Multi Asset

BKAPX

80/20 Target Allocation Fund

  • NAV as of Dec 04, 2025 $19.83
    52 WK: 14.99 - 19.99
  • 1 Day NAV Change as of Dec 04, 2025 $0.03 (0.15%)
  • NAV Total Return as of Dec 04, 2025 YTD: 17.90%
  • Morningstar Rating

Overview

About this Fund

1. Core, diversified solution that seeks to deliver attractive risk adjusted returns via broad asset class tilts (equity vs. fixed income) as well as tilts within assets classes (credit vs. rates, emerging markets vs. developed markets, value vs. growth)

2. Constructed in a scalable and cost-efficient way using iShares ETFs and BlackRock mutual funds

3. Seeks to balance the trade-offs between risk and return by focusing on the long term

Investment Approach

BlackRock Target Allocation Funds offer investors a risk-focused, well-diversified, multi-asset investment strategy in a simple, low-fee solution.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 14.47 19.45 11.49 10.51
Morningstar Category Avg. (%) 11.11 16.35 10.48 9.30
Morningstar Ranking 32/129 48/128 43/119 -
Morningstar Quartile 1 1 2 1
Lipper Ranking 40/133 63/133 66/127 -
Lipper Quartile 2 2 3 -
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 15.52 3.46 6.94 14.47 70.44 72.28 171.71
Morningstar Category Avg. (%) 11.09 2.22 5.76 11.11 57.52 64.59 143.40
  2020 2021 2022 2023 2024
Total Return (%) 19.52 14.98 -16.08 18.90 14.85
Morningstar Category Avg. (%) 13.51 16.50 -14.96 15.36 12.97

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 March 28, 2016, 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 June 3, 2015 are the returns of the Fund when it followed different investment strategies under the name “BlackRock Aggressive Growth Prepared Portfolio.”

See the Fund’s prospectus for more details.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Dec 04, 2025
$2,383.3 M
Share Class launch date
Mar 28, 2016
Morningstar Category
Moderately Aggressive Allocation
CUSIP
09257E720
Open to New Investors
Yes
Size of Class (Millions)
as of Dec 04, 2025
$866.3 M
Asset Class
Multi Asset
Lipper Classification
Mixed-Asset Target Alloc Agg Growth
Max Offer Price
as of Dec 04, 2025
$19.83
Turnover Percent in the Annual Report
as of Sep 30, 2024
97%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2025
23
Average Market Cap (Millions)
as of -
-
Fund Standard Deviation (3y)
as of Oct 31, 2025
11.13
Effective Duration
as of Oct 31, 2025
1.14 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-8.19%
Alpha (3y)
as of Oct 31, 2025
-0.06
R-Squared (3y)
as of Oct 31, 2025
99.18
Beta (3y)
as of Oct 31, 2025
1.02
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
14.06%
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 0.33%
Net Expense Ratio 0.31%

Net Expense Ratio excluding Investment Related Expenses is 0.07%

  • Acquired Fund Fees and Expenses 0.24%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for 80/20 Target Allocation Fund, as of Nov 30, 2025 rated against 125 Moderately Aggressive Allocation Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Oct 31, 2025)
Analyst-Driven % as of Oct 31, 2025
55.00
Data Coverage % as of Oct 31, 2025
100.00

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 Sep 30, 2025 out of 133, 4,124, 133, 74 and 133 Funds, respectively in Lipper's Mixed-Asset Target Alloc Agg Growth classification.

Holdings

Holdings

as of Oct 31, 2025
Name Weight (%)
ISHARES CORE S&P ETF TRUST 13.14
iShares U.S. Eqty Fctr Rtn Act ETF 10.93
ISHARES S&P 500 GROWTH ETF TRUST 9.26
iShares MSCI USA Quality Factor ET 9.05
ISHARES S&P 100 ETF 7.98
Name Weight (%)
ISHARES S&P 500 VALUE ETF 7.78
ISHARES CORE MSCI EMERGING MARKETS 6.96
ISHARES CORE UNIV USD BOND ETF 4.78
BLK TOTAL RETURN FUND CLASS K 4.77
TECHNOLOGY OPPORTUNITIES FUN INVK 4.34
Name Market Value Weight (%) Shares
Detailed Holdings and Analytics
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.

