PCIZX: PGIM California Muni Income Z

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PCIZX PGIM California Muni Income Z


Profile

PCIZX - Profile

Vitals

  • YTD Return -2.2%
  • 3 Yr Annualized Return -0.4%
  • 5 Yr Annualized Return -0.5%
  • Net Assets $183 M
  • Holdings in Top 10 17.5%

52 WEEK LOW AND HIGH

$10.51
$9.79
$11.09

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.73%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 61.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return -2.2%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return -0.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.40%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PGIM California Muni Income Fund
  • Fund Family Name
    PGIM Funds (Prudential)
  • Inception Date
    Sep 18, 1996
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Robert Tipp

Fund Description

The fund invests primarily in California state and local municipal bonds, which are debt obligations or fixed income securities, including notes, commercial paper and other securities, as well as obligations of other issuers that pay interest income that is exempt from California state and federal income taxes. It invests at least 70% of its investable assets in "investment grade" debt obligations and may invest up to 30% of its investable assets in high yield municipal debt obligations or junk bonds.


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Categories

Performance

PCIZX - Performance

Return Ranking - Trailing

Period PCIZX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.2% -7.5% 2.2% 61.34%
1 Yr -1.2% -4.2% 4.9% 65.79%
3 Yr -0.4%* -1.7% 1.9% 70.69%
5 Yr -0.5%* -1.2% 2.0% 75.48%
10 Yr 0.1%* -0.3% 1.8% 94.53%

* Annualized

Return Ranking - Calendar

Period PCIZX Return Category Return Low Category Return High Rank in Category (%)
2019 4.0% 2.4% 8.8% 53.16%
2018 -2.9% -6.2% 2.8% 61.54%
2017 1.7% -0.2% 6.8% 75.90%
2016 -3.7% -7.9% -1.7% 73.25%
2015 -0.6% -1.9% 1.8% 85.71%

Total Return Ranking - Trailing

Period PCIZX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.2% -7.5% 2.2% 61.34%
1 Yr -1.2% -4.2% 4.9% 65.79%
3 Yr -0.4%* -1.7% 2.8% 74.14%
5 Yr -0.5%* -1.2% 3.3% 78.06%
10 Yr 0.1%* -0.3% 4.4% 93.75%

* Annualized

Total Return Ranking - Calendar

Period PCIZX Return Category Return Low Category Return High Rank in Category (%)
2019 4.0% 2.4% 8.8% 53.16%
2018 -2.9% -6.2% 2.8% 66.48%
2017 1.8% -0.2% 6.9% 81.33%
2016 -3.7% -7.9% 0.8% 75.80%
2015 -0.6% -1.9% 3.7% 87.66%

NAV & Total Return History


Holdings

PCIZX - Holdings

Concentration Analysis

PCIZX Category Low Category High PCIZX % Rank
Net Assets 183 M 2.77 M 15.7 B 84.02%
Number of Holdings 150 19 4406 73.71%
Net Assets in Top 10 31.7 M -117 M 2.84 B 85.05%
Weighting of Top 10 17.47% 3.4% 72.3% 46.39%

Top 10 Holdings

  1. CALIFORNIA ST 5% 2.87%
  2. CALIFORNIA MUN FIN AUTH REV 5% 2.28%
  3. CALIFORNIA HEALTH FACS FING AUTH REV 4% 1.81%
  4. LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV 5% 1.74%
  5. PUERTO RICO SALES TAX FING CORP SALES TAX REV 0% 1.64%
  6. LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV 5% 1.53%
  7. LOS ANGELES CALIF DEPT ARPTS ARPT REV 5% 1.48%
  8. CALIFORNIA MUN FIN AUTH EXEMPT FACS REV 0.13% 1.42%
  9. CALIFORNIA ST 6% 1.39%
  10. ALAMEDA CORRIDOR TRANSN AUTH CALIF REV 5% 1.30%

Asset Allocation

Weighting Return Low Return High PCIZX % Rank
Bonds
99.88% 90.04% 139.32% 36.60%
Cash
0.12% -39.32% 9.96% 62.37%
Stocks
0.00% 0.00% 0.10% 72.68%
Preferred Stocks
0.00% 0.00% 0.00% 71.65%
Other
0.00% -0.14% 2.27% 74.23%
Convertible Bonds
0.00% 0.00% 0.00% 71.65%

Bond Sector Breakdown

Weighting Return Low Return High PCIZX % Rank
Municipal
99.88% 48.57% 101.06% 37.11%
Cash & Equivalents
0.12% -0.27% 10.98% 65.46%
Derivative
0.00% 0.00% 0.00% 71.65%
Securitized
0.00% 0.00% 0.00% 71.65%
Corporate
0.00% 0.00% 2.65% 74.23%
Government
0.00% -0.79% 47.09% 71.65%

Bond Geographic Breakdown

Weighting Return Low Return High PCIZX % Rank
US
97.59% 83.68% 135.97% 52.06%
Non US
2.29% 0.00% 8.76% 30.41%

Expenses

PCIZX - Expenses

Operational Fees

PCIZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.73% 0.09% 3.74% 57.51%
Management Fee 0.38% 0.00% 0.65% 25.26%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.33% N/A

Sales Fees

PCIZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 4.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PCIZX 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.

PCIZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 61.00% 2.00% 235.00% 94.30%

Distributions

PCIZX - Distributions

Dividend Yield Analysis

PCIZX Category Low Category High PCIZX % Rank
Dividend Yield 0.00% 0.00% 0.95% 79.38%

Dividend Distribution Analysis

PCIZX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PCIZX Category Low Category High PCIZX % Rank
Net Income Ratio 3.40% 0.73% 5.75% 22.28%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

PCIZX - Fund Manager Analysis

Managers

Robert Tipp


Start Date

Tenure

Tenure Rank

Oct 31, 2004

15.51

15.5%

Robert Tipp, CFA, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds for PGIM Fixed Income. In addition to comanaging the Global Aggregate Plus strategy, Mr. Tipp is responsible for global rates positioning for Core Plus, Absolute Return, and other portfolios. Mr. Tipp has worked at the Firm since 1991, where he has held a variety of senior investment manager and strategist roles. Prior to joining the Firm, he was a Director in the Portfolio Strategies Group at the First Boston Corporation, where he developed, marketed, and implemented strategic portfolio products for money managers. Before that, Mr. Tipp was a Senior Staff Analyst at the Allstate Research & Planning Center, and managed fixed income and equity derivative strategies at Wells Fargo Investment Advisors. He received a BS in Business Administration and an MBA from the University of California, Berkeley. Mr. Tipp holds the Chartered Financial Analyst (CFA) designation. Named Morningstar’s 2017 Fixed Income Manager of The Year for PGIM Total Return Bond Fund.

Susan Courtney


Start Date

Tenure

Tenure Rank

Apr 04, 2005

15.08

15.1%

Susan M. Courtney is Managing Director and Head of PGIM Fixed Income's Municipal Bond Team. She is responsible for developing, directing, and executing investment strategy for all municipal bond assets, including the Prudential municipal bond mutual funds. Ms. Courtney joined Prudential Financial in 2005 from GE Asset Management (GE), where she spent ten years as a municipal bond portfolio manager. Prior to her career at GE, Ms. Courtney was Assistant Vice President of the Global Power Group at Fitch Investors Services, Inc., and a Senior Analyst in the Unit Investment Trust Department of Dean Witter Reynolds. Ms. Courtney earned a BA in Economics from Hartwick College and an MBA in Finance from Fordham University.

John Dittemer


Start Date

Tenure

Tenure Rank

Mar 05, 2014

6.16

6.2%

John Dittemer is Vice President and Portfolio Manager for PGIM Fixed Income’s Municipal Bond Team. Mr. Dittemer assists in managing tax-exempt and taxable municipal assets for retail funds, institutional clients, and affiliated accounts. Previously, as a member of the Portfolio Analysis Group, Mr. Dittemer provided analytical support to Prudential Fixed Income's municipal bond, money market, and affiliated account teams. Earlier, he was a team supervisor in money market operations, and a performance reporting specialist for the affiliated accounts team. Mr. Dittemer received a BS in Management with a concentration in Finance from Kean University, and an MS in Management with concentration in Finance from the New Jersey Institute of Technology.

Lee Friedman


Start Date

Tenure

Tenure Rank

Mar 05, 2014

6.16

6.2%

Lee Friedman, CFA, is a Principal and a Portfolio Manager for PGIM Fixed Income’s Municipal Bond Team. Mr. Friedman assists in managing tax-exempt and taxable municipal assets for retail funds, institutional clients, and affiliated accounts. Previously, he was an Associate for PGIM Fixed Income’s Credit Research Group where he covered higher education, not-for-profits (501c3), state and local government obligations, and transportation bonds, and also supported the senior municipal credit analysts. Previously, Mr. Friedman held positions in both Prudential’s Asset Liability and Risk Management Group and PGIM Fixed Income, where he supported the attribution and forecasting processes. Prior to joining the Firm in 2003, Mr. Friedman was an auditor at The Vanguard Group. He received a BS in Finance with High Distinction from Pennsylvania State University. Mr. Friedman holds the Chartered Financial Analyst (CFA) designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 31.35 8.74 7.17