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Franklin CA Tax Free Income Adv FCAVX

Morningstar Analyst Rating
Analyst rating as of
NAV / 1-Day Return
7.87  /  0.01 %
Total Assets
17.3 Bil
Adj. Expense Ratio
0.510%
Expense Ratio
0.510%
Fee Level
Below Average
Longest Manager Tenure
29.98 years
Category
Muni California Long
Credit Quality / Interest Rate Sensitivity
Medium / Extensive
Min. Initial Investment
100,000
Status
Open
TTM Yield
2.89%
Effective Duration
7.60 years

USD | NAV as of Jul 23, 2021 | 1-Day Return as of Jul 23, 2021, 10:10 PM GMT+00:00

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Morningstar’s Analysis

Will FCAVX outperform in future?

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

Process Pillar

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

People Pillar

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The People Pillar is our evaluation of the FCAVX 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

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

The new head of Franklin’s municipal platform has made multiple changes.

Analyst

Summary

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The reorganization of personnel supporting Franklin California Tax Free Income will not impede its income-focused approach, but more time is needed to evaluate how these adjustments plus process changes will play out. Most share classes for this strategy retain a Morningstar Analyst Rating of Neutral, while the most expensive C share class is rated Negative.

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