Equity

MADCX

Emerging Markets Fund

  • NAV as of Apr 25, 2025 $23.63
    52 WK: 20.94 - 26.62
  • 1 Day NAV Change as of Apr 25, 2025 -0.02 (-0.08%)
  • NAV Total Return as of Apr 25, 2025 YTD: 0.30%

Overview

About this Fund

  • A high conviction emerging markets solution
  • Hong Kong based team using local expertise to drive stock selection
  • Seeks outperformance while employing a risk aware approach

Investment Approach

Invests in emerging market equities aiming to outperform the MSCI Emerging Markets Index. By combining top down macro views with in-depth fundamental research, the fund seeks to deliver consistent, long-term capital appreciation to investors.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) -2.24 -1.45 5.49 3.77
Benchmark (%) 8.09 1.44 7.94 3.71
Morningstar Category Avg. (%) 4.96 1.72 8.84 3.59
Morningstar Ranking 694/777 608/714 533/636 186/435
Morningstar Quartile 4 4 4 2
Lipper Category Avg. (%) 4.95 1.43 8.28 3.49
Lipper Ranking 673/756 584/698 518/619 172/415
Lipper Quartile 4 4 4 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) -0.25 -0.76 -0.25 -2.24 -4.27 30.62 44.76
Benchmark (%) 2.93 0.63 2.93 8.09 4.39 46.55 43.89
Morningstar Category Avg. (%) 1.77 0.73 1.77 4.96 5.26 52.77 42.36
Lipper Category Avg. (%) 1.84 0.76 1.84 4.95 4.73 50.24 42.63
  2020 2021 2022 2023 2024
Total Return (%) 24.54 -1.16 -24.11 10.77 -1.06
Benchmark (%) 18.31 -2.54 -20.09 9.83 7.50
Morningstar Category Avg. (%) 17.90 0.38 -20.86 12.32 6.04

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.
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Key Facts

Key Facts

Size of Fund (Millions)
as of Apr 25, 2025
$3,654.4 M
Share Class launch date
Sep 01, 1989
Benchmark Index
MSCI Emerging Markets Index
Morningstar Category
Diversified Emerging Mkts
CUSIP
09251J402
Open to New Investors
Yes
Size of Class (Millions)
as of Apr 25, 2025
$2,781.8 M
Asset Class
Equity
Distribution Frequency
Annual
Lipper Classification
Emerging Markets Funds
Max Offer Price
as of Apr 25, 2025
$23.63
Turnover Percent in the Annual Report
as of Apr 30, 2024
91%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Mar 31, 2025
114
P/E Ratio - Forward
as of Mar 31, 2025
9.76
Average Market Cap (Millions)
as of -
-
Fund Standard Deviation (3y)
as of Mar 31, 2025
16.78
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2023
23.65%
Active Share
as of Jul 31, 2019
77.15%
P/B Ratio
as of Mar 31, 2025
1.87
Alpha (3y)
as of Mar 31, 2025
-0.24
R-Squared (3y)
as of Mar 31, 2025
95.26
Beta (3y)
as of Mar 31, 2025
0.93
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-12.30%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.01%
Net Expense Ratio 0.87%

Net Expense Ratio excluding Investment Related Expenses is 0.86%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective May 08, 2024)
Analyst-Driven % as of Apr 21, 2025
100.00
Data Coverage % as of Apr 21, 2025
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 Mar 31, 2025 out of 697, 12,247, 698, 394 and 698 Funds, respectively in Lipper's Emerging Markets Funds classification.

Holdings

Holdings

as of Mar 31, 2025
Name Weight (%)
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 8.97
TENCENT HOLDINGS LTD 8.92
SK HYNIX INC 3.56
CHINA MERCHANTS BANK CO LTD 2.39
PING AN INSURANCE GROUP CO OF CHINA LTD 2.34
Name Weight (%)
OTP BANK NYRT 2.29
GRUPO FINANCIERO BANORTE SAB DE CV 2.21
AXIS BANK LTD 2.20
BANK MANDIRI (PERSERO) TBK PT 2.16
TATA CONSULTANCY SERVICES LTD 2.12
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 Mar 31, 2025

% of Market Value

Type Fund Benchmark Net
as of Mar 31, 2025

% of Market Value

Type Fund Benchmark Net
as of Mar 31, 2025

% of Market Value

Type Fund Benchmark Net
as of Mar 31, 2025

% of Market Value

Type Fund Benchmark 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

Gordon Fraser
Gordon Fraser
Co-Head of Fundamental Equities’ Global Emerging Markets Equities, Portfolio Manager, Managing Director

  

Read More

Gordon Fraser, CFA, Managing Director, is Co-Head of Global Emerging Markets Equities within the Fundamental Equities division of BlackRock’s Portfolio Management Group. He is lead portfolio manager for the Core Global Emerging Markets strategy and co-manages the Emerging Frontiers Hedge Fund. Mr. Fraser is also named manager on the Emerging Markets Equity Strategies Fund. Mr. Fraser is platform lead for macroeconomic analysis.

 

He joined BlackRock as an analyst in 2006.

 

Mr. Fraser earned a BA (1st class) and an MPhil (distinction) in Economics from Cambridge University in 2006. He is also a CFA Charterholder.

Emily Fletcher
Emily Fletcher
Kevin Jia
Kevin Jia
Portfolio Manager

Literature

Literature

 

Funds related to MADCX

Funds related to MADCX

IEMG
iShares Core MSCI Emerging Markets ETF
Learn more about IEMG
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF
Learn more about EEMV

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