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.
Will FCAVX 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 FCAVX’s performance objective and investment process is for both security selection and portfolio construction.
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.
The Parent Pillar is our rating of FCAVX’s parent organization’s priorities and whether they’re in line with investors’ interests.