VCITX: Vanguard CA Long-Term Tax-Exempt Inv

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VCITX Vanguard CA Long-Term Tax-Exempt Inv

Profile

VCITX - Profile

Vitals

  • YTD Return 1.7%
  • 3 Yr Annualized Return 1.5%
  • 5 Yr Annualized Return 1.2%
  • Net Assets $5.28 B
  • Holdings in Top 10 5.2%

52 WEEK LOW AND HIGH

$12.75
$11.35
$12.98

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.17%

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) $3,000
  • IRA N/A

Fund Classification

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return 1.5%
  • 5 Yr Annualized Total Return 1.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.02%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Vanguard California Long Term Tax Exempt Fund
  • Fund Family Name
    Vanguard
  • Inception Date
    Apr 07, 1986
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    James D'Arcy

Fund Description

The fund invests primarily in high-quality municipal bonds issued by California state and local governments, as well as by regional governmental and public financing authorities. At least 80% of its assets will be invested in securities whose income is exempt from federal and California state taxes. Although the fund has no limitations on the maturities of individual securities, its dollar-weighted average maturity is expected to be between 10 and 25 years. The fund is non-diversified.

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Categories

VCITX - Mutual Fund Categories

Developed Market
North America
Low Cost
Monthly Income
Active
No Load
U.S.
Long-Term Bond
Total Bond Market
California Municipal Bond
Municipal Bond
Single-State Municipal Bond
U.S. Investment-Grade Bond
Fund Company Quick Screens

VCITX - Fund Company Quick Screens

Vanguard Bond Funds
Vanguard Municipal Bond Funds
Vanguard U.S. Investment-Grade Bond Funds
Performance

VCITX - Performance

Return Ranking - Trailing

Period VCITX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -3.0% 303.2% 11.46%
1 Yr 1.6% -3.8% 298.2% 12.57%
3 Yr 1.5%* -0.9% 58.8% 15.17%
5 Yr 1.2%* -0.9% 31.6% 13.73%
10 Yr 1.1%* -0.3% 15.0% 14.96%

* Annualized

Return Ranking - Calendar

Period VCITX Return Category Return Low Category Return High Rank in Category (%)
2019 5.4% 2.4% 8.8% 27.66%
2018 -2.6% -6.2% 2.8% 48.89%
2017 3.4% -0.2% 6.8% 21.95%
2016 -3.2% -7.9% -1.7% 54.19%
2015 0.7% -1.9% 1.8% 27.63%

Total Return Ranking - Trailing

Period VCITX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -3.0% 303.2% 11.46%
1 Yr 1.6% -3.8% 298.2% 12.57%
3 Yr 1.5%* -0.9% 59.1% 20.79%
5 Yr 1.2%* -0.9% 31.9% 20.92%
10 Yr 1.1%* -0.3% 15.5% 19.69%

* Annualized

Total Return Ranking - Calendar

Period VCITX Return Category Return Low Category Return High Rank in Category (%)
2019 5.4% 2.4% 8.8% 27.66%
2018 -2.6% -6.2% 2.8% 53.89%
2017 3.4% -0.2% 6.9% 25.00%
2016 -3.2% -7.9% 0.8% 57.42%
2015 0.7% -1.9% 3.7% 32.24%

NAV & Total Return History

Holdings

VCITX - Holdings

Concentration Analysis

VCITX Category Low Category High VCITX % Rank
Net Assets 5.28 B 2.99 M 17.2 B 4.17%
Number of Holdings 1213 20 4740 4.17%
Net Assets in Top 10 265 M -115 M 3.01 B 13.02%
Weighting of Top 10 5.18% 3.5% 68.6% 98.44%

Top 10 Holdings

  1. TENDER OPT BD TR RCPTS / CTFS VAR STS 0.12% 0.78%
  2. CALIFORNIA HEALTH FACS FING AUTH REV 5% 0.61%
  3. CALIFORNIA HEALTH FACS FING AUTH REV 5% 0.55%
  4. CALIFORNIA EDL FACS AUTH REV 5% 0.55%
  5. CALIFORNIA EDL FACS AUTH REV 5% 0.53%
  6. CALIFORNIA HEALTH FACS FING AUTH REV 5% 0.50%
  7. BAY AREA TOLL AUTH CALIF TOLL BRDG REV 5% 0.43%
  8. ALAMEDA CORRIDOR TRANSN AUTH CALIF REV 0% 0.43%
  9. SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5% 0.41%
  10. CALIFORNIA ST 5% 0.40%

Asset Allocation

Weighting Return Low Return High VCITX % Rank
Bonds 		99.43% 88.08% 139.13% 47.40%
Cash 		0.57% -39.12% 11.92% 47.92%
Stocks 		0.00% 0.00% 0.10% 26.04%
Preferred Stocks 		0.00% 0.00% 0.00% 23.96%
Other 		0.00% 0.00% 3.39% 28.65%
Convertible Bonds 		0.00% 0.00% 0.00% 23.96%

Bond Sector Breakdown

Weighting Return Low Return High VCITX % Rank
Municipal 		99.43% 49.29% 101.06% 50.52%
Cash & Equivalents 		0.57% -0.27% 13.85% 49.48%
Derivative 		0.00% 0.00% 0.00% 23.96%
Securitized 		0.00% 0.00% 0.00% 23.96%
Corporate 		0.00% 0.00% 2.58% 33.33%
Government 		0.00% -0.79% 49.18% 29.69%

Bond Geographic Breakdown

Weighting Return Low Return High VCITX % Rank
US 		99.01% 85.92% 134.71% 26.56%
Non US 		0.42% 0.00% 9.10% 72.92%
Expenses

VCITX - Expenses

Operational Fees

VCITX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.17% 0.09% 3.74% 98.43%
Management Fee 0.15% 0.00% 0.65% 3.13%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.33% N/A

Sales Fees

VCITX 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

VCITX 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.

VCITX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 11.00% 2.00% 235.00% 18.32%
Distributions

VCITX - Distributions

Dividend Yield Analysis

VCITX Category Low Category High VCITX % Rank
Dividend Yield 0.00% 0.00% 0.60% 28.13%

Dividend Distribution Analysis

VCITX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

VCITX Category Low Category High VCITX % Rank
Net Income Ratio 3.02% 0.73% 5.75% 34.55%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +
Fund Manager Analysis

VCITX - Fund Manager Analysis

Managers

James D'Arcy

Start Date

Tenure

Tenure Rank

Jul 22, 2011

9.12

9.1%

James M. D’Arcy, CFA, Portfolio Manager at Vanguard. He has worked in investment management since 1996, has managed investment portfolios since 1999, has been with Vanguard since 2011. Prior to this, James D'Arcy is a director and senior portfolio manager for Columbia Management focusing on tax-exempt and crossover short duration accounts. In addition, he manages two short-term funds and various short-term separate accounts and is responsible for developing tax-exempt strategies for Columbia Management’s tax-exempt liquidity strategies group. Mr. D'Arcy joined Columbia Management in 1999 and has been a member of the investment community since 1996. Prior to joining Columbia Management, Mr. D'Arcy worked on the fixed-income trading desk at Wells Capital Management. Mr. D'Arcy received his B.A. in economics from the University of Colorado at Boulder. He holds the Chartered Financial Analyst designation. In addition, he is a member of the CFA North Carolina Society and the National Federation of Municipal Analysts.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.17 31.69 9.4 7.51

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