Fund Evaluator:
Ambrus Tax-Conscious CA Bd Inst (TCCBX)
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Best Performing in Muni Single State Short Over the Last Year
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Fund Details
Ambrus Tax-Conscious CA Bd Inst Overview
Ambrus Tax-Conscious CA Bd Inst (TCCBX) is an actively managed Municipal Bond Muni Single State Short fund. Ambrus Funds launched the fund in 2022.
The investment seeks to maximize total return net of federal and California state taxes, consistent with preservation of capital and prudent investment management. The fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed income securities and other related instruments with similar economic characteristics. At least 50% of the fund’s assets will be invested in municipal securities, issued by or on behalf of the State of California and its political subdivisions, financing authorities and their agencies, that carry interest payments that are exempt from federal and California state income taxes.
About Ambrus Tax-Conscious CA Bd Inst (TCCBX)
There are 2 members of the management team with an average tenure of 3.92 years: H. Travis Moore (2022), Mason Carpenter (2022). 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 Mun Inter Sh 1-10 TR USD index with a weighting of 100%. Ambrus Tax-Conscious CA Bd Inst has 453 securities in its portfolio. The top 10 holdings constitute 10.9% 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.
Ambrus Tax-Conscious CA Bd Inst is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Ambrus Tax-Conscious CA Bd Inst has 0.4% 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 6.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.1% (91.7% domestic bond, 0.4% foreign bond and 0.0% convertible bond). Ambrus Tax-Conscious CA Bd Inst has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $537 million in total assets, which is above the $241 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.
TCCBX 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 Ambrus Tax-Conscious CA Bd Inst expense ratio is average compared to funds in the Muni Single State Short category. Ambrus Tax-Conscious CA Bd Inst has an expense ratio of 0.51%, which is 22% lower than its category average, making the fund expense ratio grade a C. 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. Ambrus Tax-Conscious CA Bd Inst has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 44% for the Muni Single State Short category.
Recently, in the month of August 2026, Ambrus Tax-Conscious CA Bd Inst returned 0.1%, which earned it a grade of D, as the Muni Single State Short category had an average return of 0.2%. 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.
Ambrus Tax-Conscious CA Bd Inst has a trailing yield of 3.79%, which is above 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.
Ambrus Tax-Conscious CA Bd Inst Grades
Year to date, the fund has returned 1.0%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 3.9% over the past year (grade of A) and 3.4% over the past three years (grade of A).
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TCCBX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TCCBX Return (NAV) | 0.1% | -0.3% | 3.9% | 3.4% | na | na |
| TCCBX Grade | D | D | A | A | na | na |
| +/- Category | -0.0% | -0.2% | 1.1% | 0.3% | na | na |
| Muni Single State Short Avg | 0.2% | -0.1% | 2.8% | 3.1% | 1.2% | 1.5% |
| TCCBX Tax Cost Ratio | na | na | 0.0% | 0.0% | na | na |
TCCBX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TCCBX Return (NAV) | 1.0% | 3.5% | 3.0% | 4.5% | na | na | na | na | na | na | na |
| TCCBX Grade | B | D | A | A | na | na | na | na | na | na | na |
| +/- Category | 0.1% | -0.3% | 0.8% | 0.6% | na | na | na | na | na | na | na |
| Muni Single State Short Avg | 0.8% | 3.9% | 2.2% | 3.9% | -4.4% | 0.7% | 2.3% | 4.5% | 3.7% | 0.2% | 0.4% |
| Risk Measures | |
| Standard Deviation: | 3.4% |
| Total Risk Index: | 0.28 - Low |
| Category Risk Index: | 1.26 - High |
| Category Risk Grade: | F (88% Rank) |
| Beta: | 0.59 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $537 Mil |
| Fund Total Assets: | $ 537 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.9 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Moore H. Travis (2022), Carpenter Mason (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 453 |
| % in Top 10 Holdings: | 10.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 6.3% |
| Domestic Bond: | 91.7% |
| Foreign Bond: | 0.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | Ambrus Funds |
| Phone Number: | 833-996-2101 |
| Website: | www.tobam.fr |
| Status: | Open |
| Inception Date: | September 30, 2022 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $10,000 |
| 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 (%): | 0.51% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.65% |
| Share Class: | Ambrus Tax-Conscious CA Bd Inst |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
