Fund Evaluator:
Capital Group Municipal Inc Cmpltn (MICOX)
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Fund Details
Capital Group Municipal Inc Cmpltn Overview
Capital Group Municipal Inc Cmpltn (MICOX) is an actively managed Municipal Bond High Yield Muni fund. Capital Group launched the fund in 2025.
The investment seeks to provide a high level of current income exempt from regular federal income tax, consistent with the preservation of capital. The fund invests primarily in bonds and other debt instruments. The fund will normally invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund may substantially invest in securities that may subject the investors to federal alternative minimum tax. The fund is non-diversified.
About Capital Group Municipal Inc Cmpltn (MICOX)
There are 3 members of the management team with an average tenure of 0.74 years: Mark Marinella (2025), Courtney Wolf (2025), Vikas Malhotra (2025). Management tenure is more important for actively managed funds than passive index funds.
Capital Group Municipal Inc Cmpltn has 79 securities in its portfolio. The top 10 holdings constitute 30.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Capital Group Municipal Inc Cmpltn is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Capital Group Municipal Inc Cmpltn has 7.2% 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 98.0% (90.9% domestic bond, 7.2% foreign bond and 0.0% convertible bond). Capital Group Municipal Inc Cmpltn has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $30 million in total assets, which is below the $803 million average for the High Yield Muni 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.
MICOX 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 Capital Group Municipal Inc Cmpltn expense ratio is low compared to funds in the High Yield Muni category. Capital Group Municipal Inc Cmpltn has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. 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. Capital Group Municipal Inc Cmpltn has a portfolio turnover rate of 28%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the High Yield Muni category.
Recently, in the month of July 2026, Capital Group Municipal Inc Cmpltn returned -1.3%, which earned it a grade of A, as the High Yield Muni category had an average return of -1.8%. 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.
Capital Group Municipal Inc Cmpltn has a trailing yield of 0.00%, which is below the 4.46% category average. The fund normally distributes its income monthly.
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.
Capital Group Municipal Inc Cmpltn Grades
Year to date, the fund has returned 1.4%, 0.1 percentage points worse than the category, which translates into a grade of D.
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MICOX 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 |
|
| MICOX Return (NAV) | -1.3% | 0.2% | na | na | na | na |
| MICOX Grade | A | C | na | na | na | na |
| +/- Category | 0.5% | 0.1% | na | na | na | na |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| MICOX Tax Cost Ratio | na | na | na | na | na | na |
MICOX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MICOX Return (NAV) | 1.4% | na | na | na | na | na | na | na | na | na | na |
| MICOX Grade | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.1% | na | na | na | na | na | na | na | na | na | na |
| High Yield Muni Avg | 1.5% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $30 Mil |
| Fund Total Assets: | $ 30 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 28% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Marinella Mark (2025), Wolf Courtney (2025), Malhotra Vikas (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 79 |
| % in Top 10 Holdings: | 30.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 7.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.9% |
| Foreign Bond: | 7.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Fund Family: | Capital Group |
| Phone Number: | 800-421-4225 |
| Website: |
| Status: | Open |
| Inception Date: | November 3, 2025 |
| Min. Initial Purchase: | $ 0 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Capital Group Municipal Inc Cmpltn |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
