Fixed Income

BMBCX

Systematic Multi-Strategy 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 Incept.
1.43 4.36 4.19 - 3.48
0.43 4.36 4.19 - 3.48
Benchmark (%) 0.07 1.18 1.16 - 0.95
Morningstar Category Avg. (%) 9.66 3.63 3.06 3.22 -
Morningstar Ranking 137/152 54/127 24/101 - -
Morningstar Quartile 4 2 2 - -
Lipper Category Avg. (%) 9.00 3.66 2.97 3.11 -
  YTD 1m 3m 1y 3y 5y 10y Incept.
2.49 -1.53 -1.06 1.43 13.67 22.78 - 24.37
1.49 -2.52 -2.05 0.43 13.67 22.78 - 24.37
Benchmark (%) 0.04 0.01 0.02 0.07 3.59 5.92 - 6.23
Morningstar Category Avg. (%) 5.26 -1.07 -0.29 9.66 11.29 16.28 37.26 -
Lipper Category Avg. (%) 3.76 -1.21 -0.81 9.00 11.70 16.50 36.28 -
  2016 2017 2018 2019 2020
Total Return (%) 4.82 8.87 0.75 7.43 2.55
Benchmark (%) 0.33 0.86 1.87 2.28 0.67
Morningstar Category Avg. (%) 2.51 5.56 -4.31 7.77 1.63
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 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.

 

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

Key Facts

Key Facts

Size of Class (Millions) as of Oct 25, 2021 $14.5 M
Size of Fund (Millions) as of Oct 25, 2021 $7,052.0 M
Share Class launch date May 19, 2015
Asset Class Alternative
Morningstar Category Multistrategy
Lipper Classification Alt Multi-Strategy Funds
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1) (4PM)
CUSIP 09260C208
Distribution Frequency None
Number of Holdings as of Sep 30, 2021 2,474
Max Offer Price as of Oct 25, 2021 $10.40
Open to New Investors Yes
Turnover Percent in the Annual Report 503%

Portfolio Characteristics

Portfolio Characteristics

30 Day SEC Yield as of Sep 30, 2021 -0.04%
Yield to Maturity as of Sep 30, 2021 2.15%
Yield to Worst as of Sep 30, 2021 2.03%
Fund Standard Deviation (3y) as of Feb 28, 2021 4.51
Unsubsidized 30-Day SEC Yield as of Sep 30, 2021 -0.05%
Effective Duration as of Sep 30, 2021 3.04 yrs
Nominal WAL as of Sep 30, 2021 3.86 yrs
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 material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG 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 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 2.10%
Net Expense Ratio 1.98%

Net Expense Ratio excluding Investment Related Expenses is 1.95%

  • Acquired Fund Fees and Expenses 0.03%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Systematic Multi-Strategy Fund, Class C, as of Sep 30, 2021 rated against 127 Multistrategy 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 Sep 30, 2021 out of 105, 4,635, 105, 13 and 105 Funds, respectively in Lipper's Alt Multi-Strategy Funds classification.

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2021

% of Market Value

Type Long Short Net
as of Sep 30, 2021

% of Market Value

Type Long Short Net
as of Sep 30, 2021

% of Market Value

Type Long Short Net
Allocations subject to change.
as of Sep 30, 2021

% of Market Value

Type Long Short Net
as of Sep 30, 2021

% of Market Value

Type Long Short 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

Tom Parker
Chief Investment Officer, BlackRock Systematic Fixed Income

 

 

Scott Radell
Head of Core Portfolio Management, Systematic Fixed Income

  

Jeffrey Rosenberg
Sr. Portfolio Manager, Systematic Fixed Income

   

Portfolio Manager

Literature

Literature

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