American Funds Tax-Exempt Fund of CA Cl F-1 Shs
TECFX
NASDAQ- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- American Funds Tax Exempt Series II DE United States of America
- IPO Date
- Mar 15, 2001
- CIK
- 0000794389
- Website
- capitalgroup.com
- Similar Companies
- Business
- American Funds Tax-Exempt Fund of California Class F-1 (TECFX) is a mutual fund managed by Capital Group that seeks to provide a high level of current income exempt from regular federal and California income taxes, with a secondary objective of capital preservation; it primarily invests in a diversified portfolio of municipal bonds issued by the State of California and its agencies, municipalities, and other California-related issuers, including revenue bonds (88.0% of net assets), general obligation bonds (5.7%), and smaller allocations to cash equivalents and other fixed-income securities. The fund offers monthly regular dividends and annual capital gains distributions in December, with a net expense ratio of 0.66%, a minimum initial investment of $1,000, and assets under management of approximately $3.39 billion as of September 30, 2025. It targets California residents and tax-sensitive investors seeking tax-exempt income, operating exclusively within the U.S. municipal bond market focused on California long-term debt securities. Launched on October 28, 1986, and headquartered in Los Angeles, California, as part of the American Funds family under Capital Research and Management Company, the fund maintains a portfolio of over 530 issuers with an effective duration of about 7 years, average yield to maturity of 4.3%, and annual portfolio turnover of 32%. Management is led by experienced professionals including Mark Marinella (since 2019) and Ivan Mirabelli (since 2024), who oversee investments in high-quality, income-generating California munis. In recent developments, the fund updated its prospectus effective October 1, 2025, reflecting ongoing portfolio adjustments amid fluctuating municipal bond yields; it reported steady asset growth to $3.39 billion by September 2025 and continued monthly dividend payments totaling $0.44 year-to-date through November 2025. No major acquisitions, mergers, funding rounds, or strategic alliances were announced for the fund in the last 1-2 years, though Capital Group's broader municipal bond team saw a veteran manager transition out of a related fund in October 2025, underscoring stable operations without significant reorganizations. The fund remains focused on its core California muni strategy, with no reported name changes or major product launches.