- Last Ratings Update:07/31/2014
- Price as of 07/31/2014 :$14.55
- Net Assets:$146.06 Million
- Peer Rank:65 of 113
- 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 greater than above average total return, 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 above peers over the last three years. The Western Asset Municipal Partners has returned an annual rate of 5.74% since inception. More recently, the fund has generated a total return of 9.27% in the last five years, 7.04% in the last three years, and 14.03% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 67% of them. It has also outpaced 53% of its competitors on a three year basis and 87% of them over the last year for the period ending 7/31/2014. On a year to date basis, MNP has returned 9.63%.
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 12.0%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 7/31/2014, the fund was trading at a price of $14.55, which is 1.9% below its 52-week high of $14.83 and 1.0% above its 52-week low of $14.41.
High expense ratio hinders performance. On total assets of $146.06 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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