Fixed Income

BIIIX

BlackRock Systematic ESG Bond Fund

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y Incept.
-0.04 5.75 - - 3.28
Benchmark (%) -0.33 5.34 - - 3.00
Morningstar Category Avg. (%) 0.17 5.60 3.10 3.24 -
Morningstar Ranking 322/437 111/403 - - -
Morningstar Quartile 3 1 - - -
Lipper Ranking 61/70 19/40 - - -
Lipper Quartile 4 2 - - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
-1.72 0.82 1.81 -0.04 18.25 - - 16.97
Benchmark (%) -1.60 0.70 1.83 -0.33 16.91 - - 15.42
Morningstar Category Avg. (%) -0.25 1.00 1.95 0.17 17.75 16.48 37.59 -
  2016 2017 2018 2019 2020
Total Return (%) - 3.36 -0.35 9.39 8.81
Benchmark (%) - 3.54 0.01 8.72 7.51
Morningstar Category Avg. (%) 3.23 3.71 -0.50 8.06 7.52
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.

Key Facts

Key Facts

Size of Class (Millions) as of Sep 22, 2021 $61.3 M
Size of Fund (Millions) as of Sep 22, 2021 $70.3 M
Share Class launch date Aug 23, 2016
Asset Class Fixed Income
Morningstar Category Intermediate Core Bond
Lipper Classification General Bond Funds
Benchmark Index Bloomberg US Aggregate Bond Index
CUSIP 09260C877
Distribution Frequency None
Number of Holdings as of Aug 31, 2021 880
Max Offer Price as of Sep 22, 2021 $10.43
Open to New Investors Yes
Turnover Percent in the Annual Report 202%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Aug 31, 2021 0.01
R-Squared (3y) as of Aug 31, 2021 97.08
Beta (3y) as of Aug 31, 2021 1.03
30 Day SEC Yield as of Jun 30, 2021 1.04%
Unsubsidized 30-Day SEC Yield as of Jun 30, 2021 0.47%
Yield to Maturity as of Aug 31, 2021 1.74%
Yield to Worst as of Aug 31, 2021 1.70%
Average Coupon as of Aug 31, 2021 2.47%
Effective Duration as of Aug 31, 2021 6.54 yrs
Nominal WAL as of Aug 31, 2021 7.40 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Aug 31, 2019 4.08%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2021 -3.46%

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% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch. 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, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. 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 Aug 31, 2021 0.00%
MSCI - UN Global Compact Violators as of Aug 31, 2021 0.00%
MSCI - Nuclear Weapons as of Aug 31, 2021 0.00%
MSCI - Thermal Coal as of Aug 31, 2021 0.00%
MSCI - Civilian Firearms as of Aug 31, 2021 0.00%
MSCI - Oil Sands as of Aug 31, 2021 0.00%
MSCI - Tobacco as of Aug 31, 2021 0.00%

Business Involvement Coverage as of Aug 31, 2021 39.83%
Percentage of Fund not covered as of Aug 31, 2021 60.17%
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 0.00% and for Oil Sands 0.13%.

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 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 1.50%
Net Expense Ratio 0.31%

Net Expense Ratio excluding Investment Related Expenses is 0.28%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BlackRock Systematic ESG Bond Fund, Class I, as of Aug 31, 2021 rated against 380 Intermediate Core 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 Aug 31, 2021 out of 40, 6,158, 40, 30 and 40 Funds, respectively in Lipper's General Bond Funds classification.

Holdings

Holdings

as of Aug 31, 2021
Name Weight (%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 11.58
UNITED STATES TREASURY 11.13
UNIFORM MBS 5.25
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.81
FEDERAL HOME LOAN MORTGAGE CORPORATION 3.48
Name Weight (%)
BANK OF AMERICA CORP 1.56
ADOBE INC 1.43
JPMORGAN CHASE & CO 1.41
MORGAN STANLEY 1.31
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 1.23

Exposure Breakdowns

Exposure Breakdowns

as of Aug 31, 2021

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2021

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2021

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2021

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Aug 31, 2021

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2021

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2021

% 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

Scott Radell
Head of Core Portfolio Management, Systematic Fixed Income

  

Joel Silva
Joel Silva
Portfolio Manager

Literature

Literature

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