Fixed Income

CLDBX

Low Duration Bond 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
3.05 2.76 2.40 2.39
Benchmark (%) 3.74 2.87 2.11 1.60
Morningstar Category Avg. (%) 3.30 2.76 2.39 1.99
Morningstar Ranking 376/581 262/515 203/459 63/297
Morningstar Quartile 3 3 2 1
Lipper Category Avg. (%) 3.04 2.59 2.28 1.84
Lipper Ranking 214/374 144/336 123/296 26/189
Lipper Quartile 3 2 2 1
  YTD 1m 3m 1y 3y 5y 10y
2.43 0.06 1.15 3.05 8.52 12.59 26.65
Benchmark (%) 3.11 0.02 0.27 3.74 8.86 11.01 17.24
Morningstar Category Avg. (%) 2.71 0.01 0.99 3.30 8.50 12.54 21.77
Lipper Category Avg. (%) 2.45 0.03 1.05 3.04 7.99 12.01 20.20
  2015 2016 2017 2018 2019
Total Return (%) 0.87 1.93 2.13 1.04 4.79
Benchmark (%) 0.67 1.29 0.86 1.63 4.07
Morningstar Category Avg. (%) 0.19 2.08 1.73 0.92 4.72
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 Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional 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 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 Oct 23, 2020 $589.6 M
Size of Fund (Millions) as of Oct 23, 2020 $7,578.5 M
Share Class launch date Jun 03, 1997
Asset Class Fixed Income
Morningstar Category Short-Term Bond
Lipper Classification Sht Inv Grade Debt Funds
Benchmark Index ICE BofA US Corp & Govt Index, 1-3 Yrs (B1A0)
CUSIP 09260B440
Distribution Frequency None
Number of Holdings as of Sep 30, 2020 1,066
Max Offer Price as of Oct 23, 2020 $9.71
Open to New Investors Yes
Turnover Percent in the Annual Report 182%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Sep 30, 2020 -0.01
R-Squared (3y) as of Sep 30, 2020 11.32
Beta (3y) as of Sep 30, 2020 1.01
30 Day SEC Yield as of Sep 30, 2020 1.29%
Unsubsidized 30-Day SEC Yield as of Sep 30, 2020 1.24%
Yield to Maturity as of Sep 30, 2020 1.47%
Yield to Worst as of Sep 30, 2020 1.38%
Effective Duration as of Sep 30, 2020 1.58 yrs
Weighted Average Life as of Sep 30, 2020 2.62 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 4.47%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -3.07%
Fund Standard Deviation (3y) as of Sep 30, 2020 3.00

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 0.46%
Net Expense Ratio 0.44%

Net Expense Ratio excluding Investment Related Expenses is 0.35%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.08%

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Low Duration Bond Fund, Class K, as of Sep 30, 2020 rated against 515 Short-Term 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 Sep 30, 2020 out of 332, 6,011, 336, 185 and 336 Funds, respectively in Lipper's Sht Inv Grade Debt Funds classification.

Holdings

Holdings

as of Sep 30, 2020
Name Weight (%)
UNITED STATES TREASURY 10.27
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.83
CANADA HOUSING TRUST NO.1 4.46
FEDERAL HOME LOAN MORTGAGE CORPORATION 4.11
ISHARES ULTRASHORT DURATION BOND FUND 2.35
Name Weight (%)
BANK OF AMERICA CORP 1.10
GENERAL MOTORS FINANCIAL CO INC 1.10
ABBVIE INC 0.93
BAT CAPITAL CORP 0.84
JPMORGAN CHASE & CO 0.83

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Sep 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Sep 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Sep 30, 2020

% Market Value

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

% Market Value

Type Fund Benchmark Net
as of Sep 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Sep 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

Bob Miller
Head of U.S. Multi-Sector Fixed Income

  

Akiva Dickstein
Managing Director, Head of Customized Multi-Sector Portfolios

    

Scott MacLellan, CFA
Portfolio Manager, BlackRock Global Fixed Income Group

  

Portfolio Manager

Literature

Literature

 

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