Multi Asset

BDHIX

Dynamic High Income Fund

  • NAV as of May 12, 2026 $9.03
    52 WK: 8.55 - 9.14
  • 1 Day NAV Change as of May 12, 2026 $-0.01 (-0.11%)
  • NAV Total Return as of May 12, 2026 YTD: 3.81%

Overview

About this Fund

1. Complement to your core income portfolio
2. Manages difficult to access income streams
3. Seeks high income from non-traditional sources

Investment Approach

Seeks to achieve high income by tactically managing a portfolio of non-traditional sources of income.

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Performance

Performance

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Past distributions are not indicative of future distributions.

Certain Funds record and have an ex-dividend date daily on undistributed net investment income, with distributions paid monthly.

Click here for historical distribution data and here for upcoming distribution estimates

  1y 3y 5y 10y
Total Return (%) 10.41 10.51 4.61 6.49
Benchmark (%) 11.50 10.73 6.51 7.44
Morningstar Category Avg. (%) 15.65 11.14 5.96 6.95
Morningstar Ranking 391/414 240/408 296/394 215/325
Morningstar Quartile 4 3 4 3
Lipper Category Avg. (%) 14.05 10.88 5.66 7.09
Lipper Ranking 316/411 193/375 235/348 148/254
Lipper Quartile 4 3 3 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) -1.30 -4.08 -1.30 10.41 34.97 25.25 87.59
Benchmark (%) 1.89 -3.58 1.89 11.50 35.78 37.09 104.89
Morningstar Category Avg. (%) 0.87 -4.57 0.87 15.65 37.27 33.59 95.81
Lipper Category Avg. (%) 0.32 -4.45 0.32 14.05 36.86 32.46 104.50
  2021 2022 2023 2024 2025
Total Return (%) 10.77 -17.37 14.31 10.81 12.27
Benchmark (%) 10.57 -7.90 11.34 8.15 13.56
Morningstar Category Avg. (%) 12.01 -13.20 12.16 8.79 16.15
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.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of May 12, 2026
$1,580.6 M
Share Class launch date
Nov 03, 2014
Benchmark Index
50% MSCI World High Dividend Index (Net) /50% Bloomberg U.S. High Yield 2% Issuer Capped Index
Lipper Classification
Flexible Portfolio Funds
Max Offer Price
as of May 12, 2026
$9.03
Turnover Percent in the Annual Report
as of Jul 31, 2025
148.00%
Size of Class (Millions)
as of May 12, 2026
$1,277.4 M
Asset Class
Multi Asset
Morningstar Category
Global Moderate Allocation
CUSIP
09257E795
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Apr 30, 2026
3,220
Modified Duration
as of Apr 30, 2026
1.76 yrs
Fund Standard Deviation (3y)
as of Apr 30, 2026
7.72
Unsubsidized 30-Day SEC Yield
as of Apr 30, 2026
8.01%
Effective Duration
as of Apr 30, 2026
1.47 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-5.33%
30 Day SEC Yield
as of Apr 30, 2026
8.20%
R-Squared (3y)
as of Apr 30, 2026
82.17
Beta (3y)
0.93
Weighted Avg Maturity
as of Apr 30, 2026
1.91 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
10.93%

For the latest month-end Distribution Rate, click here.


For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.87%
Net Expense Ratio 0.68%

Net Expense Ratio excluding Investment Related Expenses is 0.65%

  • Acquired Fund Fees and Expenses 0.03%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Apr 30, 2026)
Analyst-Driven % as of Apr 30, 2026
100.00
Data Coverage % as of Apr 30, 2026
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 Apr 30, 2026 out of 378, 4,129, 378, 161 and 378 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

Holdings

Holdings

as of Apr 30, 2026
Name Weight (%)
ISHARES CORE MSCI EMERGING MARKETS 2.12
NVIDIA CORP - ELN 1.57
APPLE INC - ELN 1.39
ALPHABET INC CLASS A - ELN 1.24
MICROSOFT CORP - ELN 1.05
Name Weight (%)
ISHARES CORE DIVIDEND GROWTH ETF 0.90
ASML HOLDING ADR REPRESENTING NV - ELN 0.71
BROADCOM INC - ELN 0.71
AMAZON.COM INC - ELN 0.69
WALMART INC - ELN 0.62
as of Apr 30, 2026
Name Weight (%)
ISHARES BROAD USD HIGH YIELD CORPO 1.39
BEIGNET INVESTOR LLC 144A 6.581 05/30/2049 0.50
SOUTH AFRICA (REPUBLIC OF) 8.5 01/31/2037 0.21
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 10/01/2026 0.20
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 0.20
Name Weight (%)
PLMRS_21-4AR A1R 144A 0.19
PLMRS_21-4AR D1R 144A 0.19
GCBSL_19_43AR A1R 144A 0.19
1261229 BC LTD 144A 10 04/15/2032 0.17
VCC_26-P1 A 144A 0.17
Name Market Value Weight (%) Shares
Detailed Holdings and Analytics
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 Apr 30, 2026

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2026

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2026

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Apr 30, 2026

% 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

Justin Christofel, CFA, CAIA
Justin Christofel, CFA, CAIA
Global head of Income Investing, Multi-Asset Strategies and Solutions

   

Read More

Justin Christofel, CFA, CAIA, Managing Director, is global head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions group. The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally. He is a portfolio manager for a number of income strategies including the Multi-Asset Income Fund , Dynamic High Income Fund , Managed Income Fund and Multi-Asset Income model portfolios. Justin’s focus centers on exploring the intersection of macroeconomic drivers and asset class returns and constructing portfolios that offer clients resilience in a variety of market regimes.

 

Justin’s service with the firm dates back to 2007, where prior to the launch of the Income strategies, he managed customized asset allocation portfolios for institutional investors.

 

Justin earned his BA, with honors, in economics and mathematics from Yale University.

 

Outside of work, he enjoys nearly any activity that allows him to be active, particularly tennis.

 

Multi-Asset Strategies & Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

Louis Arranz, CFA, CAIA, FRM
Louis Arranz, CFA, CAIA, FRM
Portfolio manager, Multi-Asset Strategies and Solutions (MASS) Income team

  

Read More

Louis Arranz, CFA, CAIA, FRM, Director, is a portfolio manager for BlackRock’s Multi-Asset Strategies & Solutions (MASS) Income team where he focuses on investment research and portfolio management. The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally. He is a portfolio manager for a number of income strategies including the Multi-Asset Income Fund, Dynamic High Income Fund, Managed Income Fund, and Multi-Asset Income model portfolios.

 

Prior to joining the MASS Income team in 2020, Louis was a Vice President in BlackRock's Risk & Quantitative Analysis (RQA) group, where he partnered with investments teams on fixed income risk management, quantitative analytics, and research. He began his career as an analyst with BlackRock in 2015.

 

Louis earned an M.A. in Mathematics of Finance from Columbia University, studied at Ecole Polytechnique, and holds a B.S. in Applied Mathematics from Paris Dauphine University.

 

Multi-Asset Strategies & Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

Portfolio Manager

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.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature