Fixed Income

BLDCX

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
1.98 1.69 1.32 1.28
0.98 1.69 1.32 1.28
Benchmark (%) 3.74 2.87 2.11 1.60
Morningstar Category Avg. (%) 3.10 2.75 2.35 1.94
Morningstar Ranking 509/557 479/493 436/438 248/284
Morningstar Quartile 4 4 4 4
Lipper Category Avg. (%) 3.04 2.59 2.28 1.84
Lipper Ranking 319/374 310/336 283/296 161/189
Lipper Quartile 4 4 4 4
  YTD 1m 3m 1y 3y 5y 10y
1.63 -0.13 0.88 1.98 5.16 6.76 13.55
0.63 -1.12 -0.12 0.98 5.16 6.76 13.55
Benchmark (%) 3.11 0.02 0.27 3.74 8.86 11.01 17.24
Morningstar Category Avg. (%) 2.82 0.07 0.40 3.10 8.49 12.31 21.16
Lipper Category Avg. (%) 2.45 0.03 1.05 3.04 7.99 12.01 20.20
  2015 2016 2017 2018 2019
Total Return (%) -0.26 0.80 1.07 -0.01 3.70
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.

The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.

Key Facts

Key Facts

Size of Class (Millions) as of Dec 03, 2020 $69.5 M
Size of Fund (Millions) as of Dec 03, 2020 $7,727.4 M
Share Class launch date Feb 24, 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 09260B499
Distribution Frequency None
Number of Holdings as of Oct 30, 2020 1,100
Max Offer Price as of Dec 03, 2020 $9.75
Open to New Investors Yes
Turnover Percent in the Annual Report 182%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Nov 30, 2020 -0.09
R-Squared (3y) as of Nov 30, 2020 11.08
Beta (3y) as of Nov 30, 2020 1.03
30 Day SEC Yield as of Oct 31, 2020 0.20%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 0.09%
Yield to Maturity as of Oct 30, 2020 1.44%
Yield to Worst as of Oct 30, 2020 1.36%
Effective Duration as of Oct 30, 2020 1.55 yrs
Weighted Average Life as of Oct 30, 2020 2.65 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 4.20%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -3.34%
Fund Standard Deviation (3y) as of Nov 30, 2020 3.01

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.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered 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 Oct 30, 2020 0.68%
MSCI - UN Global Compact Violators as of Oct 30, 2020 1.77%
MSCI - Nuclear Weapons as of Oct 30, 2020 0.77%
MSCI - Thermal Coal as of Oct 30, 2020 0.01%
MSCI - Civilian Firearms as of Oct 30, 2020 0.00%
MSCI - Oil Sands as of Oct 30, 2020 0.03%
MSCI - Tobacco as of Oct 30, 2020 1.11%

Business Involvement Coverage as of Oct 30, 2020 38.32%
Percentage of Fund not covered as of Oct 30, 2020 61.68%
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 0.03% and for Oil Sands 0.25%.

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 1.61%
Net Expense Ratio 1.49%

Net Expense Ratio excluding Investment Related Expenses is 1.40%

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

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 329, 6,065, 333, 55 and 333 Funds, respectively in Lipper's Sht Inv Grade Debt Funds classification.

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
UNITED STATES TREASURY 10.06
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.99
CANADA HOUSING TRUST NO.1 4.38
ISHARES ULTRASHORT DURATION BOND FUND 2.31
FEDERAL HOME LOAN MORTGAGE CORPORATION 1.88
Name Weight (%)
BANK OF AMERICA CORP 1.32
UNIFORM MBS 1.11
GENERAL MOTORS FINANCIAL CO INC 0.97
BAT CAPITAL CORP 0.87
JPMORGAN CHASE & CO 0.81

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

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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