Fund Evaluator:
Northern CA Tax-Exempt (NCATX)
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Fund Details
Northern CA Tax-Exempt Overview
Northern CA Tax-Exempt (NCATX) is an actively managed Municipal Bond Muni California Long fund. Northern Funds launched the fund in 1997.
The investment seeks to provide high current income exempt from regular federal income tax and California state personal income tax. The fund normally invests at least 80% of the fund's net assets will be invested in instruments that pay income that is exempt from California state personal income tax. Except in extraordinary circumstances, at least 80% of its net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. The fund's dollar-weighted average maturity will range between ten and thirty years.
About Northern CA Tax-Exempt (NCATX)
There are 3 members of the management team with an average tenure of 4.00 years: Brian Sipich (2025), Adam Shane (2018), Timothy Blair (2023). 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%. Northern CA Tax-Exempt has 151 securities in its portfolio. The top 10 holdings constitute 19.0% 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.
Northern CA Tax-Exempt is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Northern CA Tax-Exempt has 0.0% 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% (98.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Northern CA Tax-Exempt has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $127 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.
NCATX 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 Northern CA Tax-Exempt expense ratio is average compared to funds in the Muni California Long category. Northern CA Tax-Exempt has an expense ratio of 0.46%, which is 44% 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. Northern CA Tax-Exempt has a portfolio turnover rate of 3%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, Northern CA Tax-Exempt returned -1.6%, which earned it a grade of A, 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.
Northern CA Tax-Exempt has a trailing yield of 3.30%, which is below 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.
Northern CA Tax-Exempt Grades
Year to date, the fund has returned 0.3%, 0.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.1% over the past year (grade of F), 3.1% over the past three years (grade of D) and 0.1% per year over the past five years (grade of C) and 1.5% per year over the past 10 years (grade of D).
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NCATX 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 |
|
| NCATX Return (NAV) | -1.6% | -0.5% | 5.1% | 3.1% | 0.1% | 1.5% |
| NCATX Grade | A | D | F | D | C | D |
| +/- Category | 0.4% | -0.2% | -1.2% | -0.1% | 0.1% | -0.1% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| NCATX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
NCATX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NCATX Return (NAV) | 0.3% | 3.9% | 1.6% | 6.3% | -10.4% | 1.0% | 5.0% | 7.4% | 1.0% | 5.1% | -0.2% |
| NCATX Grade | F | A | F | C | B | F | B | D | B | F | D |
| +/- Category | -0.4% | 1.1% | -0.9% | -0.1% | 0.8% | -1.5% | 0.6% | -0.7% | 0.2% | -1.1% | -0.3% |
| 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: | 5.3% |
| Total Risk Index: | 0.43 - Low |
| Category Risk Index: | 0.82 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.92 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $127 Mil |
| Fund Total Assets: | $ 128 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 3% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Shane Adam (2018), Blair Timothy (2023), Sipich Brian (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 151 |
| % in Top 10 Holdings: | 19.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Fund Family: | Northern Funds |
| Phone Number: | 800-595-9111 |
| Website: | www.northernfunds.com |
| Status: | Open |
| Inception Date: | April 8, 1997 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| 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 (%): | 0.46% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Northern CA Tax-Exempt |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
