Fund Evaluator:
PIMCO CA Sh Dur Municipal Income A (PCDAX)
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Best Performing in Muni Single State Short Over the Last Year
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Fund Details
PIMCO CA Sh Dur Municipal Income A Overview
PIMCO CA Sh Dur Municipal Income A (PCDAX) is an actively managed Municipal Bond Muni Single State Short fund. PIMCO launched the fund in 2006.
The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund invests at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal and California income tax. It invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in junk bonds that are rated Caa or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The fund may invest in derivative instruments.
About PIMCO CA Sh Dur Municipal Income A (PCDAX)
There are 2 members of the management team with an average tenure of 7.12 years: David Hammer (2015), Kyle Christine (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 CA 1Y Muni Bond TR USD index with a weighting of 100%. PIMCO CA Sh Dur Municipal Income A has 133 securities in its portfolio. The top 10 holdings constitute 29.0% 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.
PIMCO CA Sh Dur Municipal Income A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. PIMCO CA Sh Dur Municipal Income A has 1.0% 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 85.0% (84.0% domestic bond, 1.0% foreign bond and 0.0% convertible bond). PIMCO CA Sh Dur Municipal Income A has 15.1% of the portfolio in cash.
Assets Under Management
The fund has $21 million in total assets, which is below the $238 million average for the Muni Single State Short 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.
PCDAX 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 PIMCO CA Sh Dur Municipal Income A expense ratio is above average compared to funds in the Muni Single State Short category. PIMCO CA Sh Dur Municipal Income A has an expense ratio of 0.73%, which is 12% 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. PIMCO CA Sh Dur Municipal Income A has a portfolio turnover rate of 47%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Muni Single State Short category.
Recently, in the month of July 2026, PIMCO CA Sh Dur Municipal Income A returned -0.4%, which earned it a grade of B, as the Muni Single State Short category had an average return of -0.7%. 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.
PIMCO CA Sh Dur Municipal Income A has a trailing yield of 2.45%, which is below the 2.95% 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.
PIMCO CA Sh Dur Municipal Income A Grades
Year to date, the fund has returned 0.6%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.6% over the past year (grade of D), 2.8% over the past three years (grade of D) and 1.4% per year over the past five years (grade of B) and 1.1% per year over the past 10 years (grade of F).
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PCDAX 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 |
|
| PCDAX Return (NAV) | -0.4% | 0.1% | 2.6% | 2.8% | 1.4% | 1.1% |
| PCDAX Grade | B | B | D | D | B | F |
| +/- Category | 0.3% | 0.1% | -0.7% | -0.2% | 0.2% | -0.4% |
| Muni Single State Short Avg | -0.7% | -0.0% | 3.3% | 3.0% | 1.1% | 1.5% |
| PCDAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
PCDAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCDAX Return (NAV) | 0.6% | 3.6% | 2.2% | 3.4% | -2.4% | -0.2% | 1.3% | 2.4% | 1.0% | 1.3% | -0.5% |
| PCDAX Grade | D | D | C | D | B | F | F | F | D | C | F |
| +/- Category | -0.1% | -0.3% | 0.0% | -0.4% | 2.0% | -0.9% | -1.0% | -2.1% | -2.8% | 1.1% | -0.9% |
| Muni Single State Short Avg | 0.7% | 3.9% | 2.2% | 3.9% | -4.4% | 0.7% | 2.3% | 4.5% | 3.7% | 0.2% | 0.4% |
| Risk Measures | |
| Standard Deviation: | 1.9% |
| Total Risk Index: | 0.15 - Low |
| Category Risk Index: | 0.69 - Below Average |
| Category Risk Grade: | B (21% Rank) |
| Beta: | 0.31 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $275 Mil |
| Fund Total Assets: | $ 21 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 47% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.0 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Hammer David (2015), Christine Kyle (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 133 |
| % in Top 10 Holdings: | 29.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 84.0% |
| Foreign Bond: | 1.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 15.1% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | August 31, 2006 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 2.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.73% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.65% |
| Share Class: | PIMCO CA Sh Dur Municipal Income Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
