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.
14.98 2.22 4.52 - 4.91
Benchmark (%) 12.29 4.27 8.72 - 7.34
Morningstar Category Avg. (%) 15.19 4.05 7.45 - -
Morningstar Ranking 374/738 588/686 606/646 - -
Morningstar Quartile 2 4 4 - -
Lipper Ranking 147/429 248/397 261/357 - -
Lipper Quartile 2 3 3 - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
4.44 2.31 4.44 14.98 6.80 24.73 - 56.97
Benchmark (%) 3.49 2.64 3.49 12.29 13.37 51.90 - 94.80
Morningstar Category Avg. (%) 5.32 2.53 5.32 15.19 12.66 43.22 - -
  2019 2020 2021 2022 2023
Total Return (%) 19.92 4.54 10.82 -17.23 14.35
Benchmark (%) 21.92 14.06 14.43 -16.40 18.12
Morningstar Category Avg. (%) 19.23 11.72 13.89 -13.64 13.78

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 21, 2024
$181.0 M
Share Class launch date
Mar 28, 2016
Morningstar Category
Moderate Allocation
Benchmark Index
50.00% MSCI World High Div / 50.00% BBG HY 2% Issuer Capped
Distribution Frequency
None
Max Offer Price
as of Jun 21, 2024
$8.56
Turnover Percent in the Annual Report
66.00%
Size of Fund (Millions)
as of Jun 21, 2024
$1,077.4 M
Asset Class
MultiAsset
Lipper Classification
Flexible Portfolio Funds
CUSIP
09257E779
Number of Holdings
as of May 31, 2024
2,049
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y)
as of Feb 29, 2024
96.62
30 Day SEC Yield
as of May 31, 2024
7.14%
Effective Duration
as of May 31, 2024
1.13 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jun 30, 2022
-13.12%
Fund Sharpe Ratio (3y)
as of Feb 29, 2024
0.02
Unsubsidized 30-Day SEC Yield
as of May 31, 2024
6.97%
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
10.94%
Fund Standard Deviation (3y)
as of Feb 29, 2024
11.95

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 -
-
MSCI - Nuclear Weapons
as of -
-
MSCI - Civilian Firearms
as of -
-
MSCI - Tobacco
as of -
-
MSCI - UN Global Compact Violators
as of -
-
MSCI - Thermal Coal
as of -
-
MSCI - Oil Sands
as of -
-

Business Involvement Coverage
as of -
-
Percentage of Fund not covered
as of -
-
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 -% and for Oil Sands -%.

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 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. Where appropriate, 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 0.79%
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 May 31, 2024 out of 390, 4,488, 394, 208 and 394 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective May 03, 2024)

Holdings

Holdings

as of May 31, 2024
Name Weight (%)
ISHARES CORE DIVIDEND GROWTH ETF 3.44
MICROSOFT CORP - ELN 1.82
APPLE INC - ELN 1.17
AMAZON COM INC - ELN 1.15
ALPHABET INC CLASS A - ELN 0.86
Name Weight (%)
META PLATFORMS INC CLASS A - ELN 0.79
NVIDIA CORP - ELN 0.64
UNITEDHEALTH GROUP INC - ELN 0.56
EXXON MOBIL CORP - ELN 0.48
MICROSOFT CORP 0.47
as of May 31, 2024
Name Weight (%)
TREASURY (CPI) NOTE 0.25 01/15/2025 0.54
TREASURY (CPI) NOTE 2.375 01/15/2025 0.54
AIG_21-2A B 144A 0.44
OAKC_19-3A BR 144A 0.37
NEUB_19-34A BR 144A 0.37
Name Weight (%)
BSP_20-21A A1R 144A 0.33
CIFC_21-1A-C C 144A 0.33
ELM11_21-4A D 144A 0.32
PLMRS_21-4 E 144A 0.28
PLMRS_21-4A D 144A 0.28
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 May 31, 2024

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 31, 2024

% of Market Value

Type Fund Benchmark Net
as of May 31, 2024

% 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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