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.
Franklin CA Tax Free Income Adv FCAVX
NAV / 1-Day Return
7.78
/
0.14
%
Total Assets
17.1 Bil
Adj. Expense Ratio
Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds.
0.510%
Expense Ratio
0.510%
Fee Level
Below Average
Longest Manager Tenure
29.77
years
Category
Muni California Long
Credit Quality / Interest Rate Sensitivity
Medium / ExtensiveMin. Initial Investment
100,000
Status
Open
TTM Yield
2.95%
Effective Duration
7.60
years
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Morningstar’s Analysis
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
Will FCAVX outperform in 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 FCAVX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
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
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.
