Fixed Income

BSIIX

Strategic Income Opportunities Fund

Overview

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Performance

Performance

  1y 3y 5y 10y
11.87 2.30 3.37 3.10
Morningstar Category Avg. (%) 10.26 2.04 2.65 2.59
Morningstar Ranking 84/289 109/272 69/246 46/171
Morningstar Quartile 2 2 2 2
Lipper Category Avg. (%) 11.06 1.57 2.30 2.21
Lipper Ranking 32/89 39/86 34/82 12/59
Lipper Quartile 2 2 2 1
  YTD 1m 3m 1y 3y 5y 10y
6.03 1.33 4.35 11.87 7.07 18.00 35.65
Morningstar Category Avg. (%) 5.87 0.89 3.06 10.26 6.24 13.97 29.12
Lipper Category Avg. (%) 5.78 0.93 3.66 11.06 4.96 12.48 25.11
  2019 2020 2021 2022 2023
Total Return (%) 7.62 7.21 0.96 -5.64 7.26
Morningstar Category Avg. (%) 6.69 3.44 1.80 -6.27 6.95

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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.
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Key Facts

Key Facts

Size of Fund (Millions)
as of Oct 11, 2024
$39,584.1 M
Share Class launch date
Feb 05, 2008
Distribution Frequency
Monthly
Lipper Classification
Alt Credit Focus Funds
Max Offer Price
as of Oct 11, 2024
$9.56
Turnover Percent in the Annual Report
as of Dec 31, 2023
1,005%
Size of Class (Millions)
as of Oct 11, 2024
$25,837.7 M
Asset Class
Fixed Income
Morningstar Category
Nontraditional Bond
CUSIP
09260B382
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Sep 30, 2024
5,829
Alpha (3y)
as of Sep 30, 2024
0.23
R-Squared (3y)
as of Sep 30, 2024
85.80
Beta (3y)
as of Sep 30, 2024
0.54
Unsubsidized 30-Day SEC Yield
as of Sep 30, 2024
4.98%
Effective Duration
as of Sep 30, 2024
3.80 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
6.07%
30 Day SEC Yield
as of Sep 30, 2024
4.98%
Yield to Maturity
as of Sep 30, 2024
5.51%
Fund Standard Deviation (3y)
as of Sep 30, 2024
4.35
Average Coupon
as of Sep 30, 2024
4.92%
Yield to Worst
as of Sep 30, 2024
5.38%
Weighted Average Life
as of Sep 30, 2024
6.88 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-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.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) 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. 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. 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 Sep 30, 2024
0.12%
MSCI - Nuclear Weapons
as of Sep 30, 2024
0.12%
MSCI - Civilian Firearms
as of Sep 30, 2024
0.00%
MSCI - Tobacco
as of Sep 30, 2024
0.02%
MSCI - UN Global Compact Violators
as of Sep 30, 2024
0.20%
MSCI - Thermal Coal
as of Sep 30, 2024
0.10%
MSCI - Oil Sands
as of Sep 30, 2024
0.00%

Business Involvement Coverage
as of Sep 30, 2024
23.81%
Percentage of Fund not covered
as of Sep 30, 2024
76.17%
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 0.24% and for Oil Sands 0.34%.

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.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.75%
Net Expense Ratio 0.74%

Net Expense Ratio excluding Investment Related Expenses is 0.61%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.12%

There is an additional management fee waiver of 0.01% related to certain affiliated investments.

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Strategic Income Opportunities Fund, as of Sep 30, 2024 rated against 272 Nontraditional 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, 2024 out of 85, 6,110, 86, 48 and 86 Funds, respectively in Lipper's Alt Credit Focus Funds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - GOLD
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Feb 13, 2024)
Analyst-Driven % as of Feb 13, 2024
100.00
Data Coverage % as of Feb 13, 2024
100.00

Holdings

Holdings

Name Market Value Weight (%) Shares Maturity Coupon (%)
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2024

% Notional Exposures

Type Fund
as of Sep 30, 2024

% Market Value

Type Fund
as of Sep 30, 2024

% Market Value

Type Fund
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

Rick Rieder
Chief Investment Officer of Global Fixed Income

        

Russell Brownback
Head of Global Macro Positioning Team within Global Fixed Income

    

David Rogal
Managing Director, Global Fixed Income, Head of Core and Core Plus Fixed Income Strategies, Head of Inflation Linked Portfolios

 

 

Portfolio Manager

Literature

Literature

 

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