|
During the last nine months of 2007, actively managed foreign equity mutual funds in the Advisor Perspectives universe significantly outperformed their benchmarks. However, actively managed funds in the three other categories (US equities, taxable bonds, and municipal bonds) underperformed their benchmarks.
The results are summarized in the table below:
|
Average Return |
Average
Return of Benchmark |
Benchmark |
# of Funds
Outperforming
Benchmark |
US Equities |
3.29% |
4.73% |
SPY |
10 of 25 |
Foreign Equities |
14.26% |
6.64% |
EFA |
17 of 25 |
Taxable Bonds |
3.11% |
5.11% |
AGG |
9 of 25 |
Muni Bonds |
1.76% |
2.76% |
Lehman Muni Index |
10 of 25 |
Previous versions of this study were done at the end of Q2 of 2007 and at the end of Q3 of 2007.
Detailed Findings
The study examined the top 25 actively managed mutual funds among the most popular mutual funds in the four categories noted above. The significant findings are:
- US Equities: The average return across the top 25 funds was 3.29%, underperforming the S&P 500 (as measured by the SPY ETF) by 1.44%. Of the 25 funds, 11 outperformed the S&P 500. When measured against their secondary (style-box specific) benchmarks, the funds underperformed the S&P 500 by 1.41%, with 10 of 25 funds outperforming their secondary benchmarks. Five funds outperformed the S&P in all three quarters – The Growth Fund of America (AGTHX), the Victory Diversified Stock Fund (SRVEX), the Fidelity Contrafund (FCNTX), the Marsico 21st Century Fund (MXXIX), and the T. Rowe Price Mid Cap Growth Fund (PAMCX). The Growth Fund of America was also the most popular US equity fund. The Fidelity Contrafund, the sixth most popular fund, had the largest outperformance relative to the S&P 500 (13.38%) and the largest outperformance relative to its secondary benchmark (7.74%). The worst performing fund was the Fidelity Real Estate Investment Fund, underperforming the S&P 500 by 28.93%.
- Foreign Equities: The average return across the top 25 funds was 14.26%, outperforming the EFA ETF by 7.62%. Of the 25 funds, 17 outperformed the EFA, and 12 funds outperformed the EFA in each of the three quarters. Three of the top four performing funds were emerging market funds - the Fidelity Emerging Markets Fund (FEMKX – 39.95%), the SSGA Emerging Markets Fund (SSEMX – 37.16%), the Matthews Pacific Tiger International Fund (MAPTX – 34.63%), and the Harding Loevner Emerging Markets Fund (HLEMX – 34.26%). These funds also outperformed the emerging markets EEM ETF, which returned 31.90% over the nine month time period. The worst performing fund was the Oakmark International Small Cap Fund, which returned -13.36% over the three quarters, and was also the only foreign equity fund to lose money over this period.
- Taxable Bonds: The average return across the top 25 funds was 3.11%, underperforming the Lehman Aggregate Bond ETF (AGG) by 2.01%. Of the top 25 funds, nine outperformed the AGG, and no fund outperformed the AGG in all three quarters. The top three taxable funds are all PIMCO funds, and all outperformed the AGG – the PIMCO Total Return Fund (PTTAX – 6.88%), the PIMCO Low Duration Fund (PTLAX – 5.84%), and the PIMC Total Return Administrative Fund (PTRAX – 7.05%). The worst performing fund (also the fifth most popular fund) was the Schwab Yield Plus Fund, which lost 2.51%, and was one of four funds to lose money over the period.
- Municipal Bonds: The average return across the top 25 funds was 1.76%, underperforming the Lehman Muni Bond Index by .99%. (There is no ETF with sufficiently long performance history for municipal bonds, so we use this index for benchmark comparisons.) Of the 25 funds, 10 outperformed the Lehman Muni Bond Index. Only one fund (the JP Morgan New York Tax Free Fund – JNYIX) outperformed the index in all three quarters. The top performing fund (and second most popular fund) was the Vanguard Limited Term Tax Exempt Fund (VMLTX – 3.43%), followed closely by the Thornburg Investors Trust Limit Term Fund (LTMIX – 3.35%), the JP Morgan Fund Tax Free Fund (JNYIX – 3.35%), and the Sanford Bernstein Diversified Municipals Fund (SNDPX – 3.22%). The worst performing fund, and one of only two funds to lose money, was the Nuveen High Yield Municipals Bond Fund (ACTHX - -6.17%).
