Invesco Trust for Investment Grade New York Municipals Common Stock (VTN)

FairStock Score: 54/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Looking at VTN, I see a closed-end fund that owns investment-grade New York municipal bonds. That can be a decent income vehicle, but it is not an operating business with pricing power or a durable competitive moat; its results depend on credit quality, duration, leverage, and the municipal market. The dividend yield of 8.19% is attractive, and the price of $9.41 on 2026-10-13 sits below the $12.10 52-week high and above the $8.99 low. FairStock's P/B of 0.84 suggests the market values it at a discount to book, and beta of 0.69 implies lower volatility than the broad market. But quality metrics are weak. FairStock's ROE is 2.72%, ROCE is 2.60%, and the Piotroski F-Score is 0/9. The Altman Z-Score of 1.08 is in a zone that would normally raise concern. Debt-to-equity of 0.47 reflects fund leverage, which can magnify both income and losses. On valuation, FairStock's P/E is 31.37, the Graham Number is $8.68, and the margin of safety is -8.41%, meaning the price is above that conservative estimate. Growth cannot be judged: revenue and profit growth are not available, and there are only 0 years of filed annual results, so no Lynch category is assigned. For a Graham-style investor, this looks like a leveraged income fund trading close to, or slightly above, its conservative value, with high yield but thin return on capital. I would want evidence of stable book value, coverage of distributions, and lower leverage before calling the price compelling.

In plain English: This fund owns investment-grade New York municipal bonds and pays income to shareholders. Its profitability looks weak, and its financial-strength scores are poor, so business quality appears below average. At $9.41, the price is slightly above a conservative value estimate of $8.68, but it trades below accounting book value and pays a high income distribution, so it looks roughly fair to slightly expensive on the numbers given.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer