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JPMorgan New York Tax Free Bond I JNYIX

Medalist Rating as of | See JPMorgan Investment Hub
  • NAV / 1-Day Return 6.50  /  0.00
  • Total Assets 373.8 Mil
  • Adj. Expense Ratio
    0.450%
  • Expense Ratio 0.450%
  • Distribution Fee Level Below Average
  • Share Class Type Institutional
  • Category Muni New York Intermediate
  • Credit Quality / Interest Rate Sensitivity
  • Min. Initial Investment 1.0 Mil
  • Status Open
  • TTM Yield 2.74%
  • Effective Duration 4.88 years

USD | NAV as of Mar 02, 2024 | 1-Day Return as of Mar 02, 2024, 12:00 AM GMT+0

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Morningstar’s Analysis JNYIX

Medalist rating as of .

Strength in JPMorgan New York Tax Free Bond I's Process Pillar is partially offset by an Average People Pillar rating, leading to a Morningstar Medalist Rating of Neutral.

Our research team assigns Neutral ratings to strategies they’re not confident will outperform a relevant index, or most peers, over a market cycle on a risk-adjusted basis.

Strength in JPMorgan New York Tax Free Bond I's Process Pillar is partially offset by an Average People Pillar rating, leading to a Morningstar Medalist Rating of Neutral.

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Morningstar Manager Research

Summary

The portfolio maintains a cost advantage over competitors, priced within the cheapest fee quintile among peers.

The strategy benefits from the longest-tenured manager on the team's lengthy experience. This is a positive driver of the strategy's Average People Pillar rating. The strategy's sensible investment philosophy earns an Above Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained an overweight AA rated bonds and debt with 10- to 15-year maturities compared with category peers. The strategy's parent organization earns the firm an Above Average Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Rated on Published on

Morningstar's style-agnostic investment process evaluation looks for strategies that should be able to outperform their Morningstar Category index on a risk-adjusted basis over time.

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Morningstar Manager Research

Process

Above Average

JPMorgan New York Tax Free Bond Fund earns an Above Average Process Pillar rating.

The largest contributor to the rating is the parent firm's five-year risk-adjusted success ratio of 57%. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median Morningstar Risk-Adjusted Return for the period. The parent firm's impressive risk-adjusted performance, as shown by its average 10-year Morningstar Rating of 3.3 stars, also influences the rating. Lastly, the process is limited by the number of months that the management team has been running this vehicle together.

Compared with other funds in the Muni New York Intermediate Morningstar Category, this fund takes on significantly lower credit risk. But in terms of long-term interest-rate sensitivity, it hews closely to its average peer over the past few years. Opening the analysis to additional factors, the portfolio has displayed biases over time, whether towards or away from certain fixed-income instruments. Relative to the average strategy in the category, the managers have been overweight AA rated bonds in recent years. In the latest month, the strategy has relatively overweighted AA rated bonds compared with its peers as well. Additionally, there's been an overweight position in debt with 10- to 15-year maturities over the past few years. Compared with category peers, the strategy had more exposure to debt with 10- to 15-year maturities in the most recent month. Finally, during the past few years, the fund leaned away from corporate bonds. Nevertheless, the fund's corporate bonds exposure was in line with peers in the latest month.

This strategy has a 2.7% 12-month yield, higher than its average peer's 2.4%. Plus, its 30-day SEC yield (a measure similar to yield-to-maturity) sits at 2.8%. While a higher yield may deliver more income, it also tends to indicate higher credit risk. But that isn't always the case. Over the past 12 months, the average yield of the fund has been higher than the average yield of its Morningstar Category peers. The portfolio's average surveyed credit quality is on par with peers, with both the fund and the average being rated A.

Rated on Published on

JPMorgan New York Tax Free Bond Fund earns an Average People Pillar rating.

null Morningstar Manager Research

Morningstar Manager Research

People

Average

Kevin M. Ellis, the longest-tenured manager on the strategy, provides strong guidance, offering over 25 years of listed portfolio management experience. The average Morningstar Rating of the strategies they currently manage is 2.6 stars, indicating that their risk-adjusted returns have underperformed the category average. Kevin M. Ellis is supported by an experienced team, being able to draw on three additional listed managers, who average 15 years of listed portfolio management experience. As a team, they manage two investment vehicles together, with a Neutral asset-weighted average Morningstar Medalist Rating, indicating the team will struggle to deliver positive alpha in aggregate. None of the managers here invest any money in the strategy, which is disappointing, as such investments help align managers' interests with fundholders.

