Morningstar

Nomura Tax-Free California Fund Class C DVFTX

Morningstar Medalist Rating
Medalist Rating as of | See Nomura Investment Hub
  • NAV / 1-Day Return 10.90  /  +0.18 %
  • Total Assets 280.2M
  • Adj. Expense Ratio
    1.550%
  • Expense Ratio 1.560%
  • Distribution Fee Level Above Average
  • Share Class Type Level Load
  • Category Muni California Long
  • Credit Quality / Interest Rate Sensitivity —
  • Min. Initial Investment 1,000
  • Status Open
  • TTM Yield 3.22%
  • Effective Duration 9.87 years

USD | NAV as of Jun 16, 2026 | 1-Day Return as of Jun 16, 2026, 9:52 PM GMT+0

Morningstar’s Analysis DVFTX

Will DVFTX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable DVFTX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the DVFTX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of DVFTX’s parent organization’s priorities and whether they’re in line with investors’ interests.

null Morningstar Automated Analysis

Morningstar Automated Analysis

Summary

Nomura Tax-Free California C holds a quantitatively derived Negative Morningstar Medalist Rating. The rating indicates the model sees limited potential for the strategy to outperform peers on a risk-adjusted basis over a full market cycle.

by Morningstar Automated Analysis
Rated on Published on

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Portfolio Holdings DVFTX

More DVFTX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 17.2
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

PUERTO RICO SALES TAX FING CORP SALES TAX REV 0%

2.98 8M
municipal

PUERTO RICO SALES TAX FING CORP SALES TAX REV 5%

2.11 6M
municipal

CALIFORNIA HEALTH FACS FING AUTH REV 4%

1.81 5M
municipal

CALIFORNIA ST UNIV REV 3%

1.77 5M
municipal

GDB DEBT RECOVERY AUTH OF COMWLTH PUERTO RICO 7.5%

1.66 5M
municipal

CALIFORNIA EDL FACS AUTH REV 5%

1.43 4M
municipal

CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV 5.25%

1.40 4M
municipal

SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN WTR REV 5.25%

1.36 4M
municipal

SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5.5%

1.34 4M
municipal

LOS ANGELES CALIF DEPT WTR & PWR REV 5%

1.30 4M
municipal

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