CAYAX Performance — California High-Yield Municipal Fund, A Class
Data updated: 2026-07-29
CAYAX returned +1.79% year to date and +7.16% over one year to May 2026. Annualised returns are +4.09% over 3 years and +0.37% over 5 years. Against its High Yield Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $113, against $126 for the category, and to $107 over one year, against $107. Volatility over the past three years was 6.86% a year. In the 12 months to May 2026 the fund took in a net $5.8M, and assets reached $1.64B.
CAYAX Growth of $100
What $100 invested in California High-Yield Municipal Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the High Yield Bond category average over the same months.
| Period | CAYAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $107 | $107 |
| 3 years (Jun 2023 – May 2026) | $113 | $126 |
| 5 years (Jun 2021 – May 2026) | $102 | $120 |
| Since data start (Sep 2019 – May 2026) | $108 | $132 |
CAYAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.79% |
| 1 year | +7.16% |
| 3 years (annualised) | +4.09% |
| 5 years (annualised) | +0.37% |
CAYAX Annual Returns
Calendar-year total returns of California High-Yield Municipal Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.79% |
| 2025 | +2.50% |
| 2024 | +3.14% |
| 2023 | +6.40% |
| 2022 | −12.25% |
| 2021 | +3.78% |
| 2020 | +3.66% |
| 2019 (Sep–Dec) | +0.14% |
CAYAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.5% | +1.5% | −2.0% | +1.3% | +0.6% | — | — | — | — | — | — | — |
| 2025 | 0.0% | +1.0% | −1.8% | −0.9% | −0.9% | +0.4% | −1.1% | +0.8% | +3.3% | +1.5% | +0.4% | −0.1% |
| 2024 | 0.0% | +0.3% | +0.3% | −1.3% | +0.4% | +2.1% | +0.8% | +0.8% | +1.2% | −1.4% | +1.6% | −1.5% |
| 2023 | +3.4% | −2.6% | +1.7% | 0.0% | −1.0% | +1.0% | +0.3% | −1.5% | −3.4% | −2.4% | +8.1% | +3.0% |
| 2022 | −2.7% | −0.7% | −3.2% | −3.8% | +1.1% | −3.2% | +3.4% | −2.2% | −4.9% | −1.9% | +5.9% | −0.1% |
| 2021 | +1.0% | −1.3% | +0.7% | +1.2% | +0.8% | +0.6% | +1.1% | −0.4% | −0.9% | −0.1% | +1.0% | +0.1% |
| 2020 | +1.9% | +1.7% | −7.4% | −2.8% | +3.6% | +2.3% | +1.9% | −0.1% | +0.3% | 0.0% | +1.7% | +1.0% |
| 2019 | — | — | — | — | — | — | — | — | −0.5% | +0.1% | +0.1% | +0.4% |
CAYAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 6.86%
- 3-year Sharpe ratio: -0.06 (vs 4.5% risk-free rate)
- Best month: +8.12% (Nov 2023)
- Worst month: −3.40% (Sep 2023)
CAYAX Fund Flows
Monthly money in and out of California High-Yield Municipal Fund, from SEC Form N-PORT.
- 12-month net flow: $5.8M
- 12-month gross sales (incl. reinvestments): $656.8M
- Sales ÷ redemptions: 1.01×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $55.7M | $41.6M | $14.1M |
| Apr 2026 | $52.8M | $38.7M | $14.0M |
| Mar 2026 | $59.6M | $66.8M | −$7.2M |
| Feb 2026 | $52.2M | $32.2M | $19.9M |
| Jan 2026 | $66.9M | $49.7M | $17.3M |
| Dec 2025 | $56.0M | $85.2M | −$29.2M |
| Nov 2025 | $36.0M | $43.2M | −$7.2M |
| Oct 2025 | $43.8M | $38.7M | $5.2M |
| Sep 2025 | $57.0M | $40.5M | $16.6M |
| Aug 2025 | $75.2M | $58.8M | $16.4M |
| Jul 2025 | $52.0M | $82.0M | −$30.0M |
| Jun 2025 | $49.6M | $73.7M | −$24.2M |
CAYAX Assets Under Management
Net assets of California High-Yield Municipal Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $1.64B |
| 2026-02-28 | $1.64B |
| 2025-11-30 | $1.61B |
| 2025-08-31 | $1.53B |
| 2025-05-31 | $1.59B |
| 2025-02-28 | $1.67B |
| 2024-11-30 | $1.66B |
| 2024-08-31 | $1.55B |
| 2024-05-31 | $1.42B |
| 2024-02-29 | $1.38B |
| 2023-11-30 | $1.31B |
| 2023-08-31 | $1.37B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.