Fund Evaluator:
Invesco California Municipal Y (OCAYX)
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Best Performing in Muni California Long Over the Last Year
| 8.9% | Invesco California Municipal Y (OCAYX) |
| 8.5% | American Century CA High Yield Muni Y (ACYHX) |
| 8.4% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 8.4% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
| 8.3% | Vanguard CA Long-Term Tax-Exempt Inv (VCITX) |
Fund Details
Invesco California Municipal Y Overview
Invesco California Municipal Y (OCAYX) is an actively managed Municipal Bond Muni California Long fund. Invesco launched the fund in 2010.
The investment seeks tax-free income. Under normal market conditions, and as a fundamental policy, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. Additionally, under normal market conditions, it invests at least 80% of its net assets in California municipal securities and in derivatives and other instruments that have economic characteristics similar to such securities.
About Invesco California Municipal Y (OCAYX)
There are 5 members of the management team with an average tenure of 4.95 years: Mark Paris (2019), Julius Williams (2019), Elizabeth Mossow (2024), Tim O'Reilly (2019), Joshua Cooney (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Municipal Bond TR index with a weighting of 100% and S&P Muni Bond California 5+Y IG TR USD index with a weighting of 100%. Invesco California Municipal Y has 688 securities in its portfolio. The top 10 holdings constitute 12.2% 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.
Invesco California Municipal Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco California Municipal Y has 4.5% 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 98.8% (94.4% domestic bond, 4.5% foreign bond and 0.0% convertible bond). Invesco California Municipal Y has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $983 million in total assets, which is above the $461 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.
OCAYX 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 Invesco California Municipal Y expense ratio is high compared to funds in the Muni California Long category. Invesco California Municipal Y has an expense ratio of 0.97%, which is 18% higher than its category average, making the fund expense ratio grade a D. 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. Invesco California Municipal Y has a portfolio turnover rate of 31%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the Muni California Long category.
Recently, in the month of June 2026, Invesco California Municipal Y returned 1.3%, which earned it a grade of B, as the Muni California Long category had an average return of 1.1%. 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.
Invesco California Municipal Y has a trailing yield of 4.38%, which is above the 3.43% 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.
Invesco California Municipal Y Grades
Year to date, the fund has returned 3.5%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 8.9% over the past year (grade of A), 4.2% over the past three years (grade of B) and 1.0% per year over the past five years (grade of B) and 3.3% per year over the past 10 years (grade of A).
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OCAYX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OCAYX Return (NAV) | 1.3% | 3.7% | 8.9% | 4.2% | 1.0% | 3.3% |
| OCAYX Grade | B | A | A | B | B | A |
| +/- Category | 0.1% | 0.7% | 1.2% | 0.2% | 0.4% | 1.4% |
| Muni California Long Avg | 1.1% | 3.0% | 7.7% | 4.0% | 0.6% | 1.9% |
| OCAYX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | -0.0% |
OCAYX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OCAYX Return (NAV) | 3.5% | 2.2% | 2.7% | 7.7% | -11.2% | 3.7% | 6.4% | 10.2% | 7.0% | 4.7% | 3.7% |
| OCAYX Grade | A | D | B | A | C | A | A | A | A | F | A |
| +/- Category | 0.8% | -0.7% | 0.2% | 1.3% | -0.0% | 1.2% | 2.0% | 2.1% | 6.2% | -1.5% | 3.6% |
| Muni California Long Avg | 2.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 7.4% |
| Total Risk Index: | 0.60 - Below Average |
| Category Risk Index: | 1.16 - High |
| Category Risk Grade: | F (82% Rank) |
| Beta: | 1.28 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2126 Mil |
| Fund Total Assets: | $ 984 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 31% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 7.0 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Paris Mark (2019), Williams Julius (2019), O'Reilly Tim (2019), Cooney Joshua (2024), Mossow Elizabeth (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 688 |
| % in Top 10 Holdings: | 12.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.4% |
| Foreign Bond: | 4.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | November 29, 2010 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| 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 (%): | 0.97% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Invesco California Municipal A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
