Lord Abbett California Tax-Free Income Fund
Name
As of 11/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.7%
1 yr return
6.1%
3 Yr Avg Return
-1.2%
5 Yr Avg Return
0.7%
Net Assets
$600 M
Holdings in Top 10
12.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.56%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 14.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
CAILX - Profile
Distributions
- YTD Total Return 3.7%
- 3 Yr Annualized Total Return -1.2%
- 5 Yr Annualized Total Return 0.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.46%
- Dividend Yield 3.5%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameLord Abbett California Tax-Free Income Fund
-
Fund Family NameLORDABBETT
-
Inception DateApr 04, 2017
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDaniel Solender
Fund Description
Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest exempt from federal income tax and California personal income tax. If the interest on a municipal bond meets these standards, the Fund will treat the bond as qualifying for purposes of the 80% requirement even if the issuer is located outside of California. As a result, the Fund may invest substantially in municipal bonds issued by or on behalf of issuers located outside of California. The Fund uses the volatility of the Bloomberg Municipal Bond Index as an approximation of reasonable risk.
Under normal conditions, the Fund invests in investment grade municipal bonds, which are bonds that are rated BBB/Baa or higher (at the time of purchase), or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated but deemed by Lord, Abbett & Co. LLC (“Lord Abbett”) to be of comparable quality. The Fund may invest up to 20% of its net assets in lower rated municipal bonds (commonly referred to as “below investment grade,” “high yield,” or “junk” bonds), which are bonds that are rated BB+/Ba1 or lower (at the time of purchase), or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality.
The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, municipal leases, and variable rate demand notes. The Fund may invest in both insured and uninsured municipal bonds. The Fund also may invest in zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds.
The Fund may invest up to 20% of its net assets in municipal bonds that pay interest that is subject to the federal alternative minimum tax (“AMT”), including private activity bonds (commonly referred to as “AMT paper”). Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest that is subject to federal or California personal income taxes, the Fund presently has no intention of investing in this manner. There is a risk that a bond issued as tax-exempt may be reclassified by the Internal Revenue Service (“IRS”) as taxable.
The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to tax-exempt securities and securities issued by the U.S. Government or its agencies or instrumentalities. Certain types of municipal securities (including general obligation, general appropriation, municipal leases, special assessment, and special tax bonds) are not considered a part of any “industry” for purposes of this industry concentration policy. Therefore, the Fund may invest more than 25% of its total assets in these types of municipal securities. The Fund may invest without limitation in securities of issuers located in a single state, territory, municipality, or region.
The Fund may invest up to 20% of its net assets in inverse floaters (also known as “residual interest bonds”), which are a type of derivative investment that provides leveraged exposure to underlying municipal bonds whose interest payments vary inversely with changes in short-term tax-exempt interest rates. The Fund also may invest in other types of derivatives, such as futures, for non-hedging, hedging, or duration management purposes.
The Fund may invest in individual securities of any maturity or duration. The Fund may invest in money market securities and their equivalents, typically for cash management purposes.
The Fund’s portfolio management team focuses on credit risk analysis, tax exempt income yield, total return potential, interest rate risk, and call protection in managing its portfolio. The investment team may also consider the risks and return potential presented by environmental, social, and governance (“ESG”) factors in investment decisions. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment or shows signs of deteriorating fundamentals, among other reasons.
The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.
