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New York Municipal Opportunities Fund

Fixed Income

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New York Municipal Opportunities Fund

Overview

About this Fund

  • A Flexible Municipal Bond Approach
  • Adapting to Changing Bond Markets
  • Seeking Tax-Advantaged Income and Downside Protection in All Markets

Investment Approach

Invests in New York municipal bonds through a flexible investment approach seeking to manage interest rate risk and credit risk while provide a compelling combination of attractive tax-advantaged income, returns and meaningful downside protection.

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Performance

Performance

  • Returns

  1y 3y 5y 10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 4.70 2.65 4.39 5.31
Return w/ Sales Charge (%) Max Sales Charge: 4.25 0.25 1.18 3.48 4.85
Benchmark (%) Index: S&P Muni Bond, New York (Risk Basis: Muni).<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 6.21 2.34 3.56 4.61
Morningstar Category Avg. (%) Muni New York Intermediate 5.52 1.67 2.74 3.75
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 47/51 3/48 3/46 3/38
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 4 1 1 1
Lipper Category Avg. (%) NY Muni Debt Funds 6.00 2.17 3.59 4.57
Lipper Ranking Rankings are based on total return excluding sales charges. 92/97 10/88 11/87 10/65
Lipper Quartile Rankings are based on total return excluding sales charges. 4 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 4.67 0.21 1.89 4.70 8.16 23.94 67.75
Return w/ Sales Charge (%) Max Sales Charge: 4.25 0.23 -4.05 -2.44 0.25 3.57 18.66 60.63
Benchmark (%) Index: S&P Muni Bond, New York (Risk Basis: Muni).<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 4.96 0.34 2.07 6.21 7.18 19.12 56.99
Morningstar Category Avg. (%) Muni New York Intermediate 4.55 0.31 1.96 5.52 5.10 14.47 44.50
Lipper Category Avg. (%) NY Muni Debt Funds 5.28 0.32 2.19 6.00 6.69 19.36 57.10
  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 13.55 4.23 0.97 6.67 0.82
Benchmark (%) Index: S&P Muni Bond, New York (Risk Basis: Muni)<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 8.68 3.66 0.56 4.85 0.92
Morningstar Category Avg. (%) Muni New York Intermediate 6.25 2.78 -0.25 3.94 0.57
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. The performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

The Fund’s returns prior to February 18, 2015 are the returns of the Fund when it followed different investment strategies under the name “BlackRock New York Municipal Bond Fund.”

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.
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Cum. Fund Perf. Since Inception: 361.32

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Distributions

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Ex-Date Payable Date Record Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end. Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end. Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.



BlackRock Fixed Income Funds Delivered
BlackRock Fixed Income Funds Delivered
21 of 24 U.S. bond funds, accounting for 99% of our active mutual fund assets, outperformed within their Morningstar peer groups. Based on institutional share class.*

Key Facts

Key Facts

Size of Class (Millions) as of Jul 17, 2019 $635.3 M
Size of Fund (Millions) as of Jul 17, 2019 $1,613.4 M
Share Class launch date Oct 02, 2006
Asset Class Fixed Income
Morningstar Category Muni New York Intermediate
Lipper Classification NY Muni Debt Funds
Benchmark Index S&P Muni Bond, New York (Risk Basis: Muni)
CUSIP 09253A821
Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Monthly
Number of Holdings as of Jun 28, 2019 452
Max Offer Price as of Jul 17, 2019 $11.97
Open to New Investors Yes
Turnover Percent as of Jun 30, 2019 43%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) Compared to S&P Muni Bond, New York (Risk Basis: Muni).<br/><br/>Alpha is calculated at the portfolio level.<br/><br/>A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund&#39;s alpha. as of Jun 30, 2019 0.02
R-Squared (3y) as of Jun 30, 2019 79.65
Beta (3y) as of Jun 30, 2019 1.01
30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund&#39;s expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Jun 30, 2019 1.69%
Unsubsidized 30-Day SEC Yield Represents what a fund&#39;s 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of Jun 30, 2019 1.64%
Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond&#39;s cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund&#39;s individual bond holding YTMs based upon Net Asset Value (&#39;NAV&#39;). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of Jun 28, 2019 3.92%
Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Jun 28, 2019 2.67%
Average Coupon as of Jun 28, 2019 4.54%
Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives.&lt;br /&gt;As the method for calculating duration in municipal bond funds changed as of Sept. 26, please see the &#39;Literature&#39; section for more information on that measure. as of Jun 28, 2019 4.20 yrs
Weighted Average Life Weighted Average Life to Maturity is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. as of Jun 28, 2019 17.64 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2019 3.53%
Worst 3-Month Return Over the Last 3 Years 3 months ending Nov 30, 2016 -5.65%
Fund Standard Deviation (3y) as of Jun 30, 2019 3.55

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Morningstar Rating

5
Overall Morningstar Rating for New York Municipal Opportunities Fund, Class A, as of Jun 30, 2019 rated against 48 Muni New York Intermediate Funds.

