Fixed Income

BBGPX

BlackRock Mortgage-Backed Securities Fund

  • NAV as of Jan 12, 2026 $8.09
    52 WK: 7.65 - 8.14
  • 1 Day NAV Change as of Jan 12, 2026 $-0.01 (-0.12%)
  • NAV Total Return as of Jan 12, 2026 YTD: 0.38%

Overview

About this Fund

1. Seeking Quality and Diversification in Mortgage-Backed Securities
2. Access BlackRock’s Scale and Deep Mortgage Bond Expertise
3. A History of Risk-Adjusted Returns

Investment Approach

Invests at least 80% of its assets in mortgage-backed securities, including but not limited to, securities issued by the Federation National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Government National Mortgage Association (GNMA) as well as other U.S. Government securities.

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Performance

Performance

  1y 3y 5y 10y
Total Return (%)

as of Dec 31, 2025

8.54 4.95 0.02 1.42
Benchmark (%)

as of Dec 31, 2025

8.58 4.90 0.15 1.59
Morningstar Category Avg. (%)

as of Dec 31, 2025

7.52 4.51 0.15 1.30
Morningstar Ranking

as of Dec 31, 2025

18/134 15/130 66/129 51/111
Morningstar Quartile

as of Dec 31, 2025

1 1 3 2
Lipper Category Avg. (%)

as of Dec 31, 2025

7.19 4.40 0.05 1.18
Lipper Ranking

as of Dec 31, 2025

41/156 66/143 71/126 60/97
Lipper Quartile

as of Dec 31, 2025

2 2 3 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%)

as of Dec 31, 2025

8.54 0.30 1.64 8.54 15.60 0.10 15.15
Benchmark (%)

as of Dec 31, 2025

8.58 0.21 1.71 8.58 15.43 0.74 17.09
Morningstar Category Avg. (%)

as of Dec 31, 2025

7.52 0.03 1.38 7.52 14.16 0.75 13.82
Lipper Category Avg. (%)

as of Dec 31, 2025

7.19 0.03 1.28 7.19 13.79 0.29 12.52
  2021 2022 2023 2024 2025
Total Return (%) -1.10 -12.44 5.21 1.22 8.54
Benchmark (%) -1.45 -10.76 5.40 1.20 8.58
Morningstar Category Avg. (%) -1.39 -10.50 4.61 1.52 7.52

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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. The Fund’s and predecessor fund’s total returns prior to January 28, 2025 as reflected in the bar chart and table are the returns of the Fund and the predecessor fund, as applicable, when each followed a different investment objective and different investment strategies and process under the name “BlackRock GNMA Portfolio”.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Jan 12, 2026
$174.5 M
Share Class launch date
Dec 20, 2002
Benchmark Index
Bloomberg U.S. MBS Index
Lipper Classification
US Mortgage Funds
Max Offer Price
as of Jan 12, 2026
$8.09
Turnover Percent in the Annual Report
as of Sep 30, 2025
2,132.00%
Size of Class (Millions)
as of Jan 12, 2026
$23.3 M
Asset Class
Fixed Income
Morningstar Category
Government Mortgage-Backed Bond
CUSIP
09260B689
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Dec 31, 2025
345
Alpha (3y)
as of Dec 31, 2025
0.02
R-Squared (3y)
as of Dec 31, 2025
99.63
Beta (3y)
as of Dec 31, 2025
0.95
Unsubsidized 30-Day SEC Yield
as of Nov 30, 2025
4.13%
Weighted Average Life
as of Dec 31, 2025
7.37 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.99%
30 Day SEC Yield
as of Nov 30, 2025
4.36%
Yield to Maturity
as of Dec 31, 2025
5.09%
Fund Standard Deviation (3y)
as of Dec 31, 2025
6.47
Average Coupon
as of Dec 31, 2025
3.58%
Yield to Worst
as of Dec 31, 2025
5.09%
Effective Duration
as of Dec 31, 2025
5.63 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-5.56%

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.53%
Net Expense Ratio 0.38%

Net Expense Ratio excluding Investment Related Expenses is 0.37%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.01%

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Mar 31, 2025)
Analyst-Driven % as of Mar 31, 2025
100.00
Data Coverage % as of Mar 31, 2025
100.00

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 Dec 31, 2025 out of 145, 5,996, 145, 96 and 145 Funds, respectively in Lipper's US Mortgage Funds classification.

Holdings

Holdings

as of Dec 31, 2025
Name Weight (%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 32.69
UNIFORM MBS 24.36
FEDERAL HOME LOAN MORTGAGE CORPORATION 22.40
FEDERAL NATIONAL MORTGAGE ASSOCIATION 13.78
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 6.98
Name Weight (%)
GNMA_15-55-A 1.87
GNMA_15-79-MY 1.68
GNMA_20-149H-IA 1.33
GNMA_15-106-DY 1.18
FHLMC_5052-KI 1.13
Name Market Value Weight (%) Shares Maturity Coupon (%)
Detailed Holdings and Analytics
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Dec 31, 2025

% Notional Exposures

Type Fund Benchmark Net
as of Dec 31, 2025

% Market Value

Type Fund Benchmark Net
as of Dec 31, 2025

% 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

Matthew Kraeger
Matthew Kraeger
Managing Director, Global Fixed Income

    

Read More

Matthew Kraeger, Managing Director, is Co-Head of the Agency Mortgage Team and lead portfolio manager for mortgage portfolios within Global Fixed Income.

Mr. Kraeger has been a portfolio manager within the mortgage team since 2004, serving as a PM across both institutional accounts and retail funds. He is a portfolio manager on the BlackRock GNMA Fund and BlackRock US Mortgage Fund. Mr. Kraeger co-led BlackRock’s effort to develop an agency MBS sustainable investing framework and is a portfolio manager on the BlackRock Impact Mortgage Fund and the BGF US Government Mortgage Impact Fund. Mr. Kraeger is a member of BlackRock’s Fixed Income ESG Committee.

He began his investment career as an analyst in BlackRock's trade operations department in 2000 and joined the Portfolio Analytics Group in 2002. Mr. Kraeger earned a BS degree in finance from Syracuse University.

Siddharth Mehta
Siddharth Mehta
Director, Portfolio Manager

   

Read More

Siddharth Mehta, Director, is Head of Customized Core and Core Plus Business within the Global Fixed Income (GFI) group at BlackRock. He is also a portfolio manager on the Short Duration, Total Return, and Core Bond Portfolios. Additionally, he serves as a voting member on a number of private capital investment committees, such as BlackRock’s Commercial Mortgage Loan Investment Committee, and the Securitized Assets Investment Committee.

 

Prior to taking on his current responsibilities, Mr. Mehta was a portfolio manager on BlackRock's agency mortgage and securitized products portfolios. Mr. Mehta joined the Portfolio Management Group in 2008. From 2006 to 2008, Mr. Mehta was a member of BlackRock's Risk and Quantitative Analytics Group, where he was responsible for supporting the mortgage team. Mr. Mehta began his investment career with BlackRock as an analyst in the Portfolio Analytics Group. Mr. Mehta is a member of the Mental Health Ambassador program, serving as a resource to colleagues on issues around mental health.

 

Mr. Mehta earned a BS degree, magna cum laude, in electrical engineering from the University of Michigan in 2005.

Daniel Someck
Daniel Someck
Nicholas Kramvis
Nicholas Kramvis
Portfolio Manager
Read the Team's Commentary

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature