Wells Fargo Ultra Short-Term Municipal Income retains a deep and experienced team, but as the remaining group charts its own course in the wake of longtime muni manager Lyle Fitterer’s departure, there is not yet evidence that this process will outperform going forward, leading to a downgrade of its Process Pillar to Average from Above Average. The strategy’s cheaper share classes are downgraded to a Morningstar Analyst Rating of Neutral, while its most expensive share class is rated Negative.
Will SMAIX outperform in future?
Get our overall rating based on a fundamental assessment of the pillar’s below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable SMAIX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the SMAIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of SMAIX’s parent organization’s priorities and whether they’re in line with investors’ interests.