Multi Asset

MDLOX

Global Allocation Fund

  • NAV as of Sep 18, 2024 $19.28
    52 WK: 16.42 - 19.96
  • 1 Day NAV Change as of Sep 18, 2024 -0.06 (-0.31%)
  • NAV Total Return as of Sep 18, 2024 YTD: 9.11%
  • Morningstar Rating

Overview

About this Fund

1. Unconstrained in search of opportunity
2. One of the most well-resourced multi-asset teams
3. Seeks returns competitive with global stocks with less volatility

Investment Approach

The Fund seeks to provide high total investment return through a fully managed investment policy utilizing U.S. and foreign equity, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends.

For more information read our monthly commentary
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Performance

Performance

  1y 3y 5y 10y Incept.
Total Return (%) 11.63 0.01 6.44 4.78 8.85
Return w/ Sales Charge (%) 5.77 -1.77 5.30 4.21 8.68
Benchmark (%) 11.89 2.19 6.40 5.77 7.33
FTSE World Index 20.38 6.89 11.97 9.37 -
Morningstar Category Avg. (%) 10.38 1.39 5.01 3.95 -
Morningstar Ranking 115/351 265/338 65/320 71/240 -
Morningstar Quartile 2 3 1 2 -
Lipper Category Avg. (%) 12.19 1.82 5.91 4.75 -
Lipper Ranking 176/426 304/395 126/347 102/241 -
Lipper Quartile 2 4 2 2 -
  YTD 1m 3m 1y 3y 5y 10y Incept.
Total Return (%) 6.13 1.20 0.83 11.63 0.04 36.64 59.46 1,912.50
Return w/ Sales Charge (%) 0.56 -4.11 -4.46 5.77 -5.21 29.46 51.09 1,806.83
Benchmark (%) 5.53 1.27 1.21 11.89 6.70 36.34 75.19 1,123.06
Morningstar Category Avg. (%) 4.99 0.16 0.55 10.38 4.22 27.69 47.29 -
Lipper Category Avg. (%) 6.31 0.87 0.79 12.19 5.81 34.34 62.01 -
FTSE World Index - 2.18 2.75 20.38 22.14 76.03 144.83 -
  2019 2020 2021 2022 2023
Total Return (%) 17.21 20.79 6.45 -16.05 12.35
Annual w/ Sales Charge (%) 11.06 14.45 0.86 -20.45 6.45
Benchmark (%) 18.79 13.34 10.13 -15.59 15.69
Morningstar Category Avg. (%) 16.10 6.18 11.31 -12.34 10.72
FTSE World Index 27.74 16.33 20.95 -17.54 24.18

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.
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Explore fund performance

Explore how the Global Allocation Fund's diversified approach has grown a $10k investment in 1989 into over $100k today.
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Key Facts

Key Facts

Size of Fund (Millions)
as of Sep 18, 2024
$17,166.7 M
Share Class launch date
Oct 21, 1994
Benchmark Index
36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA/ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI
Morningstar Category
Global Allocation
CUSIP
09251T103
Open to New Investors
Yes
Size of Class (Millions)
as of Sep 18, 2024
$8,600.5 M
Asset Class
Multi Asset
Distribution Frequency
Annual
Lipper Classification
Flexible Portfolio Funds
Max Offer Price
as of Sep 18, 2024
$20.35
Turnover Percent in the Annual Report
as of Apr 30, 2024
173.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Aug 30, 2024
2,055
Average Market Cap (Millions)
as of -
-
Fund Standard Deviation (3y)
as of Aug 31, 2024
12.30
Benchmark Standard Deviation (3y)
as of Aug 31, 2024
12.73
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
11.39%
Effective Duration Fixed Income
as of Aug 30, 2024
7.29 yrs
Secondary Benchmark Sharpe Ratio (3y)
as of Aug 31, 2024
0.29
P/E Ratio
as of Aug 30, 2024
20.76
Fund Sharpe Ratio (3y)
as of Aug 31, 2024
-0.15
Benchmark Sharpe Ratio (3y)
as of Aug 31, 2024
0.02
Effective Duration
as of Aug 30, 2024
2.12 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jun 30, 2022
-10.26%
Effective Duration Fixed Income and Cash
as of Aug 30, 2024
6.13 yrs
Secondary Benchmark Standard Deviation (3y)
as of Aug 31, 2024
17.17
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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 Global Allocation Investment Team believes that a company's ability to manage material environmental, social and governance (ESG) issues may be relevant to the company's ability to sustain growth and generate value for shareholders over the long term, and thus ESG performance indicators are considered as part of the investment process. The team analyzes ESG data when conducting research and due diligence on new investments, and when monitoring existing investments within the portfolio. The team's ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. 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 1.13%
Net Expense Ratio 1.09%