Top Holdings


Exposure Breakdowns


Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2025

% of Market Value

Type Fund
as of Oct 31, 2025

% of Market Value

Type Fund
as of Oct 31, 2025

% of Market Value

Type Fund
Allocations subject to change.
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

Michael Gates, CFA
Michael Gates, CFA
Head of Model Portfolios Solutions, Americas, Multi-Asset Strategies and Solutions

  

Read More

Michael Gates, CFA, is the Head of Model Portfolio Solutions in the Americas for BlackRock's Multi-Asset Strategies & Solutions group and is the lead portfolio manager for BlackRock's Target Allocation and Target Income Series of Managed Portfolios.

 

Michael’s service with BlackRock dates back to 2009, where he served as part of the Multi-Asset Strategies group, as well as BlackRock's Global Trading group. From 1999 to 2009, Michael worked for Barclays Global Investors (BGI), which merged with BlackRock in 2009, in a variety of research roles, focused on fixed income and alternative investment strategies. Previously Michael worked as an analyst responsible for equity risk models at Barra.

 

Michael earned his M.S. in Economics from the University of California, Davis, and a B.S., with honors, from the University of California, Davis.

 

Multi-Asset Strategies and Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

Suzanne Ly
Suzanne Ly
Global Head of Model Portfolio Management, Multi-Asset Strategies and Solutions

  

Read More

Suzanne Ly, CFA, FRM, Managing Director, is the Global Head of Models Portfolio Management in BlackRock's Multi-Asset Strategies and Solutions group.

 

The Multi-Asset Strategies and Solutions (MASS) team is the investment group at the heart of BlackRock's portfolio construction, asset allocation, and active management ecosystem. MASS draws on the full toolkit of BlackRock's index, factor, and alpha-seeking investment capabilities to deliver precise investment outcomes and cutting-edge alpha insights. MASS constructs active asset allocation strategies and whole portfolio solutions across a wide spectrum of commingled funds, separate accounts, model portfolios, and outsourcing solutions in the wealth and institutional channels.

 

Prior to joining BlackRock in 2019, Suzanne was a Director at Mellon Capital Management a systematic asset manager in the Multi-Asset Group. She was responsible for the production and implementation of the quantitative models. In addition, she was the lead Portfolio Manager on Mellon's active commodity strategy.

 

Suzanne went through the Grande Ecole system in France and earned a graduate degree in Business Management from ESSEC Business School.

Lisa O Connor
Lisa O Connor
Global Head of Model Portfolio Solutions and Co-CIO for Global Solutions, Multi-Asset Strategies and Solutions
Read More

Lisa O'Connor, Managing Director, is the Global Head of Model Portfolio Solutions and the Deputy CIO for Solutions. The Multi-Asset Strategies & Solutions (MASS) team is the investment group at the heart of BlackRock's portfolio construction, asset allocation, and active management ecosystem. MASS draws on the full toolkit of BlackRock's index, factor, and alpha-seeking investment capabilities to deliver precise investment outcomes and cutting-edge alpha insights. MASS constructs active asset allocation strategies and whole portfolio solutions across a wide spectrum of commingled funds, separate accounts, model portfolios, and outsourcing solutions in the wealth and institutional channels.

 

Prior to joining BlackRock in April 2017 - Ms. O'Connor served as the Head of Global Portfolio Management for SSGA's Global Macro fund. The fund utilized both proprietary quantitative and fundamental strategies for alpha generation.

 

Before SSGA - Ms. O'Connor was at Mellon Capital Management for fourteen years where she worked extensively in the development and management of quantitative investment strategies. Her last role at Mellon Capital was leading the active fixed income team, with investment strategies ranging from hedge funds to actively managed ETFs. She served as a Senior Portfolio Manager for both the Mellon Global Opportunity Hedge Fund and the Mellon Global Fixed Income Hedge Fund. Ms. O'Connor was named one of the 50 leading women in hedge funds by the Hedge Fund Journal in 2015.

Portfolio Manager

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature

 

Funds related to BKAPX

Funds related to BKAPX

BIGPX
60/40 Target Allocation Fund
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BIMPX
40/60 Target Allocation Fund
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BICPX
20/80 Target Allocation Fund
Learn more about BICPX
AOA
iShares Core 80/20 Aggressive Allocation ETF
Learn more about AOA

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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