Wells Fargo, the owner of Wells Fargo Advantage Funds brand, is one of the four largest banks in the United States and has a legacy spanning 150 years in the financial services sector. With over $382 billion (excluding money market assets) of assets as of Mar 31, 2018, Wells Fargo Advantage Funds diversifies its assets across a wide range of mutual fund categories. These include both domestic and foreign funds, asset allocation funds and fixed-income funds.
In 2010, the boards of trustees of Wells Fargo Advantage Funds and Evergreen Funds had approved the merger of the fund families to create a new fund lineup under the brand name Wells Fargo Advantage Funds. The Wells Fargo fund family claims that “each fund is guided by a premier investment team chosen for its focused attention to a particular investment style. There’s a fund to meet the investment goals and risk tolerance of almost any investment portfolio.”
Below we share with you three top-ranked Wells Fargo Advantage Funds. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform its peers in the future. Investors can click here to see the complete list of Wells Fargo Advantage Funds.
Wells Fargo CoreBuilder Shares Series M (WFCMX – Free Report) seeks maximization of returns through growth of income and capital. WFCMX invests more than 60% of its assets in municipal securities, which offer federal income tax exempted interest. Wells Fargo CoreBuilder Shares Series M has three-year annualized returns of 3.7%.
WFCMX has an expense ratio of 0.00% as compared with the category average of 0.76%.
Wells Fargo Advantage Pennsylvania Tax-Free A (EKVAX – Free Report) seeks to provide tax exempted income. EKVAX invests a large chunk of its assets in municipal securities that are expected to provide interest income free from Pennsylvania individual income tax and federal income tax, which also include federal alternative minimum tax. However, EKVAX may invest a maximum of 20% of its assets in municipal securities that pay interests, which are not exempted from federal income tax. The Wells Fargo Advantage PA Tax-Free A fund has three-year annualized returns of 2.4%.
Robert J. Miller is one of the fund managers of EKVAX since 2009.
Wells Fargo Municipal Bond A (WMFAX – Free Report) seeks income, which is free from federal income tax. WMFAX invests a major part of its assets in municipal securities that offer federal income tax-exempted income. The fund may invest around one-fifth of its assets in securities that are subjected to federal alternative minimum tax. Wells Fargo Municipal Bond A has three-year annualized returns of 3.5%.
As of June 2018, WMFAX held 622 issues with 1.73% of its assets invested in FLORIDA ST 4%.
To view the Zacks Rank and past performance of all Wells Fargo Advantage Funds, investors can click here to see the complete list of funds.
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