Fund Evaluator:
American Funds Tax-Exempt Fund of NY A (NYAAX)
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Best Performing in Muni New York Long Over the Last Year
| 6.9% | T. Rowe Price New York Municipal Bond (PRNYX) |
| 6.9% | Vanguard NY Long-Term Tax-Exempt Adm (VNYUX) |
| 6.9% | Vanguard NY Long-Term Tax-Exempt Inv (VNYTX) |
| 6.8% | Victory NY Bond (USNYX) |
| 5.9% | Fidelity Advisor NY Municipal Inc Z (FIJAX) |
Fund Details
American Funds Tax-Exempt Fund of NY A Overview
American Funds Tax-Exempt Fund of NY A (NYAAX) is an actively managed Municipal Bond Muni New York Long fund. Capital Group launched the fund in 2010.
The investment seeks a high level of current income exempt from regular federal, New York state and New York City income taxes; preservation of capital is the secondary objective. The fund seeks to achieve its objectives by primarily investing in municipal bonds issued by the state of New York and its agencies and municipalities. It will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal, New York state and New York City income taxes and that do not subject the investors to federal alternative minimum tax.
About American Funds Tax-Exempt Fund of NY A (NYAAX)
There are 2 members of the management team with an average tenure of 8.34 years: Jerome Solomon (2012), Lee Chu (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal New York Exempt TR index with a weighting of 100%. American Funds Tax-Exempt Fund of NY A has 258 securities in its portfolio. The top 10 holdings constitute 9.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
American Funds Tax-Exempt Fund of NY A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. American Funds Tax-Exempt Fund of NY A has 4.2% 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 98.6% (94.5% domestic bond, 4.2% foreign bond and 0.0% convertible bond). American Funds Tax-Exempt Fund of NY A has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $186 million in total assets, which is below the $287 million average for the Muni New York Long 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.
NYAAX 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 American Funds Tax-Exempt Fund of NY A expense ratio is average compared to funds in the Muni New York Long category. American Funds Tax-Exempt Fund of NY A has an expense ratio of 0.58%, which is 31% lower than its category average, making the fund expense ratio grade a B. 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. American Funds Tax-Exempt Fund of NY A has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 27% for the Muni New York Long category.
Recently, in the month of July 2026, American Funds Tax-Exempt Fund of NY A returned -2.0%, which earned it a grade of B, as the Muni New York Long category had an average return of -2.1%. 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.
American Funds Tax-Exempt Fund of NY A has a trailing yield of 3.33%, which is below the 3.63% category average. The fund normally distributes its income monthly.
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.
American Funds Tax-Exempt Fund of NY A Grades
Year to date, the fund has returned 0.8%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 6.2% over the past year (grade of D), 2.9% over the past three years (grade of C) and 0.1% per year over the past five years (grade of B) and 1.6% per year over the past 10 years (grade of D).
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NYAAX 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 |
|
| NYAAX Return (NAV) | -2.0% | -0.5% | 6.2% | 2.9% | 0.1% | 1.6% |
| NYAAX Grade | B | C | D | C | B | D |
| +/- Category | 0.1% | -0.0% | -0.5% | 0.0% | 0.2% | -0.1% |
| Muni New York Long Avg | -2.1% | -0.5% | 6.7% | 2.9% | -0.1% | 1.7% |
| NYAAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
NYAAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NYAAX Return (NAV) | 0.8% | 2.6% | 2.1% | 6.9% | -10.6% | 2.7% | 4.2% | 7.0% | 0.4% | 5.3% | -0.0% |
| NYAAX Grade | D | C | B | D | A | D | C | D | D | B | D |
| +/- Category | -0.1% | 0.1% | 0.2% | -0.6% | 1.3% | -0.6% | 0.1% | -0.8% | -1.0% | 0.6% | -0.7% |
| Muni New York Long Avg | 0.9% | 2.4% | 2.0% | 7.5% | -11.9% | 3.3% | 4.1% | 7.8% | 1.4% | 4.7% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 6.3% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (13% Rank) |
| Beta: | 1.09 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $301 Mil |
| Fund Total Assets: | $ 186 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 18% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.8 years | |||
| Average Tenure: 8.3 years | |||
| Managers (Year): Solomon Jerome (2012), Chu Lee (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 258 |
| % in Top 10 Holdings: | 9.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.5% |
| Foreign Bond: | 4.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | Capital Group |
| Phone Number: | 800-421-4225 |
| Website: | www.americanfunds.com |
| Status: | Open |
| Inception Date: | November 1, 2010 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.58% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.85% |
| Share Class: | American Funds Tax-Exempt Fund of NY F-2 |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