CAILX - Performance
Return Ranking - Trailing
Period | CAILX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.7% | -4.9% | 34.7% | 26.12% |
1 Yr | 6.1% | -1.6% | 40.8% | 25.72% |
3 Yr | -1.2%* | -10.3% | 5.2% | 83.81% |
5 Yr | 0.7%* | -6.5% | 1104.6% | 68.02% |
10 Yr | 2.4%* | -0.9% | 248.9% | 16.09% |
* Annualized
Return Ranking - Calendar
Period | CAILX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.6% | -1.4% | 41.0% | 17.98% |
2022 | -15.6% | -39.7% | 0.3% | 91.47% |
2021 | 0.4% | -5.6% | 6.9% | 17.39% |
2020 | 2.1% | -2.6% | 310.0% | 31.72% |
2019 | 6.2% | 0.0% | 26.0% | 4.82% |
Total Return Ranking - Trailing
Period | CAILX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.7% | -4.9% | 34.7% | 26.12% |
1 Yr | 6.1% | -1.6% | 40.8% | 25.72% |
3 Yr | -1.2%* | -10.3% | 5.2% | 83.81% |
5 Yr | 0.7%* | -6.5% | 1104.6% | 68.02% |
10 Yr | 2.4%* | -0.9% | 248.9% | 16.09% |
* Annualized
Total Return Ranking - Calendar
Period | CAILX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.1% | -1.3% | 41.0% | 15.76% |
2022 | -13.2% | -39.7% | 1.1% | 90.99% |
2021 | 3.0% | -4.8% | 23761504.0% | 16.56% |
2020 | 4.1% | -1.5% | 17057.9% | 36.27% |
2019 | 9.5% | 0.2% | 3514.6% | 4.03% |
NAV & Total Return History
CAILX - Holdings
Concentration Analysis
CAILX | Category Low | Category High | CAILX % Rank | |
---|---|---|---|---|
Net Assets | 600 M | 3.22 M | 71.9 B | 43.21% |
Number of Holdings | 274 | 4 | 13418 | 44.06% |
Net Assets in Top 10 | 85.2 M | -317 M | 3.09 B | 50.24% |
Weighting of Top 10 | 12.82% | 1.8% | 100.3% | 72.38% |
Top 10 Holdings
- California Health Facilities Financing Authority 1.53%
- Alameda Corridor Transportation Authority 1.47%
- California Community Choice Financing Authority 1.40%
- California State University 1.38%
- San Joaquin Hills Transportation Corridor Agency 1.35%
- California Housing Finance Agency 1.17%
- City of Los Angeles Department of Airports 1.16%
- California Community Choice Financing Authority 1.13%
- San Francisco City County Airport Comm-San Francisco International Airport 1.13%
- Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 1.10%
Asset Allocation
Weighting | Return Low | Return High | CAILX % Rank | |
---|---|---|---|---|
Bonds | 99.51% | 0.00% | 150.86% | 33.29% |
Cash | 0.49% | -50.86% | 44.62% | 68.70% |
Other | 0.00% | -3.69% | 53.54% | 13.50% |
Stocks | 0.00% | 0.00% | 99.78% | 88.72% |
Preferred Stocks | 0.00% | 0.00% | 0.07% | 86.03% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 86.04% |
Bond Sector Breakdown
Weighting | Return Low | Return High | CAILX % Rank | |
---|---|---|---|---|
Municipal | 100.00% | 44.39% | 100.00% | 8.43% |
Derivative | 0.00% | -3.69% | 53.54% | 10.61% |
Cash & Equivalents | 0.00% | 0.00% | 44.41% | 92.88% |
Securitized | 0.00% | 0.00% | 5.93% | 86.38% |
Corporate | 0.00% | 0.00% | 9.41% | 87.53% |
Government | 0.00% | 0.00% | 52.02% | 86.72% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | CAILX % Rank | |
---|---|---|---|---|
US | 99.51% | 0.00% | 142.23% | 31.36% |
Non US | 0.00% | 0.00% | 23.89% | 88.31% |
CAILX - Expenses
Operational Fees
CAILX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.56% | 0.01% | 8.02% | 75.20% |
Management Fee | 0.45% | 0.00% | 1.20% | 63.96% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.04% | 0.01% | 0.44% | 10.97% |
Sales Fees
CAILX 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
CAILX 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.
