Wells Fargo Municipal Bond retains a deep and experienced group, but as the reshuffled management team charts their own course in the wake of longtime manager Lyle Fitterer’s departure, there’s not yet evidence that this strategy’s process will outperform going forward, leading to a downgrade of its Process Pillar from Above Average to 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 WMFDX 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 WMFDX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the WMFDX 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 WMFDX’s parent organization’s priorities and whether they’re in line with investors’ interests.