Note: The People Pillar rating is indirectly assigned by an analyst. At least one of the managers on this fund manages a different product rated by an analyst. The analyst-assigned People Pillar rating(s) for these managers are combined with algorithmic scores for any non-covered managers on a tenure-weighted basis.

Rated on Published on

A well-resourced, thoughtful, and disciplined steward of client assets, JPMorgan Asset Management maintains an Above Average Parent rating.

Associate Director Emory Zink

Emory Zink

Associate Director

Parent

Above Average

As of 2022, this investment stalwart manages more than USD 2.5 trillion in AUM. Composed of various global cohorts and diverse asset classes, the firm has more tightly integrated its capabilities in recent years, notably through the development of proprietary analytical and risk systems. Investment teams are robustly staffed and helmed by seasoned contributors. The firm’s strategies tend to produce reliable portfolios, and several flagship offerings are Morningstar Medalists. Manager incentives align with fundholders'; compensation reflects longer-term performance factors, and portfolio managers invest in the firm’s strategies as part of their compensation plans.

The firm’s funds tend to be well-priced, but they aren’t as competitive as many highly regarded peers of similar scale. Recent product launches include thematic and single-country strategies, both of which carry the potential for volatile performance and flows, along with misuse by investors. The firm remains intrepid when it comes to developing an environmental, social, and governance-focused framework and continues to move into other areas such as direct indexing through its 55iP acquisition and China through its joint venture, but these complicated initiatives take time to assess any real and lasting effect.

Rated on Published on

This strategy's Institutional share class' long-term performance is mixed depending on the yardstick used.

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Morningstar Manager Research

Performance

It has provided similar returns compared with peers, but poor returns compared with the category benchmark. This share class mirrored the category average's 1.4% return over the eight-year period and its 1.8% return over a 10-year period. However, it was more difficult to outpace the category index, Bloomberg Barclays Municipal New York Tax-Exempt Bond Index, where it lagged by an annualized 89 basis points over the same 10-year period.

Finally, the share class proved itself ineffective as it was unable to generate alpha, over the same 10-year period, against the category group index: a benchmark that encapsulates the performance of the broader asset class.

Published on

It is imperative to evaluate fees, which compound over time and diminish returns.

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Morningstar Manager Research

Price

This share class levies a fee that places it in its Morningstar Category's cheapest quintile. Despite this fee, the fund’s People, Process, and Parent Pillars suggest this share class is probably best avoided, as it does not offer investors a good chance at producing positive alpha versus its peer benchmark, earning it a Morningstar Medalist Rating of Neutral.

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Portfolio Holdings JNYIX

  • Current Portfolio Date
  • Equity Holdings
  • Bond Holdings
  • Other Holdings
  • % Assets in Top 10 Holdings 15.2
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

JPMorgan Instl Tx Fr Mny Mkt Agcy

4.88 18.1 Mil
Cash and Equivalents

UTILITY DEBT SECURITIZATION AUTH N Y 5%

3.35 12.4 Mil
municipal

NEW YORK ST TWY AUTH ST PERS INCOME TAX REV 5%

1.53 5.6 Mil
municipal

NEW YORK ST DORM AUTH REVS 5.5%

1.43 5.3 Mil
municipal

NEW YORK ST URBAN DEV CORP REV 5.5%

1.39 5.1 Mil
municipal

NEW YORK ST DORM AUTH SALES TAX REV ST SUPPORTED DEBT 5%

1.39 5.1 Mil
municipal

NEW YORK ST URBAN DEV CORP ST SALES TAX REV 4%

1.35 5.0 Mil
municipal

NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 4%

1.23 4.6 Mil
municipal

NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV 5.25%

1.19 4.4 Mil
municipal

NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV 5%

1.17 4.3 Mil
municipal