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THMIX - Thornburg Intermediate Municipal Inst

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Thornburg Intermediate Municipal Inst (THMIX)
Expense Ratio: 0.63%
Expected Lifetime Fees: $19,497.04


The Thornburg Intermediate Municipal Inst fund (THMIX) is a Muni National Interm fund started on 7/5/1996 and has $899.00 million in assets under management. The current manager has been running Thornburg Intermediate Municipal Inst since 2/22/2011. The fund is rated by Morningstar. This fund does not charge 12b-1 fees.

MarketRiders Prefers The Following ETF

Market Vectors Intermediate Muni ETF (ITM)
Expense Ratio: 0.24%
Expected Lifetime Fees: $7,737.49


The Market Vectors Intermediate Muni ETF (ITM) is an Exchange Traded Fund. It is a "basket" of securities that index the Muni National Interm investment strategy and is an alternative to a Muni National Interm mutual fund. Fees are very low compared to a comparable mutual fund like Thornburg Intermediate Municipal Inst because computers automatically manage the stocks.




The Following Muni National Interm Funds Have Lower Fees Than Thornburg Intermediate Municipal Inst (THMIX). Why are these metrics important?
Mutual Fund Name Ticker Symbol Turnover Assets (M) Annual Fees
AllianceBern Municipal Bd Infl Strat Adv AUNYX 26.0% 444 0.50%
American Century IntermTrm Tx-Fr Bd Inst AXBIX 14.0% 3,500 0.28%
American Century IntermTrm Tx-Fr Bd Inv TWTIX 14.0% 3,500 0.48%
American Funds Ltd-Term Tx-Ex Bd A LTEBX 14.0% 2,900 0.60%
American Funds Ltd-Term Tx-Ex Bd F-2 LTEFX 14.0% 2,900 0.38%
American Funds Tax-Exempt Bond A AFTEX 12.0% 9,300 0.55%
American Funds Tax-Exempt Bond F-2 TEAFX 12.0% 9,300 0.41%
Baird Intermediate Muni Bd Inst BMBIX 8.0% 1,200 0.30%
Baird Intermediate Muni Bd Inv BMBSX 8.0% 1,200 0.55%
BNY Mellon Natl Interm Muni Bd M MPNIX 39.9% 1,700 0.50%
Columbia Intermediate Muni Bond Z SETMX 9.0% 2,700 0.54%
Columbia Intermediate Muni Bond Z SETSZ 9.0% 2,700 0.54%
Dreyfus/Standish Intermediate T/E Bd I SDITX 27.7% 136 0.45%
DWS Intermediate Tax/AMT Free Inst SZMIX 50.0% 1,700 0.49%
DWS Intermediate Tax/AMT Free S SCMTX 50.0% 1,700 0.60%
DWS Intermediate Tax/AMT Free S SCT1Z 50.0% 1,700 0.60%
Eaton Vance National Limited Maturity Municipal Income Fund Class I EINAX 16.0% 733 0.55%
Federated Intermediate Municipal Instl FIMTX 30.0% 120 0.56%
Fidelity Advisor Int Muni Inc I FZIIX 14.0% 4,800 0.44%
Fidelity Intermediate Municipal Income FLTMX 14.0% 4,800 0.40%
Franklin Federal Interm-Term T/F Inc Adv FITZX 6.0% 3,300 0.56%
Frost Municipal Bond Inst FIMUX 10.0% 203 0.62%
HighMark National Interm Tax Free Bd Fid HMNTX 22.0% 105 0.52%
Invesco Tax-Free Intermediate A ATFAX 11.0% 1,500 0.60%
Invesco Tax-Free Intermediate Y ATFYX 11.0% 1,500 0.35%
Invesco Van Kampen Int-Term Muni Inc Y VKLIX 16.0% 550 0.50%
JPMorgan Intermediate Tax Free Bd Instl JITIX 14.0% 5,100 0.51%
JPMorgan Intermediate Tax Free Bond Sel VSITX 14.0% 5,100 0.60%
JPMorgan Tax Aware Real Return Instl TXRIX 14.0% 3,200 0.50%
Legg Mason WA Intermediate-Term Muni I SBTYX 15.0% 2,900 0.56%
Lord Abbett Intermediate Tax Free Fund Class I LAIIX 38.8% 3,400 0.47%
Managers AMG GW&K Municipal Bond Institutional Class GWMIX 26.0% 126 0.35%
Manning & Napier Diversified Tax Exempt Fund EXDVX 53.0% 331 0.60%
Neuberger Berman Municipal Intermediate Bond Fund Institutional Class NMNLX 79.0% 139 0.50%
Northern Intermediate Tax-Exempt NOITX 135.5% 2,200 0.45%
Nuveen Interm Duration Muni Bond I NUVBX 6.0% 3,700 0.54%
PNC National Tax-Exempt Bond I PTIIX 37.0% 142 0.54%
RidgeWorth Investment Grade T/E Bond I STTBX 199.0% 1,000 0.59%
Russell Tax Exempt Bond S RLVSX 29.0% 682 0.55%
Russell Tax Exempt Bond S RLVSZ 29.0% 682 0.55%
Schwab Tax-Free Bond SWNTX 128.0% 630 0.49%
T. Rowe Price Summit Municipal Interm PRSMX 17.0% 2,100 0.50%
TIAA-CREF Tax-Exempt Bond Inst TITIX 59.0% 360 0.35%
TIAA-CREF Tax-Exempt Bond Retail TIXRX 59.0% 360 0.55%
Vanguard High-Yield Tax-Exempt VWAHX 19.0% 7,200 0.20%
Vanguard High-Yield Tax-Exempt Adm VWALX 19.0% 7,200 0.12%
Vanguard Interm-Term Tx-Ex Adm VWIUX 15.0% 35,300 0.12%
Vanguard Interm-Term Tx-Ex Inv VWITX 15.0% 35,300 0.20%
Wells Fargo Advantage Interm T/AmtF Adm WFITX 52.0% 1,600 0.60%
Wells Fargo Advantage Interm T/AmtF Inst WITIX 52.0% 1,600 0.42%



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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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