Equity

BDMAX

Global Equity Market Neutral Fund ACTIVE

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
14.29 6.18 3.44 2.30
8.29 4.28 2.33 1.75
Benchmark (%) 5.02 2.16 1.88 1.25
Morningstar Category Avg. (%) 5.09 6.11 3.02 2.44
Morningstar Ranking 6/44 13/40 16/39 15/21
Morningstar Quartile 1 2 2 3
Lipper Category Avg. (%) 10.69 5.82 6.95 4.27
Lipper Ranking 68/215 90/197 133/167 72/93
Lipper Quartile 2 2 4 4
  YTD 1m 3m 1y 3y 5y 10y
14.29 0.75 6.70 14.29 19.69 18.42 25.57
8.29 -4.54 1.10 8.29 13.41 12.21 18.98
Benchmark (%) 5.02 0.47 1.37 5.02 6.61 9.77 13.25
Morningstar Category Avg. (%) 5.09 -0.71 1.24 5.09 19.47 16.02 27.28
Lipper Category Avg. (%) 10.69 2.49 5.33 10.69 20.39 42.40 56.13
  2019 2020 2021 2022 2023
Total Return (%) -1.01 -0.05 3.11 1.57 14.29
Benchmark (%) 2.28 0.67 0.05 1.47 5.02
Morningstar Category Avg. (%) 0.06 -5.26 6.95 5.86 5.09

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.

 

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3-MO US Treasury Bill. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 3-MO US Treasury Bill. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 3-MO US Treasury Bill.

Key Facts

Key Facts

Size of Class (Millions) as of Feb 26, 2024 $31.2 M
Size of Fund (Millions) as of Feb 26, 2024 $1,295.0 M
Share Class launch date Dec 20, 2012
Asset Class Equity
Morningstar Category Equity Market Neutral
Lipper Classification Alt Long/Short Equity
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1)
CUSIP 091936542
Distribution Frequency Annual
Number of Holdings as of Jan 31, 2024 3,257
Max Offer Price as of Feb 26, 2024 $13.80
Number of Holdings (Long) as of Jan 31, 2024 1,541.00
Number of Holdings (Short) as of Jan 31, 2024 1,707.00
Open to New Investors Yes
Turnover Percent in the Annual Report 79%

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio - Long as of Jan 31, 2024 13.59
P/E Ratio - Short as of Jan 31, 2024 14.60
Market Cap - Long (Millions) as of Jan 31, 2024 $ 69,006.2 M
Market Cap - Short (Millions) as of Jan 31, 2024 $ 31,431.9 M
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2024 8.88%
Worst 3-Month Return Over the Last 3 Years 3 months ending Aug 31, 2021 -3.09%
Fund Standard Deviation (3y) as of Jan 31, 2024 5.33
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 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 may include ESG considerations in the research and decision phases of the investment process. Funds with ESG-related objectives may also include ESG considerations in the portfolio construction phase of the investment process. The research phase may include relevant, internal ESG research used to assess certain characteristics, including, but not limited to, economic and environmental transition, market structure, superior growth, management quality, and risk characteristics associated with environmental, social, and governance matters. ESG insights may be combined with other internal research views to inform active portfolio weighting versus a reference benchmark (or weighting implemented to achieve an absolute return outcome, if applicable). 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 metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.83%
Net Expense Ratio 1.59%

Net Expense Ratio excluding Investment Related Expenses is 1.59%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.00%

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 Jan 31, 2024 out of 188, 12,554, 189, 51 and 189 Funds, respectively in Lipper's Alt Long/Short Equity classification.

Holdings

Holdings

as of Jan 31, 2024
Name Fund Weight (%)
INVESCO S&P 500 EQL WGHT ETF 3.44
NOVO NORDISK A/S 2.71
VISA INC 2.61
MOODYS CORPORATION 1.83
MASTERCARD INC 1.55
Name Fund Weight (%)
VERISIGN INC 1.54
ENGIE SA 1.53
SPOTIFY TECHNOLOGY SA 1.51
KUEHNE UND NAGEL INTERNATIONAL AG 1.43
PULTE GROUP INC 1.38
as of Jan 31, 2024
Name Weight (%)
INVESCO S&P 500 EQL WGHT ETF 3.44
NOVO NORDISK A/S 2.71
VISA INC 2.61
MOODYS CORPORATION 1.83
MASTERCARD INC 1.55
Name Weight (%)
VERISIGN INC 1.54
ENGIE SA 1.53
SPOTIFY TECHNOLOGY SA 1.51
KUEHNE UND NAGEL INTERNATIONAL AG 1.43
PULTE GROUP INC 1.38
Name Weight (%) Shares Market Value
as of Jan 31, 2024
Name Fund Weight (%)
CANADIAN PACIFIC KANSAS CITY -2.47
ANHEUSER BUSCH INBEV SA -1.80
INTERNATIONAL BUSINESS MACHINES CORP -1.79
AFLAC INCORPORATED -1.74
CISCO SYSTEMS INC -1.57
Name Fund Weight (%)
WESFARMERS LTD -1.49
KEURIG DR PEPPER INC -1.47
L3HARRIS TECHNOLOGIES INC -1.35
TAKE-TWO INTERACTIVE SOFTWARE INC. -1.34
SWISSCOM AG -1.31
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 Jan 31, 2024

% of Market Value

Type Long Short Net
as of Jan 31, 2024

% of Market Value

Type Long Short Net
as of Jan 31, 2024

% of Market Value

Type Long Short Net
as of Jan 31, 2024

% of Market Value

Type Long Short 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.

Portfolio Managers

Portfolio Managers

Raffaele Savi
Global Head of BlackRock Systematic and Co-Chief Investment Officer and Co-Head of BlackRock’s Systematic Equities
Kevin Franklin
Managing Director, Systematic Equities

     

Richard Mathieson
Managing Director, Systematic Equities
Portfolio Manager

Literature

Literature

 

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