Western Asset Managed Municipals Fund Inc (MMU)

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Western Asset Managed Municipals Fund Inc (MMU) is up 2.6% since the beginning of the year. MMU is currently trading at $10 per share. Investors who bought $1,000 worth of MMU shares 5 years ago would now be looking at an investment worth $988.

Western Asset Managed Municipals Fund Inc (MMU) has returned 2.57% so far this year and 12.54% over the past 12 months. Over the last ten years, MMU has returned 1.39% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Jul 17, 1992, MMU's average daily return is +0.02%, while the average monthly return is +0.49%. At this rate, an investment would double in approximately 11.8 years.

Historically, 60% of months were positive and 40% were negative. The best month was Nov 2008 with a return of +13.5%, while the worst month was Sep 2008 at -13.8%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.

On a daily basis, MMU closed higher 45% of trading days. The best single day was Oct 13, 2008 with a return of +13.4%, while the worst single day was Mar 12, 2020 at -11.5%.

Western Asset Managed Municipals Fund Inc has an annualized alpha of 5.01%, beta of 0.13, and R2 of 0.03 versus S&P 500 Index. Calculated based on daily prices since July 17, 1992.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (25.67%) than losses (15.09%) - typical of diversified or defensive assets.
• Beta of 0.13 may look defensive, but with R2 of 0.03 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.03 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

MMU has an expense ratio of 0.01%, which is considered low.

MMU ranks 35 for risk / return — below 35% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

Western Asset Managed Municipals Fund Inc provided a 6.27% dividend yield over the last twelve months, with an annual payout of $0.65 per share. The fund has been increasing its distributions for 2 consecutive years.

The table displays the monthly dividend distributions for Western Asset Managed Municipals Fund Inc. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Western Asset Managed Municipals Fund Inc. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Western Asset Managed Municipals Fund Inc was 34.51%, occurring on Mar 18, 2020. The portfolio has not yet recovered.

The current Western Asset Managed Municipals Fund Inc drawdown is 4.61%.

The chart below shows the rolling one-month volatility.