Fixed Income

BIIIX

BlackRock Sustainable Advantage CoreAlpha Bond 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 Incept.
0.51 -5.76 -0.05 - -0.19
Benchmark (%) 0.64 -5.21 0.10 - -0.11
Morningstar Category Avg. (%) 0.77 -5.02 0.00 - -
Morningstar Ranking 255/468 368/420 207/383 - -
Morningstar Quartile 3 4 3 - -
Lipper Ranking 71/85 52/63 18/36 - -
Lipper Quartile 4 4 2 - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
-1.33 -2.53 -3.33 0.51 -16.31 -0.25 - -1.31
Benchmark (%) -1.21 -2.54 -3.23 0.64 -14.82 0.51 - -0.74
Morningstar Category Avg. (%) -0.83 -2.45 -2.97 0.77 -14.32 -0.02 - -
  2018 2019 2020 2021 2022
Total Return (%) -0.35 9.39 8.81 -2.33 -13.96
Benchmark (%) 0.01 8.72 7.51 -1.54 -13.01
Morningstar Category Avg. (%) -0.50 8.06 7.52 -1.48 -13.32

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 Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund, “BlackRock Impact Bond Fund”, that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.

Key Facts

Key Facts

Size of Class (Millions) as of Dec 07, 2023 $32.6 M
Size of Fund (Millions) as of Dec 07, 2023 $39.5 M
Share Class launch date Aug 23, 2016
Asset Class Fixed Income
Morningstar Category Intermediate Core Bond
Lipper Classification General Bond Funds
Benchmark Index BBG U.S. Aggregate Index
CUSIP 09260C877
Distribution Frequency None
Number of Holdings as of Oct 31, 2023 491
Max Offer Price as of Dec 07, 2023 $8.54
Open to New Investors Yes
Turnover Percent in the Annual Report 376%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Nov 30, 2023 -0.03
R-Squared (3y) as of Nov 30, 2023 99.28
Beta (3y) as of Nov 30, 2023 1.03
30 Day SEC Yield as of Oct 31, 2023 4.87%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2023 3.85%
Yield to Maturity as of Oct 31, 2023 6.53%
Yield to Worst as of Oct 31, 2023 6.53%
Average Coupon as of Oct 31, 2023 3.50%
Effective Duration as of Oct 31, 2023 5.90 yrs
Nominal WAL as of Oct 31, 2023 7.59 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 6.62%
Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2022 -8.31%

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.

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 Oct 31, 2023 0.00%
MSCI - UN Global Compact Violators as of Oct 31, 2023 0.00%
MSCI - Nuclear Weapons as of Oct 31, 2023 0.00%
MSCI - Thermal Coal as of Oct 31, 2023 0.00%
MSCI - Civilian Firearms as of Oct 31, 2023 0.00%
MSCI - Oil Sands as of Oct 31, 2023 0.00%
MSCI - Tobacco as of Oct 31, 2023 0.00%

Business Involvement Coverage as of Oct 31, 2023 30.90%
Percentage of Fund not covered as of Oct 31, 2023 69.10%
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 0.00% and for Oil Sands 0.17%.

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 financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. The Fund manager has developed internal research signals to help evaluate corporate issuers on climate, governance and human capital issues. ESG information may be sourced from both internal and external sources. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.06%
Net Expense Ratio 0.29%

Net Expense Ratio excluding Investment Related Expenses is 0.28%

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

Ratings

Ratings

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, 2023 out of 60, 6,271, 61, 43 and 61 Funds, respectively in Lipper's General Bond Funds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective Oct 31, 2023)

Holdings

Holdings

as of Oct 31, 2023
Name Weight (%)
UNITED STATES TREASURY 16.49
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 12.23
FEDERAL NATIONAL MORTGAGE ASSOCIATION 9.47
FEDERAL HOME LOAN MORTGAGE CORPORATION 5.87
AUTOMATIC DATA PROCESSING INC 1.09
Name Weight (%)
DIAGEO CAPITAL PLC 1.06
ING GROEP NV 1.01
NVIDIA CORPORATION 1.01
SUMITOMO MITSUI FINANCIAL GROUP INC 1.00
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 0.97
Name Weight (%) Shares Market Value
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 Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2023

% of Market Value

Type Fund Benchmark Net
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.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Scott Radell
Senior portfolio manager and Co-Head of BlackRock's Systematic Fixed Income

  

Portfolio Manager

Literature

Literature

 

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