- Last Ratings Update:08/31/2015
- Price as of 08/31/2015 :$14.70
- Net Assets:$159.1 Million
- Peer Rank:65 of 116
- Investment Rating:C+
We rate Western Asset Municipal Partners at C+. 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 5.79% since inception. More recently, the fund has generated a total return of 5.68% in the last five years, 1.99% in the last three years, and 5.32% 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 52% of its competitors on a three year basis and 89% of them over the last year for the period ending 8/31/2015. On a year to date basis, MNP has returned 4.61%.
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 11.5%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 8/31/2015, the fund was trading at a price of $14.70, which is 5.0% below its 52-week high of $15.48 and 0.4% above its 52-week low of $14.64.
High expense ratio hinders performance. On total assets of $159.11 million, MNP maintains a high expense ratio compared to its Municipal - National peers of 1.20% 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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