Background and Methodology
The Advisor Perspectives universe tracks the assets of high- and ultra-high net worth investors whose assets are managed by Registered Investment Advisors. The size of the universe is approximately $50 billion and the average account size is approximately $900,000. However, 94% of the assets are concentrated in a group of accounts with an average account size of approximately $4 million, so data from the universe is biased by this demographic, and therefore represents the investment decisions of ultra-high net worth investors.
The most popular mutual funds are determined based on the AUM (assets under management) for each fund within the Advisor Perspectives universe. The inception of the Advisor Perspectives service was in Q1 of 2007. The first complete calendar quarter of data was Q2 of 2007, which is why this study examines the last three quarters of 2007.
The funds used in this study were the most popular funds as of March 31, 2007. Only actively managed funds were considered; index funds, enhanced index funds, and ETFs were not included in this study.
To calculate the AUM of each fund, assets are consolidated across all share classes held in the Advisor Perspectives universe. For this study, performance data was obtained for the share class most appropriate for advisors (either a load-waived share class or an institutional share class).
Performance data and style-box classifications were obtained from Morningstar.
Detailed data is presented in the four tables below.
US Equities
(LC = Large Cap; MC = Mid Cap; SC = Small Cap)
(G = Growth; B = Blend; V = Value)
|
|
|
2007 Performance |
|
|
|
Ticker |
Fund |
Style |
Q2 |
Q3 |
Q4 |
2007
9 Mos. |
Perf.
v.
SPY |
Perf.
v.
Scndry
Index |
AGTHX.lw |
GROWTH OF AMERICA FUND |
LC/G |
7.71 |
4.43 |
-2.72 |
9.42 |
4.69 |
-0.95 |
DODGX |
DODGE AND COX STOCK FUND |
LC/B |
5.41 |
-1.92 |
-4.78 |
-1.56 |
-6.29 |
-6.29 |
FRIAX |
FRANKLIN TEMPLETON CUSTODIAN
INCOME
FUND |
LC/B |
2.47 |
1.39 |
-2.10 |
1.71 |
-3.02 |
-3.02 |
SRVEX.lw |
VICTORY DIVERSIFIED STOCK FUND |
LC/G |
9.10 |
3.43 |
-1.64 |
10.99 |
6.26 |
0.62 |
FEQIX |
FIDELITY EQUITY INCOME FUND |
LC/B |
7.31 |
-0.41 |
-6.12 |
0.33 |
-4.40 |
-4.40 |
FCNTX |
FIDELITY CONTRAFUND FUND |
LC/G |
7.50 |
7.16 |
2.53 |
18.11 |
13.38 |
7.74 |
ABALX.lw |
BALANCED FUND |
LC/G |
5.02 |
2.77 |
-1.97 |
5.80 |
1.07 |
-4.57 |
JENIX |
JENSEN FUND |
LC/G |
5.13 |
3.41 |
0.06 |
8.78 |
4.05 |
-1.59 |
TAVFX |
