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Trending ETFs

JPMorgan California Tax Free Bond Fund

mutual fund
JCBAX
Payout Change
Pending
Price as of:
$10.28 +0.01 +0.1%
primary theme
Municipal Bond
JCBAX (Mutual Fund)

JPMorgan California Tax Free Bond Fund

Payout Change
Pending
Price as of:
$10.28 +0.01 +0.1%
primary theme
Municipal Bond
JCBAX (Mutual Fund)

JPMorgan California Tax Free Bond Fund

Payout Change
Pending
Price as of:
$10.28 +0.01 +0.1%
primary theme
Municipal Bond

Name

As of 06/14/2024

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

$10.28

$306 M

2.88%

$0.30

0.96%

Vitals

YTD Return

0.1%

1 yr return

3.4%

3 Yr Avg Return

-0.7%

5 Yr Avg Return

0.5%

Net Assets

$306 M

Holdings in Top 10

17.2%

52 WEEK LOW AND HIGH

$10.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.96%

SALES FEES

Front Load 3.75%

Deferred Load N/A

TRADING FEES

Turnover 11.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$10.28

$306 M

2.88%

$0.30

0.96%

JCBAX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return -0.7%
  • 5 Yr Annualized Total Return 0.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.43%
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan California Tax Free Bond Fund
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Sep 10, 2001
  • Shares Outstanding
    11786086
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michelle Hallam

Fund Description

As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in municipal securities, the income from which is exempt from federal and state personal income taxes for California residents and not subject to the federal alternative minimum tax on individuals. “Assets” means net assets, plus the amount of borrowings for investment purposes. The Fund seeks investments that also provide high current income. Municipal securities in which the Fund can invest include those issued by the State of California, its political subdivisions, as well as Puerto Rico, other U.S. territories and their political subdivisions. Because the Fund’s objective is high after-tax total return rather than high tax-exempt income, the Fund may invest to a limited extent in securities of other states or territories. To the extent that the Fund invests in municipal securities of other states, the income from such securities would be free from federal personal income taxes for California residents but would be subject to California taxes. For non-California residents, the income from California municipal securities may also be subject to state and local taxes in their jurisdiction of residence.Under normal circumstances, the Fund reserves the right to invest up to 20% of its Assets in securities that pay interest subject to federal income tax, the federal alternative minimum tax on individuals or California personal income taxes. To defend the value of its assets during unusual market conditions, the Fund may temporarily exceed this limit.The Fund’s securities may be of any maturity, but under normal circumstances the Fund’s duration will generally range between three and seven years. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “three” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of February 28, 2023, the duration of the Bloomberg LB California 1-17 Year Muni Index was 4.54 years, although the duration will likely vary in the future.There may be times when there are not enough municipal securities available to meet the Fund’s needs. On these occasions, the Fund may invest in securities that may be subject to federal income tax.The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser’s discretion.The Fund may invest up to 20% of its total assets in securities rated below investment grade. Such securities are known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality, such that, following the time of purchase, they would be deemed to be below investment grade. If the quality of an investment grade security is downgraded subsequent to purchase to below investment grade, the Fund may continue to hold the security.The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements.The Fund may also invest in zero-coupon securities.Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities that may be positively impacted by such factors.
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JCBAX - Performance

Return Ranking - Trailing

Period JCBAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -2.9% 17.0% 80.38%
1 Yr 3.4% -1.4% 29.0% 69.51%
3 Yr -0.7%* -11.1% 2.9% 31.88%
5 Yr 0.5%* -6.3% 1102.2% 67.91%
10 Yr 1.5%* -0.5% 248.4% 64.41%

* Annualized

Return Ranking - Calendar

Period JCBAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.4% -1.4% 41.0% 63.26%
2022 -8.4% -39.7% 0.3% 22.72%
2021 -1.6% -5.6% 6.9% 93.68%
2020 2.4% -2.6% 310.0% 20.12%
2019 3.3% 0.0% 26.0% 69.83%

Total Return Ranking - Trailing

Period JCBAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -2.9% 17.0% 80.38%
1 Yr 3.4% -1.4% 29.0% 69.51%
3 Yr -0.7%* -11.1% 2.9% 31.88%
5 Yr 0.5%* -6.3% 1102.2% 67.91%
10 Yr 1.5%* -0.5% 248.4% 64.41%

* Annualized

Total Return Ranking - Calendar

Period JCBAX Return Category Return Low Category Return High Rank in Category (%)
2023 4.9% -1.3% 41.0% 67.75%
2022 -6.7% -39.7% 1.1% 23.65%
2021 -0.2% -4.8% 23761504.0% 91.82%
2020 4.0% -1.5% 17057.9% 41.67%
2019 4.5% 0.2% 3514.6% 83.66%

NAV & Total Return History


JCBAX - Holdings

Concentration Analysis

JCBAX Category Low Category High JCBAX % Rank
Net Assets 306 M 3.22 M 71.9 B 59.95%
Number of Holdings 194 2 13067 58.54%
Net Assets in Top 10 52.7 M -317 M 3.56 B 63.74%
Weighting of Top 10 17.20% 2.0% 100.2% 55.20%

Top 10 Holdings

  1. JPMorgan Institutional Tax Free Money Market Fund, Class IM 4.94%
  2. State of California, Various Purpose 2.04%
  3. Los Angeles Department of Water and Power, Power System, Series 2023 D 1.89%
  4. California Enterprise Development Authority, Scripps Health, Series 2024 C-1 1.63%
  5. California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A 1.20%
  6. Port of Los Angeles, Harbor Department, Series 2019B 1.18%
  7. University of California, Series 2023BN 1.13%
  8. City of Glendale Electric, Series 2024 1.09%
  9. San Francisco City and County Airport Commission, San Francisco International Airport, Series 2019A 1.06%
  10. California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund 1.05%

Asset Allocation

Weighting Return Low Return High JCBAX % Rank
Bonds
93.17% 0.00% 150.86% 94.09%
Cash
8.88% -50.86% 46.80% 2.01%
Stocks
0.00% 0.00% 99.81% 99.61%
Preferred Stocks
0.00% 0.00% 0.56% 99.29%
Other
0.00% -3.18% 33.35% 93.11%
Convertible Bonds
0.00% 0.00% 0.93% 98.96%

Bond Sector Breakdown

Weighting Return Low Return High JCBAX % Rank
Municipal
99.16% 44.39% 100.00% 36.59%
Cash & Equivalents
8.88% 0.00% 46.24% 1.95%
Derivative
0.00% -3.18% 19.67% 91.75%
Securitized
0.00% 0.00% 5.93% 98.24%
Corporate
0.00% 0.00% 9.41% 98.96%
Government
0.00% 0.00% 52.02% 98.89%

Bond Geographic Breakdown

Weighting Return Low Return High JCBAX % Rank
US
93.17% 0.00% 142.23% 93.24%
Non US
0.00% 0.00% 23.89% 99.48%

JCBAX - Expenses

Operational Fees

JCBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.96% 0.01% 20.65% 31.73%
Management Fee 0.30% 0.00% 1.20% 16.30%
12b-1 Fee 0.25% 0.00% 1.00% 53.07%
Administrative Fee 0.08% 0.01% 0.44% 20.73%

Sales Fees

JCBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 0.50% 4.75% 45.89%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

JCBAX 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.

JCBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 11.00% 0.00% 283.00% 26.71%

JCBAX - Distributions

Dividend Yield Analysis

JCBAX Category Low Category High JCBAX % Rank
Dividend Yield 2.88% 0.00% 14.51% 66.10%

Dividend Distribution Analysis

JCBAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

JCBAX Category Low Category High JCBAX % Rank
Net Income Ratio 1.43% -0.53% 5.33% 74.42%

Capital Gain Distribution Analysis

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

Distributions History

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JCBAX - Fund Manager Analysis

Managers

Michelle Hallam


Start Date

Tenure

Tenure Rank

Jun 30, 2004

17.93

17.9%

Ms. Hallam, CFA charterholder and Executive Director, is a senior portfolio manager within the Global Fixed Income, Currency and Commodities (GFICC) group. An employee of JPMIM since 1999, Ms. Hallam is responsible for managing mutual funds and separately managed accounts. She began her career at JPMIM in July 1999 as an analyst in the Internal Consulting Services program where she worked on projects in Investment Management and Financial Risk Management.

David Sivinski


Start Date

Tenure

Tenure Rank

Apr 29, 2005

17.1

17.1%

David Sivinski, CFA charterholder and Executive Director, has also been as portfolio manager with J.P. Morgan Investment Management. In addition to his role as portfolio manager, Mr. Sivinski coordinates municipal management for a number of high net worth clients that focus principally on single state municipal bonds. He has worked at JPMorgan Investment Advisors, an affiliate of JPMIM since 1992. Previously, he spent seven years as a first vice president with First Security National Bank in Lexington, Kentucky, and 10 years with Bank One in Columbus, Ohio. Sivinski holds the Chartered Financial Analyst designation.

Tenure Analysis

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