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.
2.02 3.44 4.89 - 4.19
Benchmark (%) 0.07 0.81 1.13 - 0.89
Morningstar Category Avg. (%) 0.45 3.04 2.38 - -
Morningstar Ranking 54/143 - - - -
Morningstar Quartile 2 2 1 - -
Lipper Ranking 54/124 - - - -
Lipper Quartile 2 - - - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
-2.87 -0.49 -2.87 2.02 10.69 26.99 - 32.58
Benchmark (%) 0.04 0.03 0.04 0.07 2.44 5.78 - 6.29
Morningstar Category Avg. (%) -1.67 -0.71 -0.84 0.45 11.56 14.55 - -
  2017 2018 2019 2020 2021
Total Return (%) - - - - 6.28
Benchmark (%) - - - - 0.05
Morningstar Category Avg. (%) - - - - 6.86
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 Jul 01, 2022 $111.9 M
Size of Fund (Millions) as of Jul 01, 2022 $9,776.6 M
Share Class launch date Sep 29, 2020
Asset Class Alternative
Morningstar Category Multistrategy
Lipper Classification Alt Multi-Strategy Funds
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1) (4PM)
CUSIP 09260C851
Distribution Frequency -
Number of Holdings as of May 31, 2022 2,296
Max Offer Price as of Jul 01, 2022 $10.11
Open to New Investors No
Turnover Percent in the Annual Report 936%

Portfolio Characteristics

Portfolio Characteristics

30 Day SEC Yield as of May 31, 2022 2.23%
Yield to Maturity as of May 31, 2022 3.42%
Yield to Worst as of May 31, 2022 3.41%
Fund Standard Deviation (3y) as of - -
Unsubsidized 30-Day SEC Yield as of May 31, 2022 2.23%
Effective Duration as of May 31, 2022 1.91 yrs
Nominal WAL as of May 31, 2022 4.76 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% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. 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, 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 May 31, 2022 0.29%
MSCI - UN Global Compact Violators as of May 31, 2022 0.39%
MSCI - Nuclear Weapons as of May 31, 2022 0.19%
MSCI - Thermal Coal as of May 31, 2022 0.00%
MSCI - Civilian Firearms as of May 31, 2022 0.07%
MSCI - Oil Sands as of May 31, 2022 0.18%
MSCI - Tobacco as of May 31, 2022 0.62%

Business Involvement Coverage as of May 31, 2022 30.35%
Percentage of Fund not covered as of May 31, 2022 69.65%
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 0.42%.

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 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 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 0.86%
Net Expense Ratio 0.85%

Net Expense Ratio excluding Investment Related Expenses is 0.83%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.00%

Ratings

Portfolio Managers

Portfolio Managers

Tom Parker
Chief Investment Officer, BlackRock Systematic Fixed Income

 

 

Scott Radell
Head of Core Portfolio Management, Systematic Fixed Income

  

Jeffrey Rosenberg
Sr. Portfolio Manager, Systematic Fixed Income

   

Portfolio Manager

Literature

Literature