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California Municipal Fund
mutual fund
PCMFX
Payout Change
Pending
Price as of:
$9.99
+0.0
+0.0%
primary theme
Municipal Bond
share class
PCMFX (Mutual Fund)
California Municipal Fund
Payout Change
Pending
Price as of:
$9.99
+0.0
+0.0%
primary theme
Municipal Bond
share class
PCMFX (Mutual Fund)
California Municipal Fund
Payout Change
Pending
Price as of:
$9.99
+0.0
+0.0%
primary theme
Municipal Bond
share class
Name
As of 12/04/2024Price
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
Vitals
YTD Return
4.1%
1 yr return
5.7%
3 Yr Avg Return
-0.5%
5 Yr Avg Return
1.1%
Net Assets
$611 M
Holdings in Top 10
18.0%
52 WEEK LOW AND HIGH
$10.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.67%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 13.20%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/04/2024Price
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
PCMFX - Profile
Distributions
- YTD Total Return 4.1%
- 3 Yr Annualized Total Return -0.5%
- 5 Yr Annualized Total Return 1.1%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.36%
- Dividend Yield 3.4%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameCalifornia Municipal Fund
-
Fund Family NamePrincipal Funds
-
Inception DateMar 01, 2015
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJames Noble
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in California municipal obligations (securities issued by or on behalf of state or local governments and other public authorities) at the time of purchase. Generally, these municipal obligations pay interest that is exempt from state personal income tax and federal income tax. These obligations may include bonds that generate interest payments that are subject to the federal individual alternative minimum tax. The Fund’s investment in municipal obligations include industrial revenue bonds. The Fund invests up to 20% of its assets in below-investment-grade bonds (sometimes called “high yield bonds” or “junk bonds”), which are rated at the time of purchase Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&P Global Ratings (“S&P Global”). If the bond has been rated by only one of the rating agencies, that rating will determine the bond's rating; if the bond is rated differently by the rating agencies, the highest rating will be used; and if the bond has not been rated by either of the rating agencies, those selecting such investments will determine the bond's quality. The Fund also invests in inverse floating rate obligations (variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates), which are generally more volatile than other types of municipal obligations and may involve leverage.
Under normal circumstances, the Fund maintains an average portfolio duration that is within ±50% of the duration of the Bloomberg California Municipal Bond Index, which as of January 31, 2024 was 5.26 years. The Fund is not managed to a particular maturity.
PCMFX - Performance
Return Ranking - Trailing
| Period | PCMFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.1% | -4.7% | 38.6% | 39.29% |
| 1 Yr | 5.7% | -2.4% | 46.4% | 50.44% |
| 3 Yr | -0.5%* | -10.3% | 6.8% | 71.24% |
| 5 Yr | 1.1%* | -6.5% | 1104.9% | 44.88% |
| 10 Yr | N/A* | -0.9% | 249.0% | 14.73% |
* Annualized
Return Ranking - Calendar
| Period | PCMFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.6% | -1.4% | 41.0% | 58.18% |
| 2022 | -12.9% | -39.7% | 0.3% | 69.22% |
| 2021 | -0.2% | -5.6% | 6.9% | 36.84% |
| 2020 | 2.7% | -2.6% | 310.0% | 11.41% |
| 2019 | 5.6% | 0.0% | 26.0% | 8.78% |
Total Return Ranking - Trailing
| Period | PCMFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.1% | -4.7% | 38.6% | 39.29% |
| 1 Yr | 5.7% | -2.4% | 46.4% | 50.44% |
| 3 Yr | -0.5%* | -10.3% | 6.8% | 71.24% |
| 5 Yr | 1.1%* | -6.5% | 1104.9% | 44.88% |
| 10 Yr | N/A* | -0.9% | 249.0% | 15.84% |
* Annualized
