Fixed Income

BGNIX

BlackRock Mortgage-Backed Securities Fund

  • NAV as of May 14, 2025 $7.78
    52 WK: 7.67 - 8.19
  • 1 Day NAV Change as of May 14, 2025 -0.03 (-0.35%)
  • NAV Total Return as of May 14, 2025 YTD: 1.28%

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 (%) 4.99 0.22 -0.64 0.88
Benchmark (%) 5.39 0.55 -0.69 1.11
Morningstar Category Avg. (%) 4.99 0.35 -0.91 0.80
Morningstar Ranking 106/228 88/217 66/206 71/171
Morningstar Quartile 3 3 2 2
Lipper Category Avg. (%) 4.96 0.58 -0.61 0.74
Lipper Ranking 120/149 92/129 82/117 55/86
Lipper Quartile 4 3 3 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 2.85 -0.03 2.85 4.99 0.67 -3.18 9.20
Benchmark (%) 3.06 -0.02 3.06 5.39 1.67 -3.41 11.63
Morningstar Category Avg. (%) 2.96 0.16 2.96 4.99 1.04 -4.46 8.28
Lipper Category Avg. (%) 2.78 0.10 2.78 4.96 1.76 -2.97 7.72
  2020 2021 2022 2023 2024
Total Return (%) 4.19 -1.14 -12.55 5.16 1.30
Benchmark (%) 3.68 -1.45 -10.76 5.40 1.20
Morningstar Category Avg. (%) 5.65 -1.88 -11.27 4.42 1.04

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. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of May 14, 2025
$245.9 M
Share Class launch date
May 18, 1998
Benchmark Index
Bloomberg US MBS Index
Morningstar Category
Intermediate Government
CUSIP
09260B697
Open to New Investors
Yes
Size of Class (Millions)
as of May 14, 2025
$99.3 M
Asset Class
Fixed Income
Distribution Frequency
None
Lipper Classification
US Mortgage Funds
Max Offer Price
as of May 14, 2025
$7.78
Turnover Percent in the Annual Report
as of Sep 30, 2024
1,338.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Apr 30, 2025
344
Alpha (3y)
as of Apr 30, 2025
-0.02
R-Squared (3y)
as of Apr 30, 2025
99.00
Beta (3y)
as of Apr 30, 2025
0.99
Unsubsidized 30-Day SEC Yield
as of Apr 30, 2025
3.87%
Effective Duration
as of Apr 30, 2025
5.54 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.95%
30 Day SEC Yield
as of Apr 30, 2025
4.23%
Yield to Maturity
as of Apr 30, 2025
5.49%
Fund Standard Deviation (3y)
as of Apr 30, 2025
8.25
Average Coupon
as of Apr 30, 2025
3.48%
Yield to Worst
as of Apr 30, 2025
5.49%
Weighted Average Life
as of Apr 30, 2025
9.40 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-9.70%

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 0.66%
Net Expense Ratio 0.43%

Net Expense Ratio excluding Investment Related Expenses is 0.42%

  • 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 Apr 30, 2025 out of 133, 6,092, 133, 86 and 133 Funds, respectively in Lipper's US Mortgage Funds classification.

Holdings

Holdings

as of Apr 30, 2025
Name Weight (%)
UNIFORM MBS 51.13
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 26.17
FEDERAL HOME LOAN MORTGAGE CORPORATION 21.02
FEDERAL NATIONAL MORTGAGE ASSOCIATION 12.00
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 9.01
Name Weight (%)
FNMA_24-38A-FE 1.94
GNMA_15-187D-C 1.88
FNMA_24-30D-FC 1.75
GNMA_15-55-A 1.44
GNMA_15-79-MY 1.11
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 Apr 30, 2025

% Notional Exposures

Type Fund Benchmark Net
as of Apr 30, 2025

% Market Value

Type Fund Benchmark Net
as of Apr 30, 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.

Daniel Someck
Daniel Someck
Nicholas Kramvis
Nicholas Kramvis
Siddharth Mehta
Siddharth Mehta
Director, Portfolio Manager

   

Read More

Siddharth Mehta, Director, is a portfolio manager on BlackRock's Customized Multi-Sector platform. 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 earned a BS degree, magna cum laude, in electrical engineering from the University of Michigan in 2005.

Portfolio Manager
Read the Team's Commentary

Literature

Literature

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