Multi Asset

LPREX

LifePath Dynamic 2040 Fund

  • NAV as of Dec 04, 2025 $16.46
    52 WK: 12.99 - 16.52
  • 1 Day NAV Change as of Dec 04, 2025 $0.02 (0.12%)
  • NAV Total Return as of Dec 03, 2025 YTD: 15.84%

Overview

About this Fund

1. Seeks to deliver alpha and manage risk for the long term
2. Adapts to macro trends and opportunities
3. Built using 25+ years of target date fund experience

Investment Approach

Invests in broadly diversified global asset classes and becomes more conservative over time as investors approach retirement. The Fund accesses BlackRock’s full spectrum of investment capabilities to create a portfolio of complementary funds and seeks consistent, uncorrelated return through index, factor, and alpha seeking strategies.

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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 12.16 19.05 11.11 10.20
Return w/ Sales Charge (%) 6.27 16.93 9.91 9.61
Benchmark (%) 12.56 18.45 10.67 10.08
Morningstar Category Avg. (%) 12.62 18.24 10.56 9.88
Morningstar Ranking 128/187 51/174 42/161 38/108
Morningstar Quartile 3 1 1 2
Lipper Category Avg. (%) 12.50 18.20 10.50 9.80
Lipper Ranking 130/190 54/177 40/156 36/99
Lipper Quartile 3 2 2 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 14.43 2.59 5.81 12.16 68.74 69.30 164.11
Return w/ Sales Charge (%) 8.42 -2.80 0.25 6.27 59.88 60.42 150.24
Benchmark (%) 14.77 2.77 6.06 12.56 66.20 66.00 161.19
Morningstar Category Avg. (%) 14.67 2.77 5.92 12.62 65.30 65.16 156.62
Lipper Category Avg. (%) 14.50 2.63 5.67 12.50 65.25 64.86 155.51
  2020 2021 2022 2023 2024
Total Return (%) 13.72 15.84 -17.32 18.90 13.63
Annual w/ Sales Charge (%) 7.75 9.76 -21.66 12.66 7.66
Benchmark (%) 14.12 16.00 -17.60 18.49 12.74
Morningstar Category Avg. (%) 14.56 15.47 -17.32 17.69 12.53

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.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Dec 04, 2025
$557.9 M
Share Class launch date
Apr 30, 2001
Benchmark Index
BlackRock LifePath Dynamic 2040 Custom Benchmark (USD)
Lipper Classification
Mixed-Asset Target 2040 Funds
Max Offer Price
as of Dec 04, 2025
$17.37
Turnover Percent in the Annual Report
as of Dec 31, 2024
19.00%
Size of Class (Millions)
as of Dec 04, 2025
$155.0 M
Asset Class
Multi Asset
Morningstar Category
Target-Date 2040
CUSIP
066922824
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y)
as of Oct 31, 2025
98.82
Fund Standard Deviation (3y)
as of Oct 31, 2025
11.86
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
14.18%
Fund Sharpe Ratio (3y)
as of Oct 31, 2025
1.01
Effective Duration
as of Oct 31, 2025
0.51 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-9.30%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.07%
Net Expense Ratio 0.84%

Net Expense Ratio excluding Investment Related Expenses is 0.84%

  • Acquired Fund Fees and Expenses 0.22%
  • 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, 2025 out of 177, 4,124, 177, 27 and 177 Funds, respectively in Lipper's Mixed-Asset Target 2040 Funds classification.

Holdings

Holdings

as of Oct 31, 2025
Name Weight (%)
Diversified Equity 37.91
DIVERSIFIED FIXED INCOME FUN CL 15.16
INTL TILTS MASTER 14.77
ISHARES CORE MSCI EMERGING MARKETS 7.76
BLK TACTICAL OPPORTUNITIES CLASS K 4.82
Name Weight (%)
ISHARES BROAD USD INVESTMENT G 4.45
BLK REAL ESTATE SEC FND INST CLASS 2.86
ISHARES MSCI EAFE SMALL-CAP ETF 2.17
ISHARES GLOBAL INFRASTRUCTURE ETF 1.89
ISHARES MSCI CANADA ETF 0.43
Name Market Value Weight (%) Shares
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 Oct 31, 2025

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2025

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2025

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.

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.

For purposes of the asset class exposure set forth above, allocations to BlackRock Tactical Opportunities Fund is included in “Fixed Income”.

Portfolio Managers

Portfolio Managers

Philip Green
Philip Green
Head of Global Tactical Asset Allocation Team, Multi-Asset Strategies and Solutions

  

Read More

Phil Green, Managing Director, is the head of the Global Tactical Asset Allocation team within BlackRock's Multi-Asset Strategies & Solutions (MASS) group. The GTAA team manages multi-asset macro investment strategies including the Tactical Opportunities Fund and Sustainable Balanced Fund and custom mandates for institutional clients around the world.

 

Phil’s service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to joining MLIM, Phil was a portfolio manager at Bankers Trust Company.

Phil earned an MBA from the Stern School of Business of New York University and a BS in economics from the Wharton School of the University of Pennsylvania.

 

Phil is the author of many articles on investing, some of which have been published in the Financial Analysts Journal, Journal of Foreign Exchange & Money Markets, and the Journal of Investing.

 

Multi-Asset Strategies & Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

Christopher Chung
Christopher Chung
Head of Asset Allocation and Custom Strategies for LifePath
Read More

Christopher Chung, CFA, Director, is the Head of Asset Allocation and Custom Strategies for LifePath. Mr. Chung's service dates back to 2008, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. As a Senior Portfolio Manager within the Multi-Asset Strategies & Solutions (MASS) group Mr. Chung is responsible for the design, implementation, and oversight of multi-asset Defined Contribution and 529 strategies.

 

At BGI, he was a portfolio manager within the BlackRock Multi-Asset Client Solutions (BMACS) Group focusing on the development and implementation of both target-date and college savings strategies. Prior to joining BGI, Mr. Chung was a Senior Manager within the Portfolio Management and Analytics Group at American Express. Mr.Chung started his career as a research professional at the Center for Interuniversity Research and Analysis of Organizations (CIRANO) in Montreal, Canada.

 

Mr. Chung earned a BBE degree in financial economics from Brock University and a MA degree in economics from Concordia University. Mr. Chung is a CFA charterholder.

Michael Pensky, CFA
Michael Pensky, CFA
Portfolio Manager, Global Tactical Asset Allocation Team

   

Read More

Michael Pensky, CFA, Managing Director, is a portfolio manager on the Global Tactical Asset Allocation team within BlackRock's Multi-Asset Strategies & Solutions (MASS) group. The GTAA team manages multi-asset macro investment strategies including the Tactical Opportunities Fund and Sustainable Balanced Fund and custom mandates for institutional clients around the world.

 

Michael’s service with the firm dates back to 2012. Prior to joining BlackRock, he was a trading desk strategist in Morgan Stanley's Securitized Products Group and worked as a senior analyst in Foreign Exchange Sales & Trading at SunTrust Robinson Humphrey.

 

Michael earned BS degrees in mathematics and finance from the University of Florida and an MFE degree in financial engineering from the University of California, Berkeley.

 

Michael’s interests include top-down macro investing and multi-asset portfolio design & management. Outside of work, he enjoys playing musical instruments and running.

 

Multi-Asset Strategies & Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

Portfolio Manager

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature