Multi Asset

MALOX

Global Allocation Fund

  • NAV as of Sep 21, 2023 $17.17
    52 WK: 15.55 - 18.16
  • 1 Day NAV Change as of Sep 21, 2023 -0.16 (-0.92%)
  • NAV Total Return as of Sep 20, 2023 YTD: 4.68%
  • 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

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 1,859.43

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 Incept.
Total Return (%) 7.46 4.99 5.17 5.24 9.05
Benchmark (%) 10.08 5.35 5.46 6.15 7.20
Morningstar Category Avg. (%) 6.54 5.94 3.62 4.43 -
Morningstar Ranking 195/392 224/376 70/347 74/255 -
Morningstar Quartile 2 3 1 2 -
Lipper Category Avg. (%) 6.38 6.07 4.09 5.01 -
Lipper Ranking 203/468 244/413 116/383 104/241 -
Lipper Quartile 2 3 2 2 -
FTSE World Index 18.78 12.49 9.26 9.69 7.63
  YTD 1m 3m 1y 3y 5y 10y Incept.
Total Return (%) 6.92 3.19 2.95 7.46 15.73 28.68 66.66 1,869.41
Benchmark (%) 9.12 3.23 3.22 10.08 16.92 30.48 81.59 993.09
Morningstar Category Avg. (%) 5.20 3.29 1.64 6.54 18.90 19.47 54.20 -
Lipper Category Avg. (%) 6.01 3.53 2.60 6.38 19.76 22.87 65.42 -
FTSE World Index 15.08 5.84 6.82 18.78 42.34 55.67 152.22 1,156.66
  2018 2019 2020 2021 2022
Total Return (%) -7.37 17.54 21.12 6.73 -15.83
Benchmark (%) -4.68 18.79 13.34 10.13 -15.59
Morningstar Category Avg. (%) -8.26 16.10 6.18 11.31 -12.34
FTSE World Index -8.77 27.74 16.33 20.95 -17.54

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.

An investment built for all generations

Explore how the Fund's diversified approach has grown a $10k investment since inception in 1989.
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Systematic Multi-Strategy

Key Facts

Key Facts

Size of Class (Millions) as of Sep 21, 2023 $6,653.1 M
Size of Fund (Millions) $17,064.7 M
Share Class launch date Feb 03, 1989
Asset Class MultiAsset
Morningstar Category Global Allocation
Lipper Classification Flexible Portfolio Funds
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
CUSIP 09251T509
Number of Issuers as of Aug 31, 2023 1,813
Distribution Frequency Semi-Annual
Max Offer Price as of Sep 20, 2023 $17.33
Open to New Investors Yes
Turnover Percent in the Annual Report 139.00%

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio as of Aug 31, 2023 17.65
Average Market Cap (Millions) as of Aug 31, 2023 $ 421,498.1 M
Fund Sharpe Ratio (3y) as of Aug 31, 2023 0.08
Benchmark Sharpe Ratio (3y) as of Aug 31, 2023 0.17
Fund Standard Deviation (3y) as of Aug 31, 2023 12.34
Benchmark Standard Deviation (3y) as of Aug 31, 2023 12.39
Effective Duration as of Aug 31, 2023 1.93 yrs
Effective Duration Fixed Income as of Aug 31, 2023 5.80 yrs
Effective Duration Fixed Income and Cash as of Aug 31, 2023 4.76 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2021 13.66%
Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2022 -10.22%
Secondary Benchmark Sharpe Ratio (3y) as of Aug 31, 2023 0.48
Secondary Benchmark Standard Deviation (3y) as of Aug 31, 2023 17.55
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 0.88%
Net Expense Ratio 0.84%

Net Expense Ratio excluding Investment Related Expenses is 0.83%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Global Allocation Fund, Class Inst, as of Aug 31, 2023 rated against 377 Global Allocation 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 Aug 31, 2023 out of 411, 4,459, 415, 217 and 415 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - GOLD
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective May 01, 2023)

Holdings

Holdings

as of Aug 31, 2023
Name Weight (%)
MICROSOFT CORP 2.43
S&P500 EMINI SEP 23 1.95
APPLE INC 1.90
ALPHABET INC CLASS C 1.73
AMAZON COM INC 1.30
Name Weight (%)
NESTLE SA 0.90
UNITEDHEALTH GROUP INC 0.83
MASTERCARD INC CLASS A 0.83
MARSH & MCLENNAN INC 0.83
NIKKEI 225 (OSE) SEP 23 0.82
Name Weight (%) Shares Market Value
as of Aug 31, 2023
Name Weight (%)
UMBS 30YR TBA(REG A) 1.81
TREASURY (CPI) NOTE 0.625 01/15/2024 1.49
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.38
SPAIN (KINGDOM OF) 3.15 04/30/2033 1.25
UMBS 30YR TBA 0.98
Name Weight (%)
TREASURY (CPI) NOTE 0.5 04/15/2024 0.81
SWP: OIS 2.430000 02-MAY-2052 0.68
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2024 0.62
CANADA (GOVERNMENT OF) 0.25 03/01/2026 0.54
GREEN PLAINS - SECURED NOTES 144A 11.75 02/08/2026 0.50
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

% of Net Assets

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

% of Net Assets

Type Fund Benchmark Net
as of Aug 31, 2023

% of Net Assets

Type Fund Benchmark Net
as of Aug 31, 2023

% of Net Assets

Type Fund Benchmark Net
as of Aug 31, 2023

% 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
Read More

Rick Rieder, Managing Director, is BlackRock's Global Chief Investment Officer of Fixed Income, and Co-head of BlackRock's Global Fixed Income platform, a member of BlackRock's Global Operating Committee and Chairman of the BlackRock firm-wide Investment Council.

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury. Mr. Rieder is currently a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets, and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013, and was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014.

From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as 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 Business School, and the University's Investment Committee and is the Vice Chairman of the Finance Committee. Mr. Rieder is founder and chairman of the business school's BBA investment fund and community financial literacy program.

Mr. Rieder serves as Chairman of the Board of North Star Academy's eleven Charter Schools in Newark, New Jersey and is the Founder and Chairman of the Board of Graduation Generation Public School Collaboration in Atlanta. He is a Trustee for the U.S. Olympic Committee, and on the board of advisors for the Hospital for Special Surgery. He serves on the National Leadership Council of the Communities in Schools Educational Foundation and on the board of Big Brothers/Big Sisters of Newark and Essex County 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
Russ Koesterich, CFA, JD
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Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team within BlackRock's Multi-Asset Strategies Group.

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 US 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.

David Clayton
David Clayton, CFA, JD
Read More

David Clayton, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team within BlackRock's Multi-Asset Strategies Group.

Mr. Clayton joined the BlackRock Global Allocation team in 2010 and was named a portfolio manager of the Fund in 2017. Prior to his current role, he was head of portfolio oversight, as well as a senior investor and investment group leader, on the Fund, primarily responsible for coverage of the energy, real estate, autos, industrials, materials and utilities sectors. Prior to joining BlackRock, he was Of Counsel in the Financial Restructuring Group at Milbank, Tweed, Hadley & McCloy LLP. Previously he was a Managing Director and analyst with The Blackstone Group, responsible for distressed and special situations investments across multiple industries. Prior to joining Blackstone, Mr. Clayton spent six years at Merrill Lynch Investment Managers (MLIM), initially as an attorney specializing in corporate finance transactions and restructurings, and most recently as a Vice President and analyst in the Global High Yield Bond & Bank Debt Group. Mr. Clayton began his career as an attorney specializing in corporate finance transactions, first at Blake, Cassels & Graydon in Toronto and then at Milbank in New York.

Mr. Clayton earned a BA degree, with honors, in economics from the University of Western Ontario in 1990 and MBA and LLB degrees from Dalhousie University in 1994. He is a CFA® Charterholder.

Team's Commentary

Get timely market outlooks, thought leadership and portfolio positioning insights from the investment team.

Read the Team's Commentary

Literature

Literature

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