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PCIYX - Putnam CA Tax Exempt Income Y

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Putnam CA Tax Exempt Income Y (PCIYX)
Expense Ratio: 0.53%
Expected Lifetime Fees: $16,574.71


The Putnam CA Tax Exempt Income Y fund (PCIYX) is a Muni California Long fund started on 1/2/2008 and has $1.70 billion in assets under management. The current manager has been running Putnam CA Tax Exempt Income Y since 8/22/2002. The fund is rated by Morningstar. This fund does not charge 12b-1 fees.

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 Putnam CA Tax Exempt Income Y because computers automatically manage the stocks.




The Following Muni California Long Funds Have Lower Fees Than Putnam CA Tax Exempt Income Y (PCIYX). Why are these metrics important?
Mutual Fund Name Ticker Symbol Turnover Assets (M) Annual Fees
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 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 F-2 TEFEX 10.0% 1,600 0.50%
Fidelity California Municipal Income FCTFX 9.0% 1,900 0.46%
Franklin CA High Yield Municipal Advisor FVCAX 17.9% 1,800 0.52%
Franklin CA Tax-Free Inc Adv FCAVX 6.0% 14,500 0.48%
Northern CA Tax-Exempt NCATX 201.7% 153 0.45%
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%



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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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