DFA California Municipal Real Return Portfolio
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.7%
1 yr return
4.8%
3 Yr Avg Return
1.9%
5 Yr Avg Return
2.7%
Net Assets
$316 M
Holdings in Top 10
14.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.26%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 24.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DCARX - Profile
Distributions
- YTD Total Return 2.7%
- 3 Yr Annualized Total Return 1.9%
- 5 Yr Annualized Total Return 2.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.86%
- Dividend Yield 2.4%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameDFA California Municipal Real Return Portfolio
-
Fund Family NameDimensional Funds
-
Inception DateNov 01, 2017
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Plecha
Fund Description
The California Municipal Real Return Portfolio seeks to achieve its investment objective by investing primarily in a universe of municipal securities, including inflation-protected municipal securities, issued by or on behalf of California state or local governments and their agencies, instrumentalities, and regional governmental authorities, and in derivative instruments to provide inflation protection. The Portfolio may also invest a portion of its assets in municipal securities issued by U.S. territories that are exempt from state taxation under federal law. Municipal securities in which the Portfolio may invest include, among others, revenue bonds, general obligation bonds, industrial development bonds, municipal lease obligations, commercial paper, variable rate demand obligations and other instruments (including participation interests in such securities). The interest on the municipal securities purchased by the Portfolio, in the opinion of bond counsel for the issuers and under current tax law, is exempt from
federal income tax (i.e., excludable from gross income for individuals for federal income tax purposes) and California state personal income tax. As a fundamental investment policy, under normal market conditions, the Portfolio will invest at least 80% of its net assets in municipal securities that pay interest exempt from federal income tax and California state personal income tax. The Portfolio does not currently intend to invest its assets in municipal securities whose interest is subject to the federal alternative minimum tax.
Under normal circumstances, the California Municipal Real Return Portfolio will maintain a weighted average duration of no greater than five years. If a security has been redeemed by the issuer at a date prior to the stated final maturity date for the purposes of the above duration restriction, the early redemption date shall be considered the maturity date regardless of the stated final maturity. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.
Municipal securities are often issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, such as bridges, highways, housing, hospitals, mass transportation facilities, schools, streets and public utilities, such as water and sewer works. Municipal securities include municipal leases, certificates of participation, municipal obligation components and municipal custody receipts. The California Municipal Real Return Portfolio may invest more than 25% of its assets in municipal securities issued to finance projects in a particular segment of the bond market including, but not limited to, health care, housing, education, utilities, and transportation. The Portfolio also may invest more than 25% of its assets in industrial development bonds.
The California Municipal Real Return Portfolio intends to maintain a dollar-weighted average credit quality equal to or better than the lower of: (i) a credit quality rating of AA by S&P Global Ratings (“S&P”) or Fitch Ratings Ltd. (“Fitch”) or Aa2 by Moody’s Investor’s Services, Inc. (“Moody’s”) or (ii) the credit quality of general obligation bonds issued by the State of California. For purposes of the above policy on dollar-weighted average credit quality, unrated securities may be included if such securities have been determined by the Dimensional Fund Advisors LP (the “Advisor”) to be of comparable quality.
The California Municipal Real Return Portfolio may (1) purchase certain municipal securities that are insured, (2) invest in municipal securities secured by mortgages on single-family homes and multi-family projects, (3) invest in pre-refunded municipal securities, (4) purchase tax-exempt municipal securities on a “when-issued” basis and (5) use derivatives, such as fixed income related futures and options contracts, credit default swaps and interest rate swaps, to hedge against changes in interest rates. The Portfolio may also invest in exchange-traded funds (ETFs) to gain exposure to the municipal bond market pending investment in municipal bonds. The Portfolio may also invest in money market funds.
The California Municipal Real Return Portfolio may enter into swaps, such as inflation swaps, to seek inflation protection. The Portfolio also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio’s total return. The Portfolio also may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.
