Fixed Income

BGNIX

GNMA Fund

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
3.54 3.21 2.63 4.97 5.27
Benchmark (%) Index: BBG Barc Fixed-Rate GNMA MBS Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 3.49 3.37 2.42 4.69 -
Morningstar Category Avg. (%) Intermediate Government 2.88 2.69 1.85 3.93 -
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 55/315 62/301 21/289 9/218 -
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 1 1 1 1 -
Lipper Category Avg. (%) GNMA Funds 2.46 2.58 1.85 4.23 -


The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of 07-Dec-2016 $446.6 M
Size of Fund (Millions) as of 07-Dec-2016 $798.7 M
Share Class launch date 18-May-1998
Asset Class Fixed Income
Morningstar Category Intermediate Government
Lipper Classification GNMA Funds
Benchmark Index BBG Barc Fixed-Rate GNMA MBS Index
CUSIP 091929695
Net, Excluding Investment Related Expenses 0.42%
Gross Expense Ratio 0.70%
Contractual End Date 31-Jan-2018
Number of Holdings as of 30-Nov-2016 224
Max Offer Price as of 07-Dec-2016 $9.70
Open to New Investors Yes
Turnover Percent as of 30-Nov-2016 1,139%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of 30-Nov-2016 96.12
Beta (3y) as of 30-Nov-2016 1.01
Best 3-Month Return Over the Last 3 Years 3 months ending 30-Jun-2014 2.53%
Worst 3-Month Return Over the Last 3 Years 3 months ending 30-Nov-2016 -1.34%

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Morningstar Rating

Overall Morningstar Rating for GNMA Fund, Class Inst, as of 30-Nov-2016 rated against 259 Intermediate Government Funds.

Lipper Leader

 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of 30-Nov-2016 out of 58, 5,686, 58, 67 and 58 Funds, respectively in Lipper's GNMA Funds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 08-Nov-2016) ‡

Holdings

Holdings

as of 30-Nov-2016
Name Weight (%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 69.65
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 17.80
N/A Issuer Name 9.97
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.21
GNMA_15-187-C 2.35
Name Weight (%)
GNMA_15-55-A 2.20
UNITED STATES TREASURY 2.17
GNMA_15-103-B 1.57
GNMA_11-71-GF 1.00
FEDERAL HOME LOAN MORTGAGE CORPORATION - GOLD 0.92

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
as of 31-Oct-2016

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 31-Oct-2016

% Market Value

Type Fund Benchmark Net
Type Fund Benchmark Net
as of 31-Oct-2016

% Market Value

Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Managing Director, Head of Customized Multi-Sector Portfolios

  

Matthew Kraeger
Lead Portfolio Manager, Mortgage Portfolios
Portfolio Manager

Literature

Literature

 

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