Equity

BDMIX

Global Equity Market Neutral Fund

  • NAV as of Nov 18, 2024 $14.15
    52 WK: 12.58 - 14.77
  • 1 Day NAV Change as of Nov 18, 2024 -0.08 (-0.56%)
  • NAV Total Return as of Nov 18, 2024 YTD: 20.14%
  • Morningstar Rating

Overview

About this Fund

1. Institutional quality market neutral strategy with low correlation to broad asset classes

2. Technology-driven approach provides scale to analyze thousands of global equities

3. Targets consistent returns independent of market direction

Investment Approach

The Global Equity Market Neutral Fund is a market neutral strategy which seeks true diversification and consistent returns through innovation and a technology-driven investment process.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 26.07 11.79 7.06 4.00
Morningstar Category Avg. (%) 8.73 9.04 5.06 3.34
Morningstar Ranking 1/43 10/40 10/39 6/29
Morningstar Quartile 1 2 1 1
Lipper Category Avg. (%) 17.38 6.74 7.41 4.90
Lipper Ranking 33/180 24/163 86/152 63/94
Lipper Quartile 1 1 3 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 18.02 1.09 1.47 26.07 39.71 40.67 48.03
Morningstar Category Avg. (%) 9.64 -0.10 0.91 8.73 27.53 26.35 36.58
Lipper Category Avg. (%) 11.58 0.83 3.45 17.38 22.94 45.35 66.58
  2019 2020 2021 2022 2023
Total Return (%) -0.84 0.29 3.34 1.81 14.58
Morningstar Category Avg. (%) 0.06 -5.26 6.95 5.86 5.09

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.

 

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 18, 2024
$2,633.8 M
Share Class launch date
Dec 20, 2012
Distribution Frequency
Annual
Lipper Classification
Alt Long/Short Equity
Max Offer Price
as of Nov 18, 2024
$14.15
Turnover Percent in the Annual Report
as of Apr 30, 2024
27.00%
Size of Class (Millions)
as of Nov 18, 2024
$2,157.6 M
Asset Class
Equity
Morningstar Category
Equity Market Neutral
CUSIP
091936526
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

P/E Ratio - Long
as of Sep 30, 2024
16.37
P/E Ratio - Short
as of Sep 30, 2024
16.87
R-Squared (3y)
as of Oct 31, 2024
24.33
Market Cap - Short (Millions)
as of Sep 30, 2024
$ 40,806.7 M
Beta (3y)
as of Oct 31, 2024
4.38
Worst 3-Month Return Over the Last 3 Years
3 months ending Apr 30, 2022
-1.71%
Number of Holdings (Short)
as of Sep 30, 2024
1708
P/B Ratio
as of Oct 31, 2024
0.11
Alpha (3y)
as of Oct 31, 2024
-0.36
Market Cap - Long (Millions)
as of Sep 30, 2024
$ 85,559.4 M
Fund Standard Deviation (3y)
as of Oct 31, 2024
5.46
Best 3-Month Return Over the Last 3 Years
3 months ending Mar 31, 2024
9.50%
Number of Holdings (Long)
as of Sep 30, 2024
1636
Active Share
as of Oct 31, 2024
317.49%
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.

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
0.01%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.01%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
0.02%
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
2.17%
Percentage of Fund not covered
as of Oct 31, 2024
98.00%
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 0.01% and for Oil Sands 0.03%.

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 1.55%
Net Expense Ratio 1.35%

Net Expense Ratio excluding Investment Related Expenses is 1.34%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Global Equity Market Neutral Fund, as of Oct 31, 2024 rated against 39 Equity Market Neutral Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Jul 31, 2024)
Analyst-Driven % as of Jul 31, 2024
100.00
Data Coverage % as of Jul 31, 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 165, 12,312, 166, 92 and 166 Funds, respectively in Lipper's Alt Long/Short Equity classification.