Although the California Municipal Real Return Portfolio attempts to invest all of its assets in tax-exempt securities (federal and State of California), it is possible, although not anticipated, that a portion of its assets may be invested in securities that pay taxable interest, including interest that may be subject to the federal alternative minimum tax. These investments could generate taxable income for shareholders.
The California Municipal Real Return Portfolio is primarily designed for investment by California taxpayers.
DCARX - Performance
Return Ranking - Trailing
Period | DCARX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.7% | -1.9% | 26.5% | 59.12% |
1 Yr | 4.8% | 2.4% | 37.3% | 97.01% |
3 Yr | 1.9%* | -9.9% | 3.4% | 2.30% |
5 Yr | 2.7%* | -6.7% | 1104.9% | 3.15% |
10 Yr | N/A* | -0.8% | 248.9% | N/A |
* Annualized
Return Ranking - Calendar
Period | DCARX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.8% | -1.4% | 41.0% | 97.27% |
2022 | -1.9% | -39.7% | 0.3% | 2.63% |
2021 | 5.4% | -5.6% | 6.9% | 0.75% |
2020 | 1.2% | -2.6% | 310.0% | 75.07% |
2019 | 3.6% | 0.0% | 26.0% | 59.89% |
Total Return Ranking - Trailing
Period | DCARX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.7% | -1.9% | 26.5% | 59.12% |
1 Yr | 4.8% | 2.4% | 37.3% | 97.01% |
3 Yr | 1.9%* | -9.9% | 3.4% | 2.30% |
5 Yr | 2.7%* | -6.7% | 1104.9% | 3.15% |
10 Yr | N/A* | -0.8% | 248.9% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | DCARX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.6% | -1.3% | 41.0% | 98.67% |
2022 | -1.1% | -39.7% | 1.1% | 2.70% |
2021 | 6.2% | -4.8% | 23761504.0% | 1.77% |
2020 | 1.9% | -1.5% | 17057.9% | 90.35% |
2019 | 5.1% | 0.2% | 3514.6% | 79.30% |
NAV & Total Return History
DCARX - Holdings
Concentration Analysis
DCARX | Category Low | Category High | DCARX % Rank | |
---|---|---|---|---|
Net Assets | 316 M | 3.22 M | 71.9 B | 59.43% |
Number of Holdings | 318 | 4 | 13418 | 37.69% |
Net Assets in Top 10 | 44.6 M | -317 M | 3.45 B | 68.61% |
Weighting of Top 10 | 14.11% | 1.9% | 100.1% | 66.80% |
Top 10 Holdings
- Golden State Tobacco Securitization Corp. 1.87%
- City County of San Francisco 1.62%
- BlackRock Liquidity Funds MuniCash 1.43%
- City of Berkeley 1.41%
- Los Angeles Department of Water Power Water System Revenue 1.31%
- City of Los Angeles 1.30%
- State of California 1.30%
- San Joaquin Hills Transportation Corridor Agency 1.30%
- County of Santa Cruz 1.29%
- Southern California Public Power Authority 1.27%
Asset Allocation
Weighting | Return Low | Return High | DCARX % Rank | |
---|---|---|---|---|
Bonds | 95.85% | 0.00% | 150.86% | 87.80% |
Other | 2.43% | -3.72% | 51.88% | 1.66% |
Stocks | 1.43% | 0.00% | 99.89% | 4.31% |
Cash | 0.47% | -50.86% | 43.45% | 69.54% |
Preferred Stocks | 0.00% | 0.00% | 0.08% | 8.76% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 8.06% |
Stock Sector Breakdown
Weighting | Return Low | Return High | DCARX % 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 | DCARX % Rank | |
---|---|---|---|---|
US | 1.43% | 0.00% | 99.89% | 4.31% |
Non US | 0.00% | -0.03% | 9.76% | 8.63% |
Bond Sector Breakdown
Weighting | Return Low | Return High | DCARX % Rank | |
---|---|---|---|---|
Government | 52.02% | 0.00% | 52.02% | 0.07% |
Municipal | 46.25% | 44.39% | 100.00% | 99.93% |
Derivative | 2.43% | -3.72% | 51.88% | 1.00% |
Cash & Equivalents | 0.47% | 0.00% | 43.45% | 39.08% |
Securitized | 0.00% | 0.00% | 5.93% | 9.86% |
Corporate | 0.00% | 0.00% | 9.41% | 25.18% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | DCARX % Rank | |
---|---|---|---|---|
US | 95.85% | 0.00% | 142.23% | 85.87% |
Non US | 0.00% | 0.00% | 23.89% | 13.07% |
DCARX - Expenses
Operational Fees
DCARX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.26% | 0.01% | 8.02% | 95.62% |
Management Fee | 0.20% | 0.00% | 1.20% | 5.04% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.44% | 0.20% |
Sales Fees
DCARX 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
DCARX 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.
