Multi Asset

BDHKX

Dynamic High Income 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.
-8.91 7.19 2.52 - 3.77
Benchmark (%) -6.12 10.56 6.14 - 6.17
Morningstar Category Avg. (%) -6.50 9.83 5.22 - -
Morningstar Ranking 700/743 625/678 610/651 - -
Morningstar Quartile 4 4 4 - -
Lipper Ranking 351/471 301/416 268/378 - -
Lipper Quartile 3 3 3 - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
3.88 0.70 3.88 -8.91 23.17 13.26 - 36.52
Benchmark (%) 6.29 2.93 6.29 -6.12 35.16 34.69 - 65.48
Morningstar Category Avg. (%) 3.78 1.65 3.78 -6.50 32.47 28.96 - -
  2018 2019 2020 2021 2022
Total Return (%) -6.91 19.92 4.54 10.82 -17.23
Benchmark (%) -5.96 21.92 14.06 14.43 -16.40
Morningstar Category Avg. (%) -5.76 19.23 11.72 13.89 -13.64

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 information for periods prior to March 28, 2016, the commencement of operations of the share class, shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. See the Fund’s prospectus for more details.

Key Facts

Key Facts

Size of Class (Millions) as of Jun 06, 2023 $185.4 M
Size of Fund (Millions) as of Jun 06, 2023 $1,163.6 M
Share Class launch date Mar 28, 2016
Asset Class MultiAsset
Morningstar Category Moderate Allocation
Lipper Classification Flexible Portfolio Funds
Benchmark Index 70% MSCI World Index/30% Bloomberg U.S. Aggregate Bond Index (USD)
CUSIP 09257E779
Distribution Frequency None
Number of Holdings as of Apr 28, 2023 2,045
Max Offer Price as of Jun 06, 2023 $8.06
Open to New Investors Yes
Turnover Percent in the Annual Report 59%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of May 31, 2023 95.71
Fund Sharpe Ratio (3y) as of May 31, 2023 0.23
30 Day SEC Yield as of Apr 30, 2023 6.84%
Unsubsidized 30-Day SEC Yield as of Apr 30, 2023 6.69%
Effective Duration as of Apr 28, 2023 1.82 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2021 10.55%
Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2022 -13.12%
Fund Standard Deviation (3y) as of May 31, 2023 11.98

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.

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.

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 Apr 28, 2023 0.02%
MSCI - UN Global Compact Violators as of Apr 28, 2023 0.28%
MSCI - Nuclear Weapons as of Apr 28, 2023 0.07%
MSCI - Thermal Coal as of Apr 28, 2023 0.05%
MSCI - Civilian Firearms as of Apr 28, 2023 0.01%
MSCI - Oil Sands as of Apr 28, 2023 0.00%
MSCI - Tobacco as of Apr 28, 2023 0.43%

Business Involvement Coverage as of Apr 28, 2023 50.60%
Percentage of Fund not covered as of Apr 28, 2023 49.40%
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 0.25% and for Oil Sands 0.71%.

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 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 phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, societal or governance topics, and from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves 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 0.75%
Net Expense Ratio 0.63%

Net Expense Ratio excluding Investment Related Expenses is 0.60%

  • 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 Apr 30, 2023 out of 412, 4,430, 416, 217 and 416 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

Holdings

Holdings

as of Apr 28, 2023
Name Weight (%)
S&P 500 INDEX - ELN 2.55
ISHARES CORE S&P 500 ETF 2.01
APPLE INC - ELN 0.60
TAIWAN SEMICONDUCTOR MANUFACTURING 0.54
MICROSOFT CORP 0.41
Name Weight (%)
MICROSOFT CORP - ELN 0.39
MCDONALDS CORP - ELN 0.37
ALPHABET INC CLASS A - ELN 0.34
UNITEDHEALTH GROUP INC - ELN 0.30
BERKSHIRE HATHAWAY INC CLASS B - ELN 0.29
as of Apr 28, 2023
Name Weight (%)
ISHARES IBOXX $ HIGH YIELD CORPORA 3.32
AIG_21-2A B 144A 0.39
AIGIM_20-1R AR 144A 0.33
TICP_16-6A A-RR 144A 0.33
NEUB_19-34A BR 144A 0.33
Name Weight (%)
OAKC_19-3A BR 144A 0.33
FLAT_21-1A A1 144A 0.32
BSP_20-21A A1R 144A 0.29
CIFC_21-1A-C C 144A 0.28
ENERGY TRANSFER LP 7.125 12/31/2079 0.25

Exposure Breakdowns

Exposure Breakdowns

as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% 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
Co-Head of Income Investing, Multi-Asset Strategies & Solutions

   

Alex Shingler, CFA
Co-Head of Income Investing, Multi-Asset Strategies & Solutions

     

Portfolio Manager

Literature

Literature

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