Fixed Income

BMPAX

U.S. Mortgage Fund

How To Buy
  • NAV as of Nov 27, 2020 $10.40
    52 WK: 9.62 - 10.40
  • 1 Day NAV Change as of Nov 27, 2020 0.00 (0.00%)
  • NAV Total Return as of Nov 27, 2020 YTD: 4.59%

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

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 104.88

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 Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

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



  1y 3y 5y 10y
Total Return (%) 4.30 3.55 3.06 3.75
Return w/ Sales Charge (%) 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
Total Return (%) 3.58 0.47 2.04 4.30 11.02 16.28 44.48
Return w/ Sales Charge (%) -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
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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