Multi Asset

PCBSX

Tactical Opportunities 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
0.07 1.76 3.72 3.36
Benchmark (%) 0.07 0.81 1.13 0.63
Morningstar Category Avg. (%) 0.33 3.40 2.93 1.79
Morningstar Ranking 58/104 52/87 29/87 8/39
Morningstar Quartile 3 3 2 1
Lipper Category Avg. (%) 1.54 4.97 4.37 3.56
Lipper Ranking 106/192 146/183 97/170 73/121
Lipper Quartile 3 4 3 3
  YTD 1m 3m 1y 3y 5y 10y
-1.43 0.80 -1.43 0.07 5.38 20.01 39.13
Benchmark (%) 0.04 0.03 0.04 0.07 2.44 5.78 6.51
Morningstar Category Avg. (%) -0.30 -0.47 0.65 0.33 12.49 16.78 20.73
Lipper Category Avg. (%) -3.78 -0.07 -3.78 1.54 16.15 25.05 47.54
  2017 2018 2019 2020 2021
Total Return (%) 7.79 4.36 1.49 6.58 0.22
Benchmark (%) 0.86 1.87 2.28 0.67 0.05
Morningstar Category Avg. (%) 5.28 -3.33 8.10 4.54 3.86
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. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares. The performance of this share class would be substantially similar to Investor A Shares because this share class and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Investor A Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

 

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index.

Key Facts

Key Facts

Size of Class (Millions) as of May 24, 2022 $0.9 M
Size of Fund (Millions) as of May 24, 2022 $1,633.4 M
Share Class launch date Jan 28, 2005
Asset Class MultiAsset
Morningstar Category Macro Trading
Lipper Classification Alt Global Macro Funds
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1) (4PM)
CUSIP 091927830
Distribution Frequency Quarterly
Number of Holdings as of Apr 29, 2022 861
Max Offer Price as of May 24, 2022 $13.74
Open to New Investors Yes
Turnover Percent in the Annual Report 136%

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio as of Apr 29, 2022 18.35
P/B Ratio as of Apr 29, 2022 2.88
R-Squared as of Apr 30, 2022 0.01
Average Market Cap (Millions) as of Apr 29, 2022 $ 439,564.5 M
Fund Sharpe Ratio (3y) as of Feb 28, 2021 0.23
Beta (3y) as of Feb 28, 2021 -2.34
Effective Duration as of Apr 29, 2022 3.34 yrs
Equity Beta as of Apr 30, 2022 -0.10
Best 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2020 4.17%
Worst 3-Month Return Over the Last 3 Years 3 months ending Feb 28, 2021 -2.36%
Standard Deviation (3y) as of - -
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 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. 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 Apr 29, 2022 0.00%
MSCI - UN Global Compact Violators as of Apr 29, 2022 0.00%
MSCI - Nuclear Weapons as of Apr 29, 2022 0.00%
MSCI - Thermal Coal as of Apr 29, 2022 0.00%
MSCI - Civilian Firearms as of Apr 29, 2022 0.00%
MSCI - Oil Sands as of Apr 29, 2022 0.00%
MSCI - Tobacco as of Apr 29, 2022 0.00%

Business Involvement Coverage as of Apr 29, 2022 68.64%
Percentage of Fund not covered as of Apr 29, 2022 31.90%
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 0.57% and for Oil Sands 1.60%.

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.09%
Net Expense Ratio 1.09%

Net Expense Ratio excluding Investment Related Expenses is 1.08%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Tactical Opportunities Fund, Service, as of Apr 30, 2022 rated against 87 Macro Trading 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 Apr 30, 2022 out of 183, 4,575, 183, 40 and 183 Funds, respectively in Lipper's Alt Global Macro Funds classification.

Exposure Breakdowns

Exposure Breakdowns

as of Apr 29, 2022

% of Market Value

Type Long Short Net
Sorry, sectors are not available at this 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

Philip Green
Head of Global Tactical Asset Allocation Team

  

Thomas Becker, PhD
Portfolio Manager, Global Tactical Asset Allocation Team

    

Richard Murrall
Global Tactical Asset Allocation Team

    

Michael Pensky, CFA
Global Tactical Asset Allocation Team

   

Portfolio Manager

Literature

Literature

 

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