DCARX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 24.00% | 0.00% | 283.00% | 69.70% |
DCARX - Distributions
Dividend Yield Analysis
DCARX | Category Low | Category High | DCARX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.44% | 0.00% | 14.51% | 83.49% |
Dividend Distribution Analysis
DCARX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
DCARX | Category Low | Category High | DCARX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.86% | -0.53% | 5.33% | 90.33% |
Capital Gain Distribution Analysis
DCARX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.022 | OrdinaryDividend |
Aug 29, 2024 | $0.022 | OrdinaryDividend |
Jul 30, 2024 | $0.023 | OrdinaryDividend |
Apr 29, 2024 | $0.023 | OrdinaryDividend |
Mar 27, 2024 | $0.023 | OrdinaryDividend |
Feb 28, 2024 | $0.017 | OrdinaryDividend |
Jan 30, 2024 | $0.014 | OrdinaryDividend |
Dec 11, 2023 | $0.030 | OrdinaryDividend |
Nov 29, 2023 | $0.021 | OrdinaryDividend |
Oct 30, 2023 | $0.021 | OrdinaryDividend |
Sep 28, 2023 | $0.017 | OrdinaryDividend |
Aug 30, 2023 | $0.017 | OrdinaryDividend |
Jul 28, 2023 | $0.015 | OrdinaryDividend |
Jun 29, 2023 | $0.015 | OrdinaryDividend |
May 30, 2023 | $0.014 | OrdinaryDividend |
Apr 27, 2023 | $0.010 | OrdinaryDividend |
Mar 30, 2023 | $0.017 | OrdinaryDividend |
Feb 27, 2023 | $0.008 | OrdinaryDividend |
Jan 30, 2023 | $0.011 | OrdinaryDividend |
Dec 12, 2022 | $0.012 | OrdinaryDividend |
Nov 29, 2022 | $0.010 | OrdinaryDividend |
Oct 28, 2022 | $0.010 | OrdinaryDividend |
Sep 29, 2022 | $0.009 | OrdinaryDividend |
Aug 30, 2022 | $0.009 | OrdinaryDividend |
Jul 28, 2022 | $0.008 | OrdinaryDividend |
Jun 29, 2022 | $0.008 | OrdinaryDividend |
May 27, 2022 | $0.007 | OrdinaryDividend |
Apr 28, 2022 | $0.005 | OrdinaryDividend |
Mar 30, 2022 | $0.009 | OrdinaryDividend |
Feb 25, 2022 | $0.004 | OrdinaryDividend |
Jan 28, 2022 | $0.005 | OrdinaryDividend |
Dec 13, 2021 | $0.006 | OrdinaryDividend |
Nov 29, 2021 | $0.006 | OrdinaryDividend |
Oct 28, 2021 | $0.006 | OrdinaryDividend |
Sep 29, 2021 | $0.005 | OrdinaryDividend |
Aug 30, 2021 | $0.006 | OrdinaryDividend |
Jul 29, 2021 | $0.007 | OrdinaryDividend |
Jun 29, 2021 | $0.007 | OrdinaryDividend |
May 27, 2021 | $0.007 | OrdinaryDividend |
Apr 29, 2021 | $0.007 | OrdinaryDividend |
Mar 30, 2021 | $0.011 | OrdinaryDividend |
Feb 25, 2021 | $0.010 | OrdinaryDividend |
Jan 28, 2021 | $0.008 | OrdinaryDividend |
Dec 14, 2020 | $0.009 | OrdinaryDividend |
Nov 27, 2020 | $0.003 | OrdinaryDividend |
Oct 29, 2020 | $0.010 | OrdinaryDividend |
Sep 29, 2020 | $0.008 | OrdinaryDividend |
Jun 29, 2020 | $0.021 | OrdinaryDividend |
