic Municipal Bond Fund. Mr. Diefenthaler began his career with Wasmer Schroeder in 2000. He was a credit analyst for taxable and tax-exempt strategies before becoming a portfolio manager. Mr. Diefenthaler earned a Bachelor of Science in finance from Florida State University. He is a member of the Southern Municipal Finance Society and the National Federation of Municipal Analysts.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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