- Last Ratings Update:09/30/2014
- Price as of 09/30/2014 :$14.86
- Net Assets:$156.8 Million
- Peer Rank:70 of 114
- Investment Rating:C+
We rate Western Asset Municipal Partners at C+. This overall rating indicates it is among the top 10% of all closed end funds in its peer group. Positive factors that influence this rating include a low price volatility and low expense structure. The fund invests approximately 99% of its assets in bonds and may be considered for investors seeking a Municipal - National strategy.
POSITIVES AND RISKS
Total return ranks below peers over the last three years. The Western Asset Municipal Partners has returned an annual rate of 5.84% since inception. More recently, the fund has generated a total return of 7.36% in the last five years, 6.09% in the last three years, and 13.22% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 63% of them. It has also outpaced 44% of its competitors on a three year basis and 84% of them over the last year for the period ending 9/30/2014. On a year to date basis, MNP has returned 11.75%.
Downside risk has been below average. MNP has a draw down risk of -27.43%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 11.8%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 9/30/2014, the fund was trading at a price of $14.86, which is 1.9% below its 52-week high of $15.15 and 0.4% above its 52-week low of $14.80.
High expense ratio hinders performance. On total assets of $156.80 million, MNP maintains a high expense ratio compared to its Municipal - National peers of 1.17% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As MNP is a closed end fund, it has no front end or back end load.
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