BlackRock's muni funds slow to rebound from Covid crunch

BlackRock mutual funds loaded with municipal debt have been slower to recover losses incurred over the first three months of the year than other fixed income funds sponsored by the asset management giant.

Risk Quantum analysed the cumulative year-to-date returns of 30 fixed income mutual funds sold by BlackRock to institutions at March 31 and May 31. The average fund had returned -3.97% over the three months to end-March and -0.31% over the five months to end-May – a 366 basis point improvement