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
SWISS MKT IX DEC 24 0.93
AMSTERDAM INDEX NOV 24 0.60
NIKKEI DIVIDEND XSIM DEC 25 0.25
FTSE 100 DIVIDEND IDX IFLL DEC 25 0.25
Name Weight (%)
NIKKEI DIVIDEND XSIM DEC 26 0.25
EURO STOXX 50 DIVIDEND XEUR DEC 25 0.25
FTSE 100 DIVIDEND IDX IFLL DEC 26 0.25
EURO STOXX 50 DIVIDEND XEUR DEC 26 0.25
Name Market Value Weight (%) Shares
as of Oct 31, 2024
Issuer Weight (%)
SWISS MKT IX DEC 24 0.93
AMSTERDAM INDEX NOV 24 0.60
NIKKEI DIVIDEND XSIM DEC 25 0.25
FTSE 100 DIVIDEND IDX IFLL DEC 25 0.25
Issuer Weight (%)
NIKKEI DIVIDEND XSIM DEC 26 0.25
EURO STOXX 50 DIVIDEND XEUR DEC 25 0.25
FTSE 100 DIVIDEND IDX IFLL DEC 26 0.25
EURO STOXX 50 DIVIDEND XEUR DEC 26 0.25
as of Sep 30, 2024
Name Fund Weight (%)
AFLAC INCORPORATED -2.25
CANADIAN PACIFIC KANSAS CITY -2.21
CARRIER GLOBAL CORP -2.09
AIR PRODUCTS AND CHEMICALS INC -1.99
INTUITIVE SURGICAL INC -1.86
Name Fund Weight (%)
KKR & CO INC -1.78
BOEING CO -1.75
DIAMONDBACK ENERGY INC -1.74
ALLIANT ENERGY CORP -1.64
TESLA INC -1.57
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

Raffaele Savi
Raffaele Savi
Global Head of BlackRock Systematic and Co-Chief Investment Officer and Co-Head of BlackRock’s Systematic Equities
Read More

Raffaele Savi, Senior Managing Director, is Global Head of BlackRock Systematic (BSYS) and Co-Chief Investment Officer and Co-Head of Systematic Equities. He is a member of BlackRock’s Global Executive Committee and its Investment Sub Committee.

 

As head of BSYS, Mr. Savi leads the firm’s quantitative investing teams, including fixed income, equity and factor strategies.

 

In 2006, Mr. Savi joined Barclay's Global Investors (BGI), which merged with BlackRock in 2009. At BGI, Mr. Savi was global head of portfolio management for active equities and also served as its head of investments for European active equities.

 

Mr. Savi joined BGI from Capitalia where he held several executive roles in its asset management division between 1998 and 2005. His industry experience includes serving as board member and advisor to several pension funds and investment companies.

 

He was Adjunct Professor of Quantitative Finance at the University of Rome from 2002 to 2006, and since 2022, he has been a lecturer for the Master of Financial Engineering Program at Haas School of Business at University of California, Berkeley.

 

Mr. Savi earned a degree in electronic engineering from the University of Rome in 1997.

Kevin Franklin
Kevin Franklin
Managing Director, Systematic Equities

     

Read More

Kevin Franklin, Managing Director, is a portfolio manager within BlackRock’s Systematic investment team. He is responsible for BlackRock's Global Equity Strategies.

 

Mr. Franklin rejoined the firm in 2010, building on five prior years of service with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined BlackRock after a year as head of Automated Trading at Marble Bar Asset Management in London, where he was responsible for MBAM's European systematic equity long-short product. At BGI, his previous roles include head of Portfolio Management for The 32 Capital Fund equity long-short strategy, as well as head of Market Neutral, Europe Active Equities. Prior to joining BGI, Mr. Franklin was a portfolio manager and trader at Horizon Asset Limited.

 

Mr. Franklin earned a BS degree in applied physics and history from the California Institute of Technology in 2000.

Richard Mathieson
Richard Mathieson
Managing Director, Systematic Equities
Read More

Richard Mathieson, CA, Managing Director, is a portfolio manager for global equity strategies within BlackRock’s Systematic investment team. Mr. Mathieson is a portfolio manager for several funds in the systematic equities team and leads the management of our Global Equity Market Neutral strategy.

 

Prior to this, he led the Investment Strategy team in EMEA for systematic equities. Mr. Mathieson's service with the firm dates back to 2002, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to rejoining BGI in 2008, Mr. Mathieson was an equity analyst for a specialist investment company focused on European financial stocks. Previously he was with BGI as a senior portfolio manager, where he was responsible for managing both long only and market neutral strategies.

 

Mr. Mathieson qualified as a Chartered Accountant with PricewaterhouseCoopers in 2000 and holds a Bachelor of Accountancy from the University of Glasgow.

Portfolio Manager

Literature

Literature

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