Fixed Income

MKWIX

Strategic Global Bond Fund

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y
2.64 -4.80 -0.09 0.82
Benchmark (%) 2.24 -6.93 -1.62 -0.44
Morningstar Category Avg. (%) 4.13 -5.42 -1.61 -0.72
Morningstar Ranking 114/195 52/188 24/169 -
Morningstar Quartile 3 2 1 1
Lipper Ranking 132/255 112/227 77/209 -
Lipper Quartile 3 2 2 -
  YTD 1m 3m 1y 3y 5y 10y
-1.14 -2.23 -2.63 2.64 -13.72 -0.44 8.47
Benchmark (%) -2.21 -2.92 -3.59 2.24 -19.39 -7.85 -4.35
Morningstar Category Avg. (%) -1.25 -2.72 -3.02 4.13 -15.38 -7.79 -6.94
  2018 2019 2020 2021 2022
Total Return (%) -0.60 8.26 9.10 -1.19 -14.67
Benchmark (%) -1.20 6.84 9.20 -4.71 -16.25
Morningstar Category Avg. (%) -1.48 6.73 8.35 -4.18 -13.84

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 performance information for periods prior to November 13, 2015, the commencement of operations of the share class, shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses.

The Fund’s returns prior to September 1, 2015 are the returns of the Fund when it followed different investment strategies under the name “BlackRock World Income Fund, Inc.” 

See the Fund’s prospectus for more details.

Key Facts

Key Facts

Size of Class (Millions) as of Dec 06, 2023 $183.1 M
Size of Fund (Millions) as of Dec 06, 2023 $764.2 M
Share Class launch date Nov 13, 2015
Asset Class Fixed Income
Morningstar Category Global Bond
Lipper Classification Global Income Funds
Benchmark Index Bloomberg Global Aggregate Bond Index
CUSIP 09252X608
Distribution Frequency None
Number of Holdings as of Oct 31, 2023 2,776
Max Offer Price as of Dec 06, 2023 $5.16
Open to New Investors Yes
Turnover Percent in the Annual Report 288%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Nov 30, 2023 0.08
R-Squared (3y) as of Nov 30, 2023 93.07
Beta (3y) as of Nov 30, 2023 0.82
30 Day SEC Yield as of Oct 31, 2023 4.94%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2023 4.77%
Yield to Maturity as of Oct 31, 2023 5.06%
Yield to Worst as of Oct 31, 2023 5.00%
Average Coupon as of Oct 31, 2023 3.60%
Effective Duration as of Oct 31, 2023 6.35 yrs
Nominal WAL as of Oct 31, 2023 6.04 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 7.53%
Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2022 -8.31%
Fund Standard Deviation (3y) as of Nov 30, 2023 7.18

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 Oct 31, 2023 0.05%
MSCI - UN Global Compact Violators as of Oct 31, 2023 1.02%
MSCI - Nuclear Weapons as of Oct 31, 2023 0.01%
MSCI - Thermal Coal as of Oct 31, 2023 0.29%
MSCI - Civilian Firearms as of Oct 31, 2023 0.01%
MSCI - Oil Sands as of Oct 31, 2023 0.01%
MSCI - Tobacco as of Oct 31, 2023 0.01%

Business Involvement Coverage as of Oct 31, 2023 29.88%
Percentage of Fund not covered as of Oct 31, 2023 70.12%
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 0.34% and for Oil Sands 0.46%.

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 0.65%
Net Expense Ratio 0.52%

Net Expense Ratio excluding Investment Related Expenses is 0.48%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Strategic Global Bond Fund, Class K, as of Nov 30, 2023 rated against 190 Global 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 Nov 30, 2023 out of 225, 6,271, 225, 434 and 225 Funds, respectively in Lipper's Global Income Funds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - GOLD
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Jun 06, 2023)

Holdings

Holdings

as of Oct 31, 2023
Name Weight (%)
UMBS 30YR TBA(REG A) 7.99
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.02 05/27/2031 2.03
GNMA2 30YR TBA(REG C) 1.77
TREASURY (CPI) NOTE 0.625 01/15/2024 1.54
JAPAN (GOVERNMENT OF) 30YR #64 0.4 09/20/2049 1.45
Name Weight (%)
TREASURY (CPI) NOTE 0.5 04/15/2024 1.41
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.34
FNMA 30YR UMBS 1.21
FNMA 30YR UMBS SUPER 0.73
UMBS 15YR TBA(REG B) 0.70
Name Weight (%) Shares Market Value Coupon (%) Maturity
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 Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of 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

Rick Rieder
Chief Investment Officer of Global Fixed Income

        

Amer Bisat, PhD
Managing Director, Head of the Sovereign and Emerging Markets

   

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

    

Trevor Slaven
Managing Director, Portfolio Manager

 

 

Portfolio Manager

Literature

Literature

 

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