Fixed Income

BGNIX

GNMA Fund

  • NAV as of Nov 22, 2024 $7.86
    52 WK: 7.60 - 8.19
  • 1 Day NAV Change as of Nov 22, 2024 0.01 (0.13%)
  • NAV Total Return as of Nov 22, 2024 YTD: 1.66%

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.

Loading

Performance

Performance

  1y 3y 5y 10y
Total Return (%) 11.99 -1.63 -0.13 1.12
Benchmark (%) 11.49 -0.91 0.08 1.30
Morningstar Category Avg. (%) 10.40 -1.40 -0.07 1.07
Morningstar Ranking 40/239 124/228 110/217 85/179
Morningstar Quartile 1 3 3 3
Lipper Category Avg. (%) 10.76 -1.18 -0.12 0.89
Lipper Ranking 7/53 40/53 26/50 17/41
Lipper Quartile 1 3 3 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 4.44 1.07 5.36 11.99 -4.80 -0.66 11.80
Benchmark (%) 3.90 0.96 4.96 11.49 -2.72 0.40 13.80
Morningstar Category Avg. (%) 4.19 1.13 4.78 10.40 -4.14 -0.33 11.27
Lipper Category Avg. (%) 4.15 1.00 4.70 10.76 -3.48 -0.58 9.37
  2019 2020 2021 2022 2023
Total Return (%) 6.46 4.19 -1.14 -12.55 5.16
Benchmark (%) 5.85 3.68 -1.45 -10.76 5.40
Morningstar Category Avg. (%) 5.88 5.65 -1.88 -11.27 4.42

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 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.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 22, 2024
$269.2 M
Share Class launch date
May 18, 1998
Benchmark Index
Bloomberg U.S. GNMA Bond Index (USD)
Morningstar Category
Intermediate Government
CUSIP
09260B697
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 22, 2024
$118.3 M
Asset Class
Fixed Income
Distribution Frequency
None
Lipper Classification
GNMA Funds
Max Offer Price
as of Nov 22, 2024
$7.86
Turnover Percent in the Annual Report
as of Sep 30, 2023
983.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
329
Alpha (3y)
as of Oct 31, 2024
-0.05
R-Squared (3y)
as of Oct 31, 2024
99.31
Beta (3y)
as of Oct 31, 2024
1.05
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
3.29%
Effective Duration
as of Oct 31, 2024
5.42 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.95%
30 Day SEC Yield
as of Oct 31, 2024
3.62%
Yield to Maturity
as of Oct 31, 2024
5.34%
Fund Standard Deviation (3y)
as of Oct 31, 2024
8.56
Average Coupon
as of Oct 31, 2024
3.35%
Yield to Worst
as of Oct 31, 2024
5.34%
Weighted Average Life
as of Oct 31, 2024
8.39 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-9.70%

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.

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 1.08%
Net Expense Ratio 0.88%

Net Expense Ratio excluding Investment Related Expenses is 0.42%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.46%

Ratings

Ratings

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 53, 6,105, 53, 108 and 53 Funds, respectively in Lipper's GNMA Funds classification.

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 99.16
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 11.13
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.30
FNMA_24-38A-FE 2.22
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
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

% Notional Exposures

Type Fund Benchmark Net
as of Oct 31, 2024

% Market Value

Type Fund Benchmark Net
as of Oct 31, 2024

% 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

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
Read the Team's Commentary

Literature

Literature

Loading fund documents...
No documents found

to access this functionality 

Checkout {{ translations['submit'][selectedAction] }} {{ responseMessage }} {{ warningMessage }} You have previously requested to be opted out of all BlackRock Literature Services emails. To subscribe, you must opt back in.