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BlackRock MuniYield New York Quality Fund
BlackRock-managed closed-end fund providing triple-tax-exempt New York municipal bond income since 1992, managed by Theodore Jaeckel Jr.
BlackRock MuniYield New York Quality Fund
BlackRock MuniYield New York Quality Fund launched in 1992 as a closed-end municipal bond fund, managed by BlackRock Advisors, LLC. The fund is managed by Theodore Jaeckel Jr., who operates within BlackRock's municipal fixed income group. Its purpose is to provide shareholders with current income exempt from federal, New York State, and New York City personal income taxes. The vehicle invests primarily in long-term, investment-grade municipal obligations issued by New York State and its political subdivisions. The fund's strategy concentrates on New York municipal debt across sectors including transportation, utilities, education, and healthcare. The portfolio holds bonds issued by entities such as the Metropolitan Transportation Authority and the New York City Transitional Finance Authority. It may invest in both investment-grade and, to a lesser extent, non-investment-grade securities. The fund uses fundamental credit analysis alongside BlackRock's broader municipal market analytics, a combination that taps the firm's scale in fixed income without straying from the single-state mandate. BlackRock manages the fund alongside a substantial municipal bond franchise, with Jaeckel also responsible for other New York-focused closed-end funds. The fund's distribution rate is set monthly based on current market conditions and net asset value. In April 2024, the fund declared a monthly dividend of $0.0445 per share (per the firm's public filings, April 2024). The fund trades on the New York Stock Exchange, allowing investors to buy and sell shares at market price, which can deviate from the net asset value of the underlying bonds. This fund's structural differentiator is its closed-end architecture applied to a narrow single-state municipal mandate. Unlike open-end funds facing daily redemptions, the closed-end structure permits the fund to remain fully invested through illiquid credit episodes. This gives the manager the ability to hold positions through credit cycle volatility without becoming a forced seller, a characteristic that distinguishes it from the larger universe of national muni open-end funds.
General information
Firm type
Asset Manager
Year founded
1992
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Theodore Jaeckel Jr.
Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions for the fund?
Theodore Jaeckel Jr. is the named portfolio manager. He works within BlackRock's Municipal Fixed Income group and also manages other New York-focused closed-end municipal funds. Day-to-day credit decisions are supported by BlackRock's larger municipal analyst team.
What is the tax treatment of distributions from this fund?
The fund aims to pay dividends that are exempt from federal income tax, New York State income tax, and New York City personal income tax. A portion of the distribution may be subject to the alternative minimum tax depending on the fund's holdings of private activity bonds.
How does the closed-end structure affect this fund's investment approach compared to an open-end muni fund?
The closed-end structure means the fund has a fixed number of shares, so it does not face inflows or redemptions that would force buying or selling. This allows the manager to hold positions through periods of market stress without becoming a forced seller, but it also means shares can trade at a persistent discount or premium to the net asset value of the underlying bonds.
What types of New York municipal bonds does the fund hold?
The portfolio concentrates on long-term, investment-grade obligations from New York State and its agencies. Core holdings include bonds from the Metropolitan Transportation Authority and the New York City Transitional Finance Authority. The fund has flexibility to hold some lower-rated securities when the manager sees value.
What risks are specific to a single-state municipal bond fund like this?
Concentrating in one state exposes the fund to New York-specific economic and fiscal conditions, including changes in state tax law, the financial health of New York City, and the economic cycle's impact on state revenue. A downturn concentrated in the New York economy would disproportionately affect the portfolio compared to a nationally diversified muni fund.
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