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Morningstar

USAA Tax Exempt Short-Term Class A UTESX Fund Analysis

Morningstar Analyst Rating
| Analyst rating as of

Morningstar’s Analysis UTESX

Will UTESX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable UTESX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the UTESX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of UTESX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A straightforward, income-oriented approach to short-term munis.

Analyst

Summary

| by Thomas Murphy

USAA Tax Exempt Short-Term team’s process is straightforward, but it does not give this strategy an edge over its muni national short peers. Meanwhile, its income-oriented approach can bring elevated credit risk to the portfolio. It earns a Morningstar Analyst Rating of Neutral for its cheaper share classes and a Negative for its more expensive share class.

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