BMPAX

U.S. Mortgage Fund

Fixed Income

BMPAX

U.S. Mortgage Fund

How To Buy

Overview

About this Fund

  • Seeking Income in Mortgages
  • Access BlackRock's Deep Bond Expertise
  • A History of Risk-Adjusted Income and Returns

Investment Approach

Invests primarily in mortgage-related securities of any maturity, including U.S. government securities, U.S. government agency securities, securities issued by U.S. government instrumentalities and U.S. government-sponsored enterprises and other mortgage-backed securities or mortgage-related securities issued by the U.S. government or by private issuers.
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Performance

Performance

  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 1.51 1.18 4.41 3.47 9.75 15.01 45.33
Return w/ Sales Charge (%) Max Sales Charge: - -2.55 -2.87 0.24 -0.67 5.36 10.41 39.52
Benchmark (%) Index: Bloomberg Barclays US Mortgage Backed Securities Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 3.50 -0.09 0.67 5.67 12.40 17.21 35.18
Morningstar Category Avg. (%) Intermediate Core Bond 5.56 0.96 3.89 7.89 15.23 21.11 43.21
Lipper Category Avg. (%) US Mortgage Funds 2.14 0.92 3.04 4.19 10.54 15.02 35.46
  2015 2016 2017 2018 2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 1.19 2.34 2.64 0.40 6.60
Benchmark (%) Index: Bloomberg Barclays US Mortgage Backed Securities Index<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 1.51 1.67 2.47 0.99 6.35
Morningstar Category Avg. (%) Intermediate Core Bond -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.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.
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Cum. Fund Perf. Since Inception: 100.02

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Distributions

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Ex-Date Payable Date Record Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end. Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end. Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.



Key Facts

Key Facts

Size of Class (Millions) as of Jul 07, 2020 $26.7 M
Size of Fund (Millions) as of Jul 07, 2020 $250.5 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 How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. None
Number of Holdings as of May 29, 2020 518
Max Offer Price as of Jul 07, 2020 $10.66
Open to New Investors Yes
Turnover Percent in the Annual Report 841%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) Compared to FTSE Mortgage Index.<br/><br/>Alpha is calculated at the portfolio level.<br/><br/>A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund&#39;s alpha. as of May 31, 2020 0.02
R-Squared (3y) as of May 31, 2020 16.67
Beta (3y) as of May 31, 2020 0.63
30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund&#39;s expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of May 31, 2020 2.57%
Unsubsidized 30-Day SEC Yield Represents what a fund&#39;s 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of May 31, 2020 2.36%
Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond&#39;s cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund&#39;s individual bond holding YTMs based upon Net Asset Value (&#39;NAV&#39;). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of May 29, 2020 3.33%
Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of May 29, 2020 3.25%
Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of May 29, 2020 2.18 yrs
Weighted Average Life Nominal Weighted Average Life is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. as of May 29, 2020 6.70 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 -2.79%
Fund Standard Deviation (3y) as of May 31, 2020 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.

Holdings

Holdings

as of May 29, 2020
Name Weight (%)
UMBS 30YR TBA(REG A) 23.57
GNMA2 30YR TBA(REG C) 8.49
BMARK_19-B12 A5 3.08
GNMA2 30YR 2016 PRODUCTION 2.81
FNMA 30YR 2011 PRODUCTION 1.44
Name Weight (%)
FHMS_K081 A2 1.32
FHMS_K082 A2 1.32
FNMA 20YR 2019 PRODUCTION 1.25
FNMA 30YR 2003 PRODUCTION 1.15
WAMU_07-OA5 2A 1.01

Exposure Breakdowns

Exposure Breakdowns

as of May 29, 2020

% Notional Exposures % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of May 29, 2020

% Notional Exposures % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of May 29, 2020

% Notional Exposures % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of May 29, 2020

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 29, 2020

% Market Value

Type Fund Benchmark Net
as of May 29, 2020

% Notional Exposures % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of May 29, 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
Matthew Kraeger
Lead Portfolio Manager, Mortgage Portfolios

    

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Matthew Kraeger, Managing Director, is lead portfolio manager for mortgage portfolios on BlackRock's Global Fixed Income platform. He is responsible for the Mortgage Portfolio Team.

Mr. Kraeger has been a portfolio manager within the mortgage team since 2004, serving as a PM across both institutional accounts and retail funds. Mr. Kraeger has been a PM on the BlackRock GNMA Fund, which was ranked first in the Lipper Fund GNMA category for both 2008 and 2009 3 year periods, along with the BlackRock U.S. Mortgage Fund and the U.S. Government Bond Portfolio which was ranked first in its Lipper Fund category for the 2015 3 year period. Mr. Kraeger began his investment career as an analyst in BlackRock's operations department in 2000 and joined the Portfolio Analytics Group in 2002.

Mr. Kraeger earned a BS degree in finance from Syracuse University in 2000.

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

   

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Siddharth Mehta, Director, is a member of the Mortgage Portfolio Team within BlackRock's Americas Fixed Income Alpha Strategies.

 

Mr. Mehta joined the Portfolio Management Group in 2008. From 2006 to 2008, Mr. Mehta was amemberof BlackRock's Risk and Quantitative Analytics Group, where he was responsible for supporting the mortgage team. Mr. Mehta began his investment career with BlackRock as an analyst in the Portfolio Analytics Group.

 

Mr. Mehta earned a BS degree, magna cum laude, in electrical engineering from the University of Michigan in 2005.

Portfolio Manager
Read the Team's Commentary

Literature

Literature

 

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

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