THIRD AVENUE VALUE FUND |
MC/B |
4.45 |
2.97 |
-4.70 |
2.50 |
-2.24 |
1.45 |
FMCSX |
FIDELITY MID CAP STOCK FUND |
MC/G |
7.67 |
-0.19 |
-5.54 |
1.51 |
-3.22 |
-5.49 |
UMBIX |
EXCELSIOR VALUE AND RESTRUCTURING
FUND |
LC/V |
10.05 |
-1.55 |
-1.43 |
6.79 |
2.06 |
8.29 |
FRESX |
FIDELITY REAL ESTATE INVESTMENT FUND |
LC/B |
-11.14 |
0.59 |
-15.19 |
-24.19 |
-28.93 |
-28.93 |
MXXIX |
MARSICO 21ST CENTURY FUND |
LC/G |
10.32 |
6.36 |
0.59 |
18.03 |
13.29 |
7.65 |
PRWCX |
TROWEPRICE CAPITAL APPRECIATION
FUND |
LC/B |
5.83 |
-1.08 |
-1.59 |
3.02 |
-1.71 |
-1.71 |
FLMVX |
JP MORGAN MID CAP VALUE FUND |
MC/V |
4.22 |
-1.21 |
-3.45 |
-0.59 |
-5.33 |
5.51 |
AWSHX.lw |
WASHINGTON MUTUAL FUND |
LC/B |
6.71 |
1.80 |
-5.18 |
3.00 |
-1.73 |
-1.73 |
FDCAX |
FIDELITY CAPITAL APPRECIATION FUND |
LC/B |
7.50 |
3.09 |
-5.73 |
4.47 |
-0.26 |
-0.26 |
FDVLX |
FIDELITY VALUE FUND |
MC/V |
6.35 |
-1.60 |
-6.78 |
-2.45 |
-7.18 |
3.66 |
MPMCX |
MELLON MID CAP STOCK FUND |
MC/G |
7.33 |
0.41 |
-0.06 |
7.71 |
2.97 |
0.70 |
DNVYX |
DAVIS NEW YORK VENTURE FUND |
LC/B |
6.56 |
-0.26 |
-1.98 |
4.18 |
-0.56 |
-0.56 |
PAMCX |
TROWEPRICE MID CAP GROWTH FUND |
MC/G |
11.48 |
3.38 |
-1.29 |
13.76 |
9.03 |
6.76 |
AIVSX.lw |
INVESTMENT COMPANY OF AMERICAN
FUND |
LC/B |
6.91 |
2.50 |
-4.33 |
4.84 |
0.10 |
0.10 |
HWLAX.lw |
HOTCHKIS AND WILEY LARGE CAP VALUE
FUND |
LC/V |
3.80 |
-7.37 |
-8.37 |
-11.90 |
-16.63 |
-10.41 |
LLPFX |
LONGLEAF PARTNERS FUND |
LC/B |
8.08 |
-1.45 |
-8.55 |
-2.59 |
-7.33 |
-7.33 |
FLPSX |
FIDELITY LOW PRICED STOCK FUND |
MC/B |
6.34 |
-2.57 |
-2.94 |
0.56 |
-4.17 |
-0.48 |
|
Average |
|
6.08 |
0.96 |
-3.73 |
3.29 |
-1.44 |
-1.41 |
SPY |
SPDRs |
LC/B |
6.24 |
2.01 |
-3.36 |
4.73 |
|
|
IWF |
iShares Russell 1000 Growth Index |
LC/G |
6.81 |
4.16 |
-0.79 |
10.37 |
|
|
IWD |
iShares Russell 1000 Value Index |
LC/V |
4.88 |
-0.28 |
-5.81 |
-1.49 |
|
|
IWP |
iShares Russell Midcap Growth Index |
MC/G |
6.68 |
2.08 |
-1.74 |
7.00 |
|
|
IWR |
iShares Russell Midcap Index |
MC/B |
5.25 |
-0.42 |
-3.59 |
1.05 |
|
|
IWS |
iShares Russell Midcap Value Index |
MC/V |
3.62 |
-3.58 |
-6.02 |
-6.10 |
|
|
Foreign Equities
(LC = Large Cap; MC = Mid Cap; SC = Small Cap)
(G = Growth; B = Blend; V = Value)
|
|
|
2007 Performance |
|
|
Ticker |
Fund |
Style |
Q2 |
Q3 |
Q4 |
2007
9 mo |
Perf. v. EFA |
DODFX |
DODGE AND COX INTERNATIONAL STOCK FUND |
LC/B |
6.61 |
0.43 |
-0.65 |
6.37 |
-0.27 |
AEPGX.lw |
AMERICAN EUROPACIFIC GROWTH FUND |
LC/B |
8.43 |
5.23 |
1.29 |
