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SNJLX - Legg Mason WA NJ Municipals C

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Legg Mason WA NJ Municipals C (SNJLX)
Expense Ratio: 1.30%
Expected Lifetime Fees: $37,528.44


The Legg Mason WA NJ Municipals C fund (SNJLX) is a Muni New Jersey fund started on 12/13/1994 and has $354.40 million in assets under management. The current manager has been running Legg Mason WA NJ Municipals C since 11/21/2006. The fund is rated by Morningstar. In addition to trading fees and broker commissions, this fund has 12b-1 fees of 0.70%

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 New Jersey investment strategy and is an alternative to a Muni New Jersey mutual fund. Fees are very low compared to a comparable mutual fund like Legg Mason WA NJ Municipals C because computers automatically manage the stocks.




The Following Muni New Jersey Funds Have Lower Fees Than Legg Mason WA NJ Municipals C (SNJLX). Why are these metrics important?
Mutual Fund Name Ticker Symbol Turnover Assets (M) Annual Fees
AllianceBern Muni Income NJ A ANJSZ 0.0% 157 0.87%
BlackRock NJ Municipal Bond Inv A MENJX 14.0% 244 0.97%
Dreyfus NJ Municipal Bond A DRNJX 9.6% 611 0.85%
Dreyfus NJ Municipal Bond Z DZNJX 9.6% 611 0.78%
Eaton Vance NJ Municipal Income A ETNJX 1.0% 210 0.79%
Eaton Vance NJ Municipal Income I EINJX 1.0% 210 0.59%
Fidelity New Jersey Municipal Income FNJHX 7.0% 670 0.48%
Franklin NJ Tax-Free Income A FRN1Z 8.0% 1,600 0.63%
Franklin NJ Tax-Free Income A FRNJX 8.0% 1,600 0.63%
Franklin NJ Tax-Free Income Adv FNJZX 8.0% 1,600 0.53%
Legg Mason WA NJ Municipals A SHNCZ 5.0% 354 0.74%
Legg Mason WA NJ Municipals I LNJIX 5.0% 354 0.60%
Lord Abbett New Jersey Tax-Free A LANJX 23.1% 132 0.82%
Nuveen NJ Municipal Bond A NNJAX 7.0% 282 0.82%
Nuveen NJ Municipal Bond I NMNJX 7.0% 282 0.62%
Oppenheimer New Jersey Municipal Fund Class Y ONJYX 15.0% 632 0.81%
Oppenheimer NJ Municipal A ONJ3Z 15.0% 632 0.96%
Oppenheimer NJ Municipal A ONJAX 15.0% 632 0.96%
Putnam New Jersey Tax Exempt Income Fund Class M PNJMX 9.0% 268 1.05%
Putnam NJ Tax Exempt Income A PTNJX 9.0% 268 0.78%
T. Rowe Price NJ Tax-Free Bond NJTFX 12.0% 280 0.52%
Vanguard NJ Long-Term Tax-Exempt Adm VNJUX 12.0% 2,100 0.12%
Vanguard NJ Long-Term Tax-Exempt Inv VNJTX 12.0% 2,100 0.20%



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Why Are These Metrics Important?


Turnover
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.

Assets
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.

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