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Trending ETFs

California Municipal Portfolio

mutual fund
AICAX
Payout Change
Pending
Price as of:
$13.81 +0.01 +0.07%
primary theme
Municipal Bond
share class
A (AICAX) Other (SNCAX) Adv (AICYX) C (ACMCX)
AICAX (Mutual Fund)

California Municipal Portfolio

Payout Change
Pending
Price as of:
$13.81 +0.01 +0.07%
primary theme
Municipal Bond
share class
A (AICAX) Other (SNCAX) Adv (AICYX) C (ACMCX)
AICAX (Mutual Fund)

California Municipal Portfolio

Payout Change
Pending
Price as of:
$13.81 +0.01 +0.07%
primary theme
Municipal Bond
share class
A (AICAX) Other (SNCAX) Adv (AICYX) C (ACMCX)

Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

California Municipal Portfolio

AICAX | Fund

$13.81

$1.03 B

2.76%

$0.38

0.76%

Vitals

YTD Return

1.7%

1 yr return

1.8%

3 Yr Avg Return

0.5%

5 Yr Avg Return

1.1%

Net Assets

$1.03 B

Holdings in Top 10

20.3%

52 WEEK LOW AND HIGH

$13.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.76%

SALES FEES

Front Load 3.00%

Deferred Load N/A

TRADING FEES

Turnover 27.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$2,500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

California Municipal Portfolio

AICAX | Fund

$13.81

$1.03 B

2.76%

$0.38

0.76%

AICAX - Profile

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return 0.5%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.48%
DIVIDENDS
  • Dividend Yield 2.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    California Municipal Portfolio
  • Fund Family Name
    ALLIANCEBE
  • Inception Date
    Jun 05, 2002
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Terrance Hults

Fund Description

As a matter of fundamental policy, the Portfolio, under normal circumstances, invests at least 80% of its net assets in municipal securities. In addition, as a matter of fundamental policy, the Portfolio, under normal circumstances, invests at least 80% of its net assets in a portfolio of municipal securities issued by the State of California or its political subdivisions, or otherwise exempt from California state income tax. For purposes of these policies, net assets include any borrowings for investment purposes.
The municipal securities in which the Portfolio may invest are issued to raise money for a variety of public or private purposes, including general financing for state and local governments, the District of Columbia or possessions and territories of the United States, or financing for specific projects or public facilities. The interest paid on these securities is generally exempt from federal and California state personal income tax, although in certain instances, it may be includable in income subject to alternative minimum tax.
The Portfolio invests at least 80% of its total assets in municipal securities rated A or better by NRSROs (or, if unrated, determined by AllianceBernstein L.P., the Portfolio’s investment manager (the “Manager”), to be of comparable quality) and comparably rated municipal notes. The Portfolio may invest up to 20% of its total assets in below investment grade fixed-income securities (commonly known as “junk bonds”).
The Portfolio may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. The Portfolio may invest, without limit, in securities or obligations that are related in such a way that business or political developments or changes affecting one such security could also affect the others (for example, securities with interest that is paid from projects of a similar type).
The Portfolio may also invest up to 20% of its net assets in fixed-income securities of U.S. issuers that are not municipal securities if, in the Manager’s opinion, these securities will enhance the after-tax return for California investors.
The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps.
In managing the Portfolio, the Manager may use interest rate forecasting to estimate an appropriate level of interest rate risk at a given time.
The Portfolio seeks to maintain an effective duration of three and one-half years to seven years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments.
Within the range described above, the Manager may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.
The Manager selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Manager takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio’s other holdings.
The Portfolio is “non-diversified,” which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.
Read More

AICAX - Performance

Return Ranking - Trailing

Period AICAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -7.3% 37.5% 45.13%
1 Yr 1.8% -7.4% 37.6% 50.77%
3 Yr 0.5%* -11.8% 5.1% 11.27%
5 Yr 1.1%* -7.4% 1103.2% 22.42%
10 Yr 1.5%* -1.1% 248.8% 52.83%

* Annualized

Return Ranking - Calendar

Period AICAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.3% -1.4% 41.0% 65.93%
2022 -6.5% -39.7% 0.3% 14.33%
2021 -0.8% -5.6% 6.9% 66.74%
2020 1.4% -2.6% 310.0% 65.90%
2019 3.1% 0.0% 26.0% 76.89%

Total Return Ranking - Trailing

Period AICAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -7.3% 37.5% 45.13%
1 Yr 1.8% -7.4% 37.6% 50.77%
3 Yr 0.5%* -11.8% 5.1% 11.27%
5 Yr 1.1%* -7.4% 1103.2% 22.42%
10 Yr 1.5%* -1.1% 248.8% 52.83%

* Annualized

Total Return Ranking - Calendar

Period AICAX Return Category Return Low Category Return High Rank in Category (%)
2023 4.9% -1.3% 41.0% 68.22%
2022 -4.8% -39.7% 1.1% 12.97%
2021 0.6% -4.8% 23761504.0% 73.88%
2020 3.2% -1.5% 17057.9% 68.07%
2019 5.1% 0.2% 3514.6% 78.98%

