Multi Asset

MDLOX

Global Allocation Fund

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y Incept.
40.26 10.13 9.47 6.32 9.63
32.90 8.17 8.30 5.75 9.44
Benchmark (%) 30.86 9.26 9.28 7.36 7.72
Morningstar Category Avg. (%) 33.64 6.43 7.60 5.55 -
Morningstar Ranking 102/461 14/400 42/351 86/224 -
Morningstar Quartile 1 1 1 2 -
Lipper Category Avg. (%) 34.84 7.51 8.20 6.29 -
Lipper Ranking 117/492 86/449 101/381 85/187 -
Lipper Quartile 1 1 2 2 -
FTSE World Index 55.70 12.85 13.84 9.97 -
  YTD 1m 3m 1y 3y 5y 10y Incept.
1.67 0.78 1.67 40.26 33.58 57.21 84.65 1,820.32
-3.67 -4.51 -3.67 32.90 26.57 48.96 74.96 1,719.50
Benchmark (%) 1.56 1.61 1.56 30.86 30.42 55.82 103.39 994.41
Morningstar Category Avg. (%) 3.64 2.01 3.64 33.64 20.54 44.23 71.58 -
Lipper Category Avg. (%) 4.01 2.01 4.01 34.84 24.75 49.91 88.01 -
FTSE World Index 5.06 3.36 5.06 55.70 43.72 91.18 158.62 -
  2016 2017 2018 2019 2020
Total Return (%) 3.75 13.32 -7.63 17.21 20.79
Benchmark (%) 6.06 15.69 -4.68 18.79 13.34
Morningstar Category Avg. (%) 6.04 14.79 -8.26 16.10 6.18
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 Apr 20, 2021 $13,649.7 M
Size of Fund (Millions) $26,729.9 M
Share Class launch date Oct 21, 1994
Asset Class MultiAsset
Morningstar Category World 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 26, 2021 1,206
Distribution Frequency Semi-Annual
Max Offer Price as of Apr 20, 2021 $23.63
Open to New Investors Yes
Turnover Percent in the Annual Report 193%

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio as of Feb 26, 2021 26.79
Average Market Cap (Millions) as of Feb 26, 2021 $ 292,892.6 M
Fund Sharpe Ratio (3y) as of Mar 31, 2021 0.74
Benchmark Sharpe Ratio (3y) as of Mar 31, 2021 0.74
Fund Standard Deviation (3y) as of Mar 31, 2021 12.07
Benchmark Standard Deviation (3y) as of Mar 31, 2021 10.82
Effective Duration as of Feb 26, 2021 1.37 yrs
Effective Duration Fixed Income as of Feb 26, 2021 5.95 yrs
Effective Duration Fixed Income and Cash as of Feb 26, 2021 5.25 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 Mar 31, 2020 -12.44%
Secondary Benchmark Sharpe Ratio (3y) as of Mar 31, 2021 0.68
Secondary Benchmark Standard Deviation (3y) as of Mar 31, 2021 18.18
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Apr 07, 2021 A
MSCI ESG Quality Score (0-10) as of Apr 07, 2021 5.8
MSCI ESG Quality Score - Peer Percentile as of Apr 07, 2021 53.95%
MSCI ESG % Coverage as of Apr 07, 2021 87.20%
Fund Lipper Global Classification as of Apr 07, 2021 Mixed Asset USD Flex - US
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Apr 07, 2021 155.84
Funds in Peer Group as of Apr 07, 2021 228
All data is from MSCI ESG Fund Ratings as of Apr 07, 2021, based on holdings as of Oct 31, 2020. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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.

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 Mar 31, 2021 0.07%
MSCI - UN Global Compact Violators as of Mar 31, 2021 1.33%
MSCI - Nuclear Weapons as of Mar 31, 2021 0.26%
MSCI - Thermal Coal as of Mar 31, 2021 0.09%
MSCI - Civilian Firearms as of Mar 31, 2021 0.06%
MSCI - Oil Sands as of Mar 31, 2021 0.00%
MSCI - Tobacco as of Mar 31, 2021 0.07%

Business Involvement Coverage as of Mar 31, 2021 76.86%
Percentage of Fund not covered as of Mar 31, 2021 23.14%
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 0.28% and for Oil Sands 0.57%.

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 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 1.15%
Net Expense Ratio 1.10%

Net Expense Ratio excluding Investment Related Expenses is 1.07%

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

Ratings

Ratings

Morningstar Rating

5
Overall Morningstar Rating for Global Allocation Fund, Class A, as of Mar 31, 2021 rated against 400 World Allocation 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 Mar 31, 2021 out of 445, 4,513, 449, 135 and 449 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

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 Apr 06, 2021)

Holdings

Holdings

as of Mar 31, 2021
Name Weight (%)
SPDR S&P ETF TRUST 4.60
MICROSOFT CORP 2.18
APPLE INC 1.83
ALPHABET INC CLASS C 1.61
AMAZON COM INC 1.33
Name Weight (%)
BANK OF AMERICA CORP 1.32
JPMORGAN CHASE & CO 1.16
JOHNSON & JOHNSON 1.06
UNITEDHEALTH GROUP INC 0.95
MASTERCARD INC CLASS A 0.89
as of Mar 31, 2021
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.68 05/21/2030 1.26
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.29 05/23/2029 1.23
JAPAN (GOVERNMENT OF) 30YR #64 0.4 09/20/2049 0.71
ITALY (REPUBLIC OF) 1.35 04/01/2030 0.63
AUSTRALIA (COMMONWEALTH OF) 3 03/21/2047 0.56
Name Weight (%)
TREASURY BOND 2.375 11/15/2049 0.56
ISHARES IBOXX $ HIGH YIELD CORP BO 0.50
ITALY (REPUBLIC OF) 0.95 08/01/2030 0.49
ITALY (REPUBLIC OF) 3.85 09/01/2049 0.43
TREASURY BOND 1.125 08/15/2040 0.39

Exposure Breakdowns

Exposure Breakdowns

as of Mar 31, 2021

% of Net Assets

Type Fund Benchmark Net
Allocations subject to change.
as of Mar 31, 2021

% of Net Assets

Type Fund Benchmark Net
as of Mar 31, 2021

% of Net Assets

Type Fund Benchmark Net
as of Mar 31, 2021

% of Net Assets

Type Fund Benchmark Net
as of Mar 31, 2021

% 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.

Read the Team's Commentary

Literature

Literature

 

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