Seeking to provide a high level of income that is exempt from federal income tax and California state personal income taxes.
Attractive tax-free income, singularly focused on mid-quality California municipal credit
Active management seeks the optimal spot on the yield curve and higher exposure to bonds rated A and BBB, in an effort to maximize yield
Preference for revenue bonds that provide attractive relative yield and less sensitivity to business cycles
Ability to participate in large and small issues, exploiting market and sector dislocations, through credit research
Manager
Principal Fixed Income
Inception
1 January 2012
Index
Bloomberg California Municipal Bond Index
Targeted number of holdings
200-230
Expected turnover
35% (assuming normal market conditions)
Investment vehicles
SMA, U.S. Mutual Fund
A global platform of integrated and specialized teams focused on delivering innovative, actively managed total return and yield-oriented investment solutions through capabilities that span all major fixed income sectors.
No information
Past performance does not guarantee future results.
Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Risk management techniques seek to mitigate or reduce risk but cannot remove it.
Investment guidelines are subject to change.
Bloomberg California Municipal Index tracks the California part of the Bloomberg Municipal Bond Index. The Bloomberg Municipal Bond Index represents the long-term, investment-grade tax-exempt bond market.
Principal Fixed Income is an investment team within Principal Global Investors.