BlackRock's New Jersey Municipal Bond Fund returned 2.83% in Q2, driven by A-rated and long-term bonds. The fund stays focused on tax-backed, education, and health care sectors.
BlackRock's New Jersey Municipal Bond Fund returned 2.83% for Institutional shares and 2.77% for Investor A shares during the second quarter, the fund manager said in a commentary. Performance was driven by A-rated securities and longer-maturity bonds, with heavy exposure to tax-backed and education municipal issuers.
The fund kept its focus on A-rated, long-term New Jersey municipal debt, spread across tax-backed, education, health care, transportation, and local government sectors. BlackRock said the positioning aims to deliver income while maintaining broad coverage of the state's municipal market.
Weaker results came from pre-refunded and escrowed bonds, utilities, and cash holdings, as well as shorter-maturity and higher-coupon bonds. The fund's concentration in New Jersey issues means local economic or regulatory shifts can have an outsized impact, the commentary noted.
At quarter-end the fund remained tilted toward longer maturities and A-rated credits, with no plan to alter its state-specific mandate.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.