Multi Asset

PBAKX

Tactical Opportunities Fund

Overview

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Performance

Performance

  1y 3y 5y 10y
4.70 4.93 5.15 3.77
Benchmark (%) 5.46 3.50 2.32 1.65
Morningstar Category Avg. (%) 7.95 2.95 4.02 3.04
Morningstar Ranking 26/54 16/53 11/52 -
Morningstar Quartile 2 2 2 1
Lipper Ranking 133/146 33/129 51/128 -
Lipper Quartile 4 2 2 -
  YTD 1m 3m 1y 3y 5y 10y
6.85 -0.21 -0.63 4.70 15.55 28.53 44.72
Benchmark (%) 4.03 0.43 1.37 5.46 10.87 12.17 17.79
Morningstar Category Avg. (%) 6.06 -1.59 -1.08 7.95 11.94 23.57 36.96
  2019 2020 2021 2022 2023
Total Return (%) 1.87 6.97 0.64 6.29 3.19
Benchmark (%) 2.28 0.67 0.05 1.47 5.02
Morningstar Category Avg. (%) 8.10 4.54 3.86 0.01 2.62

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 August 1, 2016, the commencement of operations 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.

The Fund’s returns between May 15, 2012 and January 28, 2016 are the returns of the Fund when it followed different investment strategies to invest a significant portion of its assets in other investment companies and directly in securities.

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

See the Fund’s prospectus for more details.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Dec 13, 2024
$2,266.4 M
Share Class launch date
Aug 01, 2016
Benchmark Index
ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Morningstar Category
Macro Trading
CUSIP
09258N570
Open to New Investors
Yes
Size of Class (Millions)
as of Dec 13, 2024
$249.1 M
Asset Class
Multi Asset
Distribution Frequency
Annual
Lipper Classification
Alt Global Macro Funds
Max Offer Price
as of Dec 13, 2024
$14.85
Turnover Percent in the Annual Report
as of Apr 30, 2024
146%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 29, 2024
887
P/B Ratio
as of Nov 29, 2024
3.65
Average Market Cap (Millions)
as of -
-
Fund Sharpe Ratio (3y)
as of Nov 30, 2024
0.83
Beta (3y)
as of Nov 30, 2024
0.97
Best 3-Month Return Over the Last 3 Years
3 months ending Mar 31, 2024
7.07%
P/E Ratio
as of Nov 29, 2024
24.84
Alpha (3y)
as of Nov 30, 2024
0.36
R-Squared (3y)
as of Nov 30, 2024
1.27
Fund Standard Deviation (3y)
as of Nov 30, 2024
5.08
Effective Duration
as of Nov 29, 2024
-0.03 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jul 31, 2022
-2.42%
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 Nov 29, 2024
0.40%
MSCI - Nuclear Weapons
as of Nov 29, 2024
0.38%
MSCI - Civilian Firearms
as of Nov 29, 2024
0.00%
MSCI - Tobacco
as of Nov 29, 2024
0.80%
MSCI - UN Global Compact Violators
as of Nov 29, 2024
0.01%
MSCI - Thermal Coal
as of Nov 29, 2024
0.31%
MSCI - Oil Sands
as of Nov 29, 2024
0.00%

Business Involvement Coverage
as of Nov 29, 2024
68.57%
Percentage of Fund not covered
as of Nov 29, 2024
31.37%
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 0.63% and for Oil Sands 0.85%.

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

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.

Fees

Fees

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

Net Expense Ratio excluding Investment Related Expenses is 0.67%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Tactical Opportunities Fund, as of Nov 30, 2024 rated against 53 Macro Trading Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective May 10, 2024)
Analyst-Driven % as of May 10, 2024
100.00
Data Coverage % as of May 10, 2024
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 Nov 30, 2024 out of 127, 4,406, 127, 72 and 127 Funds, respectively in Lipper's Alt Global Macro Funds classification.

Holdings

Holdings

as of Aug 30, 2024
Name Weight (%)
APPLE INC 3.50
MICROSOFT CORP 3.32
NVIDIA CORP 2.90
AMAZON COM INC 1.83
META PLATFORMS INC CLASS A 1.10
Name Weight (%)
ALPHABET INC CLASS A 1.01
ELI LILLY 0.92
BERKSHIRE HATHAWAY INC CLASS B 0.85
BROADCOM INC 0.76
ALPHABET INC CLASS C 0.75
Name Market Value Weight (%) Shares
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 Nov 29, 2024

Duration Contribution (Years)

Type Fund
as of Nov 29, 2024

% Notional Value

Type Fund
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

Philip Green
Head of Global Tactical Asset Allocation Team, Multi-Asset Strategies & Solutions

  

Tom Becker
Portfolio Manager, Global Tactical Asset Allocation Team

    

Richard Murrall
Global Tactical Asset Allocation Team

    

Michael Pensky, CFA
Portfolio Manager, Global Tactical Asset Allocation Team

   

Portfolio Manager

Literature

Literature

 

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