Fixed Income

BPRIX

Inflation Protected Bond Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
-5.39 3.33 3.20 1.57
Benchmark (%) -5.14 3.04 3.21 1.73
Morningstar Category Avg. (%) -3.05 4.03 3.56 1.62
Morningstar Ranking 91/206 23/198 22/188 33/125
Morningstar Quartile 2 1 1 2
Lipper Category Avg. (%) -4.17 2.80 2.78 1.27
Lipper Ranking 103/196 43/189 29/176 39/116
Lipper Quartile 3 1 1 2
  YTD 1m 3m 1y 3y 5y 10y
-8.72 -3.40 -6.26 -5.39 10.33 17.04 16.86
Benchmark (%) -8.92 -3.16 -6.08 -5.14 9.41 17.12 18.70
Morningstar Category Avg. (%) -4.24 3.83 -0.16 -3.05 8.71 15.11 14.76
Lipper Category Avg. (%) -7.23 -2.94 -5.24 -4.17 8.66 14.71 13.60
  2017 2018 2019 2020 2021
Total Return (%) 3.09 -1.88 8.26 11.75 5.75
Benchmark (%) 3.01 -1.26 8.43 10.99 5.96
Morningstar Category Avg. (%) 2.72 -1.64 7.92 10.01 5.61
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 Aug 09, 2022 $1,866.9 M
Size of Fund (Millions) as of Aug 09, 2022 $3,125.3 M
Share Class launch date Jun 28, 2004
Asset Class Fixed Income
Morningstar Category Inflation-Protected Bond
Lipper Classification Infl Protected Bd Fds
Benchmark Index Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)
CUSIP 09260B556
Distribution Frequency None
Number of Holdings as of Jul 29, 2022 157
Max Offer Price as of Aug 09, 2022 $10.54
Open to New Investors Yes
Turnover Percent in the Annual Report 246%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Jul 31, 2022 0.02
R-Squared (3y) as of Jul 31, 2022 98.06
Beta (3y) as of Jul 31, 2022 1.03
30 Day SEC Yield as of Jun 30, 2022 7.80%
Unsubsidized 30-Day SEC Yield as of Jun 30, 2022 7.66%
Yield to Maturity as of Jul 29, 2022 3.04%
Yield to Worst as of Jul 29, 2022 0.40%
Effective Duration as of Jul 29, 2022 6.84 yrs
Weighted Average Life as of Jul 29, 2022 9.31 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 5.37%
Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2022 -6.26%
Fund Standard Deviation (3y) as of Jul 31, 2022 5.76

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 provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more


This fund does not seek to follow a sustainable, impact or ESG investment strategy. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. For more information regarding the fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of Jul 21, 2022 A
MSCI ESG % Coverage as of Jul 21, 2022 68.93%
MSCI ESG Quality Score (0-10) as of Jul 21, 2022 5.8
MSCI ESG Quality Score - Peer Percentile as of Jul 21, 2022 8.14%
Fund Lipper Global Classification as of Jul 21, 2022 Bond USD Inflation Linked
Funds in Peer Group as of Jul 21, 2022 86
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Jul 21, 2022 96.19
MSCI Weighted Average Carbon Intensity % Coverage as of Jul 21, 2022 0.40%
All data is from MSCI ESG Fund Ratings as of Jul 21, 2022, based on holdings as of Jan 31, 2022. 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 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

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 0.52%
Net Expense Ratio 0.35%

Net Expense Ratio excluding Investment Related Expenses is 0.34%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Inflation Protected Bond Fund, Class Inst, as of Jul 31, 2022 rated against 198 Inflation-Protected 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 Jul 31, 2022 out of 189, 6,265, 189, 285 and 189 Funds, respectively in Lipper's Infl Protected Bd Fds classification.

Holdings

Holdings

as of Jul 29, 2022
Name Weight (%)
TREASURY (CPI) NOTE 0.125 04/15/2027 10.21
UMBS 30YR TBA(REG A) 7.76
TREASURY (CPI) NOTE 0.625 04/15/2023 4.82
TREASURY (CPI) NOTE 0.125 01/15/2030 4.13
TREASURY (CPI) NOTE 0.125 01/15/2032 3.73
Name Weight (%)
TREASURY (CPI) NOTE 0.625 01/15/2024 3.71
TREASURY (CPI) NOTE 0.125 07/15/2031 3.43
TREASURY (CPI) NOTE 0.375 07/15/2025 3.40
TREASURY (CPI) NOTE 0.125 07/15/2024 3.36
TREASURY (CPI) NOTE 0.125 07/15/2030 3.25

Exposure Breakdowns

Exposure Breakdowns

as of Jul 29, 2022

% Notional Exposures

Type Fund Benchmark Net
as of Jul 29, 2022

% Notional Exposures

Type Fund Benchmark Net
as of Jul 29, 2022

% Notional Exposures

Type Fund Benchmark Net
as of Jul 29, 2022

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Jul 29, 2022

% Market Value

Type Fund Benchmark Net
as of Jul 29, 2022

% Notional Exposures

Type Fund Benchmark Net
as of Jul 29, 2022

% 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

Christopher Allen
Christopher Allen
David Rogal
Managing Director

 

 

Portfolio Manager

Literature

Literature

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