Equity

MADCX

Emerging Markets Fund

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y
24.54 12.03 16.76 5.45
Benchmark (%) 18.31 6.17 12.81 3.63
Morningstar Category Avg. (%) 17.90 5.69 11.75 3.63
Morningstar Ranking 220/796 62/697 44/597 63/278
Morningstar Quartile 1 1 1 1
Lipper Category Avg. (%) 19.50 6.37 12.07 3.77
Lipper Ranking 214/767 63/665 45/574 63/285
Lipper Quartile 2 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
24.54 9.52 23.94 24.54 40.59 117.00 70.04
Benchmark (%) 18.31 7.35 19.70 18.31 19.69 82.70 42.82
Morningstar Category Avg. (%) 17.90 7.55 19.55 17.90 18.06 74.29 42.86
Lipper Category Avg. (%) 19.50 7.54 19.44 19.50 21.19 78.92 48.58
  2016 2017 2018 2019 2020
Total Return (%) 8.63 42.08 -10.72 26.44 24.54
Benchmark (%) 11.19 37.28 -14.57 18.42 18.31
Morningstar Category Avg. (%) 8.47 34.17 -16.07 19.25 17.90
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.

Key Facts

Key Facts

Size of Class (Millions) as of Feb 26, 2021 $2,310.6 M
Size of Fund (Millions) as of Feb 26, 2021 $3,141.0 M
Share Class launch date Sep 01, 1989
Asset Class Equity
Morningstar Category Diversified Emerging Mkts
Lipper Classification Emerging Markets Funds
Benchmark Index MSCI Emerging Markets Index
CUSIP 09251J402
Distribution Frequency Annual
Number of Holdings as of Jan 29, 2021 70
Max Offer Price as of Feb 26, 2021 $34.62
Open to New Investors Yes
Turnover Percent in the Annual Report as of Jun 30, 2020 119%

Portfolio Characteristics

Portfolio Characteristics

P/B Ratio as of Jan 29, 2021 2.33
P/E Ratio - Forward as of Jan 29, 2021 20.66
Average Market Cap (Millions) as of Jan 29, 2021 $ 188,111.9 M
Best 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2020 23.94%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -21.82%
Fund Standard Deviation (3y) as of Feb 28, 2021 19.88
Active Share as of Jul 31, 2019 77.15%

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 can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Feb 05, 2021 BBB
MSCI ESG Quality Score (0-10) as of Feb 05, 2021 5.5
MSCI ESG Quality Score - Peer Percentile as of Feb 05, 2021 56.98%
MSCI ESG % Coverage as of Feb 05, 2021 95.64%
Fund Lipper Global Classification as of Feb 05, 2021 Equity Emerging Mkts Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 05, 2021 207.04
Funds in Peer Group as of Feb 05, 2021 1
All data is from MSCI ESG Fund Ratings as of Feb 05, 2021, based on holdings as of Sep 30, 2020. 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 covered 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.

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, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. 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 Jan 29, 2021 0.00%
MSCI - UN Global Compact Violators as of Jan 29, 2021 2.03%
MSCI - Nuclear Weapons as of Jan 29, 2021 0.00%
MSCI - Thermal Coal as of Jan 29, 2021 0.93%
MSCI - Civilian Firearms as of Jan 29, 2021 0.00%
MSCI - Oil Sands as of Jan 29, 2021 0.00%
MSCI - Tobacco as of Jan 29, 2021 0.00%

Business Involvement Coverage as of Jan 29, 2021 91.56%
Percentage of Fund not covered as of Jan 29, 2021 8.44%
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 2.05% 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 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 decision phases 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’s ongoing monitoring of the portfolio involves regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. 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 1.06%
Net Expense Ratio 0.88%

Net Expense Ratio excluding Investment Related Expenses is 0.86%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

5
Overall Morningstar Rating for Emerging Markets Fund, Class Inst, as of Feb 28, 2021 rated against 677 Diversified Emerging Mkts 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 Jan 31, 2021 out of 662, 12,233, 662, 416 and 662 Funds, respectively in Lipper's Emerging Markets Funds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jun 01, 2020)

Holdings

Holdings

as of Jan 29, 2021
Name Weight (%)
TENCENT HOLDINGS LTD 7.23
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 7.21
SAMSUNG ELECTRONICS CO LTD 4.22
MEITUAN 3.99
ALIBABA GROUP HOLDING LTD 2.75
Name Weight (%)
ICICI BANK LTD 2.58
SK HYNIX INC 2.19
PING AN INSURANCE GROUP CO OF CHINA LTD 2.12
SBERBANK ROSSII PAO 2.07
PETROLEO BRASILEIRO SA PETROBRAS 2.03

Exposure Breakdowns

Exposure Breakdowns

as of Jan 29, 2021

% of Market Value

Type Fund Benchmark Net
as of Jan 29, 2021

% of Market Value

Type Fund Benchmark Net
as of Jan 29, 2021

% of Market Value

Type Fund Benchmark Net
as of Jan 29, 2021

% of Market Value

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.

Portfolio Managers

Portfolio Managers

Gordon Fraser
BlackRock Fundamental Active Equity Investment Team

Gordon Fraser, CFA, Managing Director, is Co-Head of Global Emerging Markets Equities for the Fundamental Active Equity division of BlackRock's Active Equities Group. Mr. Fraser is lead portfolio manager for the Core Global Emerging Markets strategy and co-manages the Emerging Frontiers Hedge Fund. Additionally, he is named manager on the Emerging Markets Equity strategies and Emerging Markets Absolute Return strategies. Mr. Fraser is also research pod leader of the North Asia Healthcare, Industrials, Energy, Materials and Utilities research pod and is platform lead for macroeconomic analysis.

 

He joined BlackRock as an Analyst in 2006.

 

Mr. Fraser earned a BA (1st class) and an MPhil (distinction) in Economics from Cambridge University in 2006. He is also a CFA Charterholder.

Kevin Jia
Kevin Jia
Portfolio Manager

Literature

Literature

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