American Century California High-Yield Municipal is run by seasoned managers using improved tools. Nevertheless, its compact analyst team and straightforward process have not produced a clear advantage and warrant a Morningstar Analyst Rating of Neutral for most of its share classes and a Negative for its most expensive shares.
Will CAYAX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable CAYAX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the CAYAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of CAYAX’s parent organization’s priorities and whether they’re in line with investors’ interests.