(Bloomberg) -- In a record year for U.S. municipal mutual fund withdrawals, the JPMorgan Intermediate Tax Free Bond Fund shrank more than 25%. 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% of assets among muni funds larger than $1 billion, according to Morningstar Inc. The fund’s 1.4% loss in 2013 through Dec. 20 compares with an average drop of 1.9% for its peers, data compiled by Bloomberg show.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.