Mar 30, 2020 | $0.004 | OrdinaryDividend |
Feb 27, 2020 | $0.016 | OrdinaryDividend |
Dec 16, 2019 | $0.010 | OrdinaryDividend |
Nov 27, 2019 | $0.011 | OrdinaryDividend |
Oct 30, 2019 | $0.015 | OrdinaryDividend |
Sep 27, 2019 | $0.009 | OrdinaryDividend |
Aug 29, 2019 | $0.015 | OrdinaryDividend |
Jul 30, 2019 | $0.013 | OrdinaryDividend |
Jun 27, 2019 | $0.011 | OrdinaryDividend |
May 30, 2019 | $0.012 | OrdinaryDividend |
Apr 29, 2019 | $0.015 | OrdinaryDividend |
Mar 28, 2019 | $0.011 | OrdinaryDividend |
Feb 27, 2019 | $0.010 | OrdinaryDividend |
Jan 30, 2019 | $0.015 | OrdinaryDividend |
Dec 17, 2018 | $0.012 | OrdinaryDividend |
Nov 29, 2018 | $0.008 | OrdinaryDividend |
Oct 30, 2018 | $0.013 | OrdinaryDividend |
Sep 27, 2018 | $0.010 | OrdinaryDividend |
Aug 30, 2018 | $0.010 | OrdinaryDividend |
Jul 30, 2018 | $0.009 | OrdinaryDividend |
Jun 28, 2018 | $0.012 | OrdinaryDividend |
May 30, 2018 | $0.012 | OrdinaryDividend |
Apr 27, 2018 | $0.009 | OrdinaryDividend |
Mar 28, 2018 | $0.011 | OrdinaryDividend |
Feb 27, 2018 | $0.008 | OrdinaryDividend |
Jan 30, 2018 | $0.010 | OrdinaryDividend |
Dec 14, 2017 | $0.005 | OrdinaryDividend |
Nov 29, 2017 | $0.005 | OrdinaryDividend |
DCARX - Fund Manager Analysis
Managers
David Plecha
Start Date
Tenure
Tenure Rank
Nov 01, 2017
4.58
4.6%
David Plecha is Dimensional’s Global Head of Fixed Income. A member of the Investment Committee and Investment Research Committee, he not only manages US and global portfolios but also maintains much of the fixed income research and client communications. Dave received his Chartered Financial Analyst® designation in 1996. Prior to joining Dimensional in 1989, he managed stock index futures and options for Leland O’Brien Rubinstein Associates and was an operations planner for Texas Instruments.
Travis Meldau
Start Date
Tenure
Tenure Rank
Nov 01, 2017
4.58
4.6%
Mr. Meldau is a Portfolio Manager and Vice President of Dimensional Fund Advisors LP. Mr. Meldau holds an MBA from Wake Forest University, and a BSBA from Appalachian State University. Mr. Meldau joined Dimensional in 2011, has been a portfolio manager since 2011.
Joseph Kolerich
Start Date
Tenure
Tenure Rank
Nov 01, 2017
4.58
4.6%
Joseph Kolerich is Head of Fixed Income, Americas, Senior Portfolio Manager and Vice President of Dimensional and a member of the Investment Committee. Mr. Kolerich has an MBA from the University of Chicago Booth School of Business and a BS from Northern Illinois University. Mr. Kolerich joined DFA as a portfolio manager in 2001 and has been responsible for the fixed income portfolios since 2012.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.33 | 1.58 |