Equity

BDMCX

Global Equity Market Neutral Fund ACTIVE

  • NAV as of Nov 28, 2023 $12.20
    52 WK: 10.63 - 12.20
  • 1 Day NAV Change as of Nov 28, 2023 0.07 (0.58%)
  • NAV Total Return as of Nov 28, 2023 YTD: 12.71%

Overview

A true alternative diversifier

The Global Equity Market Neutral Fund is a market neutral strategy seeking consistent returns with a low correlation to broad asset classes through a technology-driven process.

SEEKS CONSISTENT RETURNS

Market neutral process targets consistent, low-volatility returns independent of market direction.

HELPS DIVERSIFY PORTFOLIOS

Seeks to provide portfolio diversification as a complementary solution with low correlations to broad asset classes.

POWERED BY INNOVATION

Big data and innovative technology enhance the investment process, scaling insights across thousands of global equities.

About the Fund
Think beyond 60/40

Think beyond 60/40

The next evolution of portfolio construction may require rethinking classic asset allocations by adding alternative sources of diversification and return.
Learn more

Market insights
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Performance

Performance

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 34.50

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
Total Return (%) 9.63 2.88 1.57 1.59
Return w/ Sales Charge (%) 8.63 2.88 1.57 1.59
Benchmark (%) 4.47 1.71 1.72 1.12
Morningstar Category Avg. (%) 7.45 4.55 2.45 1.97
Morningstar Ranking 10/32 21/29 25/29 14/17
Morningstar Quartile 2 3 4 3
Lipper Category Avg. (%) 11.49 6.77 4.03 4.23
Lipper Ranking 131/220 150/200 138/171 74/84
Lipper Quartile 3 3 4 4
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 6.52 2.04 2.75 9.63 8.89 8.09 17.07
Return w/ Sales Charge (%) 5.52 1.04 1.75 8.63 8.89 8.09 17.07
Benchmark (%) 3.60 0.46 1.31 4.47 5.21 8.90 11.74
Morningstar Category Avg. (%) 3.60 1.89 3.59 7.45 14.29 12.86 21.57
Lipper Category Avg. (%) 5.09 -1.55 -0.30 11.49 24.00 23.73 55.94
  2018 2019 2020 2021 2022
Total Return (%) 1.16 -1.79 -0.74 2.33 0.74
Benchmark (%) 1.87 2.28 0.67 0.05 1.47
Morningstar Category Avg. (%) -0.26 0.06 -5.26 6.95 5.86

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.

 

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3-MO US Treasury Bill. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 3-MO US Treasury Bill. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 3-MO US Treasury Bill.

Key Facts

Key Facts

Size of Class (Millions) as of Nov 28, 2023 $8.4 M
Size of Fund (Millions) as of Nov 28, 2023 $1,148.3 M
Share Class launch date Dec 20, 2012
Asset Class Equity
Morningstar Category Equity Market Neutral
Lipper Classification Alt Long/Short Equity
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1) (4PM)
CUSIP 091936534
Distribution Frequency Annual
Number of Holdings as of Oct 31, 2023 4,027
Max Offer Price as of Nov 28, 2023 $12.20
Number of Holdings (Long) as of Oct 31, 2023 1,949.00
Number of Holdings (Short) as of Oct 31, 2023 2,061.00
Open to New Investors Yes
Turnover Percent in the Annual Report 79.00%

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio - Long as of Oct 31, 2023 11.11
P/E Ratio - Short as of Oct 31, 2023 13.47
Market Cap - Long (Millions) as of Oct 31, 2023 $ 71,445.8 M
Market Cap - Short (Millions) as of Oct 31, 2023 $ 28,867.9 M
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 5.79%
Worst 3-Month Return Over the Last 3 Years 3 months ending Aug 31, 2021 -3.18%
Fund Standard Deviation (3y) as of Feb 28, 2021 5.85
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 Fund manager may include ESG considerations in the research and decision phases of the investment process. Funds with ESG-related objectives may also include ESG considerations in the portfolio construction phase of the investment process. The research phase may include relevant, internal ESG research used to assess certain characteristics, including, but not limited to, economic and environmental transition, market structure, superior growth, management quality, and risk characteristics associated with environmental, social, and governance matters. ESG insights may be combined with other internal research views to inform active portfolio weighting versus a reference benchmark (or weighting implemented to achieve an absolute return outcome, if applicable). The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. 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 metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 2.63%
Net Expense Ratio 2.34%

Net Expense Ratio excluding Investment Related Expenses is 2.34%

  • 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 Oct 31, 2023 out of 202, 12,516, 203, 32 and 203 Funds, respectively in Lipper's Alt Long/Short Equity classification.

