Multi Asset

BDHIX

Dynamic High Income Fund

  • NAV as of Jan 12, 2026 $9.07
    52 WK: 7.93 - 9.07
  • 1 Day NAV Change as of Jan 12, 2026 $0.01 (0.11%)
  • NAV Total Return as of Jan 12, 2026 YTD: 1.47%

Overview

About this Fund

1. Complement to your core income portfolio
2. Manages difficult to access income streams
3. Seeks high income from non-traditional sources

Investment Approach

Seeks to achieve high income by tactically managing a portfolio of non-traditional sources of income.

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Performance

Performance

  1y 3y 5y 10y
Total Return (%)

as of Dec 31, 2025

12.27 12.45 5.41 6.54
Benchmark (%)

as of Dec 31, 2025

13.56 11.00 6.85 7.61
Morningstar Category Avg. (%)

as of Dec 31, 2025

16.15 12.29 6.54 7.02
Morningstar Ranking

as of Dec 31, 2025

379/414 183/407 281/394 214/320
Morningstar Quartile

as of Dec 31, 2025

4 2 4 3
Lipper Category Avg. (%)

as of Dec 31, 2025

14.07 11.92 6.52 7.27
Lipper Ranking

as of Dec 31, 2025

277/425 160/391 237/362 168/259
Lipper Quartile

as of Dec 31, 2025

3 2 3 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%)

as of Dec 31, 2025

12.27 0.60 1.99 12.27 42.21 30.15 88.42
Benchmark (%)

as of Dec 31, 2025

13.56 0.85 2.59 13.56 36.75 39.26 108.27
Morningstar Category Avg. (%)

as of Dec 31, 2025

16.15 0.68 2.63 16.15 41.58 37.24 97.04
Lipper Category Avg. (%)

as of Dec 31, 2025

14.07 0.49 2.22 14.07 40.78 38.12 106.74
  2021 2022 2023 2024 2025
Total Return (%) 10.77 -17.37 14.31 10.81 12.27
Benchmark (%) 10.57 -7.90 11.34 8.15 13.56
Morningstar Category Avg. (%) 12.01 -13.20 12.16 8.79 16.15

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 Jan 12, 2026
$1,433.0 M
Share Class launch date
Nov 03, 2014
Benchmark Index
50.00% MSCI World High Div (Net) / 50.00% BBG HY 2% Issuer Capped
Lipper Classification
Flexible Portfolio Funds
Max Offer Price
as of Jan 12, 2026
$9.07
Turnover Percent in the Annual Report
as of Jul 31, 2025
148.00%
Size of Class (Millions)
as of Jan 12, 2026
$1,104.8 M
Asset Class
Multi Asset
Morningstar Category
Global Moderate Allocation
CUSIP
09257E795
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Dec 31, 2025
2,941
Modified Duration
as of Dec 31, 2025
1.10 yrs
Fund Standard Deviation (3y)
as of Dec 31, 2025
7.62
Unsubsidized 30-Day SEC Yield
as of Nov 30, 2025
8.03%
Effective Duration
as of Dec 31, 2025
0.89 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-5.33%
30 Day SEC Yield
as of Nov 30, 2025
8.20%
R-Squared (3y)
as of Dec 31, 2025
82.62
Beta (3y)
as of Dec 31, 2025
0.96
Weighted Avg Maturity
as of Dec 31, 2025
1.91 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
10.93%

For the latest month-end Distribution Yield, click here.


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 0.87%
Net Expense Ratio 0.68%

Net Expense Ratio excluding Investment Related Expenses is 0.65%

  • Acquired Fund Fees and Expenses 0.03%
  • 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 Dec 31, 2025 out of 390, 4,144, 390, 168 and 390 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

Holdings

Holdings

as of Dec 31, 2025
Name Weight (%)
NVIDIA CORP - ELN 2.29
APPLE INC - ELN 2.03
ISHARES CORE MSCI EMERGING MARKETS 1.90
MICROSOFT CORP - ELN 1.88
ALPHABET INC CLASS A - ELN 1.65
Name Weight (%)
WALMART INC - ELN 0.79
META PLATFORMS INC CLASS A - ELN 0.74
HOME DEPOT INC - ELN 0.71
BROADCOM INC - ELN 0.70
CAPITAL ONE FINANCIAL CORP - ELN 0.69
as of Dec 31, 2025
Name Weight (%)
ISHARES BROAD USD HIGH YIELD CORPO 2.61
BEIGNET INVESTOR LLC 144A 6.581 05/30/2049 0.44
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 04/01/2026 0.30
SOUTH AFRICA (REPUBLIC OF) 8.5 01/31/2037 0.24
PLMRS_21-4AR D1R 144A 0.22
Name Weight (%)
PLMRS_21-4AR A1R 144A 0.22
REG11_18-1A AR 144A 0.22
GCBSL_19_43AR A1R 144A 0.22
DCLO_23-3AR A1R 144A 0.18
DCLO_23-3AR A2R 144A 0.18
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 Dec 31, 2025

% of Market Value

Type Fund Benchmark Net
as of Dec 31, 2025

% of Market Value

Type Fund Benchmark Net
as of Dec 31, 2025

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Dec 31, 2025

% of 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.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Justin Christofel, CFA
Justin Christofel, CFA
Co-Head of Income Investing, Multi-Asset Strategies & Solutions

   

Read More

Justin Christofel, CFA, CAIA, Managing Director, is co-head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions group. He is a portfolio manager for a number of income strategies including the Multi-Asset Income Fund, Dynamic High Income Fund, Managed Income Fund, and Multi-Asset Income model portfolios.

 

Justin’s service with the firm dates back to 2007, where prior to the launch of the Income strategies, he managed customized asset allocation portfolios for institutional investors.

 

Justin earned his BA, with honors, in economics and mathematics from Yale University.

 

Justin’s interests include exploring the intersection of macroeconomic drivers and asset class returns and constructing portfolios that offer clients resilience in a variety of market regimes. Outside of work, he enjoys nearly any activity that allows him to be active, particularly tennis.

 

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.

Louis Arranz, CFA
Louis Arranz, CFA
Director

Director

Read More

Louis Arranz, CFA, CAIA, FRM, Director, is a researcher and portfolio manager for BlackRock’s Multi-Asset Strategies & Solutions (MASS) Income team. The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally.

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