PIMCO New York Municipal Bond Fund Institutional Class (PNYIX)
PIMCO New York Municipal Bond Fund Institutional Class operates in the Asset Management industry of the Financial Services sector, headquartered in Newport Beach, CA, US. The stock last traded at $10.16, down 0.39% on the session, giving a market capitalisation of $973.0M. Its beta of 0.95 implies it has historically moved less than the broad market.
This investment vehicle primarily aims to generate a high level of current income that is exempt from both federal and New York State income taxes, with capital growth serving as a secondary objective. Typically, at least 80% of the fund's assets are allocated to debt securities. The interest income from these securities, as affirmed by the issuer's bond counsel at their issuance, must be free from regular federal and New York income taxation, hence their designation as "New York Municipal Bonds." The fund has no limitations on acquiring "private activity" bonds, even though their interest is considered a tax-preference item for purposes of the federal Alternative Minimum Tax (AMT). Furthermore, the fund retains the option to utilize derivative financial instruments. It operates as a non-diversified fund.
PIMCO New York Municipal Bond Fund Institutional Class is most often compared with the following Financial Services names: