Fund Evaluator:
JHancock CA Municipal Bond I (JCAFX)
Follow This Fund
Best Performing in Muni California Long Over the Last Year
| 8.2% | Invesco California Municipal Y (OCAYX) |
| 7.4% | American Century CA High Yield Muni Y (ACYHX) |
| 7.3% | American Century CA High Yield Muni Inv (BCHYX) |
| 6.9% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
JHancock CA Municipal Bond I Overview
JHancock CA Municipal Bond I (JCAFX) is an actively managed Municipal Bond Muni California Long fund. John Hancock launched the fund in 2017.
The investment seeks a high level of current income, consistent with preservation of capital, that is exempt from federal and California personal income taxes. The fund invests at least 80% of its net assets, plus amounts borrowed for investment purposes, in securities of any maturity exempt from federal and California personal income taxes. It may buy bonds of any maturity. The fund may engage in derivative transactions.
About JHancock CA Municipal Bond I (JCAFX)
There are 2 members of the management team with an average tenure of 6.48 years: Adam Weigold (2021), Dennis DiCicco (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal California Exempt TR index with a weighting of 100%. JHancock CA Municipal Bond I has 429 securities in its portfolio. The top 10 holdings constitute 11.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
JHancock CA Municipal Bond I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. JHancock CA Municipal Bond I has 1.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.9% (98.6% domestic bond, 1.3% foreign bond and 0.0% convertible bond). JHancock CA Municipal Bond I has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $167 million in total assets, which is below the $455 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JCAFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The JHancock CA Municipal Bond I expense ratio is average compared to funds in the Muni California Long category. JHancock CA Municipal Bond I has an expense ratio of 0.57%, which is 30% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. JHancock CA Municipal Bond I has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, JHancock CA Municipal Bond I returned -2.4%, which earned it a grade of F, as the Muni California Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
JHancock CA Municipal Bond I has a trailing yield of 4.07%, which is above the 3.52% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
JHancock CA Municipal Bond I Grades
Year to date, the fund has returned 0.8%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 7.6% over the past year (grade of A), 3.4% over the past three years (grade of B) and 0.9% per year over the past five years (grade of A) and 2.0% per year over the past 10 years (grade of B).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about JHancock CA Municipal Bond I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
JCAFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JCAFX Return (NAV) | -2.4% | -0.4% | 7.6% | 3.4% | 0.9% | 2.0% |
| JCAFX Grade | F | D | A | B | A | B |
| +/- Category | -0.4% | -0.1% | 1.3% | 0.2% | 0.9% | 0.3% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| JCAFX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | na |
JCAFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JCAFX Return (NAV) | 0.8% | 2.2% | 2.8% | 8.3% | -8.5% | 2.7% | 3.9% | 7.5% | 0.7% | 6.1% | -0.0% |
| JCAFX Grade | B | D | B | A | A | B | D | D | C | C | C |
| +/- Category | 0.1% | -0.6% | 0.2% | 1.9% | 2.7% | 0.2% | -0.4% | -0.6% | -0.1% | -0.0% | -0.2% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 8.0% |
| Total Risk Index: | 0.65 - Below Average |
| Category Risk Index: | 1.23 - High |
| Category Risk Grade: | F (95% Rank) |
| Beta: | 1.36 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $545 Mil |
| Fund Total Assets: | $ 167 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 41% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.1 years | |||
| Average Tenure: 6.5 years | |||
| Managers (Year): DiCicco Dennis (2018), Weigold Adam (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 429 |
| % in Top 10 Holdings: | 11.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.6% |
| Foreign Bond: | 1.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | John Hancock |
| Phone Number: | 800-225-5291 |
| Website: | www.jhfunds.com |
| Status: | Open |
| Inception Date: | February 13, 2017 |
| Min. Initial Purchase: | $250,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.57% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | JHancock CA Municipal Bond A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
