SHMMX Performance — Western Asset Managed Municipals Fund, Class A
Data updated: 2026-07-22
SHMMX returned +1.87% year to date and +7.51% over one year to May 2026. Annualised returns are +3.84% over 3 years and +0.79% over 5 years. Against its Long-Term Municipal Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $112, against $112 for the category, and to $108 over one year, against $107. Volatility over the past three years was 5.67% a year. In the 12 months to May 2026 the fund lost a net $356.1M, and assets reached $2.39B.
SHMMX Growth of $100
What $100 invested in Western Asset Managed Municipals Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | SHMMX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $112 | $112 |
| 5 years (Jun 2021 – May 2026) | $104 | $103 |
| Since data start (Sep 2019 – May 2026) | $111 | $109 |
SHMMX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.87% |
| 1 year | +7.51% |
| 3 years (annualised) | +3.84% |
| 5 years (annualised) | +0.79% |
SHMMX Annual Returns
Calendar-year total returns of Western Asset Managed Municipals Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.87% |
| 2025 | +3.25% |
| 2024 | +2.33% |
| 2023 | +6.65% |
| 2022 | −10.09% |
| 2021 | +3.17% |
| 2020 | +4.25% |
| 2019 (Sep–Dec) | −0.29% |
SHMMX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.7% | +1.3% | −1.9% | +1.1% | +0.7% | — | — | — | — | — | — | — |
| 2025 | +0.2% | +1.1% | −1.8% | −1.1% | −0.6% | +0.8% | −0.7% | +0.9% | +3.0% | +1.2% | +0.1% | +0.2% |
| 2024 | +0.2% | +0.1% | +0.1% | −1.1% | +0.1% | +1.6% | +0.8% | +0.7% | +1.0% | −1.4% | +1.6% | −1.5% |
| 2023 | +3.1% | −2.1% | +1.8% | +0.2% | −0.5% | +0.6% | +0.3% | −1.1% | −2.7% | −1.7% | +6.4% | +2.4% |
| 2022 | −2.5% | −0.7% | −3.1% | −2.8% | +1.1% | −2.0% | +2.4% | −2.1% | −3.9% | −1.3% | +4.8% | −0.3% |
| 2021 | +1.2% | −1.7% | +0.8% | +1.3% | +0.6% | +0.5% | +0.8% | −0.4% | −0.9% | −0.3% | +1.0% | +0.1% |
| 2020 | +2.1% | +1.4% | −7.3% | −1.9% | +3.4% | +2.1% | +2.0% | −0.1% | −0.2% | −0.3% | +2.1% | +1.2% |
| 2019 | — | — | — | — | — | — | — | — | −0.7% | 0.0% | +0.1% | +0.3% |
SHMMX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 5.67%
- 3-year Sharpe ratio: -0.12 (vs 4.5% risk-free rate)
- Best month: +6.40% (Nov 2023)
- Worst month: −2.73% (Sep 2023)
SHMMX Fund Flows
Monthly money in and out of Western Asset Managed Municipals Fund, from SEC Form N-PORT.
- 12-month net flow: −$356.1M
- 12-month gross sales (incl. reinvestments): $367.6M
- Sales ÷ redemptions: 0.51×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $24.2M | $44.0M | −$19.8M |
| Apr 2026 | $25.4M | $45.2M | −$19.8M |
| Mar 2026 | $24.5M | $47.4M | −$22.9M |
| Feb 2026 | $27.0M | $41.7M | −$14.7M |
| Jan 2026 | $40.2M | $47.8M | −$7.6M |
| Dec 2025 | $36.0M | $107.9M | −$71.9M |
| Nov 2025 | $25.0M | $48.6M | −$23.7M |
| Oct 2025 | $28.4M | $51.6M | −$23.2M |
| Sep 2025 | $31.5M | $68.9M | −$37.4M |
| Aug 2025 | $34.9M | $78.5M | −$43.6M |
| Jul 2025 | $39.9M | $72.8M | −$33.0M |
| Jun 2025 | $30.7M | $69.3M | −$38.6M |
SHMMX Assets Under Management
Net assets of Western Asset Managed Municipals Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-29 | $2.39B |
| 2026-02-27 | $2.48B |
| 2025-11-28 | $2.54B |
| 2025-08-29 | $2.54B |
| 2025-05-30 | $2.65B |
| 2025-02-28 | $2.92B |
| 2024-11-29 | $3.13B |
| 2024-08-30 | $3.16B |
| 2024-05-31 | $3.10B |
| 2024-02-29 | $3.16B |
| 2023-11-30 | $3.05B |
| 2023-08-31 | $3.09B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.