JPMorgan Short-Intermediate Muncpl Bd Fd earns an Above Average Process Pillar rating.
The largest contributor to the rating is its parent firm's impressive long-term risk-adjusted performance, as shown by the firm's average 10-year Morningstar Rating of 3.3 stars. The parent firm's five-year risk-adjusted success ratio of 55% also influences the rating. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median Morningstar Risk-Adjusted Return for the period. Their compelling success ratio suggests that the firm does well for investors and that this fund may benefit from that. Lastly, the process is limited by the number of months that the management team has been running this vehicle together.
Compared with other funds in the Muni National Short Morningstar Category, this fund, historically, hews closely to peers' credit and interest-rate sensitivity over the past few years. Opening the analysis to additional factors, the portfolio has displayed biases over time, whether towards or away from certain fixed-income instruments. Compared with the category average, the managers have been underweight AAA rated bonds in recent years. In the latest month, the strategy has also relatively underweighted AAA rated bonds compared with Morningstar Category peers. Additionally, there's been a notable bias away from debt with 15- to 20-year maturities over the past few years. Similarly, in recent months, the strategy also had less exposure to debt with 15- to 20-year maturities than peers. Finally, during the past few years, the fund leaned away from corporate bonds. Nevertheless, the fund's corporate debt exposure was in line with peers in the latest month.
This strategy's 12-month yield is 2.7%, which is near its average peer. Plus, it has a 3.4% 30-day SEC yield (a standardized, point-in-time estimate of the fund’s future income return). The portfolio's average surveyed credit quality is on par with peers, with both the fund and the average being rated A.