CAILX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 14.00% | 0.00% | 283.00% | 39.39% |
CAILX - Distributions
Dividend Yield Analysis
CAILX | Category Low | Category High | CAILX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.46% | 0.00% | 14.51% | 17.18% |
Dividend Distribution Analysis
CAILX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
CAILX | Category Low | Category High | CAILX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.46% | -0.53% | 5.33% | 21.01% |
Capital Gain Distribution Analysis
CAILX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 31, 2024 | $0.030 | OrdinaryDividend |
Sep 30, 2024 | $0.030 | OrdinaryDividend |
Aug 31, 2024 | $0.030 | OrdinaryDividend |
Jul 31, 2024 | $0.030 | OrdinaryDividend |
Jun 30, 2024 | $0.030 | OrdinaryDividend |
Apr 30, 2024 | $0.029 | OrdinaryDividend |
Mar 31, 2024 | $0.029 | OrdinaryDividend |
Feb 29, 2024 | $0.029 | OrdinaryDividend |
Jan 31, 2024 | $0.029 | OrdinaryDividend |
Dec 31, 2023 | $0.029 | OrdinaryDividend |
Nov 30, 2023 | $0.029 | OrdinaryDividend |
Oct 31, 2023 | $0.029 | OrdinaryDividend |
Sep 30, 2023 | $0.028 | OrdinaryDividend |
Aug 31, 2023 | $0.028 | OrdinaryDividend |
Jul 31, 2023 | $0.028 | OrdinaryDividend |
Jun 30, 2023 | $0.028 | OrdinaryDividend |
May 31, 2023 | $0.027 | OrdinaryDividend |
Apr 30, 2023 | $0.027 | OrdinaryDividend |
Mar 31, 2023 | $0.027 | OrdinaryDividend |
Feb 28, 2023 | $0.027 | OrdinaryDividend |
Jan 31, 2023 | $0.025 | OrdinaryDividend |
Dec 31, 2022 | $0.025 | OrdinaryDividend |
Nov 30, 2022 | $0.025 | OrdinaryDividend |
Oct 31, 2022 | $0.025 | OrdinaryDividend |
Sep 30, 2022 | $0.025 | OrdinaryDividend |
Aug 31, 2022 | $0.024 | OrdinaryDividend |
Jul 31, 2022 | $0.024 | OrdinaryDividend |
Jun 30, 2022 | $0.024 | OrdinaryDividend |
May 31, 2022 | $0.023 | OrdinaryDividend |
Apr 30, 2022 | $0.024 | OrdinaryDividend |
Mar 31, 2022 | $0.023 | OrdinaryDividend |
Feb 28, 2022 | $0.022 | OrdinaryDividend |
Jan 31, 2022 | $0.022 | OrdinaryDividend |
Dec 31, 2021 | $0.022 | OrdinaryDividend |
Nov 30, 2021 | $0.023 | OrdinaryDividend |
Oct 31, 2021 | $0.023 | OrdinaryDividend |
Sep 30, 2021 | $0.023 | OrdinaryDividend |
Aug 31, 2021 | $0.023 | OrdinaryDividend |
Jul 31, 2021 | $0.023 | OrdinaryDividend |
Jun 30, 2021 | $0.023 | OrdinaryDividend |
May 31, 2021 | $0.023 | OrdinaryDividend |
Apr 30, 2021 | $0.024 | OrdinaryDividend |
Mar 31, 2021 | $0.023 | OrdinaryDividend |
Feb 28, 2021 | $0.025 | OrdinaryDividend |
Jan 31, 2021 | $0.016 | OrdinaryDividend |
Dec 31, 2020 | $0.024 | OrdinaryDividend |
Nov 30, 2020 | $0.025 | OrdinaryDividend |
Oct 30, 2020 | $0.025 | OrdinaryDividend |
Sep 30, 2020 | $0.024 | OrdinaryDividend |
Jul 31, 2020 | $0.025 | OrdinaryDividend |
Mar 31, 2020 | $0.026 | OrdinaryDividend |
Feb 28, 2020 | $0.026 | OrdinaryDividend |
Jan 31, 2020 | $0.026 | OrdinaryDividend |
Dec 31, 2019 | $0.026 | OrdinaryDividend |
Nov 29, 2019 | $0.027 | OrdinaryDividend |
Oct 31, 2019 | $0.027 | OrdinaryDividend |
Sep 30, 2019 | $0.027 | OrdinaryDividend |
Aug 30, 2019 | $0.027 | OrdinaryDividend |
Jul 31, 2019 | $0.028 | OrdinaryDividend |
CAILX - Fund Manager Analysis
Managers
Daniel Solender
Start Date
Tenure
Tenure Rank
Sep 14, 2006
15.72
15.7%
Mr. Solender is the lead portfolio manager of the municipal bond capabilities. Mr. Solender joined Lord Abbett in 2006 and was named Partner in 2008. His prior experience includes: Vice President and Portfolio Manager at Nuveen Investments; Principal and Portfolio Manager at Vanguard Group; Assistant Vice President and Portfolio Manager at Nuveen Advisory Corp.; Financial Analyst/Assistant Manager, Research and Product Development at Citibank. Mr. Solender received a BA from the University of Columbia and an MBA from the University of Chicago. He is the holder of a Chartered Financial Analyst designation and has been in the investment business since 1987.
Gregory Shuman
Start Date
Tenure
Tenure Rank
Dec 31, 2014
7.42
7.4%
Carson Houle
Start Date
Tenure
Tenure Rank
Feb 01, 2022
0.33
0.3%
Mr. Houle joined Lord Abbett in 2015.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.36 | 1.58 |