Fund Evaluator:
BlackRock NJ Municipal Bond Instl (MANJX)
Follow This Fund
Best Performing in Muni New Jersey Over the Last Year
| 6.9% | Invesco New Jersey Municipal Y (ONJYX) |
| 6.7% | Vanguard NJ Long-Term Tax-Exempt Adm (VNJUX) |
| 6.6% | Vanguard NJ Long-Term Tax-Exempt Inv (VNJTX) |
| 6.5% | T. Rowe Price New Jersey Municipal Bond (NJTFX) |
| 4.8% | Fidelity New Jersey Municipal Income (FNJHX) |
Fund Details
BlackRock NJ Municipal Bond Instl Overview
BlackRock NJ Municipal Bond Instl (MANJX) is an actively managed Municipal Bond Muni New Jersey fund. BlackRock launched the fund in 1990.
The investment seeks to provide shareholders with income exempt from Federal income tax and New Jersey personal income taxes. The fund invests primarily in a portfolio of long-term investment grade New Jersey municipal bonds. Under normal circumstances, it will invest at least 80% of its assets in New Jersey municipal bonds. At least 80% of the fund's assets will be invested in investment grade securities. The fund's weighted average maturity will be more than ten years. It is non-diversified.
About BlackRock NJ Municipal Bond Instl (MANJX)
There are 3 members of the management team with an average tenure of 5.62 years: Phillip Soccio (2017), Christian Romaglino (2022), Kristi Manidis (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100%, Bloomberg Municipal NJ Exempt TR USD index with a weighting of 90% and Bloomberg HY Muni TR USD index with a weighting of 10%. BlackRock NJ Municipal Bond Instl has 205 securities in its portfolio. The top 10 holdings constitute 21.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BlackRock NJ Municipal Bond Instl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. BlackRock NJ Municipal Bond Instl has 4.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.3% (94.8% domestic bond, 4.6% foreign bond and 0.0% convertible bond). BlackRock NJ Municipal Bond Instl has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $187 million in total assets, which is above the $176 million average for the Muni New Jersey category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MANJX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BlackRock NJ Municipal Bond Instl expense ratio is average compared to funds in the Muni New Jersey category. BlackRock NJ Municipal Bond Instl has an expense ratio of 0.53%, which is 33% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BlackRock NJ Municipal Bond Instl has a portfolio turnover rate of 33%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 26% for the Muni New Jersey category.
Recently, in the month of July 2026, BlackRock NJ Municipal Bond Instl returned -2.0%, which earned it a grade of F, as the Muni New Jersey category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BlackRock NJ Municipal Bond Instl has a trailing yield of 3.79%, which is above the 3.26% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BlackRock NJ Municipal Bond Instl Grades
Year to date, the fund has returned 0.7%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 6.1% over the past year (grade of C), 3.2% over the past three years (grade of C) and 0.5% per year over the past five years (grade of B) and 2.1% per year over the past 10 years (grade of B).
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MANJX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MANJX Return (NAV) | -2.0% | -0.6% | 6.1% | 3.2% | 0.5% | 2.1% |
| MANJX Grade | F | C | C | C | B | B |
| +/- Category | -0.2% | -0.0% | 0.2% | 0.2% | 0.2% | 0.2% |
| Muni New Jersey Avg | -1.8% | -0.6% | 5.9% | 3.0% | 0.3% | 1.9% |
| MANJX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
MANJX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MANJX Return (NAV) | 0.7% | 3.9% | 1.4% | 7.7% | -10.2% | 3.0% | 4.6% | 7.5% | 1.1% | 7.1% | 0.5% |
| MANJX Grade | C | B | D | B | C | B | B | C | D | A | C |
| +/- Category | 0.1% | 0.5% | -0.4% | 0.9% | -0.1% | 0.4% | 0.2% | -0.1% | -1.4% | 2.8% | -0.3% |
| Muni New Jersey Avg | 0.6% | 3.4% | 1.9% | 6.7% | -10.1% | 2.6% | 4.4% | 7.6% | 2.5% | 4.3% | 0.8% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (73% Rank) |
| Beta: | 1.05 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $312 Mil |
| Fund Total Assets: | $ 187 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 33% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.2 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Soccio Phillip (2017), Romaglino Christian (2022), Manidis Kristi (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 205 |
| % in Top 10 Holdings: | 21.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.8% |
| Foreign Bond: | 4.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | August 31, 1990 |
| Min. Initial Purchase: | $2,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.53% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.79% |
| Share Class: | BlackRock NJ Municipal Bond Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