Total Return Ranking - Calendar
| Period | PCMFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.1% | -1.3% | 41.0% | 39.53% |
| 2022 | -10.2% | -39.7% | 1.1% | 61.50% |
| 2021 | 2.5% | -4.8% | 23761504.0% | 26.80% |
| 2020 | 5.0% | -1.5% | 17057.9% | 15.83% |
| 2019 | 7.5% | 0.2% | 3514.6% | 22.82% |
NAV & Total Return History
PCMFX - Holdings
Concentration Analysis
| PCMFX | Category Low | Category High | PCMFX % Rank | |
|---|---|---|---|---|
| Net Assets | 611 M | 3.22 M | 71.9 B | 42.41% |
| Number of Holdings | 217 | 4 | 13418 | 53.39% |
| Net Assets in Top 10 | 110 M | -317 M | 3.09 B | 40.90% |
| Weighting of Top 10 | 18.01% | 1.8% | 100.3% | 49.53% |
Top 10 Holdings
- California Infrastructure Economic Development Bank 2.15%
- California Municipal Finance Authority 2.02%
- California Educational Facilities Authority 1.87%
- California Pollution Control Financing Authority 1.83%
- San Diego County Regional Airport Authority 1.81%
- California Pollution Control Financing Authority 1.80%
- California Health Facilities Financing Authority 1.79%
- California Municipal Finance Authority 1.74%
- California Infrastructure Economic Development Bank 1.54%
- California Housing Finance Agency 1.47%
Asset Allocation
| Weighting | Return Low | Return High | PCMFX % Rank | |
|---|---|---|---|---|
| Bonds | 101.43% | 0.00% | 150.86% | 10.13% |
| Stocks | 0.01% | 0.00% | 99.78% | 13.62% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 36.20% |
| Other | 0.00% | -3.69% | 53.54% | 43.59% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 35.87% |
| Cash | 0.00% | -50.86% | 44.62% | 88.78% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PCMFX % 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 | PCMFX % Rank | |
|---|---|---|---|---|
| US | 0.01% | 0.00% | 99.78% | 13.63% |
| Non US | 0.00% | 0.00% | 10.22% | 36.27% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PCMFX % Rank | |
|---|---|---|---|---|
| Municipal | 100.00% | 44.39% | 100.00% | 3.71% |
| Derivative | 0.00% | -3.69% | 53.54% | 41.50% |
| Cash & Equivalents | 0.00% | 0.00% | 44.41% | 72.80% |
| Securitized | 0.00% | 0.00% | 5.93% | 36.95% |
| Corporate | 0.00% | 0.00% | 9.41% | 48.15% |
| Government | 0.00% | 0.00% | 52.02% | 40.80% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PCMFX % Rank | |
|---|---|---|---|---|
| US | 101.43% | 0.00% | 142.23% | 10.14% |
| Non US | 0.00% | 0.00% | 23.89% | 40.97% |
PCMFX - Expenses
Operational Fees
| PCMFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.67% | 0.01% | 8.02% | 57.73% |
| Management Fee | 0.40% | 0.00% | 1.20% | 41.21% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| PCMFX 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
| PCMFX 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.
| PCMFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 13.20% | 0.00% | 283.00% | 35.87% |
PCMFX - Distributions
Dividend Yield Analysis
| PCMFX | Category Low | Category High | PCMFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.36% | 0.00% | 14.51% | 30.34% |
Dividend Distribution Analysis
| PCMFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| PCMFX | Category Low | Category High | PCMFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.36% | -0.53% | 5.33% | 26.99% |
Capital Gain Distribution Analysis
| PCMFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 30, 2024 | $0.028 | OrdinaryDividend |
| Oct 31, 2024 | $0.028 | OrdinaryDividend |
| Sep 30, 2024 | $0.025 | OrdinaryDividend |
| Aug 30, 2024 | $0.029 | OrdinaryDividend |
| Jul 31, 2024 | $0.028 | OrdinaryDividend |
| Apr 30, 2024 | $0.024 | OrdinaryDividend |
| Mar 31, 2024 | $0.026 | OrdinaryDividend |
| Feb 29, 2024 | $0.025 | OrdinaryDividend |
| Jan 31, 2024 | $0.026 | OrdinaryDividend |
| Dec 29, 2023 | $0.028 | OrdinaryDividend |
| Nov 30, 2023 | $0.026 | OrdinaryDividend |
| Oct 31, 2023 | $0.026 | OrdinaryDividend |
