Fixed Income

BMPAX

U.S. Mortgage 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
4.30 3.55 3.06 3.75
0.13 2.15 2.22 3.33
Benchmark (%) 4.36 3.68 2.98 3.01
Morningstar Category Avg. (%) 5.95 4.72 3.83 3.40
Morningstar Ranking 397/391 359/354 304/316 -
Morningstar Quartile 4 4 4 2
Lipper Category Avg. (%) 3.68 3.37 2.85 3.01
Lipper Ranking 59/129 46/112 43/106 -
Lipper Quartile 2 2 2 -
  YTD 1m 3m 1y 3y 5y 10y
3.58 0.47 2.04 4.30 11.02 16.28 44.48
-0.56 -3.54 -2.04 0.13 6.58 11.63 38.70
Benchmark (%) 3.62 -0.11 0.11 4.36 11.46 15.83 34.48
Morningstar Category Avg. (%) 6.08 -0.39 -0.92 5.95 14.85 20.69 39.77
Lipper Category Avg. (%) 3.17 0.21 1.01 3.68 10.46 15.15 34.90
  2015 2016 2017 2018 2019
Total Return (%) 1.19 2.34 2.64 0.40 6.60
Benchmark (%) 1.51 1.67 2.47 0.99 6.35
Morningstar Category Avg. (%) -0.26 3.23 3.71 -0.50 8.06
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 the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Key Facts

Key Facts

Size of Class (Millions) as of Nov 27, 2020 $23.9 M
Size of Fund (Millions) as of Nov 27, 2020 $282.4 M
Share Class launch date Dec 06, 2010
Asset Class Fixed Income
Morningstar Category Intermediate Core Bond
Lipper Classification US Mortgage Funds
Benchmark Index Bloomberg Barclays US Mortgage Backed Securities Index
CUSIP 56166L105
Distribution Frequency None
Number of Holdings as of Oct 30, 2020 535
Max Offer Price as of Nov 27, 2020 $10.83
Open to New Investors Yes
Turnover Percent in the Annual Report 841%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Oct 31, 2020 0.15
R-Squared (3y) as of Oct 31, 2020 11.44
Beta (3y) as of Oct 31, 2020 0.53
30 Day SEC Yield as of Oct 31, 2020 2.52%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 2.33%
Yield to Maturity as of Oct 30, 2020 2.90%
Yield to Worst as of Oct 30, 2020 2.79%
Effective Duration as of Oct 30, 2020 2.52 yrs
Weighted Average Life as of Oct 30, 2020 5.27 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 4.41%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -2.78%
Fund Standard Deviation (3y) as of Oct 31, 2020 3.49

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 1.14%
Net Expense Ratio 0.93%

Net Expense Ratio excluding Investment Related Expenses is 0.70%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.23%

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 Oct 31, 2020 out of 110, 6,065, 110, 51 and 110 Funds, respectively in Lipper's US Mortgage Funds classification.

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
GNMA2 30YR TBA(REG C) 7.06
GNMA2 30YR 2016 PRODUCTION 2.00
FNMA 30YR 2020 PRODUCTION 1.86
FHMS_K082 A2 1.16
FHMS_K081 A2 1.16
Name Weight (%)
SLST_20-2 M1 144A 1.06
PROG_20-SFR3 G 144A 0.97
HOF_20-2 M1 144A 0.96
SHLMT_20-SH2 B1 144A 0.94
FNMA 30YR 2003 PRODUCTION 0.92

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% 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. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Matthew Kraeger
Lead Portfolio Manager, Mortgage Portfolios

    

Ibrahim Incoglu
Ibrahim Incoglu
Samir Lakhani
Samir Lakhani
Siddharth Mehta
Portfolio Manager, Mortgage Portfolios

   

Portfolio Manager

Literature

Literature

 

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