Fixed Income

BKMBX

Systematic Multi-Strategy 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.
11.05 4.15 4.16 - 4.43
Benchmark (%) 5.24 2.59 2.02 - 1.56
Morningstar Category Avg. (%) 10.30 4.29 4.13 - -
Morningstar Ranking 27/130 34/121 - - -
Morningstar Quartile 1 2 2 - -
Lipper Ranking 22/121 27/111 - - -
Lipper Quartile 1 1 - - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
3.86 2.40 3.86 11.05 12.98 22.59 - 46.83
Benchmark (%) 1.29 0.45 1.29 5.24 7.96 10.53 - 14.67
Morningstar Category Avg. (%) 4.64 2.18 4.64 10.30 13.44 22.41 - -
  2019 2020 2021 2022 2023
Total Return (%) - - 6.28 -2.93 6.70
Benchmark (%) - - 0.05 1.47 5.02
Morningstar Category Avg. (%) - - 6.86 -2.07 6.24

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 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.

 

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 Jun 14, 2024
$202.7 M
Share Class launch date
Sep 29, 2020
Morningstar Category
Multistrategy
Benchmark Index
ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Distribution Frequency
Annual
Max Offer Price
as of Jun 13, 2024
$10.19
Turnover Percent in the Annual Report
344%
Size of Fund (Millions)
as of Jun 14, 2024
$6,596.1 M
Asset Class
Alternative
Lipper Classification
Alt Multi-Strategy Funds
CUSIP
09260C851
Number of Holdings
as of May 31, 2024
1,907
Open to New Investors
No

Portfolio Characteristics

Portfolio Characteristics

30 Day SEC Yield
as of May 31, 2024
5.25%
Yield to Worst
as of May 31, 2024
5.80%
Unsubsidized 30-Day SEC Yield
as of May 31, 2024
5.24%
Nominal WAL
as of May 31, 2024
5.99 yrs
Yield to Maturity
as of May 31, 2024
5.86%
Fund Standard Deviation (3y)
as of May 31, 2024
4.26
Effective Duration
as of May 31, 2024
2.75 yrs
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 -
-
MSCI - Nuclear Weapons
as of -
-
MSCI - Civilian Firearms
as of -
-
MSCI - Tobacco
as of -
-
MSCI - UN Global Compact Violators
as of -
-
MSCI - Thermal Coal
as of -
-
MSCI - Oil Sands
as of -
-

Business Involvement Coverage
as of -
-
Percentage of Fund not covered
as of -
-
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 -% and for Oil Sands -%.

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 0.82%
Net Expense Ratio 0.82%

Net Expense Ratio excluding Investment Related Expenses is 0.82%

  • Acquired Fund Fees and Expenses 0.00%
  • 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 May 31, 2024 out of 105, 4,488, 105, 64 and 105 Funds, respectively in Lipper's Alt Multi-Strategy Funds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective May 13, 2024)

Holdings

Holdings

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.

Portfolio Managers

Portfolio Managers

Tom Parker
Chief Investment Officer, BlackRock Systematic Fixed Income

 

 

Chad Meuse
Head of Equity Capital Structure, Systematic Fixed Income

    

Scott Radell
Managing Director, Systematic Fixed Income

  

Jeffrey Rosenberg, CFA
Managing Director, Systematic Fixed Income

   

Portfolio Manager

Literature

Literature