American Funds Tax-Exempt Fund of NY F1
NYAEX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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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.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Los Angeles CA 90071 Los Angeles CA United States of America 90071
- IPO Date
- Nov 3, 2010
- CIK
- 0001496999
- Website
- capitalgroup.com
- Similar Companies
- Business
- American Funds Tax-Exempt Fund of New York F1 (NYAEX) is an open-end mutual fund that seeks a high level of current income exempt from regular federal, New York state, and New York City income taxes, with a secondary objective of capital preservation. The fund primarily invests in municipal bonds issued by the state of New York, its agencies, and municipalities, including revenue bonds (approximately 89% of net assets), general obligation bonds (approximately 7.5%), and a minor allocation to non-U.S. bonds and cash equivalents; it pays regular monthly dividends and annual capital gains in December, with an effective duration of 7.7 years, average yield to maturity of 4.5%, and portfolio turnover of 18% as of late 2025. Managed by Capital Group Companies, Inc. (headquartered in Los Angeles, California), the fund was incepted on November 1, 2010, holds over 101 issuers with total assets of approximately $286.5 million as of November 30, 2025, and targets New York-area investors through its F-1 share class, which features a net expense ratio of 0.69%, including 0.27% management fees, 0.24% other expenses, and 0.25% 12b-1 service fees; the minimum initial investment is $1,000. Key portfolio managers include Jerry Solomon (since 2012, with 33 years of investment experience) and Lee Chu (since October 2023, with 16 years of experience). In a significant recent development, shareholders were asked in 2025 proxy materials to approve changing the fund's classification from diversified to non-diversified, alongside broader Capital Group initiatives such as a partnership with KKR announced in 2024 for new fixed-income funds incorporating private credit, expected to launch in 2025. The fund maintained stable operations in 2025, with portfolio allocations as of September 30 showing consistent emphasis on New York municipal tax-exempt securities and no reported capital gains distributions year-to-date through November.