Fixed Income

BCRAX

Advantage CoreAlpha Bond Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
1.48 -3.35 -0.03 1.30
-2.57 -4.65 -0.84 0.88
Benchmark (%) 1.70 -2.46 0.36 1.54
Morningstar Category Avg. (%) 2.01 -2.45 0.36 1.43
Morningstar Ranking 327/470 393/426 299/385 167/275
Morningstar Quartile 4 4 4 3
Lipper Category Avg. (%) 2.26 -2.50 0.52 1.49
Lipper Ranking 374/514 438/481 389/453 234/330
Lipper Quartile 3 4 4 3
  YTD 1m 3m 1y 3y 5y 10y
-0.76 0.80 -0.76 1.48 -9.71 -0.13 13.76
-4.73 -3.24 -4.73 -2.57 -13.32 -4.13 9.21
Benchmark (%) -0.78 0.92 -0.78 1.70 -7.19 1.82 16.57
Morningstar Category Avg. (%) -0.51 0.87 -0.51 2.01 -7.17 1.79 15.21
Lipper Category Avg. (%) -0.43 0.93 -0.43 2.26 -7.29 2.65 16.03
  2019 2020 2021 2022 2023
Total Return (%) 9.45 8.50 -2.13 -14.54 5.15
Benchmark (%) 8.72 7.51 -1.54 -13.01 5.53
Morningstar Category Avg. (%) 8.06 7.52 -1.48 -13.32 5.59

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 performance for periods prior to the inception date of the share class are based on the performance of the master portfolio in which the Fund invested all of its assets, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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.   

Key Facts

Key Facts

Size of Class (Millions) as of Apr 18, 2024 $276.0 M
Size of Fund (Millions) as of Apr 18, 2024 $704.2 M
Share Class launch date Apr 30, 2012
Asset Class Fixed Income
Morningstar Category Intermediate Core Bond
Lipper Classification Core Bond Funds
Benchmark Index BBG U.S. Aggregate Index (USD)
CUSIP 09260T102
Distribution Frequency None
Number of Holdings as of Mar 28, 2024 1,337
Max Offer Price as of Apr 18, 2024 $8.78
Open to New Investors Yes
Turnover Percent in the Annual Report 201.00%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Mar 31, 2024 -0.07
R-Squared (3y) as of Mar 31, 2024 99.08
Beta (3y) as of Mar 31, 2024 1.03
30 Day SEC Yield as of Mar 31, 2024 4.09%
Unsubsidized 30-Day SEC Yield as of Mar 31, 2024 4.08%
Yield to Maturity as of Mar 28, 2024 5.49%
Yield to Worst as of Mar 28, 2024 5.47%
Average Coupon as of Mar 28, 2024 4.76%
Effective Duration as of Mar 28, 2024 5.24 yrs
Weighted Average Life as of Mar 28, 2024 7.53 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2024 8.71%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2022 -8.57%
Fund Standard Deviation (3y) as of Mar 31, 2024 7.49
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.

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 and due diligence stage of the investment process. The Fund manager has developed internal research signals to help evaluate corporate issuers on climate, governance and human capital issues. ESG information may be sourced from both internal and external sources. The Fund manager conducts 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 0.55%
Net Expense Ratio 0.54%

Net Expense Ratio excluding Investment Related Expenses is 0.54%

  • 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 Mar 31, 2024 out of 478, 6,162, 481, 120 and 479 Funds, respectively in Lipper's Core Bond Funds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Feb 29, 2024)

Holdings

Holdings

as of Mar 28, 2024
Name Weight (%)
UNITED STATES TREASURY 19.40
FEDERAL NATIONAL MORTGAGE ASSOCIATION 13.31
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 5.63
FEDERAL HOME LOAN MORTGAGE CORPORATION 4.41
UNIFORM MBS 1.34
Name Weight (%)
JPMORGAN CHASE & CO 0.94
FEDERAL HOME LOAN MORTGAGE CORPORATION -GOLD 0.88
CITIGROUP INC 0.86
OMFIT_19-2A-A 0.75
DTAOT_23-1-C 0.71
Name Weight (%) Shares Market Value Coupon (%) Maturity
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 Mar 28, 2024

% Notional Exposures

Type Fund Benchmark Net
as of Mar 28, 2024

% Notional Exposures

Type Fund Benchmark Net
as of Mar 28, 2024

% Notional Exposures

Type Fund Benchmark Net
as of Mar 28, 2024

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Mar 28, 2024

% Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% Notional Exposures

Type Fund Benchmark Net
as of Mar 28, 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

Scott Radell
Managing Director, Systematic Fixed Income

  

Jeffrey Rosenberg, CFA
Managing Director, Systematic Fixed Income

   

Jasmita Mohan
Portfolio Manager, Systematic Fixed Income

 

 

Portfolio Manager

Literature

Literature

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