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Morningstar

Vanguard CA Long-Term Tax-Exempt Adm VCLAX

Morningstar Medalist Rating
Medalist Rating as of | See Vanguard Investment Hub
  • NAV / 1-Day Return 11.24  /  0.11 %
  • Total Assets 4.7 Bil
  • Adj. Expense Ratio
    0.090%
  • Expense Ratio 0.090%
  • Distribution Fee Level Low
  • Share Class Type Institutional
  • Category Muni California Long
  • Credit Quality / Interest Rate Sensitivity Medium / Moderate
  • Min. Initial Investment 50,000
  • Status Open
  • TTM Yield 2.89%
  • Effective Duration 6.74 years

USD | NAV as of Jun 09, 2023 | 1-Day Return as of Jun 09, 2023, 10:18 PM GMT+0

Morningstar’s Analysis VCLAX

Will VCLAX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VCLAX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the VCLAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of VCLAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Still one of the best California long-term muni offerings.

Associate Analyst Elizabeth Templeton

Elizabeth Templeton

Associate Analyst

Summary

Vanguard California Long-Term Tax-Exempt Bond continues to be one of the strongest candidates for straightforward exposure to the longer end of the California municipal market. The strategy's cheaper admiral share class earns a Morningstar Analyst Rating of Gold, while its investor shares are rated Silver.

by Elizabeth Templeton
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings VCLAX

More VCLAX Holdings
  • Current Portfolio Date
  • Equity Holdings 0
  • Bond Holdings 1317
  • Other Holdings 1
  • % Assets in Top 10 Holdings 7.7
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

CALIFORNIA ST

1.24
57,119,700
municipal

UNIVERSITY CALIF REVS

1.15
52,611,094
municipal

BAY AREA TOLL AUTH CALIF TOLL BRDG REV

0.98
45,000,000
municipal

NORTHERN CALIF ENERGY AUTH COMMODITY SUPPLY REV

0.85
39,174,259
municipal

SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV

0.64
29,329,331
municipal

CALIFORNIA HEALTH FACS FING AUTH REV

0.59
27,041,197
municipal

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

0.57
26,092,782
municipal

CALIFORNIA HEALTH FACS FING AUTH REV

0.57
26,010,311
municipal

MIZUHO FLOATER / RESIDUAL TR VAR STS

0.54
24,930,000
municipal

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

0.52
23,990,495
municipal