Equity

BALPX

Event Driven Equity Fund

  • NAV as of Nov 13, 2024 $9.70
    52 WK: 9.25 - 9.77
  • 1 Day NAV Change as of Nov 13, 2024 -0.01 (-0.11%)
  • NAV Total Return as of Nov 13, 2024 YTD: 2.00%
  • Morningstar Rating

Overview

Investment Approach

Invests primarily in equity and equity-related securities of companies that are undergoing transformative corporate events, including announced mergers and acquisitions, spin-offs and split-offs, financial or strategic restructurings, management changes and other catalysts. The fund will make long and short investments in developed market companies across market capitalizations and sectors, as well as investing opportunistically across the capital structure using fixed income instruments.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 6.19 2.67 3.27 4.26
Return w/ Sales Charge (%) 0.62 0.84 2.16 3.69
Benchmark (%) 5.46 3.50 2.32 1.65
Morningstar Category Avg. (%) 5.96 2.28 4.31 3.23
Morningstar Ranking 18/48 19/45 23/41 5/32
Morningstar Quartile 2 2 3 1
Lipper Category Avg. (%) 35.97 12.30 16.17 12.54
Lipper Ranking 19/51 19/46 24/41 8/30
Lipper Quartile 2 2 3 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 2.52 0.10 2.42 6.19 8.21 17.46 51.70
Return w/ Sales Charge (%) -2.86 -5.15 -2.96 0.62 2.53 11.29 43.73
Benchmark (%) 4.03 0.43 1.37 5.46 10.87 12.17 17.79
Morningstar Category Avg. (%) 3.39 0.44 2.86 5.96 7.00 23.50 37.40
Lipper Category Avg. (%) 22.84 1.74 5.05 35.97 42.00 113.24 228.46
  2019 2020 2021 2022 2023
Total Return (%) 7.16 6.03 1.60 -0.25 5.15
Annual w/ Sales Charge (%) 1.53 0.47 -3.74 -5.49 -0.37
Benchmark (%) 2.28 0.67 0.05 1.47 5.02
Morningstar Category Avg. (%) 7.68 6.69 4.14 -1.75 5.38

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 May 8, 2015 are the returns of the Fund when it followed different investment strategies under the name "BlackRock Large Cap Core Plus Fund," which focused on establishing long and short positions in a diversified portfolio of equity securities issued primarily by large cap companies located in the United States. 

 

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3-MO US Treasury Bill. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 3-MO US Treasury Bill. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 3-MO US Treasury Bill.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 13, 2024
$4,786.7 M
Share Class launch date
Dec 19, 2007
Benchmark Index
ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Morningstar Category
Event Driven
CUSIP
09250J759
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 13, 2024
$105.6 M
Asset Class
Equity
Distribution Frequency
Annual
Lipper Classification
Alt Event Driven Funds
Max Offer Price
as of Nov 13, 2024
$10.24
Turnover Percent in the Annual Report
as of May 31, 2024
32%

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio - Long
as of Aug 30, 2024
24.18
P/E Ratio - Short
as of Aug 30, 2024
17.37
R-Squared (3y)
as of Oct 31, 2024
2.36
Market Cap - Short (Millions)
as of Aug 30, 2024
$ 233,447.8 M
Beta (3y)
as of Oct 31, 2024
0.95
Worst 3-Month Return Over the Last 3 Years
3 months ending May 31, 2023
-2.58%
Number of Holdings (Short)
as of -
-
P/B Ratio
as of Oct 31, 2024
2.81
Alpha (3y)
as of Oct 31, 2024
-0.08
Market Cap - Long (Millions)
as of Aug 30, 2024
$ 52,955.3 M
Fund Standard Deviation (3y)
as of Oct 31, 2024
3.79
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
4.48%
Number of Holdings (Long)
as of -
-
Active Share
as of Oct 31, 2024
50.00%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more


This fund does not seek to follow a sustainable, impact or ESG investment strategy. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. For more information regarding the fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of Sep 21, 2024
A
MSCI ESG Quality Score (0-10)
as of Sep 21, 2024
6.3
Fund Lipper Global Classification
as of Sep 21, 2024
Alternative Event Driven
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of Sep 21, 2024
176.94
MSCI ESG % Coverage
as of Sep 21, 2024
75.03%
MSCI ESG Quality Score - Peer Percentile
as of Sep 21, 2024
47.73%
Funds in Peer Group
as of Sep 21, 2024
44
MSCI Weighted Average Carbon Intensity % Coverage
as of Sep 21, 2024
44.11%
All data is from MSCI ESG Fund Ratings as of Sep 21, 2024, based on holdings as of Mar 31, 2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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.

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, 2024
0.58%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.58%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.41%
MSCI - Tobacco
as of Oct 31, 2024
0.01%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.00%
MSCI - Thermal Coal
as of Oct 31, 2024
0.00%
MSCI - Oil Sands
as of Oct 31, 2024
0.00%
Business Involvement Coverage
as of Oct 31, 2024
14.18%
Percentage of Fund not covered
as of Oct 31, 2024
85.82%
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 0.00%.

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 1.60%
Net Expense Ratio 1.51%

Net Expense Ratio excluding Investment Related Expenses is 1.37%

  • Acquired Fund Fees and Expenses 0.14%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Event Driven Equity Fund, as of Oct 31, 2024 rated against 45 Event Driven Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Apr 30, 2024)
Analyst-Driven % as of Apr 30, 2024
100.00
Data Coverage % as of Apr 30, 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 Oct 31, 2024 out of 46, 4,456, 46, 16 and 46 Funds, respectively in Lipper's Alt Event Driven Funds classification.

Holdings

Holdings

Name Market Value Weight (%) Shares
Missing Issuers data
as of Oct 30, 2015
Name Fund Weight (%)
SCHLUMBERGER NV -4.57
CHARTER COMMUNICATIONS INC -4.37
ROYAL BANK OF CANADA -3.05
ROYAL DUTCH SHELL PLC -2.94
M&T BANK CORPORATION -2.85
Name Fund Weight (%)
BB&T CORP -2.83
NXP SEMICONDUCTORS NV -2.67
AVAGO TECHNOLOGIES LTD -2.34
AETNA INC -1.89
ANTHEM INC -1.83
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 Oct 31, 2024

% of Market Value

Type Long Short Net
as of Oct 31, 2024

% of Market Value

Type Long Short Net
as of Oct 31, 2024

% of Market Value

Type Long Short Net
as of Oct 31, 2024

% of Market Value

Type Long Short Net
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

Mark McKenna
Mark McKenna
Managing Director

Mark R. McKenna, Managing Director, is Founder and Global Head of Event Driven. Mr. McKenna is responsible for managing BlackRock's event-driven investing efforts.

Read More

Mark R. McKenna, Managing Director, is Founder and Global Head of Event Driven. Mr. McKenna is responsible for managing BlackRock's event-driven investing efforts.

 

Prior to joining BlackRock in 2014, Mr. McKenna was a managing director at Harvard Management Company (HMC) and co-founder of HMC's event driven fund. From 2004 to 2009, Mr. McKenna was portfolio manager of the event driven strategy at Caxton Associates, LLC. Previous to Caxton, Mr. McKenna spent five years at Citigroup's Global and Corporate Investment Bank as a vice president in mergers and acquisitions. Before graduate school, Mr. McKenna served as a lieutenant in the United States Navy's Nuclear Submarine Force, where he conducted strategic deterrent patrols onboard the USS Ohio and was a certified nuclear engineer by the Department of Naval Reactors.

 

Mr. McKenna earned a B.Engr. in electrical engineering from New York Maritime College and an MBA, with distinction, from NYU.

Portfolio Manager

Literature

Literature

 

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