BlackRock New York Municipal Income QualityFind Ratings Reports
- Last Ratings Update:06/30/2016
- Price as of 06/30/2016 :$15.05
- Net Assets:$96.59 Million
- Peer Rank:58 of 86
- Investment Rating:A-
We rate BlackRock New York Muni Inc Qly at A-. Positive factors that influence this rating include a well 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.
POSITIVES AND RISKS
Total return ranks very high in comparison with peers over the last three years. The BlackRock New York Muni Inc Qly has returned an annual rate of 5.90% since inception. More recently, the fund has generated a total return of 7.37% in the last five years, 11.16% in the last three years, and 20.79% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 76% of them. It has also outpaced 89% of its competitors on a three year basis and 91% of them over the last year for the period ending 6/30/2016. On a year to date basis, BSE has returned 12.18%.
Downside risk has been below average. BSE has a draw down risk of -10.08%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 7.7%. This fund has had very little volatility in its monthly performance over the last 36 months. As of 6/30/2016, the fund was trading at a price of $15.05, which is 0.7% below its 52-week high of $15.15 and 4.0% above its 52-week low of $14.47.
High expense ratio hinders performance. On total assets of $96.59 million, BSE maintains a high expense ratio compared to its Municipal Single State peers of 1.70% 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 11 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 45% of other fund managers.