| Sep 30, 2023 | $0.026 | OrdinaryDividend |
| Aug 31, 2023 | $0.026 | OrdinaryDividend |
| Jul 31, 2023 | $0.024 | OrdinaryDividend |
| Jun 30, 2023 | $0.026 | OrdinaryDividend |
| May 31, 2023 | $0.025 | OrdinaryDividend |
| Apr 28, 2023 | $0.023 | OrdinaryDividend |
| Mar 31, 2023 | $0.027 | OrdinaryDividend |
| Feb 28, 2023 | $0.022 | OrdinaryDividend |
| Jan 31, 2023 | $0.023 | OrdinaryDividend |
| Dec 30, 2022 | $0.027 | OrdinaryDividend |
| Nov 30, 2022 | $0.024 | OrdinaryDividend |
| Oct 31, 2022 | $0.024 | OrdinaryDividend |
| Sep 30, 2022 | $0.025 | OrdinaryDividend |
| Aug 31, 2022 | $0.023 | OrdinaryDividend |
| Jul 29, 2022 | $0.024 | OrdinaryDividend |
| Jun 30, 2022 | $0.023 | OrdinaryDividend |
| May 31, 2022 | $0.024 | OrdinaryDividend |
| Apr 29, 2022 | $0.024 | OrdinaryDividend |
| Mar 31, 2022 | $0.023 | OrdinaryDividend |
| Feb 28, 2022 | $0.020 | OrdinaryDividend |
| Jan 31, 2022 | $0.021 | OrdinaryDividend |
| Dec 31, 2021 | $0.023 | OrdinaryDividend |
| Nov 30, 2021 | $0.021 | OrdinaryDividend |
| Oct 29, 2021 | $0.023 | OrdinaryDividend |
| Sep 30, 2021 | $0.022 | OrdinaryDividend |
| Aug 31, 2021 | $0.022 | OrdinaryDividend |
| Jul 30, 2021 | $0.024 | OrdinaryDividend |
| Jun 30, 2021 | $0.022 | OrdinaryDividend |
| May 28, 2021 | $0.022 | OrdinaryDividend |
| Apr 30, 2021 | $0.024 | OrdinaryDividend |
| Mar 31, 2021 | $0.024 | OrdinaryDividend |
| Feb 26, 2021 | $0.021 | OrdinaryDividend |
| Jan 29, 2021 | $0.021 | OrdinaryDividend |
| Dec 31, 2020 | $0.024 | OrdinaryDividend |
| Nov 30, 2020 | $0.021 | OrdinaryDividend |
| Oct 30, 2020 | $0.021 | OrdinaryDividend |
| Sep 30, 2020 | $0.019 | OrdinaryDividend |
| Aug 31, 2020 | $0.018 | OrdinaryDividend |
| Jul 31, 2020 | $0.021 | OrdinaryDividend |
| Jun 30, 2020 | $0.019 | OrdinaryDividend |
| May 29, 2020 | $0.020 | OrdinaryDividend |
| Apr 30, 2020 | $0.019 | OrdinaryDividend |
| Mar 31, 2020 | $0.019 | OrdinaryDividend |
| Feb 28, 2020 | $0.018 | OrdinaryDividend |
| Jan 31, 2020 | $0.021 | OrdinaryDividend |
| Dec 31, 2019 | $0.000 | OrdinaryDividend |
| Nov 29, 2019 | $0.000 | OrdinaryDividend |
| Oct 31, 2019 | $0.000 | OrdinaryDividend |
| Sep 30, 2019 | $0.000 | OrdinaryDividend |
| Aug 30, 2019 | $0.000 | OrdinaryDividend |
| Jul 31, 2019 | $0.000 | OrdinaryDividend |
PCMFX - Fund Manager Analysis
Managers
James Noble
Start Date
Tenure
Tenure Rank
Sep 20, 2011
10.7
10.7%
James Noble played a vital role in establishing Principal’s Tax Sensitive Strategies in 2010. His performance has been widely recognized by Morningstar and various periodicals since inheriting (Principal Tax Exempt/Principal California) and creating (Principal Municipal Opportunistic) mutual funds. Previously, James had additional portfolio management/fundamental analysis duties at Dreyfus Tax Exempt and Dreyfus Taxable Fixed Income Departments (wholly owned subsidiaries of the Bank of New York Mellon Corporation). During his career, he has focused on speculative credits/derivatives capitalizing on market dislocations for various clients (mutual funds, high net worth, retail SMA, and institutional. Past investment endeavors include managing the options desk at Dreyfus Investment Services. James received a MBA and bachelor’s degree from Hofstra University and is a level III candidate in the CFA Program. He is a member of the Municipal Analyst Group of New York and New York Society of Security Analysts.
James Welch
Start Date
Tenure
Tenure Rank
Oct 01, 2014
7.67
7.7%
James Welch - Portfolio Manager James is a portfolio manager at Principal Global Investors. He is responsible for managing tax exempt portfolios. James joined the firm in 2014. Prior to his current role, James served as a CIO-portfolio manager at Castleton Partners LLC. He received a bachelor's degree in economics from Pennsylvania State University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.36 | 1.58 |
