Multi Asset

PBAKX

Tactical 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
6.42 2.80 5.15 5.16
Benchmark (%) 0.07 1.18 1.16 0.63
Morningstar Category Avg. (%) 8.71 3.81 3.19 2.92
Morningstar Ranking 48/97 51/86 7/86 -
Morningstar Quartile 3 3 1 1
  YTD 1m 3m 1y 3y 5y 10y
2.08 2.08 2.08 6.42 8.63 28.53 65.41
Benchmark (%) 0.04 0.01 0.02 0.07 3.59 5.92 6.47
Morningstar Category Avg. (%) 3.24 -1.27 -1.07 8.71 11.86 16.98 33.34
  2016 2017 2018 2019 2020
Total Return (%) 0.24 8.03 4.79 1.87 6.97
Benchmark (%) 0.33 0.86 1.87 2.28 0.67
Morningstar Category Avg. (%) 2.01 5.28 -3.33 8.10 4.54
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 Investor A Shares. The performance of this share class would be substantially similar to Investor A Shares because this share class and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Investor A 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 Investor A Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

 

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

Key Facts

Key Facts

Size of Class (Millions) as of Oct 26, 2021 $868.0 M
Size of Fund (Millions) as of Oct 26, 2021 $1,600.4 M
Share Class launch date Aug 01, 2016
Asset Class MultiAsset
Morningstar Category Macro Trading
Lipper Classification Alt Global Macro Funds
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1) (4PM)
CUSIP 09258N570
Distribution Frequency None
Number of Holdings as of Sep 30, 2021 932
Max Offer Price as of Oct 26, 2021 $14.04
Open to New Investors Yes
Turnover Percent in the Annual Report 136%

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 Sep 07, 2021 A
MSCI ESG Quality Score (0-10) as of Sep 07, 2021 6.5
MSCI ESG Quality Score - Peer Percentile as of Sep 07, 2021 75.00%
MSCI ESG % Coverage as of Sep 07, 2021 98.51%
Fund Lipper Global Classification as of Sep 07, 2021 Alternative Global Macro
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 07, 2021 122.23
Funds in Peer Group as of Sep 07, 2021 48
All data is from MSCI ESG Fund Ratings as of Sep 07, 2021, based on holdings as of May 31, 2021. 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 Sep 30, 2021 0.00%
MSCI - UN Global Compact Violators as of Sep 30, 2021 0.00%
MSCI - Nuclear Weapons as of Sep 30, 2021 0.00%
MSCI - Thermal Coal as of Sep 30, 2021 0.00%
MSCI - Civilian Firearms as of Sep 30, 2021 0.00%
MSCI - Oil Sands as of Sep 30, 2021 0.00%
MSCI - Tobacco as of Sep 30, 2021 0.00%

Business Involvement Coverage as of Sep 30, 2021 65.52%
Percentage of Fund not covered as of Sep 30, 2021 34.64%
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 1.35%.

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.69%
Net Expense Ratio 0.69%

Net Expense Ratio excluding Investment Related Expenses is 0.68%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Tactical Opportunities Fund, Class K, as of Sep 30, 2021 rated against 86 Macro Trading 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 Sep 30, 2021 out of 194, 4,635, 194, 99 and 194 Funds, respectively in Lipper's Alt Global Macro Funds classification.

Holdings

Holdings

as of Sep 30, 2021
Name Weight (%)
TRSWAP: KMZ1 FUTURE 09-DEC-2021 5.51
TREASURY NOTE 1.5 09/15/2022 5.01
TREASURY NOTE 0.125 12/15/2023 4.92
TRSWAP: FTV1 FUTURE 20-OCT-2021 3.44
MICROSOFT CORP 2.80
Name Weight (%)
APPLE INC 2.66
AMAZON COM INC 2.23
TRSWAP: NDEUMXF INDEX 1.23
FACEBOOK CLASS A INC 1.10
ALPHABET INC CLASS A 1.10

Portfolio Managers

Portfolio Managers

Philip Green
Head of Global Tactical Asset Allocation Team

  

Thomas Becker
Global Tactical Asset Allocation Team

    

Michael Pensky
Global Tactical Asset Allocation Team

   

Richard Murrall
Global Tactical Asset Allocation Team

    

Portfolio Manager

Literature

Literature

 

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