Fixed Income

MSUMX

U.S. Mortgage Fund

Buy MSUMX
  • NAV as of Dec 24, 2024 $8.87
    52 WK: 8.65 - 9.15
  • 1 Day NAV Change as of Dec 24, 2024 0.00 (0.00%)
  • NAV Total Return as of Dec 24, 2024 YTD: 5.72%

Overview

About this Fund

  • Seeking Income in Mortgages
  • Access BlackRock's Deep Bond Expertise
  • A History of Risk-Adjusted Income and Returns

Investment Approach

Invests primarily in mortgage-related securities of any maturity, including U.S. government securities, U.S. government agency securities, securities issued by U.S. government instrumentalities and U.S. government-sponsored enterprises and other mortgage-backed securities or mortgage-related securities issued by the U.S. government or by private issuers.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 13.42 -0.57 1.43 2.26
Benchmark (%) 12.32 -1.20 0.04 1.41
Morningstar Category Avg. (%) 12.88 1.07 2.35 2.94
Morningstar Ranking 162/358 310/325 244/272 165/189
Morningstar Quartile 2 4 4 4
Lipper Category Avg. (%) 12.19 -0.55 0.44 1.34
Lipper Ranking 27/149 37/134 21/119 8/88
Lipper Quartile 1 2 1 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 6.94 1.25 5.01 13.42 -1.69 7.36 25.02
Benchmark (%) 4.50 1.19 5.53 12.32 -3.55 0.22 15.05
Morningstar Category Avg. (%) 5.50 -1.16 1.40 12.88 4.28 14.05 36.10
Lipper Category Avg. (%) 5.61 1.20 5.01 12.19 -1.47 2.41 14.51
  2019 2020 2021 2022 2023
Total Return (%) 6.86 5.63 2.59 -13.58 6.40
Benchmark (%) 6.35 3.87 -1.04 -11.81 5.05
Morningstar Category Avg. (%) 9.80 4.84 2.49 -9.85 8.13

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 Dec 24, 2024
$423.5 M
Share Class launch date
Jul 29, 2005
Benchmark Index
Bloomberg US MBS Index
Morningstar Category
Multisector Bond
CUSIP
56166L303
Open to New Investors
Yes
Size of Class (Millions)
as of Dec 24, 2024
$410.8 M
Asset Class
Fixed Income
Distribution Frequency
None
Lipper Classification
US Mortgage Funds
Max Offer Price
as of Dec 24, 2024
$8.87
Turnover Percent in the Annual Report
as of Apr 30, 2024
351%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 29, 2024
680
Alpha (3y)
as of Nov 30, 2024
0.05
R-Squared (3y)
as of Nov 30, 2024
94.12
Beta (3y)
as of Nov 30, 2024
0.80
Unsubsidized 30-Day SEC Yield
as of Nov 30, 2024
5.76%
Effective Duration
as of Nov 29, 2024
3.55 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.73%
30 Day SEC Yield
as of Nov 30, 2024
5.85%
Yield to Maturity
as of Nov 29, 2024
6.58%
Fund Standard Deviation (3y)
as of Nov 30, 2024
7.12
Average Coupon
as of Nov 29, 2024
3.07%
Yield to Worst
as of Nov 29, 2024
6.58%
Weighted Average Life
as of Nov 29, 2024
6.23 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-8.40%

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 0.62%
Net Expense Ratio 0.45%

Net Expense Ratio excluding Investment Related Expenses is 0.45%

  • 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 Apr 08, 2024)
Analyst-Driven % as of Apr 08, 2024
100.00
Data Coverage % as of Apr 08, 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 Nov 30, 2024 out of 130, 6,082, 130, 104 and 130 Funds, respectively in Lipper's US Mortgage Funds classification.

Holdings

Holdings

as of Nov 29, 2024
Name Weight (%)
UMBS 30YR TBA(REG A) 12.79
FHLMC 30YR UMBS SUPER 5.60
FHLMC 30YR UMBS 4.57
GNMA2 30YR TBA(REG C) 2.90
FNMA 30YR UMBS 2.33
Name Weight (%)
FHLMC_5330B FA 1.47
GNMA_22-88D IA 1.02
GNMA_21-97C LI 0.77
FNMA 30YR UMBS SUPER 0.70
HOF_20-2 B1 144A 0.68
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 Nov 29, 2024

% Notional Exposures

Type Fund Benchmark Net
as of Nov 29, 2024

% Market Value

Type Fund Benchmark Net
as of Nov 29, 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.

Ibrahim Incoglu
Ibrahim Incoglu
Samir Lakhani
Samir Lakhani
Managing Director, Co-Head of Securitized Assets and Head of CMBS

        

Read More

Samir Lakhani, Managing Director, is Co-Head of the Securitized Assets Team within Global Fixed Income. Since 2012, Mr. Lakhani has led the CMBS and Senior CRE Debt business and continues to act as a Lead CMBS / CRE Debt Portfolio Manager in addition to his other responsibilities. Mr. Lakhani is a member of various BlackRock Investment Committees including the Commercial Mortgage Loan Committee within Fixed Income and the Real Estate Debt Investment Committee within BlackRock's Real Assets Group.

 

Prior to joining BlackRock in 2009, Mr. Lakhani was a Vice President at R3 Capital Partners, where he invested in securitized assets including ABS, CMBS, CLO's and Specialty Finance transactions. Mr. Lakhani held similar roles at Lehman Brothers in their Global Principal Strategies group. Mr. Lakhani joined Lehman Brothers in 2006 initially in Structured Credit Products. Previously, Mr. Lakhani held positions at JP Morgan Partners, in their Private Equity and Mezzanine Debt group, from 2001 to 2004.

 

Mr. Lakhani served on the Board of Governors for the Commercial Real Estate Finance Council ("CREFC") from 2012 - 2018. Mr. Lakhani earned a B.S. Degree in Economics and a B.S. Degree in Engineering, summa cum laude, from the University of Pennsylvania, and an MBA degree from Harvard Business School.

​

Learn more about Fixed Income strategies

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

 

Funds related to MSUMX

Funds related to MSUMX

BGNIX
GNMA Fund
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BLDIX
Managed Income Fund
Learn more about BLDIX
PNIGX
BlackRock Impact Mortgage Fund
Learn more about PNIGX
MBB
iShares MBS ETF
Learn more about MBB

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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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