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BlackRock New York Municipal Income Quality
BSE : NYSE : Financial

$12.89 | %
Today's Range: 12.89 - 12.95
Avg. Daily Volume: 16,400
04/17/14 - 3:34 PM ET
  • Last Ratings Update:03/31/2014
  • Price as of 03/31/2014 :$12.84
  • Net Assets:$91.8 Million
  • NAV:$14.12
  • Premium-9.07%
  • Peer Rank:75 of 105
  • Investment Rating:C
  • Performance:C
  • RiskB-
BSE Price Chart


We rate BlackRock New York Muni Inc Qly at C. Positive factors that influence this rating include a greater than above average total return and low price volatility. The fund invests approximately 99% of its assets in bonds and may be considered for investors seeking a Municipal Single State strategy.


Total return ranks above peers over the last three years. The BlackRock New York Muni Inc Qly has returned an annual rate of 4.51% since inception. More recently, the fund has generated a total return of 8.29% in the last five years, 6.77% in the last three years, and -11.09% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 34% of them. It has also outpaced 62% of its competitors on a three year basis and 11% of them over the last year for the period ending 3/31/2014. On a year to date basis, BSE has returned 7.20%.

Downside risk has been below average. BSE has a draw down risk of -29.23%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 15.0%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 3/31/2014, the fund was trading at a price of $12.84, which is 0.6% below its 52-week high of $12.92 and 2.2% above its 52-week low of $12.56.

High expense ratio hinders performance. On total assets of $91.80 million, BSE maintains a high expense ratio compared to its Municipal Single State peers of 1.50% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As BSE is a closed end fund, it has no front end or back end load.

Manager tenure is a net positive but performance record lags managerial peers. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The BlackRock New York Muni Inc Qly has been managed by Timothy T. Browse for the last 8 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 21% of other fund managers.

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