BlackRock Long-Term Municipal Advantage Trust of Beneficial Interest
Find Ratings Reports- Last Ratings Update:02/29/2024
- Price as of 02/29/2024 :$10.19
- Net Assets:$139.29 Million
- NAV:$10.48
- Premium-2.77%
- Peer Rank:60 of 116
- Investment Rating:D+
- Performance:C-
- RiskC
We rate BlackRock Long Term Muni Adv at D+. Negative factors that influence this rating include a high expense structure. The fund invests approximately 100% of its assets in bonds and may be considered for investors seeking a Municipal - National strategy.
Total return ranks below peers over the last three years. The BlackRock Long Term Muni Adv has returned an annual rate of 3.81% since inception. More recently, the fund has generated a total return of 2.19% in the last five years, -1.11% in the last three years, and 13.58% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 38% of them. It has also outpaced 29% of its competitors on a three year basis and 80% of them over the last year for the period ending 2/29/2024. On a year to date basis, BTA has returned 0.85%.
Downside risk has been above average. BTA has a draw down risk of -41.33%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 24.8%. This fund has experienced a high level of volatility in its monthly performance over the last 36 months.
High expense ratio hinders performance. On total assets of $139.29 million, BTA maintains a high expense ratio compared to its Municipal - National peers of 3.49% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As BTA is a closed end fund, it has no front end or back end load.
Manager tenure and performance record are net positives. 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 Long Term Muni Adv has been managed by Michael A. Kalinoski for the last 18 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 87% of other fund managers.