Fidelity California Municipal Income Fund (FCTFX) Fund Overview
Educational signal · not a buy or sell recommendation · How to read this
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gemini-2.0-flash, generated Mar 17, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Quick AnswerFidelity California Municipal Income Fund (FCTFX) trades at $11.59. Fidelity California Municipal Income Fund seeks high current income exempt from federal and California personal income taxes. The fund primarily invests in investment-grade municipal securities. Sector: Financials.
Price as of · Last analyzed: Mar 17, 2026Analyst Coverage for FCTFX: FCTFX does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage.
Fidelity California Municipal Income Fund (FCTFX) Financial Services Profile
Fidelity California Municipal Income Fund (FCTFX) is a closed-end management investment company focused on delivering tax-exempt income to California residents. With a significant allocation to investment-grade municipal securities, FCTFX navigates the asset management landscape by strategically allocating assets across diverse market sectors and maturities, offering a blend of stability and income.
What Is the Investment Thesis for FCTFX?
Fidelity California Municipal Income Fund (FCTFX) presents a focused investment opportunity for those seeking tax-exempt income within California. With a dividend yield of 2.98%, the fund offers a steady income stream, primarily derived from investment-grade municipal securities. The fund's strategy of allocating assets across different market sectors and maturities aims to mitigate risk while optimizing income. However, the fund's negative P/E ratio of -6.24 and a profit margin of -219.6% warrant careful consideration. The fund's performance is highly sensitive to interest rate fluctuations and the credit quality of the municipal bonds it holds. A potential catalyst for FCTFX is the ongoing demand for tax-advantaged investment options among California residents, which could drive inflows and support asset values. Conversely, potential risks include rising interest rates, which could negatively impact bond prices, and any deterioration in the creditworthiness of the municipal bond issuers. Investors should closely monitor these factors to assess the fund's ability to deliver consistent tax-exempt income.
Based on FMP financials and quantitative analysis
FCTFX Key Highlights
Market Cap of $1.90 billion indicates a substantial presence in the California municipal bond market.
- Dividend Yield of 2.98% provides a steady income stream for investors seeking tax-exempt returns.
- Investment-grade focus, with at least 80% of assets allocated to investment-grade municipal securities, emphasizes a lower-risk profile.
- Negative P/E Ratio of -6.24 suggests potential challenges in profitability, requiring further investigation.
- Gross Margin of 100.0% reflects the fund's ability to capture the full value of its investments before expenses.
Who Are FCTFX's Competitors?
FCTFX is benchmarked below against 6 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | MoonshotScore |
|---|---|---|---|---|
| DIFGX MFS Diversified Income Fund | $12.37 | +0.08% | $1.72B | — |
| EVT Eaton Vance Tax-Advantaged Dividend Income Fund | $27.78 | -0.18% | $2.07B | — |
| FDMMX Fidelity Massachuseets Municipal Income Fund | $10.89 | -0.09% | $1.59B | — |
| FGMNX Fidelity GNMA Fund | $9.85 | -0.30% | $1.67B | — |
| FGOVX Fidelity Government Income Fund | $8.77 | -0.23% | $1.38B | — |
| EICA Eagle Point Income Company Inc. | $25.00 | +0.04% | $234M | — |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are FCTFX's Key Strengths?
Tax-exempt income for California residents.
- Investment-grade focus.
- Experienced management team.
- Diversified portfolio.
What Are FCTFX's Weaknesses?
Negative P/E ratio.
- High expense ratio compared to some competitors.
- Sensitivity to interest rate changes.
- Dependence on the financial health of municipal bond issuers.
What Are the Key Risks for FCTFX?
Financial-distress signal — its Altman Z-Score of 0.84 sits in the distress zone (elevated bankruptcy risk).
- Negative return on equity (-14.4%) — the business is not currently generating profit on shareholder capital.
- Rising interest rates negatively impacting bond prices.
- Deterioration of credit quality of municipal bond issuers.
- Changes in tax laws reducing the attractiveness of municipal bonds.
- Competitive pressure from other municipal bond funds.
What Are FCTFX's Competitive Advantages?
- Tax-exempt status of income provides a significant advantage for California residents.
- Established track record and reputation of Fidelity Investments.
- Expertise in managing municipal bond portfolios.
- Diversified portfolio across different market sectors and maturities.
What Does FCTFX Do?
Fidelity California Municipal Income Fund (FCTFX) is a closed-end management investment company. Founded with the objective of providing a high level of current income exempt from both federal and California personal income taxes, the fund caters specifically to California residents seeking tax-advantaged investment options. The fund operates primarily by investing in municipal securities, with a mandate to allocate at least 80% of its assets to investment-grade municipal bonds. These securities are chosen for their interest being exempt from federal and California personal income taxes, making them attractive for investors in high tax brackets. FCTFX's investment strategy involves diversifying its holdings across various market sectors and maturities within the municipal bond market. This approach aims to balance risk and return while maintaining a consistent income stream for its investors. The fund may also invest more than 25% of its total assets in municipal securities that finance similar types of projects, indicating a focused approach within specific segments of the municipal bond market. As of 2026, FCTFX manages a substantial portfolio of municipal securities, serving as a vehicle for investors seeking tax-efficient income. The fund's performance is closely tied to the overall health of the municipal bond market, interest rate movements, and the creditworthiness of the issuers of the municipal securities it holds. With a market capitalization of $1.90 billion, FCTFX remains a notable player in the California municipal bond fund landscape.
What Products and Services Does FCTFX Offer?
- Invests primarily in investment-grade municipal securities.
- Seeks to provide a high level of current income exempt from federal and California personal income taxes.
- Allocates assets across different market sectors and maturities.
- Potentially invests more than 25% of total assets in municipal securities that finance similar types of projects.
- Manages a portfolio of municipal bonds to generate tax-exempt income for California residents.
How Does FCTFX Make Money?
- Generates income through interest payments from municipal bonds.
- Distributes income to shareholders in the form of dividends.
- Charges a management fee for its services.
- Aims to grow assets under management (AUM) by attracting new investors and retaining existing ones.
What Industry Does FCTFX Operate In?
Fidelity California Municipal Income Fund operates within the asset management industry, specifically focusing on municipal bond funds. The municipal bond market is influenced by factors such as interest rates, credit ratings, and tax policies. Demand for municipal bonds is driven by investors seeking tax-exempt income, particularly those in high-tax states like California. The competitive landscape includes other municipal bond funds such as DIFGX, EVT, FDMMX, FGMNX, and FGOVX, each with its own investment strategy and risk profile. The industry is also subject to regulatory oversight and economic conditions that can impact bond yields and market sentiment.
Who Are FCTFX's Key Customers?
- California residents seeking tax-exempt income.
- Investors in high tax brackets.
- Individuals and institutions looking for stable, income-generating investments.
- Financial advisors seeking tax-advantaged solutions for their clients.
Research confidence
Thin evidence — scoring coverage unknown. Treat this as a starting point, not a conclusion.
- ● Scoring coverage unknown
- ● Price is current
- ● No filing on record
- ● No analyst coverage
- ● This is a fund, not an operating company
MoonshotScore History
Recorded daily since 2026-08-23 · 41 snapshots
| 2026-08-23 | 52 |
| 2026-08-31 | 52 |
| 2026-09-08 | 52 |
| 2026-09-16 | 52 |
| 2026-09-24 | 52 |
| 2026-10-04 | 52 |
What changed?
The score has stayed at 52.
Over the same 30 days the stock moved -3.4%.
Key Financial Metrics
Return on equity for Fidelity California Municipal Income Fund stands at -14.4%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -9.4%, showing how much profit it generates from its asset base. Its free cash flow yield is 7.9%, a gauge of the cash the business throws off relative to its market value. A current ratio of 3.11 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -17.1%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
Fidelity California Municipal Income Fund's Piotroski F-Score is 4/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 0.84 places it in the distress zone, a signal of elevated financial risk.
FCTFX Financials
Bull Case vs Bear Case
Bull Case
- Tax-exempt income for California residents.
- Investment-grade focus.
- Experienced management team.
- Diversified portfolio.
Bear Case
- Negative P/E ratio.
- High expense ratio compared to some competitors.
- Sensitivity to interest rate changes.
- Dependence on the financial health of municipal bond issuers.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
FCTFX Latest News
No recent news available for FCTFX.
FCTFX Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations collected by Financial Modeling Prep for FCTFX.
Price Targets
Wall Street price target analysis for FCTFX.
FCTFX MoonshotScore
MoonshotScore is Stock Expert AI's proprietary 0-100 research rating, not a buy or sell recommendation. No MoonshotScore is published for FCTFX; grades run from A+ (80-100) to F (below 30).
What Investors Ask About Fidelity California Municipal Income Fund (FCTFX) — Financials
How sensitive is FCTFX to interest rate changes?
FCTFX, being a municipal bond fund, is sensitive to interest rate changes. When interest rates rise, the value of existing bonds in the fund's portfolio typically decreases, as newly issued bonds offer higher yields. This inverse relationship can lead to a decline in the fund's net asset value (NAV).
What are the main risks for FCTFX?
The main risks for FCTFX include interest rate risk, credit risk, and market risk. Interest rate risk arises from the potential for rising interest rates to decrease the value of the fund's bond holdings. Credit risk stems from the possibility that municipal bond issuers may default on their debt obligations.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
MoonshotScore is not published for this security.
Data provided for informational purposes only.
- Financial data is based on the most recently available information and may be subject to change.