Fixed Income

BAMBX

Systematic Multi-Strategy Fund

  • NAV as of Nov 22, 2024 $10.59
    52 WK: 9.83 - 10.74
  • 1 Day NAV Change as of Nov 22, 2024 0.01 (0.09%)
  • NAV Total Return as of Nov 22, 2024 YTD: 7.73%

Overview

About this Fund

1. Allocates to three uncorrelated strategies, seeking consistent returns across all markets

2. Higher fixed income yields increase potential returns and income

3. Taps into defensive return streams that have outperformed in down markets, helping to diversify equity risk

Investment Approach

The BlackRock Systematic Multi-Strategy Fund is a diversified alternative strategy that seeks to provide total return comprised of current income and capital appreciation in both periods of strong market returns and periods of market stress.
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Performance

Performance

  1y 3y 5y 10y Incept.
Total Return (%) 13.84 4.83 4.05 - 4.45
Return w/ Sales Charge (%) 9.28 3.41 3.20 - 4.00
Benchmark (%) 5.46 3.50 2.32 - 1.76
Morningstar Category Avg. (%) 7.51 4.04 4.01 - -
Morningstar Ranking 3/123 32/111 44/103 - -
Morningstar Quartile 1 2 2 - -
Lipper Category Avg. (%) 8.16 3.32 3.79 - -
Lipper Ranking 14/124 30/107 37/98 - -
Lipper Quartile 1 2 2 - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
Total Return (%) 9.05 1.23 5.41 13.84 15.19 21.94 - 50.35
Return w/ Sales Charge (%) 4.69 -2.82 1.19 9.28 10.58 17.06 - 44.34
Benchmark (%) 4.03 0.43 1.37 5.46 10.87 12.17 - 17.78
Morningstar Category Avg. (%) 4.83 -0.94 -0.50 7.51 13.47 21.57 - -
Lipper Category Avg. (%) 6.09 1.17 1.19 8.16 10.56 21.31 - -
  2019 2020 2021 2022 2023
Total Return (%) 8.25 3.34 5.85 -3.23 6.19
Annual w/ Sales Charge (%) 3.92 -0.79 1.61 -7.10 1.94
Benchmark (%) 2.28 0.67 0.05 1.47 5.02
Morningstar Category Avg. (%) 7.77 1.63 6.86 -2.07 6.24

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.

 

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 22, 2024
$6,954.6 M
Share Class launch date
May 19, 2015
Benchmark Index
ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Morningstar Category
Multistrategy
CUSIP
09260C109
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 22, 2024
$309.2 M
Asset Class
Fixed Income
Distribution Frequency
Annual
Lipper Classification
Alt Multi-Strategy Funds
Max Offer Price
as of Nov 22, 2024
$11.03
Turnover Percent in the Annual Report
as of Dec 31, 2023
344.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
1,797
Alpha (3y)
as of Oct 31, 2024
-0.31
R-Squared (3y)
as of Oct 31, 2024
8.09
Beta (3y)
as of Oct 31, 2024
2.16
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
4.44%
Effective Duration
as of Oct 31, 2024
2.32 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
5.87%
30 Day SEC Yield
as of Oct 31, 2024
4.47%
Yield to Maturity
as of Oct 31, 2024
5.08%
Fund Standard Deviation (3y)
as of Oct 31, 2024
4.67
Average Coupon
as of Oct 31, 2024
5.85%
Yield to Worst
as of Oct 31, 2024
5.02%
Nominal WAL
as of Oct 31, 2024
4.50 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-3.25%
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
0.93%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.87%
MSCI - Civilian Firearms
as of Oct 31, 2024
-0.01%
MSCI - Tobacco
as of Oct 31, 2024
1.76%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.18%
MSCI - Thermal Coal
as of Oct 31, 2024
0.47%
MSCI - Oil Sands
as of Oct 31, 2024
0.06%
Business Involvement Coverage
as of Oct 31, 2024
56.14%
Percentage of Fund not covered
as of Oct 31, 2024
43.86%
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 0.47% and for Oil Sands 0.48%.

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 1.21%
Net Expense Ratio 1.20%

Net Expense Ratio excluding Investment Related Expenses is 1.20%

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

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective May 13, 2024)
Analyst-Driven % as of May 13, 2024
100.00
Data Coverage % as of May 13, 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 106, 4,456, 106, 29 and 106 Funds, respectively in Lipper's Alt Multi-Strategy Funds classification.

Holdings

Holdings

as of Oct 30, 2015
Name Weight (%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION 18.14
FEDERAL HOME LOAN MORTGAGE CORPORATION - GOLD 9.16
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 7.09
UNITED STATES TREASURY 2.44
VERIZON COMMUNICATIONS INC 1.69
Name Weight (%)
PHILIP MORRIS INTERNATIONAL INC 1.45
ALTRIA GROUP INC 1.36
BANK OF AMERICA CORP 1.21
JPMORGAN CHASE & CO 1.17
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 1.10
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
Sorry, countries/regions are not available at this time.
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
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.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Tom Parker
Tom Parker
Chief Investment Officer, BlackRock Systematic Fixed Income

 

 

Read More

Tom Parker, CFA, Managing Director, is Chief Investment Officer of Model-Based Fixed Income ("MBFI") at BlackRock. In this capacity Mr. Parker is responsible for all portfolio management and research ("alpha teams") as well as portfolio construction across the MBFI platform. Prior to taking on his current role, Mr. Parker was Deputy CIO. He is currently an active member of the MBFI Investment, Research Approval, Model Management, and Executive committees. 

Mr. Parker's service with the firm dates back to 2001, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was the global co-head of credit investments covering both investment grade and high yield markets and a member of BGI's Fixed Income Research Approval Committee. He led the development and implementation of BGI's quantitative approach to corporate credit investing. Mr. Parker managed both long-only and long/short credit strategies used across BGI's fixed income funds, including the 3D Capital Fund (a credit long/short strategy), the Capital Structure Fund and the Fixed Income Global Alpha Fund. Prior to BGI, he worked at JP Morgan and prior to that at CSFB. 

Mr. Parker earned a BS degree from the University of California at Berkeley in 1980 and an MBA degree in finance and international business from the University of Chicago in 1985.

Chad Meuse
Chad Meuse
Head of Equity Capital Structure, Systematic Fixed Income

    

Read More

Chad Meuse, Managing Director, is Head of Equity and Capital Structure for BlackRock's Systematic Fixed Income ("SFI") Portfolio Management Team and is an active member of the SFI Levered Funds Executive Committee and the SFI Investment Committee. He is primarily responsible for managing the Equity and Capital Structure strategies in the Fixed Income Global Alpha Fund (FIGA) and the Systematic Multi-Strategy Fund (SMS).

 

Mr. Meuse's service with the firm dates back to 2007, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was a portfolio manager on the US Fixed Income Advanced Active Investment team. He helped develop and launch the Capital Structure Investment hedge fund. Previously, he managed a quantitatively based equity long/short hedge fund for Stoic Capital Management. Prior to that, he was a buy side equity analyst for Eagle Asset Management working on both mutual fund and hedge fund products. He began his investment career in 1998 on the sell side with UBS as a part of the Institutional Investor ranked Global Energy Equity Research team in New York.

 

Mr. Meuse earned a BS degree in finance and a BA degree in philosophy, magna cum laude, from the University of Colorado in 1997 and a MBA degree from Stanford University in 2007.

Scott Radell
Scott Radell
Managing Director, Systematic Fixed Income

  

Read More

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

   

Read More

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.

Portfolio Manager

Literature

Literature

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