Fixed Income

BRACX

Allocation Target Shares: Series C Fund

  • NAV as of Dec 01, 2023 $8.91
    52 WK: 8.33 - 9.20
  • 1 Day NAV Change as of Dec 01, 2023 0.07 (0.79%)
  • NAV Total Return as of Dec 01, 2023 YTD: 5.84%
  • Morningstar Rating

Overview

Investment Approach

This fund is only available through BlackRock Separately Managed Accounts.

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Performance

Performance

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 108.53

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 (%) 4.14 -4.49 1.38 2.57
Benchmark (%) 3.47 -4.83 0.86 2.12
Morningstar Category Avg. (%) - - - -
Morningstar Ranking - - - -
Morningstar Quartile 2 3 1 1
Lipper Category Avg. (%) 2.75 -5.10 0.61 1.88
Lipper Ranking 57/267 73/237 33/223 20/139
Lipper Quartile 1 2 1 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 0.80 -2.46 -2.72 4.14 -12.87 7.09 28.86
Benchmark (%) 0.03 -2.60 -3.01 3.47 -13.81 4.36 23.35
Morningstar Category Avg. (%) - - - - - - -
Lipper Category Avg. (%) -0.13 -2.76 -3.19 2.75 -14.28 3.24 20.76
  2018 2019 2020 2021 2022
Total Return (%) - - 11.46 -1.05 -15.31
Benchmark (%) - - 9.35 -1.08 -15.26
Morningstar Category Avg. (%) - - - - -

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.

Key Facts

Key Facts

Net Assets as of Dec 01, 2023 $400,156,081
Size of Fund (Millions) $400.2 M
Base Currency U.S. Dollar
Share Class launch date Sep 30, 2004
Asset Class Fixed Income
Domicile United States

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more


This fund does not seek to follow a sustainable, impact or ESG investment strategy. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. For more information regarding the fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of Oct 25, 2023 A
MSCI ESG % Coverage as of Oct 25, 2023 74.29%
MSCI ESG Quality Score (0-10) as of Oct 25, 2023 6.4
MSCI ESG Quality Score - Peer Percentile as of Oct 25, 2023 41.75%
Fund Lipper Global Classification as of Oct 25, 2023 Bond USD Corporates
Funds in Peer Group as of Oct 25, 2023 285
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Oct 25, 2023 294.48
MSCI Weighted Average Carbon Intensity % Coverage as of Oct 25, 2023 72.52%
All data is from MSCI ESG Fund Ratings as of Oct 25, 2023, based on holdings as of Apr 30, 2023. 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% (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.

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. 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 Oct 31, 2023 1.67%
MSCI - UN Global Compact Violators as of Oct 31, 2023 1.67%
MSCI - Nuclear Weapons as of Oct 31, 2023 1.31%
MSCI - Thermal Coal as of Oct 31, 2023 0.44%
MSCI - Civilian Firearms as of Oct 31, 2023 0.00%
MSCI - Oil Sands as of Oct 31, 2023 0.18%
MSCI - Tobacco as of Oct 31, 2023 0.99%
Business Involvement Coverage as of Oct 31, 2023 87.85%
Percentage of Fund not covered as of Oct 31, 2023 12.15%
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 0.44% and for Oil Sands 0.68%.

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 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 phase 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 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-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.12%
Net Expense Ratio 0.00%

Net Expense Ratio excluding Investment Related Expenses is 0.00%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Allocation Target Shares: Series C Fund, Class, as of Mar 31, 2023 rated against 190 Corporate Bond 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 Oct 31, 2023 out of 237, 6,278, 237, 156 and 237 Funds, respectively in Lipper's Corp Debt BBB Rated Fds classification.

Holdings

Holdings

Name Weight (%) Shares Market Value Coupon (%) Maturity
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.

Portfolio Managers

Portfolio Managers

Daniel Chen
Daniel Chen
Michael Heilbronn
Michael Heilbronn
Director

Michael Heilbronn, Director, is a member of the Core PM SMA Team in Princeton for BlackRock's Managed Account business within Multi-Asset Strategies (MAS). In this capacity, he is responsible for managing mid-sized institutional taxable bond portfolios. Additionally, Mr. Heilbronn is part of a liaison team that coordinates the SMA fixed income portfolio strategy and credit research with the rest of the firm. He works closely with each group to facilitate idea sharing and trade ideas across portfolios.

 

Michael service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a product specialist for the firm's entire range of fixed income portfolios, and also served as an associate asset management advisor. Michael joined MLIM in 2000, after working with the mutual funds marketing team at the Merrill Lynch Private Client Group for two years.

 

Michael earned a BS degree from the Pennsylvania State University in 1998.

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Michael Heilbronn, Director,  is a member of the Core PM SMA Team in Princeton for BlackRock's Managed Account business within the Portfolio Management Group (PMG). In this capacity, he is responsible for managing mid-sized institutional taxable bond portfolios. Additionally, Michael is part of a liaison team that coordinates the SMA fixed income portfolio strategy and credit research with the rest of the firm. He works closely with each group to facilitate idea sharing and trade ideas across portfolios.

 

Michael’s service with the firm dates back to 1998, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a product specialist for the firm's entire range of fixed income portfolios, and also served as an associate asset management advisor. Michael joined MLIM in 2000, after working with the mutual funds marketing team at the Merrill Lynch Private Client Group for two years.

 

Michael earned a BS degree from the Pennsylvania State University in 1998.

Portfolio Manager

Literature

Literature

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