Vanguard California Long-Term Tax-Exempt Fund Investor Shares
VCITX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Apr 7, 1986
- CIK
- 0000783401
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) is a municipal bond mutual fund that seeks to provide current income exempt from both federal and California personal income taxes; it primarily invests at least 80% of its assets in high-quality, investment-grade municipal bonds issued by California state and local governments, regional governmental authorities, and public financing entities; the portfolio emphasizes long- and intermediate-term securities with a dollar-weighted average maturity between 10 and 25 years, including general obligation bonds (local and state), revenue bonds from sectors such as hospitals, higher education, housing, industrial and development, universities, water and sewer, appropriations, airports, ports, clean energy projects, toll bridges, power projects, and lease revenue; as of recent data, credit quality is predominantly AA (approximately 69-72%) and A (15-18%), with top holdings featuring California Community Choice Financing Authority clean energy project revenue bonds, Mizuho floater residual trusts, and University of California revenues; the fund maintains broad diversification, with no position exceeding 2% of assets and over 1,400 bonds in the portfolio. Managed by The Vanguard Group, Inc., headquartered in Malvern, Pennsylvania, and founded in 1986 (Investor Shares inception April 7, 1986), the fund targets California residents and operates within the municipal California long-term category, tracking a custom higher-credit-quality version of the Bloomberg California Municipal Bond Index; total net assets stand at approximately $5.8 billion across share classes, with Investor Shares featuring a low expense ratio of 0.14-0.17%, a minimum initial investment of $3,000, no-load structure, and a trailing 12-month yield around 3.45%; geographic focus remains on California-issued bonds (roughly 97% of assets), with minor exposure to Puerto Rico (1%), and the fund exhibits medium credit quality and extensive interest rate sensitivity, evidenced by an effective duration of 8.18-8.7 years. Stephen M. McFee, CFA, has served as lead portfolio manager since 2020, supported by co-portfolio manager Adam M. Ferguson, CFA, added in late 2023 as part of Vanguard's succession planning for active municipal funds; the team leverages Vanguard's Fixed Income Group, including 12 traders, 22 analysts, and proprietary quantitative tools, under senior oversight from Paul Malloy and the municipal investment committee. Recent developments include Vanguard's largest-ever fee reductions in early 2025 across 168 share classes of 87 funds, lowering VCITX's expense ratio and costing the firm an estimated $350 million, enhancing competitiveness; the firm established a dedicated advice and wealth management division to bolster growth amid surging assets and client numbers (more than doubled since 2015); portfolio adjustments have increased allocations to industrial/development (10%, up 2 percentage points) and housing (6%, up 3 percentage points) sectors as of late 2024, alongside a slight decline in AA-rated bonds to 70%; Vanguard launched about a dozen low-cost bond ETFs in the prior 12 months through mid-2025, aligning with its philosophy, and entered private assets collaborations with Wellington and Blackstone, though none directly impact this fund.