Holdings

Holdings

as of Oct 31, 2023
Name Fund Weight (%)
INVESCO S&P 500 EQL WGHT ETF 3.43
NVIDIA CORPORATION 1.83
NEWMONT CORPORATION 1.66
ENGIE SA 1.64
MICROSOFT CORPORATION 1.54
Name Fund Weight (%)
MASTERCARD INC 1.53
PFIZER INC 1.48
VERISIGN INC 1.46
ALTRIA GROUP INC 1.44
SMITHS GROUP PLC 1.44
as of Oct 31, 2023
Name Weight (%)
INVESCO S&P 500 EQL WGHT ETF 3.43
NVIDIA CORPORATION 1.83
NEWMONT CORPORATION 1.66
ENGIE SA 1.64
MICROSOFT CORPORATION 1.54
Name Weight (%)
MASTERCARD INC 1.53
PFIZER INC 1.48
VERISIGN INC 1.46
ALTRIA GROUP INC 1.44
SMITHS GROUP PLC 1.44
Name Weight (%) Shares Market Value
as of Oct 31, 2023
Name Fund Weight (%)
AMERICAN ELECTRIC POWER COMPANY INC -1.91
ANALOG DEVICES INC -1.51
KEURIG DR PEPPER INC -1.42
TORONTO-DOMINION BANK/THE -1.40
AVERY DENNISON CORPORATION -1.38
Name Fund Weight (%)
HEINEKEN NV -1.33
AFLAC INCORPORATED -1.27
CANADIAN PACIFIC KANSAS CITY -1.25
ANHEUSER BUSCH INBEV SA -1.25
WELLTOWER INC -1.24
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, 2023

% of Market Value

Type Long Short Net
as of Oct 31, 2023

% of Market Value

Type Long Short Net
as of Oct 31, 2023

% of Market Value

Type Long Short Net
as of Oct 31, 2023

% of Market Value

Type Long Short 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

Raffaele Savi
Raffaele Savi
BlackRock Systematic Active Equity Investment Team
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Raffaele Savi, Managing Director, is Global Head of BlackRock Systematic and Co-CIO and Co-Head of Systematic Active Equity (SAE). He is a member of the BlackRock Global Operating Committee and the GEC Investment Sub Committee.

 

Prior to moving to his current role in 2010, Mr. Savi was the investment lead for the US Equity team within the Scientific Active Equity group. Mr. Savi's service with the firm dates back to 2006, including his years with Barclay's Global Investors (BGI), which merged with BlackRock in 2009. At BGI, Mr. Savi was global head of portfolio management for active equities. Previously, he was head of investments for European active equities. Mr. Savi joined BGI from Capitalia, where he was CEO of Capitalia Investment Management and previously Chief Investment Officer of Capitalia Asset Management. His industry experience includes serving as board member and advisor to several pension funds and investment companies. He was Adjunct Professor of Quantitative Finance at the University of Rome from 2002 to 2006.

 

Mr. Savi earned a degree in electronic engineering from the University of Rome in 1997.

Kevin Franklin
Kevin Franklin
BlackRock Systematic Active Equity Investment Team

     

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Kevin Franklin, Managing Director, is a member of BlackRock's Systematic Active Equity Group. He is responsible for BlackRock's Global Equity Strategies.


Mr. Franklin rejoined the firm in 2010, building on five prior years of service with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined BlackRock after a year as head of Automated Trading at Marble Bar Asset Management in London, where he was responsible for MBAM's European systematic equity long-short product. At BGI, his previous roles include head of Portfolio Management for The 32 Capital Fund equity long-short strategy, as well as head of Market Neutral, Europe Active Equities. Prior to joining BGI, Mr. Franklin was a portfolio manager and trader at Horizon Asset Limited.

 

Mr. Franklin earned a BS degree in applied physics and history from the California Institute of Technology in 2000.

Richard Mathieson
Richard Mathieson
BlackRock Systematic Active Equity Investment Team
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Richard Mathieson, CA, Managing Director, is a member of the Systematic Active Equity (SAE) division within BlackRock's Active Equities Group. He is a Portfolio Manager responsible for global equity strategies.

 

Prior to this, Mr. Mathieson led the Investment Strategy team in EMEA for SAE. Mr. Mathieson's service with the firm dates back to 2002, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to rejoining BGI in 2008, Mr. Mathieson was an equity analyst for a specialist investment company focused on European financial stocks. Previously, he was with BGI as a senior portfolio manager, where he was responsible for managing both long-only and market-neutral strategies.

 

Mr. Mathieson qualified as a Chartered Accountant with PricewaterhouseCoopers in 2000, and holds a Bachelor of Accountancy from the University of Glasgow.

Portfolio Manager

Literature

Literature

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