Fixed Income

CMGAX

Low Duration Bond Fund

Overview

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Performance

Performance

  1y 3y 5y 10y
8.39 1.59 1.83 1.84
Benchmark (%) 7.19 1.50 1.71 1.66
Morningstar Category Avg. (%) 8.71 1.69 2.07 1.98
Morningstar Ranking 251/554 240/522 286/486 198/366
Morningstar Quartile 2 3 3 3
Lipper Category Avg. (%) 8.20 1.91 2.13 1.96
Lipper Ranking 129/369 215/346 218/322 148/245
Lipper Quartile 2 3 3 3
  YTD 1m 3m 1y 3y 5y 10y
5.09 0.91 3.14 8.39 4.84 9.47 19.95
Benchmark (%) 4.43 0.83 2.94 7.19 4.58 8.86 17.85
Morningstar Category Avg. (%) 5.18 0.90 3.17 8.71 5.16 10.78 21.72
Lipper Category Avg. (%) 5.05 0.83 2.90 8.20 5.87 11.17 21.56
  2019 2020 2021 2022 2023
Total Return (%) 4.74 3.36 -0.46 -4.82 5.66
Benchmark (%) 4.07 3.34 -0.42 -3.76 4.63
Morningstar Category Avg. (%) 4.72 3.81 0.05 -5.22 5.73

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.

 

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA US Corp & Govt Index, 1-3 Yrs. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US Corp & Govt Index, 1-3 Yrs. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US Corp & Govt Index, 1-3 Yrs.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Oct 08, 2024
$4,504.7 M
Share Class launch date
Oct 02, 2006
Benchmark Index
ICE BofA US Corp & Govt Index, 1-3 Yrs (B1A0) (USD)
Morningstar Category
Short-Term Bond
CUSIP
09260B515
Open to New Investors
No
Size of Class (Millions)
as of Oct 08, 2024
$4.1 M
Asset Class
Fixed Income
Distribution Frequency
None
Lipper Classification
Sht Inv Grade Debt Funds
Max Offer Price
as of Oct 08, 2024
$9.11
Turnover Percent in the Annual Report
as of Sep 30, 2023
212.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Aug 30, 2024
1,518
Alpha (3y)
as of Sep 30, 2024
-0.01
R-Squared (3y)
as of Sep 30, 2024
92.90
Beta (3y)
as of Sep 30, 2024
1.18
Unsubsidized 30-Day SEC Yield
as of Aug 31, 2024
4.13%
Effective Duration
as of Aug 30, 2024
1.79 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
3.71%
30 Day SEC Yield
as of Aug 31, 2024
4.24%
Yield to Maturity
as of Aug 30, 2024
4.90%
Fund Standard Deviation (3y)
as of Sep 30, 2024
2.96
Average Coupon
as of Aug 30, 2024
4.73%
Yield to Worst
as of Aug 30, 2024
4.82%
Weighted Average Life
as of Aug 30, 2024
2.85 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Mar 31, 2022
-3.11%

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.

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. 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 Aug 30, 2024
1.09%
MSCI - Nuclear Weapons
as of Aug 30, 2024
0.49%
MSCI - Civilian Firearms
as of Aug 30, 2024
0.00%
MSCI - Tobacco
as of Aug 30, 2024
1.50%
MSCI - UN Global Compact Violators
as of Aug 30, 2024
0.00%
MSCI - Thermal Coal
as of Aug 30, 2024
0.36%
MSCI - Oil Sands
as of Aug 30, 2024
0.00%

Business Involvement Coverage
as of Aug 30, 2024
39.13%
Percentage of Fund not covered
as of Aug 30, 2024
60.87%
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 0.47% 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 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 0.63%
Net Expense Ratio 0.50%

Net Expense Ratio excluding Investment Related Expenses is 0.50%

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

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 Sep 30, 2024 out of 341, 6,110, 346, 88 and 346 Funds, respectively in Lipper's Sht Inv Grade Debt Funds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Aug 31, 2024)
Analyst-Driven % as of Aug 31, 2024
10.00
Data Coverage % as of Aug 31, 2024
97.00

Holdings

Holdings

Name Market Value Weight (%) Shares Maturity Coupon (%)
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 30, 2024

% Notional Exposures

Type Fund Benchmark Net
as of Aug 30, 2024

% Market Value

Type Fund Benchmark Net
as of Aug 30, 2024

% 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

Akiva Dickstein
Managing Director, Global Fixed Income, Head of Customized Multi-Sector Portfolios, Head of Short Duration

    

Scott MacLellan, CFA, CMT
Managing Director, Portfolio Manager

  

Amanda Liu, CFA
Director, Deputy Head of the multi-sector team within Core Portfolio Management

  

Sam Summers
Director, Portfolio Manager

  

Portfolio Manager
Read the Team's Commentary

Literature

Literature

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