Lipper Leader

 
 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Jun 30, 2019 out of 88, 5,787, 88, 49 and 88 Funds, respectively in Lipper's NY Muni Debt Funds classification.

Holdings

Holdings

as of Jun 28, 2019
Name Weight (%)
HUDSON YDS INFRASTRUCTURE CORP 5 02/15/2042 2.12
PORT AUTH N Y & N J 5.25 11/15/2056 1.94
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 1.85
NEW YORK ST ENERGY RESH & DEV 2.625 04/01/2034 1.68
TRIBOROUGH BRDG & TUNL AUTH NY 5 11/15/2043 1.26
Name Weight (%)
NEW YORK TRANSN DEV CORP SPL F 5 07/01/2046 1.23
TOB 5 64990AGM1 NYSHGR 144A 1.19
METROPOLITAN TRANSN AUTH N Y R 5 11/15/2044 1.16
NEW YORK N Y CITY TRANSITIONAL 5 08/01/2040 1.06
MET TRANSPRTN AUTH NY DEDICATED TA 5 11/15/2036 1.04

Exposure Breakdowns

Exposure Breakdowns

as of Jun 28, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Jun 28, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Jun 28, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Jun 28, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Jun 28, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
Allocations subject to change.
as of Jun 28, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Jun 28, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Peter Hayes
Peter Hayes
Head of Municipal Bonds

 

 

Read More

Peter Hayes, Managing Director, is Head of the Municipal Group within BlackRock's Global Fixed Income group and a member of the Global Fixed Income Executive Committee. He leads the Municipal Bond Operating Committee which oversees municipal bond portfolio management, research, strategy and trading activities, and is a member of the firm's Global Operating Committee.

Mr. Hayes' service with the firm dates back to 1987, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was Head of the Short Term Tax-Exempt Trading Desk, and managed the CMA Tax-Exempt Fund and other short term municipal bond portfolios. Prior to joining MLIM, he was a Trader for Shawmut Bank.

Mr. Hayes earned a BA degree in economics from the College of the Holy Cross in 1981.

Ted Jaeckel, CFA
Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Read More

Theodore R. Jaeckel, Jr., CFA, Managing Director, is a member of Americas Fixed Income within Alpha Strategies. He is head portfolio manager on the Municipal Mutual Fund Desk.

 

He is also a member of BlackRock's Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities.

 

Mr. Jaeckel's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond alternative and high yield strategies. Prior to joining MLIM, Mr. Jaeckel was a municipal bond trader with Chemical Bank.

 

Mr. Jaeckel earned a BA degree in history from Hamilton College in 1981.

James Pruskowski
James Pruskowski
Head Portfolio Manager, Municipal Institutional Portfolio

     

Read More

James Pruskowski, Managing Director and portfolio manager, is a member of Americas Fixed Income within Alpha Strategies. He is head portfolio manager on the Municipal Institutional Portfolio Team. He is a member of the firm's Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading.

 

Prior to joining the Municipal Bond Portfolio Team in 2003, Mr. Pruskowski focused on interest rate products within BlackRock Fundamental Fixed Income. From 1996 to 2000, Mr. Pruskowski was a member of BlackRock's Portfolio Analytics Group, where he began his career.

 

Mr. Pruskowski earned a BA degree in finance from Fairleigh Dickinson University in 1995.

Michael Kalinoski, CFA
Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund

   

Read More

Michael Kalinoski, CFA , Director, is a member of Americas Fixed Income within Alpha Strategies. He is a portfolio manager on the Municipal Mutual Fund Desk.

 

Mr. Kalinoski's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a member of the tax-exempt fixed income team responsible for managing a number of national and state funds. Prior to joining MLIM in 1999, Mr. Kalinoski was a municipal trader with Strong Capital Management.

 

Mr. Kalinoski earned a BS degree in accounting from Marquette University in 1992.

Portfolio Manager
Read the Team's Commentary

Literature

Literature

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