NCATX Performance — California Tax-Exempt Fund
Data updated: 2026-08-28
NCATX returned +1.94% year to date and +6.54% over one year to Jun 2026. Annualised returns are +3.74% over 3 years and +0.58% over 5 years. The fund trailed its Long-Term Municipal Bond category average: $100 invested three years ago grew to $112, against $112 for the category, and to $107 over one year, against $108. Volatility over the past three years was 5.20% a year. In the 12 months to Jun 2026 the fund took in a net $3.2M, and assets reached $129.50M.
NCATX Growth of $100
What $100 invested in California Tax-Exempt Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | NCATX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $107 | $108 |
| 3 years (Jul 2023 – Jun 2026) | $112 | $112 |
| 5 years (Jul 2021 – Jun 2026) | $103 | $103 |
| Since data start (Jul 2019 – Jun 2026) | $111 | $113 |
NCATX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.94% |
| 1 year | +6.54% |
| 3 years (annualised) | +3.74% |
| 5 years (annualised) | +0.58% |
NCATX Annual Returns
Calendar-year total returns of California Tax-Exempt Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +1.94% |
| 2025 | +3.96% |
| 2024 | +1.65% |
| 2023 | +6.26% |
| 2022 | −10.40% |
| 2021 | +0.98% |
| 2020 | +5.01% |
| 2019 (Jul–Dec) | +2.09% |
NCATX 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 | +0.8% | +1.3% | −2.1% | +0.9% | +0.4% | +0.8% | — | — | — | — | — | — |
| 2025 | +0.1% | +1.0% | −1.4% | −0.8% | 0.0% | +0.7% | −0.3% | +0.9% | +2.3% | +1.2% | +0.3% | +0.1% |
| 2024 | −0.3% | +0.1% | 0.0% | −1.1% | −0.3% | +1.5% | +0.8% | +0.9% | +0.9% | −1.3% | +1.5% | −1.1% |
| 2023 | +3.0% | −2.4% | +2.1% | −0.1% | −0.8% | +0.8% | +0.3% | −1.1% | −2.6% | −1.2% | +6.0% | +2.5% |
| 2022 | −2.7% | −0.8% | −3.7% | −3.6% | +1.4% | −2.0% | +2.8% | −2.4% | −3.9% | −0.8% | +5.1% | +0.1% |
| 2021 | +0.4% | −1.8% | +0.6% | +0.9% | +0.4% | +0.3% | +0.9% | −0.4% | −0.9% | −0.1% | +0.8% | +0.1% |
| 2020 | +1.9% | +1.5% | −3.5% | −1.2% | +3.1% | +0.6% | +1.6% | −0.6% | 0.0% | −0.3% | +1.7% | +0.4% |
| 2019 | — | — | — | — | — | — | +0.7% | +1.8% | −0.8% | 0.0% | +0.1% | +0.2% |
NCATX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 5.20%
- 3-year Sharpe ratio: -0.15 (vs 4.5% risk-free rate)
- Best month: +5.96% (Nov 2023)
- Worst month: −2.56% (Sep 2023)
NCATX Fund Flows
Monthly money in and out of California Tax-Exempt Fund, from SEC Form N-PORT.
- 12-month net flow: $3.2M
- 12-month gross sales (incl. reinvestments): $41.6M
- Sales ÷ redemptions: 1.08×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $1.9M | $3.4M | −$1.6M |
| May 2026 | $862K | $2.5M | −$1.6M |
| Apr 2026 | $1.9M | $1.9M | $95K |
| Mar 2026 | $4.1M | $3.4M | $718K |
| Feb 2026 | $1.3M | $2.1M | −$829K |
| Jan 2026 | $6.7M | $3.9M | $2.8M |
| Dec 2025 | $10.5M | $9.2M | $1.2M |
| Nov 2025 | $4.9M | $2.1M | $2.8M |
| Oct 2025 | $2.0M | $3.1M | −$1.2M |
| Sep 2025 | $3.6M | $2.2M | $1.4M |
| Aug 2025 | $2.3M | $2.7M | −$400K |
| Jul 2025 | $1.6M | $2.0M | −$434K |
NCATX Assets Under Management
Net assets of California Tax-Exempt Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $129.50M |
| 2026-03-31 | $130.89M |
| 2025-12-31 | $129.47M |
| 2025-09-30 | $125.52M |
| 2025-06-30 | $122.47M |
| 2025-03-31 | $143.34M |
| 2024-12-31 | $150.37M |
| 2024-09-30 | $150.66M |
| 2024-06-28 | $147.39M |
| 2024-03-28 | $150.57M |
| 2023-12-29 | $152.74M |
| 2023-09-29 | $149.96M |
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.