New Jersey Tax-Free Bond Fund
NJTFX
NASDAQ- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 100 East Pratt Street Baltimore MD United States of America 21202
- IPO Date
- Sep 13, 2016
- CIK
- 0000795384
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price New Jersey Tax-Free Bond Fund (NJTFX) is a municipal bond mutual fund that seeks to provide the highest level of income exempt from federal and New Jersey state income taxes, consistent with prudent portfolio management, by investing primarily in investment-grade New Jersey municipal bonds. The fund normally invests at least 80% of its net assets, including any borrowings for investment purposes, in investment-grade bonds issued by or on behalf of New Jersey state, its political subdivisions, agencies, or instrumentalities; these bonds include general obligation bonds, revenue bonds such as those from state turnpike authorities, economic development authorities, health care facilities financing authorities, educational facilities authorities, and improvement authorities; top holdings feature securities like New Jersey ST Tpk Auth Tpk Rev 5%, New Jersey Economic Dev Auth Rev 5.375%, and New Jersey Health Care Facs Fing Auth Rev 5%. It maintains a portfolio with a weighted average maturity exceeding 15 years, modified duration to worst of approximately 6.41 years, and low cash holdings around 3.2%, focusing on mid credit quality and extremely high interest-rate sensitivity within the Muni New Jersey category. Founded on April 30, 1991, and domiciled in the United States, the fund is managed by T. Rowe Price Associates, Inc., headquartered at 100 E. Pratt Street, Baltimore, MD 21202, with current portfolio manager Timothy Taylor since January 1, 2023. It targets New Jersey residents seeking tax-exempt income, offering monthly dividends and December capital gains distributions, with a net expense ratio of 0.57%, no front-end or deferred loads, a minimum initial investment of $2,500 ($1,000 for IRAs), and subsequent investments of $100. Total net assets stand at approximately $357.67 million, with the share class at $223.06 million as of recent data. In recent developments, the fund experienced a portfolio manager transition with Timothy Taylor assuming lead management on January 1, 2023, amid ongoing positive flows into municipal bond funds and elevated but manageable new issuance volumes in the sector; performance reflects year-to-date returns around 3.49%, five-year average annualized returns of 1.13%, and a portfolio turnover of 30.3% for the latest annual period. No major acquisitions, funding rounds, or structural reorganizations have been reported in the past 1-2 years, with the strategy maintaining its core focus on long-duration, investment-grade New Jersey munis.