Fixed Income

BEDIX

Emerging Markets Flexible Dynamic Bond Fund

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y
15.51 3.11 5.51 4.55
Benchmark (%) 1.08 1.92 1.50 0.90
Morningstar Category Avg. (%) 3.44 2.99 3.88 2.86
Morningstar Ranking 6/316 155/269 42/240 5/94
Morningstar Quartile 1 3 1 1
Lipper Category Avg. (%) 2.79 2.35 5.96 1.20
Lipper Ranking 6/261 199/244 174/194 44/68
Lipper Quartile 1 4 4 3
  YTD 1m 3m 1y 3y 5y 10y
15.51 3.92 8.00 15.51 9.63 30.76 56.08
Benchmark (%) 1.08 0.02 0.06 1.08 5.86 7.75 9.41
Morningstar Category Avg. (%) 3.44 1.28 3.57 3.44 9.24 20.94 32.62
Lipper Category Avg. (%) 2.79 3.64 9.86 2.79 7.34 33.92 13.05
  2016 2017 2018 2019 2020
Total Return (%) 12.89 5.66 -10.73 6.32 15.51
Benchmark (%) 0.66 1.11 2.08 2.60 1.08
Morningstar Category Avg. (%) 5.28 4.06 -1.17 6.69 3.44
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.

The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund. The predecessor fund's returns between September 3, 2012 and January 2, 2014 are the returns of the predecessor fund when it followed different investment strategies under the name “BlackRock Emerging Market Local Debt Portfolio." The predecessor fund's returns prior to September 3, 2012 are the returns of the predecessor fund when it followed different investment strategies under the name "BlackRock Emerging Market Debt Portfolio."

Key Facts

Key Facts

Size of Class (Millions) as of Mar 05, 2021 $21.6 M
Size of Fund (Millions) as of Mar 05, 2021 $87.5 M
Share Class launch date Feb 01, 2008
Asset Class Fixed Income
Morningstar Category Nontraditional Bond
Lipper Classification Emerging Mkts Debt Funds
Benchmark Index LIBOR 3 Month Index
CUSIP 09260B820
Distribution Frequency None
Number of Holdings as of Feb 26, 2021 496
Max Offer Price as of Mar 05, 2021 $8.56
Open to New Investors Yes
Turnover Percent in the Annual Report 324%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Feb 28, 2021 0.46
R-Squared (3y) as of Feb 28, 2021 0.20
Beta (3y) as of Feb 28, 2021 -1.53
30 Day SEC Yield as of Jan 31, 2021 4.98%
Unsubsidized 30-Day SEC Yield as of Jan 31, 2021 4.36%
Yield to Maturity as of Feb 26, 2021 6.65%
Yield to Worst as of Feb 26, 2021 6.65%
Weighted Average Life as of Feb 26, 2021 15.63 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 12.17%
Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2018 -6.82%
Fund Standard Deviation (3y) as of Feb 28, 2021 10.32
Effective Duration 4.82 yrs

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.

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Feb 05, 2021 BB
MSCI ESG Quality Score (0-10) as of Feb 05, 2021 3.1
MSCI ESG Quality Score - Peer Percentile as of Feb 05, 2021 51.62%
MSCI ESG % Coverage as of Feb 05, 2021 91.66%
Fund Lipper Global Classification as of Feb 05, 2021 Bond Emerging Markets Global HC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 05, 2021 397.70
Funds in Peer Group as of Feb 05, 2021 401
All data is from MSCI ESG Fund Ratings as of Feb 05, 2021, based on holdings as of Oct 31, 2020. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of Jan 29, 2021 0.00%
MSCI - UN Global Compact Violators as of Jan 29, 2021 6.42%
MSCI - Nuclear Weapons as of Jan 29, 2021 0.00%
MSCI - Thermal Coal as of Jan 29, 2021 0.00%
MSCI - Civilian Firearms as of Jan 29, 2021 0.00%
MSCI - Oil Sands as of Jan 29, 2021 0.00%
MSCI - Tobacco as of Jan 29, 2021 0.00%

Business Involvement Coverage as of Jan 29, 2021 6.41%
Percentage of Fund not covered as of Jan 29, 2021 93.59%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.13%
Net Expense Ratio 0.68%

Net Expense Ratio excluding Investment Related Expenses is 0.68%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Emerging Markets Flexible Dynamic Bond Fund, Class Inst, as of Feb 28, 2021 rated against 270 Nontraditional Bond Funds based on risk adjusted total return.

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 Feb 28, 2021 out of 240, 6,083, 240, 416 and 240 Funds, respectively in Lipper's Emerging Mkts Debt Funds classification.

Holdings

Holdings

as of Feb 26, 2021
Name Weight (%)
UNITED STATES TREASURY 11.99
EGYPT (ARAB REPUBLIC OF) 9.26
UKRAINE REPUBLIC OF (GOVERNMENT) 7.44
OMAN SULTANATE OF (GOVERNMENT) 6.77
GHANA (REPUBLIC OF) 5.64
Name Weight (%)
PETROBRAS GLOBAL FINANCE BV 4.51
GABON REPUBLIC OF (GOVERNMENT) 4.31
DOMINICAN REPUBLIC (GOVERNMENT) 3.95
INDONESIA (REPUBLIC OF) 3.84
PETROLEOS MEXICANOS 3.83

Exposure Breakdowns

Exposure Breakdowns

as of Feb 26, 2021

% of Market Value

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as of Feb 26, 2021

% of Market Value

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as of Feb 26, 2021

% of Market Value

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as of Feb 26, 2021

% of Market Value

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Allocations subject to change.
as of Feb 26, 2021

% of Market Value

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as of Feb 26, 2021

% of Market Value

Type Fund
as of Feb 26, 2021

% of Market Value

Type Fund
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

Sergio Trigo Paz
Head of BlackRock Emerging Markets Fixed Income

    

Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak
Portfolio Manager

Literature

Literature

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