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Trending ETFs

CALIFORNIA HIGH-YIELD MUNICIPAL FUND

mutual fund
CAYAX
Payout Change
Pending
Price as of:
$9.96 -0.01 -0.1%
primary theme
Municipal Bond
CAYAX (Mutual Fund)

CALIFORNIA HIGH-YIELD MUNICIPAL FUND

Payout Change
Pending
Price as of:
$9.96 -0.01 -0.1%
primary theme
Municipal Bond
CAYAX (Mutual Fund)

CALIFORNIA HIGH-YIELD MUNICIPAL FUND

Payout Change
Pending
Price as of:
$9.96 -0.01 -0.1%
primary theme
Municipal Bond

Name

As of 12/11/2024

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

$9.96

$1.38 B

3.49%

$0.35

0.75%

Vitals

YTD Return

5.2%

1 yr return

7.1%

3 Yr Avg Return

-0.8%

5 Yr Avg Return

0.9%

Net Assets

$1.38 B

Holdings in Top 10

8.8%

52 WEEK LOW AND HIGH

$10.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.75%

SALES FEES

Front Load 4.50%

Deferred Load N/A

TRADING FEES

Turnover 25.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/11/2024

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

$9.96

$1.38 B

3.49%

$0.35

0.75%

CAYAX - Profile

Distributions

  • YTD Total Return 5.2%
  • 3 Yr Annualized Total Return -0.8%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.66%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    CALIFORNIA HIGH-YIELD MUNICIPAL FUND
  • Fund Family Name
    American Century Investments
  • Inception Date
    Jan 31, 2003
  • Shares Outstanding
    6152414
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Alan Kruss

Fund Description

The fund invests in California municipal and other debt securities with an emphasis on high-yield securities. A high-yield security is one that has been rated below investment-grade, or determined by the investment advisor to be of similar quality. Under normal market conditions, the portfolio managers invest at least 80% of the fund’s net assets in municipal securities with income payments exempt from federal and California income taxes. Cities, counties and other municipalities in California and U.S. territories usually issue these securities for public projects, such as schools, roads, and water and sewer systems. Some of these investments are not necessarily exempt from the federal alternative minimum tax. 
The portfolio managers seek to invest in securities that will result in a high yield for the fund. To accomplish this, the portfolio managers buy securities that are rated below investment-grade, including so-called junk bonds and bonds that are in technical or monetary default. Issuers of these securities often have short financial histories or have questionable credit or have had and may continue to have problems making interest and principal payments. 
The portfolio managers also may buy unrated securities if they determine such securities meet the investment objectives of the fund. 
Although the fund invests primarily for income, it also employs techniques designed to realize capital appreciation. For example, the portfolio managers may select bonds with maturities and coupon rates that position the fund for potential capital appreciation for a variety of reasons, including their view on the direction of future interest-rate movements and the potential for a credit upgrade.
When determining whether to sell a security, the portfolio managers consider, among other things, current and anticipated changes in interest rates, the credit quality of a particular issuer, comparable alternatives, general market conditions and any other factor deemed relevant by the portfolio managers.
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CAYAX - Performance

Return Ranking - Trailing

Period CAYAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% -4.5% 38.3% 5.78%
1 Yr 7.1% -2.5% 44.5% 6.11%
3 Yr -0.8%* -10.2% 5.8% 75.55%
5 Yr 0.9%* -6.5% 1104.9% 54.35%
10 Yr 2.6%* -0.9% 249.0% 9.51%

* Annualized

Return Ranking - Calendar

Period CAYAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.7% -1.4% 41.0% 51.78%
2022 -14.9% -39.7% 0.3% 87.44%
2021 1.2% -5.6% 6.9% 6.67%
2020 0.7% -2.6% 310.0% 87.39%
2019 6.1% 0.0% 26.0% 5.83%

Total Return Ranking - Trailing

Period CAYAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% -4.5% 38.3% 5.78%
1 Yr 7.1% -2.5% 44.5% 6.11%
3 Yr -0.8%* -10.2% 5.8% 75.55%
5 Yr 0.9%* -6.5% 1104.9% 54.35%
10 Yr 2.6%* -0.9% 249.0% 9.51%

* Annualized

Total Return Ranking - Calendar

Period CAYAX Return Category Return Low Category Return High Rank in Category (%)
2023 6.1% -1.3% 41.0% 40.67%
2022 -12.2% -39.7% 1.1% 86.96%
2021 4.0% -4.8% 23761504.0% 6.74%
2020 3.4% -1.5% 17057.9% 63.24%
2019 9.4% 0.2% 3514.6% 4.82%