15.57 |
8.93 |
BJBIX |
JULIUS BAER INTERNATIONAL EQUITY FUND |
LC/B |
8.82 |
1.97 |
0.88 |
11.94 |
5.30 |
MACSX |
MATTHEWS ASIAN GROWTH AND INCOME FUND |
LC/V |
8.89 |
5.67 |
3.10 |
18.63 |
11.99 |
SGOVX.lw |
FIRST EAGLE SOGEN OVERSEAS FUND |
LC/B |
3.71 |
1.55 |
-1.19 |
4.06 |
-2.57 |
FDIVX |
FIDELITY DIVERSIFIED INTERNATIONAL FUND |
LC/B |
7.77 |
4.87 |
-0.41 |
12.56 |
5.92 |
SGENX.lw |
FIRST EAGLE SOGEN GLOBAL FUND |
LC/B |
4.48 |
1.37 |
1.36 |
7.35 |
0.71 |
ARTIX |
ARTISAN INTERNATIONAL FUND |
LC/B |
5.53 |
5.34 |
2.84 |
14.32 |
7.68 |
MAPTX |
MATTHEWS PACIFIC TIGER INTERNATIONAL FUND |
LC/B |
16.69 |
10.34 |
4.56 |
34.63 |
27.99 |
JFEIX |
JP MORGAN INTREPID EUROPEAN FUND |
LC/B |
9.23 |
1.91 |
-1.41 |
9.75 |
3.11 |
OAKEX |
OAKMARK INTERNATIONAL SMALL CAP FUND |
SC/V |
2.52 |
-6.60 |
-9.52 |
-13.36 |
-20.00 |
SNIVX |
SANFORD C BERNSTEIN BERNSTEIN TAX MANAGED
INTERNATIONAL VALUE FUND |
LC/B |
6.63 |
2.45 |
-4.59 |
4.23 |
-2.41 |
TBGVX |
TWEEDY BROWNE GLOBAL VALUE FUND |
LC/B |
5.94 |
-0.64 |
-2.20 |
2.95 |
-3.69 |
FEMKX |
FIDELITY EMERGING MARKETS FUND |
LC/B |
15.59 |
13.62 |
6.56 |
39.95 |
33.31 |
TGVAX.lw |
THORNBURG INTERNATIONAL VALUE FUND |
LC/B |
12.23 |
10.20 |
0.16 |
23.88 |
17.24 |
NIIVX |
ING INTERNATIONAL VALUE FUND |
LC/B |
4.87 |
-0.35 |
-1.11 |
3.34 |
-3.30 |
SSEMX |
SSGA EMERGING MARKETS FUND |
LC/B |
15.70 |
15.69 |
2.47 |
37.16 |
30.52 |
HAINX |
HARBOR INTERNATIONAL FUND |
LC/B |
10.29 |
5.95 |
1.12 |
18.16 |
11.52 |
NAIGX.lw |
NUVEEN TRADEWINDS INTERNATIONAL VALUE FUND |
LC/B |
5.99 |
4.54 |
-1.96 |
8.63 |
1.99 |
ANWPX.lw |
NEW PERSPECTIVE FUND |
LC/B |
8.49 |
5.14 |
0.00 |
14.07 |
7.43 |
PRIDX |
TROWEPRICE INTERNATIONAL DISCOVERY FUND |
MC/B |
9.01 |
2.80 |
-1.50 |
10.38 |
3.74 |
FDVAX.lw |
FIDELITY ADVISORS DIVERSIFIED INTERNATIONAL
FUND |
LC/B |
6.23 |
1.70 |
-2.70 |
5.12 |
-1.52 |
HLEMX |
HARDING LOEVNER EMERGING MARKETS FUND |
LC/B |
12.80 |
12.97 |
5.36 |
34.26 |
27.62 |
FICDX |
FIDELITY CANADA FUND |
LC/B |
16.21 |
9.53 |
1.78 |
29.55 |
22.91 |
SEITX |
SEI INTERNATIONAL EQUITY FUND |
LC/B |
7.05 |
0.56 |
-4.34 |
2.98 |
-3.66 |
|
Average |
|
8.79 |
4.65 |
0.00 |
14.26 |
7.62 |
EFA |
iShares MSCI EAFE Index |
|
6.49 |
2.09 |
-1.91 |
6.64 |
|
Taxable Bonds
(ST = Short Term; MT = Medium Term; LT = Long Term)
(IG = Investment Grade; MG = Mid Grade)
|
|
|
2007 Performance |
|
|
Ticker |
Fund |
Style |
Q2 |
Q3 |
Q4 |
2007
9 mo |
Perf. v. AGG |
PTTAX.lw |
PIMCO TOTAL RETURN FUND |
MT/IG |
