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EACAX - Eaton Vance CA Municipal Income A

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Eaton Vance CA Municipal Income A (EACAX)
Expense Ratio: 0.87%
Expected Lifetime Fees: $26,259.18


The Eaton Vance CA Municipal Income A fund (EACAX) is a Muni California Long fund started on 5/27/1994 and has $179.90 million in assets under management. The current manager has been running Eaton Vance CA Municipal Income A since 2/23/1996. The fund is rated by Morningstar. In addition to trading fees and broker commissions, this fund has 12b-1 fees of 0.25%

MarketRiders Prefers The Following ETF

iShares S&P California Municipal Bond (CMF)
Expense Ratio: 0.25%
Expected Lifetime Fees: $8,051.41


The iShares S&P California Municipal Bond (CMF) is an Exchange Traded Fund. It is a "basket" of securities that index the Muni California Long investment strategy and is an alternative to a Muni California Long mutual fund. Fees are very low compared to a comparable mutual fund like Eaton Vance CA Municipal Income A because computers automatically manage the stocks.




The Following Muni California Long Funds Have Lower Fees Than Eaton Vance CA Municipal Income A (EACAX). Why are these metrics important?
Mutual Fund Name Ticker Symbol Turnover Assets (M) Annual Fees
AllianceBern Muni Inc CA A CAM1Z 12.0% 673 0.75%
American Century CA Hi-Yld Muni A CAYAX 37.0% 626 0.76%
American Century CA Hi-Yld Muni Instl BCHIX 37.0% 626 0.31%
American Century CA Hi-Yld Muni Inv BCHYX 37.0% 626 0.51%
American Century CA Long-Term T/F A ALTAX 63.0% 434 0.73%
American Century CA Long-Term T/F Instl BCLIX 63.0% 434 0.28%
American Century CA Long-Term T/F Inv BCLTX 63.0% 434 0.48%
American Funds Tax-Exempt CA A TAFTX 10.0% 1,600 0.64%
American Funds Tax-Exempt CA F TECFX 10.0% 1,600 0.74%
American Funds Tax-Exempt CA F-2 TEFEX 10.0% 1,600 0.50%
BlackRock CA Muni Bond Instl MACMX 41.0% 569 0.85%
Delaware Tax-Free CA A DVTAX 44.0% 108 0.82%
Dreyfus CA AMT-Free Muni Bond Z DRCAX 14.8% 1,200 0.71%
DWS California Tax-Free Income A KCT3Z 27.0% 937 0.84%
DWS California Tax-Free Income A KCTAX 27.0% 937 0.84%
DWS California Tax-Free Income S SDC1Z 27.0% 937 0.71%
DWS California Tax-Free Income S SDCSX 27.0% 937 0.71%
Fidelity Advisor CA Municipal Inc I FCMQX 9.0% 1,900 0.53%
Fidelity Advisor CA Municipal Inc T FCMTX 9.0% 1,900 0.78%
Fidelity California Municipal Income FCTFX 9.0% 1,900 0.46%
Franklin CA High Yield Municipal A FCACZ 17.9% 1,800 0.62%
Franklin CA High Yield Municipal A FCAMX 17.9% 1,800 0.62%
Franklin CA High Yield Municipal Advisor FVCAX 17.9% 1,800 0.52%
Franklin CA Insured Tax-Free Inc A FCICZ 12.5% 2,200 0.61%
Franklin CA Insured Tax-Free Inc A FRCIX 12.5% 2,200 0.61%
Franklin CA Tax-Free Inc Adv FCAVX 6.0% 14,500 0.48%
Franklin CA Tax-Free Income A FKTCZ 6.0% 14,500 0.57%
Franklin CA Tax-Free Income A FKTFX 6.0% 14,500 0.57%
JHancock CA Tax-Free Income A TACAX 2.0% 273 0.86%
Legg Mason WA CA Municipals A SHRQZ 9.0% 701 0.70%
Legg Mason WA CA Municipals I LMCUX 9.0% 701 0.57%
MFS CA Municipal Bond A MCFTX 35.0% 321 0.70%
Northern CA Tax-Exempt NCATX 201.7% 153 0.45%
Nuveen CA High Yield Municipal Bond I NCHRX 19.0% 190 0.70%
Nuveen CA Municipal Bond A NCAAX 20.0% 629 0.81%
Nuveen CA Municipal Bond I NCSPX 20.0% 629 0.61%
Oppenheimer California Municipal Fund Class Y OCAYX 27.0% 1,600 0.78%
Principal California Municipal A SRCMX 45.4% 227 0.76%
Prudential CA Municipal Income Z PCIZX 11.0% 216 0.67%
Putnam CA Tax Exempt Income A PCTEX 9.0% 1,700 0.75%
Putnam CA Tax Exempt Income Y PCIYX 9.0% 1,700 0.53%
T. Rowe Price CA Tax-Free Bond PRXCX 15.0% 384 0.51%
Vanguard CA Long-Term Tax-Exempt Adm VCLAX 14.0% 2,900 0.12%
Vanguard CA Long-Term Tax-Exempt Inv VCITX 14.0% 2,900 0.20%
Wells Fargo Advantage CA Tax-Free A SCTAX 23.0% 726 0.75%
Wells Fargo Advantage CA Tax-Free Adm SGCAX 23.0% 726 0.55%



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Why Are These Metrics Important?


Turnover
Turnover represents how much of a mutual fund's holdings are changed over the course of a year through buying and selling. Active mutual funds have an average turnover rate of about 85%, meaning that funds are turning over nearly all of their holdings every year. A high turnover means you could make lower returns because: 1) buying and selling stocks costs money through commissions and spreads and 2) the fund will distribute yearly capital gains which increases your taxes. Look for funds with turnover rates below 50%. For comparison, ETF turnover rates average around 10% or lower.

Assets
Generally, smaller funds do better than larger ones. The more assets in a mutual fund, the lower the chance that it will beat its index. Managers outperform an index by choosing stocks that are undervalued. In order to find these undervalued stocks, the manager has to know more than his competitors to develop an "edge." There are only a finite number of stocks a mutual fund manager can reasonably analyze and actively track to gain such a competitive edge. When the fund has more assets, the manager must analyze large companies because he needs to take larger positions. Large companies are more efficiently priced in the market and it becomes increasingly difficult to get an edge.

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