Multi Asset

MDLOX

Global Allocation 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 Incept.
-16.05 2.58 3.17 4.71 8.69
-20.45 0.75 2.06 4.15 8.52
Benchmark (%) -15.59 1.76 3.59 5.57 7.03
Morningstar Category Avg. (%) -12.34 1.21 2.25 4.09 -
Morningstar Ranking 286/418 123/401 106/359 106/256 -
Morningstar Quartile 3 2 2 2 -
Lipper Category Avg. (%) -13.35 2.20 2.89 5.00 -
Lipper Ranking 330/477 181/423 159/379 122/224 -
Lipper Quartile 3 2 2 3 -
FTSE World Index -17.54 5.08 6.22 8.91 -
  YTD 1m 3m 1y 3y 5y 10y Incept.
-16.05 -2.72 6.13 -16.05 7.95 16.87 58.51 1,587.94
-20.45 -7.83 0.55 -20.45 2.28 10.74 50.18 1,499.32
Benchmark (%) -15.59 -2.31 7.90 -15.59 5.36 19.31 72.01 901.75
Morningstar Category Avg. (%) -12.34 -2.18 7.75 -12.34 3.69 11.75 49.26 -
Lipper Category Avg. (%) -13.35 -2.53 5.54 -13.35 7.17 15.95 66.82 -
FTSE World Index - -4.00 10.28 -17.54 16.02 35.21 134.84 -
  2018 2019 2020 2021 2022
Total Return (%) -7.63 17.21 20.79 6.45 -16.05
Benchmark (%) -4.68 18.79 13.34 10.13 -15.59
Morningstar Category Avg. (%) -8.26 16.10 6.18 11.31 -12.34
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.

Key Facts

Key Facts

Size of Class (Millions) as of Mar 24, 2023 $8,976.7 M
Size of Fund (Millions) $18,116.7 M
Share Class launch date Oct 21, 1994
Asset Class MultiAsset
Morningstar Category Global Allocation
Lipper Classification Flexible Portfolio Funds
Benchmark Index 36% S&P 500, 24% FTSE World (ex.US), 24% ICE BofA/ML Cur 5-yr US Treasury, 16% FTSE Non-USD WGBI
CUSIP 09251T103
Number of Issuers as of Feb 28, 2023 1,270
Distribution Frequency Semi-Annual
Max Offer Price as of Mar 24, 2023 $17.73
Open to New Investors Yes
Turnover Percent in the Annual Report 112%

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio as of Feb 28, 2023 25.43
Average Market Cap (Millions) as of Feb 28, 2023 $ 275,522.1 M
Fund Sharpe Ratio (3y) as of Feb 28, 2023 0.31
Benchmark Sharpe Ratio (3y) as of Feb 28, 2023 0.30
Fund Standard Deviation (3y) as of Feb 28, 2023 14.55
Benchmark Standard Deviation (3y) as of Feb 28, 2023 13.81
Effective Duration as of Feb 28, 2023 2.07 yrs
Effective Duration Fixed Income as of Feb 28, 2023 6.26 yrs
Effective Duration Fixed Income and Casha as of Feb 28, 2023 5.02 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 14.63%
Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2022 -10.26%
Secondary Benchmark Sharpe Ratio (3y) as of Feb 28, 2023 0.53
Secondary Benchmark Standard Deviation (3y) as of Feb 28, 2023 20.45
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Global Allocation Investment Team believes that a company’s ability to manage material environmental, social and governance (“ESG”) issues may be essential to the company’s ability to sustain growth and generate value for shareholders over the long term, and thus ESG performance indicators are considered as part of our investment process. For long-term investors like Global Allocation, incorporating ESG information into its research and investment decisions has been, and remains, very important to our fundamental investment process and our goal of seeking to maximize risk-adjusted returns.


The team analyzes ESG data when conducting research and due diligence on new investments, and when monitoring existing investments within the portfolio. The team’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion 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 1.14%
Net Expense Ratio 1.09%

Net Expense Ratio excluding Investment Related Expenses is 1.06%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.02%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Global Allocation Fund, Class A, as of Feb 28, 2023 rated against 381 Global Allocation Funds based on risk adjusted total return.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Mar 31, 2022)

Holdings

Holdings

as of Feb 28, 2023
Name Weight (%)
MICROSOFT CORP 1.81
APPLE INC 1.56
ALPHABET INC CLASS C 1.36
AMAZON COM INC 1.01
UNITEDHEALTH GROUP INC 0.82
Name Weight (%)
LVMH 0.82
MASTERCARD INC CLASS A 0.77
ING GROEP NV 0.70
MARSH & MCLENNAN INC 0.69
BNP PARIBAS SA 0.66
as of Feb 28, 2023
Name Weight (%)
UMBS 30YR TBA(REG A) 6.75
TREASURY (CPI) NOTE 0.625 01/15/2024 1.61
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.33
SPAIN (KINGDOM OF) 3.15 04/30/2033 0.95
TREASURY (CPI) NOTE 0.5 04/15/2024 0.92
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2024 0.53
QUINTIS 1ST LIEN SR SEC PIK TOGGLE 144A 7.5 10/01/2026 0.52
CANADA (GOVERNMENT OF) 0.25 03/01/2026 0.52
SWP: OIS 2.430000 02-MAY-2052 0.49
GREEN PLAINS - SECURED NOTES 144A 11.75 02/08/2026 0.48

Exposure Breakdowns

Exposure Breakdowns

as of Feb 28, 2023

% of Net Assets

Type Fund Benchmark Net
Allocations subject to change.
as of Feb 28, 2023

% of Net Assets

Type Fund Benchmark Net
as of Feb 28, 2023

% of Net Assets

Type Fund Benchmark Net
as of Feb 28, 2023

% of Net Assets

Type Fund Benchmark Net
as of Feb 28, 2023

% of Net Assets

Type Fund Benchmark Net

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.


% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Portfolio Managers

Portfolio Managers

Rick Rieder
Russ Koesterich
David Clayton

Team's Commentary

Get timely market outlooks, thought leadership and portfolio positioning insights from the investment team.

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Literature

Literature

 

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