Morningstar

Principal California Municipal Fund Institutional Class PCMFX

Medalist Rating as of Aug 17, 2026 See Principal Investment Hub

Will PCMFX outperform in the future?

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

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Process Pillar

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

The People Pillar is our evaluation of the PCMFX 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 PCMFX’s parent organization’s priorities and whether they’re in line with investors’ interests.

An aggressive California intermediate-term muni option.

Associate Analyst Rafael Ramirez

Rafael Ramirez

Associate Analyst

Summary

Principal California Municipal’s experienced but lean team applies a straightforward, risk-seeking approach that has produced strong but volatile long-term results.

by Rafael Ramirez

Rated on Aug 17, 2026 Published on Aug 17, 2026

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