Fixed Income

BSIKX

Strategic Income Opportunities 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
4.70 3.70 3.77 3.54
Benchmark (%) 6.68 5.15 4.49 3.92
Morningstar Category Avg. (%) 1.95 2.06 3.07 2.58
Morningstar Ranking 86/300 35/251 - -
Morningstar Quartile 2 1 2 1
Lipper Ranking 30/126 12/116 - -
Lipper Quartile 1 1 - -
  YTD 1m 3m 1y 3y 5y 10y
3.03 -0.03 2.80 4.70 11.53 20.31 41.66
Benchmark (%) 6.20 -0.18 0.99 6.68 16.25 24.54 46.90
Morningstar Category Avg. (%) 0.54 0.17 0.63 1.95 6.31 16.31 29.06
  2015 2016 2017 2018 2019
Total Return (%) - 3.78 4.97 -0.47 7.82
Benchmark (%) 0.43 3.91 4.09 -0.25 9.29
Morningstar Category Avg. (%) -1.41 5.28 4.06 -1.17 6.69
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. Effective as of May 31, 2018, the performance information for periods prior to the inception date 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. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Key Facts

Key Facts

Size of Class (Millions) as of Nov 27, 2020 $8,348.6 M
Size of Fund (Millions) as of Nov 27, 2020 $34,293.5 M
Share Class launch date Mar 28, 2016
Asset Class Fixed Income
Morningstar Category Nontraditional Bond
Lipper Classification Alt Credit Focus Funds
Benchmark Index BBG Barc U.S. Universal Index
CUSIP 09260B374
Distribution Frequency None
Number of Holdings as of Oct 30, 2020 4,017
Max Offer Price as of Nov 27, 2020 $10.30
Open to New Investors Yes
Turnover Percent in the Annual Report 1,805%

Portfolio Characteristics

Portfolio Characteristics

30 Day SEC Yield as of Oct 31, 2020 2.82%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 2.80%
Yield to Maturity as of Oct 30, 2020 3.55%
Yield to Worst as of Oct 30, 2020 3.42%
Effective Duration as of Oct 30, 2020 3.54 yrs
Nominal WAL as of Oct 30, 2020 6.79 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 6.43%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -5.83%
Fund Standard Deviation (3y) as of Oct 31, 2020 4.91

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.77%
Net Expense Ratio 0.76%

Net Expense Ratio excluding Investment Related Expenses is 0.52%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.22%

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

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Strategic Income Opportunities Fund, Class K, as of Oct 31, 2020 rated against 264 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 Oct 31, 2020 out of 114, 6,065, 114, 54 and 114 Funds, respectively in Lipper's Alt Credit Focus Funds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Feb 20, 2020)

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
UNITED STATES TREASURY 7.27
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.54
ITALY (REPUBLIC OF) 3.45
CHINA PEOPLES REPUBLIC OF (GOVERNMENT) 3.16
INDONESIA (REPUBLIC OF) 1.85
Name Weight (%)
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 1.69
FEDERAL HOME LOAN MORTGAGE CORPORATION 1.65
INDIA (REPUBLIC OF) 1.63
GREECE REPUBLIC OF (GOVERNMENT) 1.61
CHINA DEVELOPMENT BANK 1.26

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
Allocations subject to change.
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of 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 and Head of the Global Allocation Team

Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team. Mr. Rieder is a member of BlackRock’s Executive Sub-Committee on Investments, a member of BlackRock's Global Operating Committee, and Chairman of the firm-wide BlackRock Investment Council.

 

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and is currently a member of the Federal Reserve Investment Advisory Committee on Financial Markets.

 

Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014 and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013. Four of the funds Mr. Rieder manages (Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond) have been awarded Gold Medals by Morningstar.

 

From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

 

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the business school's BBA investment fund and community financial literacy program.

 

Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, New Jersey, and is the Founder and Chairman of the Board of Graduation Generation Public School Collaboration in Atlanta. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation, and Trustee for the US Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Bob Miller
Head of U.S. Multi-Sector Fixed Income

  

David Rogal
Managing Director

 

 

Portfolio Manager

Literature

Literature

 

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