Multi Asset

BDHKX

Dynamic High Income Fund

  • NAV as of Dec 10, 2024 $8.87
    52 WK: 8.20 - 8.94
  • 1 Day NAV Change as of Dec 10, 2024 -0.03 (-0.34%)
  • NAV Total Return as of Dec 10, 2024 YTD: 13.06%

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

  1y 3y 5y 10y
Total Return (%) 21.09 3.06 4.88 -
Benchmark (%) 19.18 5.83 6.52 -
Morningstar Category Avg. (%) 22.70 3.15 7.42 -
Morningstar Ranking 514/729 582/682 603/639 -
Morningstar Quartile 3 4 4 -
Lipper Ranking 199/431 251/400 274/353 -
Lipper Quartile 2 3 4 -
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 11.50 1.58 5.55 21.09 9.46 26.89 -
Benchmark (%) 11.29 1.62 7.75 19.18 18.52 37.15 -
Morningstar Category Avg. (%) 10.63 -1.51 1.75 22.70 15.39 47.02 -
  2019 2020 2021 2022 2023
Total Return (%) 19.92 4.54 10.82 -17.23 14.35
Benchmark (%) 21.92 14.06 14.43 -16.40 18.12
Morningstar Category Avg. (%) 19.23 11.72 13.89 -13.64 13.78

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 March 28, 2016, the commencement of operations of the share class, shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. See the Fund’s prospectus for more details.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Dec 10, 2024
$1,146.1 M
Share Class launch date
Mar 28, 2016
Benchmark Index
50.00% MSCI World High Div / 50.00% BBG HY 2% Issuer Capped
Morningstar Category
Moderate Allocation
CUSIP
09257E779
Open to New Investors
Yes
Size of Class (Millions)
as of Dec 10, 2024
$181.0 M
Asset Class
Multi Asset
Distribution Frequency
None
Lipper Classification
Flexible Portfolio Funds
Max Offer Price
as of Dec 10, 2024
$8.87
Turnover Percent in the Annual Report
as of Jul 31, 2024
109.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 29, 2024
1,659
Modified Duration
as of Nov 29, 2024
1.10 yrs
Fund Standard Deviation (3y)
as of Feb 29, 2024
11.95
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
7.57%
Weighted Avg Maturity
as of Nov 29, 2024
1.53 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jun 30, 2022
-13.12%
30 Day SEC Yield
as of Oct 31, 2024
7.71%
R-Squared (3y)
as of Feb 29, 2024
96.62
Beta (3y)
as of Feb 29, 2024
0.86
Effective Duration
as of Nov 29, 2024
0.88 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
10.94%

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 Nov 29, 2024
0.29%
MSCI - Nuclear Weapons
as of Nov 29, 2024
0.15%
MSCI - Civilian Firearms
as of Nov 29, 2024
0.00%
MSCI - Tobacco
as of Nov 29, 2024
0.69%
MSCI - UN Global Compact Violators
as of Nov 29, 2024
0.14%
MSCI - Thermal Coal
as of Nov 29, 2024
0.00%
MSCI - Oil Sands
as of Nov 29, 2024
0.08%
Business Involvement Coverage
as of Nov 29, 2024
61.77%
Percentage of Fund not covered
as of Nov 29, 2024
38.23%
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 0.05% and for Oil Sands 0.62%.

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 0.79%
Net Expense Ratio 0.63%

Net Expense Ratio excluding Investment Related Expenses is 0.60%

  • 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 May 03, 2024)
Analyst-Driven % as of May 03, 2024
100.00
Data Coverage % as of May 03, 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 393, 4,406, 397, 211 and 397 Funds, respectively in Lipper's Flexible Portfolio Funds classification.

Holdings

Holdings

as of Nov 29, 2024
Name Weight (%)
ISHARES CORE DIVIDEND GROWTH ETF 1.89
ISHARES INTERNATIONAL DIVIDEND GRO 1.70
MICROSOFT CORP - ELN 1.64
NVIDIA CORP - ELN 1.39
ALPHABET INC CLASS A - ELN 1.20
Name Weight (%)
AMAZON COM INC - ELN 1.16
APPLE INC - ELN 1.15
META PLATFORMS INC CLASS A - ELN 0.84
MICROSOFT CORP 0.75
NETFLIX INC - ELN 0.45
as of Nov 29, 2024
Name Weight (%)
OAKC_19-3A BR 144A 0.35
NEUB_19-34A BR 144A 0.35
OAKC_22-13AR AR 144A 0.31
BSP_20-21A A1R 144A 0.31
ELM11_21-4A D 144A 0.30
Name Weight (%)
PLMRS_21-4A D 144A 0.26
CIFC_21-1AR CR 144A 0.26
PLMRS_21-4 A 144A 0.26
CIFC_21_4AR CR 144A 0.26
MCLO_20-15ARRR C1R3 144A 0.22
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

Sorry, countries/regions are not available at this time.
as of Nov 29, 2024

% of Market Value

Type Fund Benchmark Net
as of Nov 29, 2024

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Nov 29, 2024

% 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
Justin Christofel, CFA
Co-Head of Income Investing, Multi-Asset Strategies & Solutions

   

Read More

Justin Christofel, CFA, CAIA, Managing Director, is co-head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions group. 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 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.

 

Justin’s interests include exploring the intersection of macroeconomic drivers and asset class returns and constructing portfolios that offer clients resilience in a variety of market regimes. Outside of work, he enjoys nearly any activity that allows him to be active, particularly Crossfit.

 

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.

Alex Shingler, CFA
Alex Shingler, CFA
Co-Head of Income Investing, Multi-Asset Strategies & Solutions

     

Read More

Alex Shingler, CFA, Managing Director, is co-head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions group. 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.

 

Alex’s service with the firm dates back to 2009, where he joined as a portfolio manager and research analyst within BlackRock’s European and US credit businesses. Alex has spent his career investing across equity and fixed income markets and before joining BlackRock in London, Alex focused on special situation equity investments.

 

Alex earned his AB, summa cum laude, in philosophy from Princeton University.

 

Alex grew up in Montreal, Canada, and resides in the New York City area with his wife and daughter.

Portfolio Manager

Literature

Literature

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