NAV & Total Return History


CAYAX - Holdings

Concentration Analysis

CAYAX Category Low Category High CAYAX % Rank
Net Assets 1.38 B 3.22 M 71.9 B 24.13%
Number of Holdings 625 4 13418 19.34%
Net Assets in Top 10 137 M -317 M 3.09 B 34.52%
Weighting of Top 10 8.82% 1.8% 100.3% 85.08%

Top 10 Holdings

  1. California Housing Finance Agency 3.50% 11/20/2035 1.11%
  2. Silicon Valley Tobacco Securitization Authority 0.00% 06/01/2036 1.09%
  3. California Infrastructure Economic Development Bank 4.00% 10/01/2042 1.02%
  4. California Statewide Communities Development Authority 5.25% 12/01/2056 0.96%
  5. Palomar Health 5.00% 11/01/2042 0.92%
  6. San Joaquin Hills Transportation Corridor Agency 0.00% 01/15/2031 0.83%
  7. California Municipal Finance Authority 5.00% 05/15/2051 0.81%
  8. Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue 5.00% 06/01/2051 0.70%
  9. California Community Choice Financing Authority 5.25% 11/01/2054 0.70%
  10. CSCDA Community Improvement Authority 4.00% 10/01/2056 0.69%

Asset Allocation

Weighting Return Low Return High CAYAX % Rank
Bonds
99.82% 0.00% 150.86% 24.70%
Stocks
0.15% 0.00% 99.78% 6.58%
Cash
0.04% -50.86% 44.62% 80.39%
Other
0.00% -3.69% 53.54% 14.57%
Preferred Stocks
0.00% 0.00% 0.07% 1.95%
Convertible Bonds
0.00% 0.00% 0.93% 1.21%

Stock Sector Breakdown

Weighting Return Low Return High CAYAX % Rank
Utilities
0.00% 0.00% 0.00% N/A
Technology
0.00% 0.00% 0.00% N/A
Real Estate
0.00% 0.00% 0.00% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 0.00% N/A
Financial Services
0.00% 0.00% 0.00% N/A
Energy
0.00% 0.00% 0.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 0.00% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High CAYAX % Rank
US
0.15% 0.00% 99.78% 6.58%
Non US
0.00% 0.00% 10.22% 1.14%

Bond Sector Breakdown

Weighting Return Low Return High CAYAX % Rank
Municipal
99.96% 44.39% 100.00% 12.88%
Derivative
0.00% -3.69% 53.54% 11.69%
Cash & Equivalents
0.00% 0.00% 44.41% 57.35%
Securitized
0.00% 0.00% 5.93% 3.03%
Corporate
0.00% 0.00% 9.41% 19.62%
Government
0.00% 0.00% 52.02% 8.50%

Bond Geographic Breakdown

Weighting Return Low Return High CAYAX % Rank
US
99.82% 0.00% 142.23% 23.30%
Non US
0.00% 0.00% 23.89% 5.91%

CAYAX - Expenses

Operational Fees

CAYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.75% 0.01% 8.02% 48.25%
Management Fee 0.49% 0.00% 1.20% 76.51%
12b-1 Fee 0.25% 0.00% 1.00% 33.85%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

CAYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.50% 0.50% 4.75% 2.01%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

CAYAX 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.

CAYAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 25.00% 0.00% 283.00% 71.52%

CAYAX - Distributions

Dividend Yield Analysis

CAYAX Category Low Category High CAYAX % Rank
Dividend Yield 3.49% 0.00% 14.51% 11.01%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

CAYAX Category Low Category High CAYAX % Rank
Net Income Ratio 2.66% -0.53% 5.33% 13.39%

Capital Gain Distribution Analysis

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

Distributions History

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CAYAX - Fund Manager Analysis

Managers

Alan Kruss


Start Date

Tenure

Tenure Rank

Jan 01, 2012

10.42

10.4%

Mr. Kruss, Vice President and Portfolio Manager, has been a member of the team that manages Government Agency Money Market since November 2001. He joined American Century in 1997 as an Investment Administrator. In 2000, he was named Fixed Income Trader and in 2001, he was named Portfolio Manager. He has a bachelor's degree in finance from San Francisco State University.

Joseph Gotelli


Start Date

Tenure

Tenure Rank

Jan 01, 2012

10.42

10.4%

Mr. Gotelli, Portfolio Manager and Vice President, has joined American Century Investments since 2008. He has shared primary responsibility for the management of the fund, and has served on teams managing fixed-income investments since joining the advisor. Prior to joining American Century Investments, he was an assistant portfolio manager at Franklin Templeton Investments for seven years. He has a bachelor’s degree in business economics from the University of California, Santa Barbara and an MBA from Santa Clara University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58