JPMorgan Defies Biggest Cash Exodus to Beat Rivals: Muni Credit
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In a record year for U.S. municipal mutual fund withdrawals, the JPMorgan Intermediate Tax Free Bond Fund shrank more than 25 percent. Yet it has still outpaced almost two-thirds of its peers.
Investors yanked $1.4 billion as of Nov. 30, after it started the year with about $5.3 billion, the second-biggest outflow as a percent of assets among muni funds larger than $1 billion, according to Morningstar Inc. The fund’s 1.4 percent loss in 2013 through Dec. 20 compares with an average drop of