Multi Asset

PBAKX

Tactical Opportunities Fund

Overview

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Performance

Performance

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Distributions

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  1y 3y 5y 10y
6.97 4.52 4.30 4.16
Benchmark (%)

as of Dec 31, 2020

0.67 1.61 1.20 0.64
Morningstar Category Avg. (%)

as of Dec 31, 2020

2.92 2.68 3.44 2.70
Morningstar Ranking

as of Dec 31, 2020

61/281 58/244 - -
Morningstar Quartile

as of Dec 31, 2020

2 2 2 1
Lipper Ranking

as of Dec 31, 2020

85/207 94/198 - -
Lipper Quartile

as of Dec 31, 2020

2 2 - -
  YTD 1m 3m 1y 3y 5y 10y
6.97 0.33 4.26 6.97 14.19 23.42 50.32
Benchmark (%)

as of Dec 31, 2020

0.67 0.01 0.03 0.67 4.89 6.14 6.54
Morningstar Category Avg. (%)

as of Dec 31, 2020

2.92 2.10 4.91 2.92 8.24 18.40 30.57
  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. (%) 1.38 5.14 -4.03 7.58 2.92
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.

Key Facts

Key Facts

Size of Class (Millions) as of Jan 21, 2021 $722.6 M
Size of Fund (Millions) as of Jan 21, 2021 $1,286.5 M
Share Class launch date Aug 01, 2016
Asset Class MultiAsset
Morningstar Category Multialternative
Lipper Classification Alt Global Macro Funds
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1)
CUSIP 09258N570
Distribution Frequency None
Number of Holdings as of Dec 31, 2020 1,045
Max Offer Price as of Jan 21, 2021 $14.00
Open to New Investors Yes
Turnover Percent in the Annual Report 288%

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 Jan 07, 2021 A
MSCI ESG Quality Score (0-10) as of Jan 07, 2021 5.9
MSCI ESG Quality Score - Peer Percentile as of Jan 07, 2021 48.28%
MSCI ESG % Coverage as of Jan 07, 2021 99.38%
Fund Lipper Global Classification as of Jan 07, 2021 Alternative Global Macro
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Jan 07, 2021 103.88
Funds in Peer Group as of Jan 07, 2021 58
All data is from MSCI ESG Fund Ratings as of Jan 07, 2021, based on holdings as of Sep 30, 2020. 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 Dec 31, 2020 0.00%
MSCI - UN Global Compact Violators as of Dec 31, 2020 0.00%
MSCI - Nuclear Weapons as of Dec 31, 2020 0.00%
MSCI - Thermal Coal as of Dec 31, 2020 0.00%
MSCI - Civilian Firearms as of Dec 31, 2020 0.00%
MSCI - Oil Sands as of Dec 31, 2020 0.00%
MSCI - Tobacco as of Dec 31, 2020 0.00%

Business Involvement Coverage as of Dec 31, 2020 56.61%
Percentage of Fund not covered as of Dec 31, 2020 43.55%
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 0.29% and for Oil Sands 0.82%.

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 material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in the research and underlying strategy due diligence phases of the investment process. This may include third party and internal considerations, as defined by the portfolio management team. Internal considerations include exposures to climate and disaster events, as well as sovereign social and governance concerns. The portfolio management team also analyzes ESG exposures and investment characteristics within underlying strategies. These criteria are part of a number of considerations that factor into investment decisions. The Fund manager includes ESG criteria in the ongoing monitoring of the overall portfolio, including underlying strategies as well as tactical positioning. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.73%
Net Expense Ratio 0.73%

Net Expense Ratio excluding Investment Related Expenses is 0.72%

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

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Tactical Opportunities Fund, Class K, as of Dec 31, 2020 rated against 244 Multialternative 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, 2020 out of 202, 4,469, 202, 114 and 201 Funds, respectively in Lipper's Alt Global Macro Funds classification.

Holdings

Holdings

as of Dec 31, 2020
Name Weight (%)
TREASURY NOTE 1.625 08/31/2022 9.41
TREASURY NOTE 1.5 09/15/2022 9.39
APPLE INC 2.81
MICROSOFT CORP 1.96
TRSWAP: FTF1 FUTURE 20-JAN-2021 1.92
Name Weight (%)
AMAZON COM INC 1.67
TRSWAP: NDEUMXF INDEX 0.99
FACEBOOK CLASS A INC 0.81
ALPHABET INC CLASS A 0.65
ALPHABET INC CLASS C 0.65

Portfolio Managers

Portfolio Managers

Philip Green
Managing Director, Head of Global Tactical Asset Allocation

  

Thomas Becker
Global Tactical Asset Allocation

    

Michael Pensky
Portfolio Manager and Researcher, Global Tactical Asset Allocation Team

   

Richard Murrall
Director, Global Tactical Asset Allocation

    

Portfolio Manager

Literature

Literature

 

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