page assignment hero

Strategy differentiators

  • Attractive tax-free income, singularly focused on mid-quality California municipal credit

  • Preference for revenue bonds that provide attractive relative yield and less sensitivity to business cycles

  • 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

  • Ability to participate in large and small issues, exploiting market and sector dislocations, through credit research

Strategy facts

  • Manager

    Principal Fixed Income

  • Inception

    1 January 2012

  • Index

    Bloomberg California Municipal Bond Index

  • Targeted number of holdings


  • Expected turnover

    35% (assuming normal market conditions)

  • Investment vehicles

    SMA, U.S. Mutual Fund

Portfolio management

Principal Fixed Income

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.

Portfolio Manager
Jim Noble, CFA
32 years of experience
Portfolio Manager
James Welch
36 years of experience
Learn more

Get the latest insights.

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.