-1.44 |
4.47 |
3.80 |
6.88 |
1.76 |
PTLAX.lw |
PIMCO LOW DURATION FUND |
ST/IG |
-0.42 |
3.60 |
2.59 |
5.84 |
0.72 |
PTRAX |
PIMCO TOTAL RETURN ADMINISTRATIVE FUND |
MT/IG |
-1.39 |
4.52 |
3.86 |
7.05 |
1.93 |
DODIX |
DODGE AND COX INCOME FUND |
MT/IG |
-0.24 |
2.10 |
1.32 |
3.20 |
-1.92 |
SWYPX |
SCHWAB YIELD PLUS FUND |
ST/MG |
1.11 |
-1.04 |
-2.57 |
-2.51 |
-7.63 |
JBSEX |
JP MORGAN BOND FUND |
MT/IG |
-0.44 |
0.07 |
0.14 |
-0.23 |
-5.35 |
TRLVX |
SEI INSTITUTIONAL MANAGED CORE FIXED INCOME
FUND |
MT/IG |
-0.88 |
1.98 |
1.36 |
2.46 |
-2.66 |
LSBDX |
LOOMIS SAYLES I BOND FUND |
LT/MG |
1.86 |
3.23 |
1.20 |
6.41 |
1.30 |
SDFIX |
STANDISH FIXED INCOME FUND |
MT/IG |
-0.71 |
1.09 |
1.64 |
2.02 |
-3.10 |
VFSTX |
VANGUARD SHORT TERM INVESTMENT GRADE FUND |
ST/IG |
0.46 |
1.91 |
1.81 |
4.23 |
-0.88 |
ABNDX |
BOND OF AMERICAN FUND |
MT/MG |
-0.26 |
1.74 |
0.36 |
1.84 |
-3.27 |
FBNDX |
FIDELITY INVESTMENT GRADE BOND FUND |
MT/IG |
-0.69 |
1.00 |
0.93 |
1.24 |
-3.88 |
PHDAX.lw |
PIMCO HIGH YIELD FUND |
MT/MG |
-0.02 |
0.95 |
0.20 |
1.13 |
-3.98 |
AHITX.lw |
AMERICAN HIGH INCOME TRUST FUND |
MT/MG |
0.98 |
-0.24 |
-1.59 |
-0.86 |
-5.98 |
FSICX |
FIDELITY STRATEGIC INCOME FUND |
MT/MG |
0.10 |
2.26 |
1.31 |
3.70 |
-1.41 |
NEFZX.lw |
LOOMIS SAYLES STRATEGIC INCOME TRUST II
FUND |
LT/MG |
1.90 |
2.85 |
0.71 |
5.55 |
0.43 |
VFIIX |
VANGUARD GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION FUND |
MT/IG |
-0.66 |
2.95 |
3.29 |
5.64 |
0.52 |
OHYAX.lw |
JP MORGAN HIGH YIELD BOND FUND |
MT/MG |
-0.33 |
0.46 |
-1.15 |
-1.02 |
-6.14 |
DFIHX |
DFA ONE YEAR FIXED INCOME FUND |
ST/IG |
1.28 |
1.20 |
1.26 |
3.79 |
-1.33 |
HABDX |
HARBOR BOND FUND |
MT/IG |
-1.33 |
4.37 |
3.96 |
7.06 |
1.95 |
FAGIX |
FIDELITY CAPITAL AND INCOME FUND |
MT/MG |
2.31 |
-0.49 |
-1.14 |
0.65 |
-4.47 |
FSHBX |
FIDELITY SHORT TERM BOND FUND |
ST/IG |
0.28 |
0.20 |
0.05 |
0.53 |
-4.58 |
PARRX |
PIMCO REAL RETURN FUND |
LT/IG |
-1.44 |
4.77 |
5.17 |
8.60 |
3.49 |
EABLX |
EATON VANCE FLOATING RATE FUND |
MT/IG |
1.32 |
-1.39 |
-0.10 |
-0.19 |
-5.30 |
OMBIX |
JP MORGAN MORTGAGE BACKED SECURITIES FUND |
MT/IG |
-0.41 |
2.81 |
2.22 |
4.66 |
-0.45 |
|
Average |
|
0.04 |
1.81 |
1.23 |
3.11 |
-2.01 |
AGG |
iShares Lehman Aggregate Bond |
|
-0.63 |
2.71 |
2.99 |
5.11 |
|
Municipal Bonds
(ST = Short Term; MT = Medium Term; LT = Long Term)
(IG = Investment Grade; MG = Mid Grade)
|
|
|
2007 Performance |
|
|
Ticker |
Fund |
Style |
Q2 |
Q3 |
Q4 |
2007
9 mo |
Perf. v.
