DPENX - Dreyfus Pennsylvania Z

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Dreyfus Pennsylvania Z (DPENX)
Expense Ratio: 0.75%
Expected Lifetime Fees: $22,921.88

The Dreyfus Pennsylvania Z fund (DPENX) is a Muni Pennsylvania fund started on 11/29/2007 and has $194.00 million in assets under management. The current manager has been running Dreyfus Pennsylvania Z since 11/20/2009. The fund is rated by Morningstar. This fund does not charge 12b-1 fees.

MarketRiders Prefers The Following ETF

iShares S&P National Municipal Bond (MUB)
Expense Ratio: 0.25%
Expected Lifetime Fees: $8,051.41

The iShares S&P National Municipal Bond (MUB) is an Exchange Traded Fund. It is a "basket" of securities that index the Muni Pennsylvania investment strategy and is an alternative to a Muni Pennsylvania mutual fund. Fees are very low compared to a comparable mutual fund like Dreyfus Pennsylvania Z because computers automatically manage the stocks.

The Following Muni Pennsylvania Funds Have Lower Fees Than Dreyfus Pennsylvania Z (DPENX). Why are these metrics important?
Mutual Fund Name Ticker Symbol Turnover Assets (M) Annual Fees
Fidelity Pennsylvania Municipal Income FPXTX 12.0% 455 0.50%
Franklin PA Tax-Free Income A FRP1Z 9.5% 1,600 0.64%
Franklin PA Tax-Free Income A FRPAX 9.5% 1,600 0.64%
Franklin PA Tax-Free Income Advisor FPFZX 9.5% 1,600 0.54%
Legg Mason WA Pennsylvania Muni A SBPAX 11.0% 305 0.69%
Nuveen PA Municipal Bond I NBPAX 6.0% 280 0.62%
Oppenheimer PA Municipal A OPATX 16.0% 1,200 0.70%
Oppenheimer Pennsylvania Municipal Fund Class Y OPAYX 16.0% 1,200 0.57%
Vanguard PA Long-Term Tax-Exempt Adm VPALX 9.0% 3,200 0.12%
Vanguard PA Long-Term Tax-Exempt Inv VPAIX 9.0% 3,200 0.20%
Wells Fargo Advantage PA Tax-Free A EKVAX 10.0% 237 0.74%
Wells Fargo Advantage PA Tax-Free I EKVYX 10.0% 237 0.49%

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Why Are These Metrics Important?

Turnover represents how much of a mutual fund's holdings are changed over the course of a year through buying and selling. Active mutual funds have an average turnover rate of about 85%, meaning that funds are turning over nearly all of their holdings every year. A high turnover means you could make lower returns because: 1) buying and selling stocks costs money through commissions and spreads and 2) the fund will distribute yearly capital gains which increases your taxes. Look for funds with turnover rates below 50%. For comparison, ETF turnover rates average around 10% or lower.

Generally, smaller funds do better than larger ones. The more assets in a mutual fund, the lower the chance that it will beat its index. Managers outperform an index by choosing stocks that are undervalued. In order to find these undervalued stocks, the manager has to know more than his competitors to develop an "edge." There are only a finite number of stocks a mutual fund manager can reasonably analyze and actively track to gain such a competitive edge. When the fund has more assets, the manager must analyze large companies because he needs to take larger positions. Large companies are more efficiently priced in the market and it becomes increasingly difficult to get an edge.