Fixed Income

BCRKX

Advantage CoreAlpha Bond Fund

  • NAV as of Nov 13, 2024 $8.66
    52 WK: 8.30 - 9.04
  • 1 Day NAV Change as of Nov 13, 2024 -0.01 (-0.12%)
  • NAV Total Return as of Nov 12, 2024 YTD: 2.55%

Overview

Investment Approach

The Fund invests, under normal circumstances, at least 80% of the value of the Fund’s net assets, plus the amount of any borrowing for investment purposes, in bonds. For the purposes of this strategy, “bonds” include the following: obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; mortgage-backed securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including U.S. agency mortgage pass-through securities; commercial mortgage-backed securities; mortgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers; municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign issuers. The fund may invest up to 10% of its assets in securities rated below investment grade (“high yield” or “junk” bonds.)
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 12.96 -1.74 0.42 2.03
Benchmark (%) 11.57 -1.39 0.33 1.84
Morningstar Category Avg. (%) 10.57 -2.14 -0.11 1.42
Morningstar Ranking 27/473 304/430 180/386 -
Morningstar Quartile 1 4 2 1
Lipper Ranking 70/521 340/481 257/451 -
Lipper Quartile 1 3 3 -
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 5.52 1.74 5.79 12.96 -5.14 2.14 22.25
Benchmark (%) 4.45 1.34 5.20 11.57 -4.11 1.67 20.04
Morningstar Category Avg. (%) 2.17 -2.41 0.27 10.57 -4.10 2.16 18.97
  2019 2020 2021 2022 2023
Total Return (%) 9.78 8.93 -1.93 -14.19 5.46
Benchmark (%) 8.72 7.51 -1.54 -13.01 5.53
Morningstar Category Avg. (%) 8.06 7.52 -1.48 -13.32 5.59

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 for periods prior to the inception date of the share class are based on the performance of the master portfolio in which the Fund invested all of its assets, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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.   
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Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 13, 2024
$697.1 M
Share Class launch date
Mar 28, 2016
Benchmark Index
Bloomberg US Aggregate Bond Index
Morningstar Category
Intermediate Core Bond
CUSIP
09260T409
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 13, 2024
$54.2 M
Asset Class
Fixed Income
Distribution Frequency
None
Lipper Classification
Core Bond Funds
Max Offer Price
as of Nov 13, 2024
$8.66
Turnover Percent in the Annual Report
as of Dec 31, 2023
201%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
1,327
Alpha (3y)
as of Oct 31, 2024
-0.01
R-Squared (3y)
as of Oct 31, 2024
99.22
Beta (3y)
as of Oct 31, 2024
1.02
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
4.67%
Effective Duration
as of Oct 31, 2024
5.74 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.66%
30 Day SEC Yield
as of Oct 31, 2024
4.73%
Yield to Maturity
as of Oct 31, 2024
5.20%
Fund Standard Deviation (3y)
as of Oct 31, 2024
7.93
Average Coupon
as of Oct 31, 2024
4.43%
Yield to Worst
as of Oct 31, 2024
5.17%
Nominal WAL
as of Oct 31, 2024
8.11 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Apr 30, 2022
-8.41%
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.

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 0.30%
Net Expense Ratio 0.24%

Net Expense Ratio excluding Investment Related Expenses is 0.24%

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

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective Sep 30, 2024)
Analyst-Driven % as of Sep 30, 2024
55.00
Data Coverage % as of Sep 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 478, 6,105, 481, 310 and 481 Funds, respectively in Lipper's Core Bond Funds classification.

Holdings

Holdings

Name Market Value Weight (%) Shares Maturity Coupon (%)
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 Fund Benchmark Net
as of Oct 31, 2024

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 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. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Scott Radell
Scott Radell
Managing Director, Systematic Fixed Income

  

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Scott Radell, Managing Director, is the Head of San Francisco Core Portfolio Management (Core PM) within BlackRock’s Systematic investment team. He is responsible for the management and oversight of all the Americas Index, iShares, and model based active fixed income funds.

 

Mr. Radell's service with the firm dates back to 2003, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to his current role, he was a portfolio manager responsible for BGI's active investment grade long-only and long-short portfolios. Prior to joining BGI, Mr. Radell served for over seven years as an analyst for corporate bond and Commercial Mortgage Backed Securities for Morgan Stanley Investment Management. Mr. Radell began his career as a fixed income client service and mortgage analyst at BARRA.

 

Mr. Radell earned a BA degree in quantitative economics and decision sciences from the University of California at San Diego in 1992.

Jeffrey Rosenberg, CFA
Jeffrey Rosenberg, CFA
Managing Director, Systematic Fixed Income

   

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Jeffrey Rosenberg, CFA, Managing Director is a senior portfolio manager within BlackRock Systematic. He is the co-lead for Systematic Fixed Income active long-only products including mutual funds, institutional portfolios and ETFs. In this role he serves as a member of the SFI Investment and Executive Committees and as a co-lead portfolio manager for several of our investment products including the Systematic Multi-Strategy Fund and iShares Investment Grade and High Yield Systematic Bond ETFs (IGEB and HYDB).

 

Mr. Rosenberg's service with the firm dates back to 2011, when he joined the Fundamental fixed income group as Chief Investment Strategist for fixed income. In 2016, this role transitioned into the BlackRock Investment Institute. His responsibilities included helping to develop BlackRock's strategic and tactical views on sector allocation within fixed income, currencies and commodities.

 

Prior to joining BlackRock, Mr. Rosenberg spent nearly 10 years at Bank of America Merrill Lynch as the Chief Credit Strategist coordinating strategy across all fixed income, securitized assets, credit, FX and commodities. In addition, Mr. Rosenberg specialized in quantitative credit modeling and developed the first commercialized credit portfolio analytics system from a dealer firm.

 

Mr. Rosenberg earned a Master of Science degree in Computational Finance from Carnegie Mellon, a BA in Mathematics from the Univ. of Minnesota, and a BA in Finance from the Univ. of Wisconsin.

Jasmita Mohan
Jasmita Mohan
Portfolio Manager, Systematic Fixed Income

 

 

Read More

Jasmita Mohan, Director, is a portfolio manager within BlackRock's Systematic Fixed Income ("SFI") team. She is responsible for managing Multi-Sector funds. Prior to taking on her current role as a portfolio manager in 2014, she was a member of Blackrock's Risk and Quantitative Analysis Group, responsible for risk oversight and quantitative analysis for systematic fixed income portfolios. She began her career as an analyst in BlackRock Solutions in 2008.

 

Ms. Mohan earned a BE in Computer Engineering from University of Delhi in 2007 and a Master's degree in Engineering Management from Duke University in 2008. She is also a FRM Charter holder.

Portfolio Manager

Literature

Literature

 

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

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USR-9694