Fixed Income

BGNIX

GNMA Fund

  • NAV as of Sep 20, 2023 $7.67
    52 WK: 7.54 - 8.19
  • 1 Day NAV Change as of Sep 20, 2023 -0.01 (-0.13%)
  • NAV Total Return as of Sep 20, 2023 YTD: -0.22%

Overview

About this Fund

  • Seeking Safety in GNMA
  • Access BlackRock's Deep Bond Expertise
  • Pursuing Protection and Income

Investment Approach

Invests at least 80% of its assets in securities issued by the Government National Mortgage Association (GNMA) as well as other U.S. government securities in the 5- to 10-year maturity range.

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Performance

Performance

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 149.74

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.



  1y 3y 5y 10y
Total Return (%) -2.13 -3.91 -0.17 0.84
Benchmark (%) -1.13 -3.52 0.08 1.07
Morningstar Category Avg. (%) -1.96 -3.95 0.13 0.74
Morningstar Ranking 130/233 103/224 144/214 69/175
Morningstar Quartile 3 2 3 2
Lipper Category Avg. (%) -1.84 -3.60 -0.22 0.57
Lipper Ranking 34/53 38/51 26/49 13/42
Lipper Quartile 3 3 3 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 1.94 -0.49 -0.85 -2.13 -11.28 -0.87 8.70
Benchmark (%) 2.07 -0.30 -0.51 -1.13 -10.19 0.39 11.27
Morningstar Category Avg. (%) 1.68 -0.64 -0.99 -1.96 -11.40 0.63 7.60
Lipper Category Avg. (%) 1.78 -0.40 -0.72 -1.84 -10.39 -1.05 5.90
  2018 2019 2020 2021 2022
Total Return (%) 0.47 6.46 4.19 -1.14 -12.55
Benchmark (%) 1.02 5.85 3.68 -1.45 -10.76
Morningstar Category Avg. (%) 0.51 5.88 5.65 -1.88 -11.27

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.

Key Facts

Key Facts

Size of Class (Millions) as of Sep 20, 2023 $150.1 M
Size of Fund (Millions) as of Sep 20, 2023 $320.2 M
Share Class launch date May 18, 1998
Asset Class Fixed Income
Morningstar Category Intermediate Government
Lipper Classification GNMA Funds
Benchmark Index BBG Fixed-Rate GNMA MBS Index
CUSIP 09260B697
Distribution Frequency None
Number of Holdings as of Aug 31, 2023 329
Max Offer Price as of Sep 20, 2023 $7.67
Open to New Investors Yes
Turnover Percent in the Annual Report 1,368.00%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Aug 31, 2023 -0.02
R-Squared (3y) as of Aug 31, 2023 98.69
Beta (3y) as of Aug 31, 2023 1.08
30 Day SEC Yield as of Jul 31, 2023 3.26%
Unsubsidized 30-Day SEC Yield as of Jul 31, 2023 3.06%
Yield to Maturity as of Aug 31, 2023 5.13%
Yield to Worst as of Aug 31, 2023 5.13%
Effective Duration as of Aug 31, 2023 6.37 yrs
Weighted Average Life as of Aug 31, 2023 9.54 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 6.24%
Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2022 -9.70%
Fund Standard Deviation (3y) as of Aug 31, 2023 6.49

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

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage 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. MSCI Ratings are currently unavailable for this fund.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, 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 0.72%
Net Expense Ratio 0.55%

Net Expense Ratio excluding Investment Related Expenses is 0.42%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.13%

Ratings

Ratings

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 Aug 31, 2023 out of 52, 6,245, 52, 103 and 52 Funds, respectively in Lipper's GNMA Funds classification.

Holdings

Holdings

as of Aug 31, 2023
Name Weight (%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 93.96
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 10.57
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.21
GNMA_15-187-C 1.73
GNMA_15-55-A 1.34
Name Weight (%)
GNMA_15-79-MY 0.87
FHLMC_4325-ZX 0.84
GNMA_15-103-B 0.80
FEDERAL HOME LOAN MORTGAGE CORPORATION 0.71
GNMA_20-149H-IA 0.63
Name Weight (%) Shares Market Value Coupon (%) Maturity
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 Aug 31, 2023

% Notional Exposures

Type Fund Benchmark Net
as of Aug 31, 2023

% Notional Exposures

Type Fund Benchmark Net
as of Aug 31, 2023

% Notional Exposures

Type Fund Benchmark Net
as of Aug 31, 2023

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Aug 31, 2023

% Market Value

Type Fund Benchmark Net
as of Aug 31, 2023

% Notional Exposures

Type Fund Benchmark Net
as of Aug 31, 2023

% 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
Lead Portfolio Manager, Mortgage Portfolios

    

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Matthew Kraeger, Managing Director, is lead portfolio manager for mortgage portfolios on BlackRock's Global Fixed Income platform. He is responsible for the Mortgage Portfolio Team.

Mr. Kraeger has been a portfolio manager within the mortgage team since 2004, serving as a PM across both institutional accounts and retail funds. Mr. Kraeger has been a PM on the BlackRock GNMA Fund, which was ranked first in the Lipper Fund GNMA category for both 2008 and 2009 3 year periods, along with the BlackRock U.S. Mortgage Fund and the U.S. Government Bond Portfolio which was ranked first in its Lipper Fund category for the 2015 3 year period. Mr. Kraeger began his investment career as an analyst in BlackRock's operations department in 2000 and joined the Portfolio Analytics Group in 2002.

Mr. Kraeger earned a BS degree in finance from Syracuse University in 2000.

Siddharth Mehta
Siddharth Mehta
Portfolio Manager, Mortgage Portfolios

   

Read More

Siddharth Mehta, Director, is a member of the Mortgage Portfolio Team within BlackRock's Americas Fixed Income Alpha Strategies.

 

Mr. Mehta joined the Portfolio Management Group in 2008. From 2006 to 2008, Mr. Mehta was amemberof 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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