Allspring California Tax-Free Fund Q3 2025 Commentary (SGTIX)

Allspring Global Investments 27 Follower s Follow 5 Share Save Play ( 10min ) Comments Summary The fund underperformed its benchmark, the Bloomberg California Municipal Bond Index, for the three-month period that ended September 30, 2025. In September, the Federal Open Market Committee lowered its benchmark interest rate to a range of 4.00–4.25%. The fund was long duration relative to the benchmark during the period, which contributed to performance as yields moved lower across the curve. We continue to be underweight general obligation (GO) bonds and overweight revenue bonds. We remain bullish on municipals, because absolute rates represent a compelling entry point, and over the near term, we expect income to be the driver for the asset class. cherdchai chawienghong/iStock via Getty Images Quarterly review The fund underperformed its benchmark, the Bloomberg California Municipal Bond Index, for the three-month period that ended September 30, 2025. Sector and duration/curve positioning were the largest drivers of performance while credit This article was written by Allspring Global Investments 27 Follower s Follow Allspring is a company committed to thoughtful investing, purposeful planning, and the desire to elevate investing to be worth more. Allspring is reimagining investment management to be worth more—creating an investment, distribution, and operational experience that changes the game for clients. Note: This account is not managed or monitored by Allspring, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Allspring's official channels.

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