NAV & Total Return History

AICAX - Holdings

Concentration Analysis

AICAX Category Low Category High AICAX % Rank
Net Assets 1.03 B 3.22 M 71.9 B 30.38%
Number of Holdings 362 4 13418 34.72%
Net Assets in Top 10 209 M -317 M 3.09 B 18.60%
Weighting of Top 10 20.28% 1.8% 100.3% 39.58%

Top 10 Holdings

  1. LOS ANGELES CNTY CA 3.65%
  2. UNIV OF CALIFORNIA CA REVENUES 3.04%
  3. LOS ANGELES CA 2.86%
  4. LOS ANGELES CA UNIF SCH DIST 2.63%
  5. LOS ANGELES CA UNIF SCH DIST 1.84%
  6. CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 1.56%
  7. BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE 1.28%
  8. CALIFORNIA ST HLTH FACS FING AUTH REVENUE 1.15%
  9. SAN FRANCISCO CALIF CITY CNTY ARPTS COMMN INTL ARPT REV 1.14%
  10. BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE 1.13%

Asset Allocation

Weighting Return Low Return High AICAX % Rank
Bonds 		99.18% 0.00% 150.86% 41.61%
Cash 		0.46% -50.86% 44.62% 70.45%
Other 		0.37% -3.69% 53.54% 6.11%
Stocks 		0.00% 0.00% 99.77% 15.77%
Preferred Stocks 		0.00% 0.00% 0.07% 2.69%
Convertible Bonds 		0.00% 0.00% 0.93% 1.96%

Bond Sector Breakdown

Weighting Return Low Return High AICAX % Rank
Municipal 		91.49% 44.39% 100.00% 91.10%
Derivative 		0.25% -3.69% 53.54% 3.63%
Government 		0.19% 0.00% 52.02% 3.30%
Corporate 		0.16% 0.00% 9.41% 12.95%
Securitized 		0.10% 0.00% 5.93% 1.42%
Cash & Equivalents 		0.00% 0.00% 44.41% 57.35%

Bond Geographic Breakdown

Weighting Return Low Return High AICAX % Rank
US 		99.18% 0.00% 142.23% 39.62%
Non US 		0.00% 0.00% 23.89% 6.51%

AICAX - Expenses

Operational Fees

AICAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.01% 8.02% 46.91%
Management Fee 0.42% 0.00% 1.20% 47.05%
12b-1 Fee 0.25% 0.00% 1.00% 34.49%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

AICAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.00% 0.50% 4.75% 63.51%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

AICAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AICAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 27.00% 0.00% 283.00% 73.79%

AICAX - Distributions

Dividend Yield Analysis

AICAX Category Low Category High AICAX % Rank
Dividend Yield 2.76% 0.00% 14.51% 68.32%

Dividend Distribution Analysis

AICAX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

AICAX Category Low Category High AICAX % Rank
Net Income Ratio 1.48% -0.53% 5.33% 72.60%

Capital Gain Distribution Analysis

AICAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

AICAX - Fund Manager Analysis

Managers

Terrance Hults

Start Date

Tenure

Tenure Rank

Dec 31, 2002

19.43

19.4%

Terrance T. Hults is a member of the Tax-Exempt Fixed-Income Investment Policy Group. Prior to joining the firm, he was an associate in the Municipal Derivative Products department at Merrill Lynch Capital Markets, where he specialized in securities arbitrage. These transactions involved issuers and investors, as well as proprietary trading and utilized futures, options, interest-rate swaps, and other over-the-counter derivative structures. Mr. Hults received a BA in economics from Williams College and an MBA in finance from Columbia University. Location: New York

Matthew Norton

Start Date

Tenure

Tenure Rank

Jan 28, 2016

6.34

6.3%

Matthew Norton is a Senior Vice President and Co-Head of Municipal Portfolio Management, responsible for overseeing municipal bond investing at AB. He is also a member of the Municipal Impact Investment Policy Group. Previously, Mr. Norton was a portfolio manager on the Municipal Bond team. He joined AB in 2005, focusing primarily on research in tax-exempt and taxable fixed-income markets. Prior to joining the firm, Mr. Norton worked as a statistical research analyst at St. Lawrence University, evaluating the accuracy of biometric devices. He holds a BS in economics and mathematics from St. Lawrence University and an MBA in economics and quantitative finance from the Leonard N. Stern School of Business at New York University. Location: New York

Andrew Potter

Start Date

Tenure

Tenure Rank

Jan 26, 2018

4.35

4.4%

Andrew Potter is a Vice President and Portfolio Manager on the Municipal Bond team, which oversees tax-exempt investing at AllianceBernstein. He joined the team in 2007 as an associate portfolio manager (APM), responsible for monitoring risk exposures and implementing investment strategy across the firm’s tax-aware fixed-income platform. In 2013, Mr. Potter took on additional responsibility as supervisor for the team’s APMs. He moved into his current role in 2015, shifting his focus toward developing portfolio strategy. Mr. Potter holds a BA in physics with a minor in economics from Colgate University. He is a CFA charterholder and a member of the CFA Society New York. Location: New York

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58

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