BLACKROCK ACTIVE FIXED INCOME

Staying “active” in fixed income

In a falling rate environment, active fixed income strategies can provide the agility to potentially enhance returns while effectively managing interest rate risk. Explore how active portfolio management can help optimize your fixed income portfolio.

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BlackRock’s active fixed income platform

With $1.2 trillion of client assets entrusted to BlackRock’s active fixed income managers, we offer quality, value and choice so you can choose what’s best for your clients.1

Competitive performance

79% of our active bond mutual fund assets outperformed within their Morningstar peer groups.2

Deep market expertise

500+ global fixed income analysts employ an investment process that blends disciplined portfolio construction with regular risk & performance reviews.3

World-wide reach

20+ primary investment centers worldwide allow investment teams to benefit from sharing across asset classes and regions.4

When you’re navigating any challenging environment the best approach is to remain active and flexible.

In a highly-volatile setting, we don’t rely on outsized positions or big bets on difficult-to-predict macro trends. We stay agile and make smaller, opportunistic moves.

By staying nimble, unconstrained, and well-diversified we’re able to keep our options open to seize attractive opportunities wherever they become available.

The destination remains the same, but especially in conditions like this, the wisest path is to make a little bit of money a lot of times.

How Rick Rieder seeks to make a little bit of money a lot of times

When you’re navigating any challenging environment, we believe the best approach is to remain active and flexible. By staying nimble, unconstrained, and well-diversified our Portfolio Managers are able to seize attractive opportunities wherever they become available.

Seek ‘plus’ income with iShares Flexible Income Active ETF (BINC)

In high dispersion markets, consider BINC to help generate long-term income by investing in "plus" sectors of the fixed income market such as high yield, emerging markets debt, CLOs, and securitized assets.5
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Enhanced income

Opportunistically seeks to maximize income across a broad range of global fixed income sectors, unconstrained by traditional benchmarks.
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Flexible approach

A flexible mandate allows BINC to stay nimble and tactically rotate risk across "plus" fixed income sectors, seeking to maximize long-term income across markets.
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Efficient fund structure

BINC provides access to award-winning* portfolio management with liquidity, transparency, and potential tax efficiency from the ETF wrapper.

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So the great thing about an unconstrained about a go anywhere flexible fund like this is it's a little like a smorgasbord in that you can look at - fixed income there's 70,000 securities. And so you think about like you can just pick where the best opportunity is and you eliminate the stuff you don't want.

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And you keep doing it over and over again. 70,000 securities you think about in the world, there are central banks that are cutting interest rates, there are central banks that are not cutting interest rates. I want to own my interest rate exposure where they're cutting. I want to own the income where it's the most efficient. I want to own it.

00:00:30:19 - 00:00:51:21
In some places I would own it in Euros versus dollars. Put it together consistently in a platform that's optimized in fixed income, and just doing it over and over again. Fixed income is hard. There are, you know, in equities there are not that many expressions in fixed income there. So there's multitude of expressions and the ability to pick what the best one, sort of like you're walking down a buffet table I like that one.

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I don't need that one. And then just do it consistently. And build what is functionally the best platter.

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Carefully consider the fund's investment objectives, risk factors, and charges and expenses before investing.

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This and other information can be found in the fund's prospectuses or, if available, the summary prospectuses, which may be obtained by visiting ishares.com

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or blackrock.com.

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Read the prospectus carefully before investing.

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Past performance does not guarantee future results.

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Investing involves risk, including possible loss of principal.

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As the Fed looks to cut interest rates and short-term yields fall, you may want to consider BINC to help you navigate fluctuating markets.

Rick Rieder
BlackRock’s CIO of Global Fixed Income and Portfolio Manager for BINC

To obtain more information on the fund(s) including the Morningstar time period ratings and standardized average annual total returns as of the most recent calendar quarter and current month end, please click on the fund tile.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure (excluding any applicable sales charges) that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Performance data shown represents past performance and is no guarantee of future results.

Active fixed income funds

Objective Fund Name Ticker ETF or mutual fund
Income
I want to tap into today's higher yields. iShares Flexible Income Active ETF > BINC ETF
iShares AAA CLO Active ETF > CLOA ETF
iShares High Yield Muni Active ETF > HIMU ETF
iShares High Yield Active ETF > BRHY ETF
BlackRock High Yield Bond Fund > BHYIX Mutual fund
Seek stability
I want to put cash to work. iShares Short Duration Bond Active ETF > NEAR ETF 
BlackRock Strategic Income Opportunities Fund > BSIIX Mutual fund
Equity diversification
I want to diversify my stocks. iShares Total Return Active ETF > BRTR  ETF 
BlackRock Total Return Fund > MAHQX Mutual fund

OPTIMIZE YOUR BOND PORTFOLIO

The BlackRock Bond Pyramid is an interactive tool that showcases ways to blend active funds with bond ETFs to help meet portfolio goals or prepare for changing markets.
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I’m up at 3:45 every morning. I want to know where all the markets are. I work out for an hour then the day really gets going.

I’m Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock.

So my job is investing money for clients trying to generate returns using fixed income assets within portfolios. From being in this business for 35 years, you learn you got to be thoughtful, you got to innovate, you got to be different, and then apply that to the experience you have and the research that you’re doing.

Education for me is literally the foundation of everything. I’m chairman of the board of North Star Academy. It’s over 14 charter schools, serving 6,000 kids in the city of Newark. We started an internship program to bring high school kids in to help them with not just understanding markets, the economy, finance, but also understanding how you interface in business. We’re helping to change the future of thousands of underserved kids.

It gives you a real boost to see the difference you can make.

There’s a lot to do in a day, but when you start to see what you can get done, I think it’s safe to say that I won’t look back and wish I had slept more.

Meet Rick Rieder: Morningstar’s 2023 Outstanding Portfolio Manager

Rick Rieder, Chief Investment Officer of Global Fixed Income, was awarded the 2023 Morningstar Award for Investing Excellence, Outstanding Portfolio Manager.* Rick Rieder’s consistent approach to managing strategies like Strategic Income Opportunities, Total Return, Global Allocation and more have helped funds deliver long-term success.

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