Fixed Income

BONIX

GNMA 529 Option

  • NAV as of Nov 13, 2024 $12.59
    52 WK: 11.63 - 13.06
  • 1 Day NAV Change as of Nov 13, 2024 0.00 (0.00%)
  • NAV Total Return as of Nov 13, 2024 YTD: 1.37%

Overview

About this Fund

  • Seeking Safety in GNMA
  • Access BlackRock's Deep Bond Expertise
  • Pursuing Protection and Income

Investment Approach

Invests at least 80% of its assets in securities issued by the Government National Mortgage Association (GNMA) as well as other U.S. government securities in the 5- to 10-year maturity range.

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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 11.91 -1.74 -0.24 0.85
Benchmark (%) 11.49 -0.91 0.08 1.30
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 4.43 1.09 5.36 11.91 -5.12 -1.22 8.81
Benchmark (%) 3.90 0.96 4.96 11.49 -2.72 0.40 13.80
  2019 2020 2021 2022 2023
Total Return (%) 6.20 4.02 -1.24 -12.69 4.99
Benchmark (%) 5.85 3.68 -1.45 -10.76 5.40

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.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 13, 2024
$5.1 M
Share Class launch date
Jul 15, 2019
Benchmark Index
Bloomberg U.S. GNMA Bond Index (USD)
CUSIP
19452P172
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 13, 2024
$0.4 M
Asset Class
Fixed Income
Distribution Frequency
None
Max Offer Price
as of Nov 13, 2024
$12.59
Expenses as of current program description

Portfolio Characteristics

Portfolio Characteristics

30 Day SEC Yield
as of Oct 31, 2024
3.50%
Yield to Maturity
as of Oct 31, 2024
5.34%
Fund Standard Deviation (3y)
as of Oct 31, 2024
8.54
Average Coupon
as of Oct 31, 2024
-0.04%
Yield to Worst
as of Oct 31, 2024
5.34%
Nominal WAL
as of Oct 31, 2024
8.40 yrs
Alpha (3y)
as of Oct 31, 2024
-0.06
R-Squared (3y)
as of Oct 31, 2024
99.28
Beta (3y)
as of Oct 31, 2024
1.05
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
3.50%
Effective Duration
as of Oct 31, 2024
5.42 yrs
This information must be preceded or accompanied by a current program description. For standardized performance, please see the Performance section above.

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 program description
Gross Expense Ratio 0.56%
Net Expense Ratio 0.56%

Net Expense Ratio excluding Investment Related Expenses is 0.14%

  • Acquired Fund Fees and Expenses 0.42%
  • Interest expense 0.00%

Holdings

Holdings

Name Market Value Weight (%) Shares Maturity Coupon (%)
as of Oct 31, 2024
Name Weight (%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 99.36
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 11.15
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.31
FNMA_24-38A-FE 2.23
FNMA_24-30D-FC 1.89
Name Weight (%)
GNMA_15-187D-C 1.89
GNMA_15-55-A 1.45
GNMA_15-79-MY 1.05
FHLMC_4325-ZX 0.94
GNMA_20-149H-IA 0.80
Detailed Holdings and Analytics
The portfolio holds a mutual fund and/or an ETF. Top holdings from the underlying vehicles are listed above for greater visibility

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2024

% of Market Value

Type Fund Benchmark Net
as of Jul 31, 2024

% of Market Value

Type Fund
as of Jul 31, 2024

% of Market Value

Type Fund
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

Matthew Kraeger
Matthew Kraeger
Managing Director, Global Fixed Income

    

Read More

Matthew Kraeger, Managing Director, is Co-Head of the Agency Mortgage Team and lead portfolio manager for mortgage portfolios within Global Fixed Income.

Mr. Kraeger has been a portfolio manager within the mortgage team since 2004, serving as a PM across both institutional accounts and retail funds. He is a portfolio manager on the BlackRock GNMA Fund and BlackRock US Mortgage Fund. Mr. Kraeger co-led BlackRock’s effort to develop an agency MBS sustainable investing framework and is a portfolio manager on the BlackRock Impact Mortgage Fund and the BGF US Government Mortgage Impact Fund. Mr. Kraeger is a member of BlackRock’s Fixed Income ESG Committee.

He began his investment career as an analyst in BlackRock's trade operations department in 2000 and joined the Portfolio Analytics Group in 2002. Mr. Kraeger earned a BS degree in finance from Syracuse University.

Siddharth Mehta
Siddharth Mehta
Portfolio Manager, Mortgage Portfolios

   

Read More

Siddharth Mehta, Director, is a member of the Mortgage Portfolio Team within BlackRock's Americas Fixed Income Alpha Strategies.

 

Mr. Mehta joined the Portfolio Management Group in 2008. From 2006 to 2008, Mr. Mehta was amemberof BlackRock's Risk and Quantitative Analytics Group, where he was responsible for supporting the mortgage team. Mr. Mehta began his investment career with BlackRock as an analyst in the Portfolio Analytics Group.

 

Mr. Mehta earned a BS degree, magna cum laude, in electrical engineering from the University of Michigan in 2005.

Portfolio Manager

Literature

Literature

 

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