SNCAX Performance — California Municipal Portfolio, California Municipal Class
Data updated: 2025-12-12
SNCAX returned +2.25% over one year to Sep 2025. Annualised returns are +4.51% over 3 years and +1.55% over 5 years. The fund beat its Intermediate Municipal Bond category average: $100 invested three years ago grew to $114, against $113 for the category, and to $102 over one year, against $101. Volatility over the past three years was 3.78% a year. In the 12 months to Sep 2025 the fund took in a net $63.5M, and assets reached $1.09B.
SNCAX Growth of $100
What $100 invested in California Municipal Portfolio grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | SNCAX | Category average |
|---|---|---|
| 1 year (Oct 2024 – Sep 2025) | $102 | $101 |
| 3 years (Oct 2022 – Sep 2025) | $114 | $113 |
| 5 years (Oct 2020 – Sep 2025) | $108 | $104 |
| Since data start (Jul 2019 – Sep 2025) | $112 | $108 |
SNCAX Trailing Returns
Total returns to Sep 2025, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | +2.25% |
| 3 years (annualised) | +4.51% |
| 5 years (annualised) | +1.55% |
SNCAX Annual Returns
Calendar-year total returns of California Municipal Portfolio, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2025 (Jan–Sep) | +3.11% |
| 2024 | +2.25% |
| 2023 | +5.07% |
| 2022 | −4.65% |
| 2021 | +0.73% |
| 2020 | +3.38% |
| 2019 (Jul–Dec) | +1.43% |
SNCAX 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | +0.3% | +0.9% | −1.0% | −0.4% | +0.2% | +0.6% | +0.3% | +0.7% | +1.4% | — | — | — |
| 2024 | 0.0% | +0.1% | +0.2% | −0.7% | 0.0% | +1.2% | +0.7% | +0.8% | +0.7% | −1.0% | +1.0% | −0.9% |
| 2023 | +2.1% | −1.3% | +1.0% | +0.1% | −0.4% | +0.6% | +0.1% | −0.4% | −1.5% | −0.6% | +3.6% | +1.8% |
| 2022 | −1.7% | −0.4% | −2.0% | −1.7% | +1.0% | −0.9% | +1.7% | −1.2% | −2.5% | −0.2% | +2.9% | +0.4% |
| 2021 | +0.6% | −1.2% | +0.5% | +0.6% | +0.2% | +0.2% | +0.5% | −0.2% | −0.6% | −0.1% | +0.3% | −0.1% |
| 2020 | +1.3% | +0.7% | −4.3% | −0.6% | +2.5% | +1.2% | +1.4% | −0.1% | −0.1% | −0.1% | +1.1% | +0.6% |
| 2019 | — | — | — | — | — | — | +0.6% | +0.9% | −0.7% | +0.2% | +0.2% | +0.3% |
SNCAX Risk
Risk measures from monthly returns over Oct 2022 – Sep 2025.
- 3-year volatility (annualised): 3.78%
- 3-year Sharpe ratio: 0.00 (vs 4.5% risk-free rate)
- Best month: +3.64% (Nov 2023)
- Worst month: −1.54% (Sep 2023)
SNCAX Fund Flows
Monthly money in and out of California Municipal Portfolio, from SEC Form N-PORT.
- 12-month net flow: $63.5M
- 12-month gross sales (incl. reinvestments): $357.3M
- Sales ÷ redemptions: 1.22×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Sep 2025 | $70.8M | $65.8M | $5.0M |
| Aug 2025 | $30.2M | $10.4M | $19.7M |
| Jul 2025 | $20.7M | $17.3M | $3.4M |
| Jun 2025 | $15.7M | $12.5M | $3.2M |
| May 2025 | $26.1M | $26.6M | −$540K |
| Apr 2025 | $35.1M | $39.5M | −$4.5M |
| Mar 2025 | $20.8M | $20.7M | $57K |
| Feb 2025 | $22.9M | $14.6M | $8.2M |
| Jan 2025 | $23.2M | $24.6M | −$1.4M |
| Dec 2024 | $30.1M | $18.0M | $12.0M |
| Nov 2024 | $39.0M | $30.1M | $8.9M |
| Oct 2024 | $22.9M | $13.7M | $9.2M |
SNCAX Assets Under Management
Net assets of California Municipal Portfolio by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2025-09-30 | $1.09B |
| 2025-06-30 | $1.04B |
| 2025-03-31 | $1.05B |
| 2024-12-31 | $1.04B |
| 2024-09-30 | $1.03B |
| 2024-06-30 | $1.02B |
| 2024-03-31 | $1.03B |
| 2023-12-31 | $996.60M |
| 2023-09-30 | $989.19M |
| 2023-06-30 | $1.06B |
| 2023-03-31 | $1.09B |
| 2022-12-31 | $1.09B |
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.