Lehman
Bond Index |
VSITX |
JP MORGAN INTERMEDIATE TAX FREE FUND |
MT/IG |
-0.47 |
2.11 |
1.43 |
3.08 |
0.33 |
VMLTX |
VANGUARD LIMITED TERM TAX EXEMPT FUND |
ST/IG |
0.21 |
1.74 |
1.45 |
3.43 |
0.67 |
NHMAX.lw |
NUVEEN HIGH YIELD MUNICIPALS BOND FUND |
LT/MG |
-0.67 |
-2.30 |
-3.31 |
-6.17 |
-8.92 |
ACTHX.lw |
VANKAMPEN HIGH YIELD MUNICIPALS FUND |
LT/MG |
-0.09 |
-1.08 |
-1.30 |
-2.45 |
-5.21 |
VWITX |
VANGUARD INTERMEDIATE TERM TAX EXEMPT
FUND |
MT/IG |
-0.56 |
1.74 |
1.50 |
2.69 |
-0.07 |
SNDPX |
SANFORD BERNSTEIN DIVERSIFIED MUNICIPALS
FUND |
MT/IG |
-0.39 |
2.16 |
1.43 |
3.22 |
0.46 |
LTMIX |
THORNBURG INVESTORS TRUST LIMITED TERM
MUNICIPALS
FUND |
MT/IG |
0.03 |
1.95 |
1.34 |
3.35 |
0.59 |
VMPAX.lw |
EVERGREEN STRATEGIC MUNICIPALS BOND FUND |
LT/IG |
0.60 |
0.82 |
0.85 |
2.29 |
-0.47 |
VNYTX |
VANGUARD NEW YORK LONG TERM TAX EXEMPT
FUND |
MT/IG |
-0.87 |
1.46 |
1.18 |
1.76 |
-0.99 |
VWSTX |
VANGUARD SHORT TERM TAX EXEMPT FUND |
ST/IG |
0.66 |
1.26 |
1.31 |
3.26 |
0.51 |
VMATX |
VANGUARD MASSACHUSETTS TAX EXEMPT FUND |
MT/IG |
-0.93 |
1.67 |
1.54 |
2.28 |
-0.48 |
SNNYX |
SANFORD BERNSTEIN NEW YORK MUNICIPALS
FUND |
MT/IG |
-0.31 |
2.19 |
1.30 |
3.20 |
0.44 |
HLTAX |
JP MORGAN MUNICIPALS INCOME FUND |
LT/IG |
-0.52 |
2.09 |
1.14 |
2.72 |
-0.04 |
SEIMX |
SEI TAX EXEMPT TRUST INTERMEDIATE
MUNICIPALS
FUND |
MT/IG |
-0.66 |
1.58 |
1.01 |
1.93 |
-0.83 |
SZMAX.lw |
DWS TAX FREE TRUST INTERMEDIATE TAX AMT
FREE
FUND |
MT/IG |
-0.49 |
2.16 |
1.42 |
3.10 |
0.35 |
VCADX |
VANGUARD CALIFORNIA INTERMEDIATE TERM
TAX
EXEMPT
FUND |
MT/IG |
-0.46 |
1.67 |
1.12 |
2.34 |
-0.42 |
VWAHX |
VANGUARD HIGH YIELD TAX EXEMPT FUND |
MT/MG |
-0.62 |
0.81 |
0.51 |
0.70 |
-2.06 |
SCMBX |
DWS MUNICIPALS TRUST MANAGED MUNICIPALS
BOND FUND |
MT/IG |
-0.55 |
2.18 |
1.04 |
2.67 |
-0.08 |
JNYIX |
JP MORGAN NEW YORK TAX FREE BOND FUND |
MT/IG |
-0.43 |
2.17 |
1.59 |
3.35 |
0.59 |
KCTAX.lw |
DWS STATE TAX FREE INCOME CALIFORNIA TAX
FREE INCOME
FUND |
MT/IG |
-0.71 |
2.00 |
0.78 |
2.07 |
-0.69 |
ETCTX.lw |
EATON VANCE CONNECTICUT MUNICIPALS FUND |
LT/IG |
-0.86 |
1.54 |
0.19 |
0.86 |
-1.90 |
MPMFX |
MORGAN STANLEY INSTITUTIONAL MUNICIPALS
FUND |
MT/MG |
-0.24 |
1.82 |
0.73 |
2.32 |
-0.44 |
LHIAX.lw |
COLUMBIA SERIES TRUST I HIGH YIELD
MUNICIPALS FUND |
LT/MG |
-0.47 |
-0.45 |
-1.97 |
-2.87 |
-5.63 |
FLTMX |
FIDELITY SPARTAN INTERMEDIATE MUNICIPALS
INCOME FUND |
MT/IG |
-0.45 |
2.11 |
1.52 |
3.20 |
0.44 |
|
Average |
|
-0.39 |
1.39 |
0.74 |
1.76 |
-0.99 |
|
Lehman Muni Bond Index |
|
-0.60 |
1.82 |
1.53 |
2.76 |
|
Display article as PDF for printing.
Would you like to send this article to a friend?
Remember, if you have a question or comment, send it to
. |