Net Expense Ratio excluding Investment Related Expenses is 1.08%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Global Allocation Fund, as of Aug 31, 2024 rated against 340 Global Allocation Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective May 16, 2024)
Analyst-Driven % as of May 16, 2024
100.00
Data Coverage % as of May 16, 2024
100.00

Holdings

Holdings

Name Market Value Weight (%) Shares
as of Aug 30, 2024
Name Weight (%)
MICROSOFT CORP 2.53
NIKKEI 225 (OSE) SEP 24 2.39
NVIDIA CORP 2.14
APPLE INC 1.87
AMAZON COM INC 1.51
Name Weight (%)
ALPHABET INC CLASS C 1.41
SPDR S&P ETF TRUST 1.13
UNITEDHEALTH GROUP INC 0.92
MASTERCARD INC CLASS A 0.82
ADOBE INC 0.81
as of Aug 30, 2024
Name Weight (%)
UMBS 30YR TBA(REG A) 0.63
GREEN PLAINS - SECURED NOTES 144A 11.75 02/08/2026 0.53
SWP: OIS 4.354000 26-APR-2034 SOF 0.52
TREASURY (CPI) NOTE 2.125 04/15/2029 0.49
TREASURY NOTE 4.625 09/30/2028 0.45
Name Weight (%)
SWP: OIS 4.503000 26-APR-2029 SOF 0.42
TREASURY NOTE 4.25 12/31/2024 0.36
SPAIN (KINGDOM OF) 3.45 10/31/2034 0.35
FREED CORP 4A2 144A 12 11/30/2028 0.32
HR OTTAWA LP 144A 11 03/31/2031 0.32
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 30, 2024

% of Net Assets

Type Fund Benchmark Net
Allocations subject to change.
as of Aug 30, 2024

% of Net Assets

Type Fund Benchmark Net
as of Aug 30, 2024

% of Net Assets

Type Fund Benchmark Net
as of Aug 30, 2024

% of Net Assets

Type Fund Benchmark Net
as of Aug 30, 2024

% of Net Assets

Type Fund Benchmark Net

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. Allocations are subject to change.


% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Portfolio Managers

Portfolio Managers

Rick Rieder
Rick Rieder
Chief Investment Officer of Global Fixed Income

        

Read More

Rick Rieder, Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business and Head of the Global Allocation Investment Team.

 

Responsible for managing roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investment Sub-Committee. He also is Chairman of the firm-wide BlackRock Investment Council.

 

Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014 and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013. Four of the funds Mr. Rieder manages (Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond) have been awarded Gold Medals by Morningstar.

 

Mr. Rieder has served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.

 

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. From 1987 to 2008, he was with Lehman Brothers where he was head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

 

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Goizueta Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the Goizueta Business School's BBA investment fund and community financial literacy outreach program, Graduation Generation. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, NJ. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation in Atlanta, and Trustee for the U.S. Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Russ Koesterich, CFA, JD
Russ Koesterich, CFA, JD

  

Read More

Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team.

 

Mr. Koesterich's service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the Fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the U.S. Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financials news media and the author of two books, including his most recent "The Ten Trillion Dollar Gamble."

 

Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA Charterholder.

Portfolio Manager

Team's Commentary

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Read the Team's Commentary

Literature

Literature

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