Fixed Income

BPRAX

Inflation Protected Bond Fund

  • NAV as of Nov 20, 2024 $9.44
    52 WK: 9.21 - 9.73
  • 1 Day NAV Change as of Nov 20, 2024 -0.01 (-0.11%)
  • NAV Total Return as of Nov 20, 2024 YTD: 2.63%

Overview

About this Fund

  • High-Quality Inflation Protection
  • A Distinct Portfolio Diversifier
  • Pursuing Protection and Income

Investment Approach

Invests at least 80% of its assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 9.53 -0.77 2.67 2.11
Return w/ Sales Charge (%) 5.15 -2.11 1.84 1.69
Benchmark (%) 9.79 -0.57 2.62 2.54
Morningstar Category Avg. (%) 9.34 -0.60 2.13 2.10
Morningstar Ranking 85/150 54/142 35/134 50/98
Morningstar Quartile 3 3 2 3
Lipper Category Avg. (%) 8.84 -0.14 2.62 2.09
Lipper Ranking 90/216 112/196 87/184 76/132
Lipper Quartile 2 3 2 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 5.01 1.43 4.03 9.53 -2.30 14.10 23.21
Return w/ Sales Charge (%) 0.81 -2.63 -0.13 5.15 -6.21 9.54 18.28
Benchmark (%) 4.85 1.50 4.12 9.79 -1.70 13.83 28.47
Morningstar Category Avg. (%) 4.80 1.38 4.05 9.34 -1.78 11.10 23.14
Lipper Category Avg. (%) 4.77 1.16 3.50 8.84 -0.16 13.93 23.11
  2019 2020 2021 2022 2023
Total Return (%) 7.94 11.53 5.45 -11.71 3.45
Annual w/ Sales Charge (%) 3.62 7.07 1.24 -15.24 -0.69
Benchmark (%) 8.43 10.99 5.96 -11.85 3.90
Morningstar Category Avg. (%) 7.92 10.01 5.61 -8.98 2.82

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.
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Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 20, 2024
$1,876.5 M
Share Class launch date
Jun 28, 2004
Benchmark Index
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (USD)
Morningstar Category
Inflation-Protected Bond
CUSIP
09260B572
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 20, 2024
$274.3 M
Asset Class
Fixed Income
Distribution Frequency
None
Lipper Classification
Infl Protected Bd Fds
Max Offer Price
as of Nov 20, 2024
$9.83
Turnover Percent in the Annual Report
as of Dec 31, 2023
197%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
199
Alpha (3y)
as of Oct 31, 2024
-0.01
R-Squared (3y)
as of Oct 31, 2024
99.22
Beta (3y)
as of Oct 31, 2024
1.01
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
1.85%
Effective Duration
as of Oct 31, 2024
7.03 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
5.73%
30 Day SEC Yield
as of Oct 31, 2024
2.09%
Yield to Maturity
as of Oct 31, 2024
4.52%
Fund Standard Deviation (3y)
as of Oct 31, 2024
7.35
Average Coupon
as of Oct 31, 2024
1.08%
Yield to Worst
as of Oct 31, 2024
2.27%
Weighted Average Life
as of Oct 31, 2024
9.21 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-8.28%

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 1.26%
Net Expense Ratio 1.09%

Net Expense Ratio excluding Investment Related Expenses is 0.59%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.50%

Ratings

Ratings

Holdings

Holdings

as of Sep 30, 2024
Name Weight (%)
TREASURY (CPI) NOTE 1.75 01/15/2034 3.89
TREASURY (CPI) NOTE 1.375 07/15/2033 3.68
TREASURY (CPI) NOTE 1.125 01/15/2033 3.65
TREASURY (CPI) NOTE 0.625 07/15/2032 3.52
TREASURY (CPI) NOTE 0.125 01/15/2032 3.36
Name Weight (%)
TREASURY (CPI) NOTE 2.375 10/15/2028 3.36
TREASURY (CPI) NOTE 2.125 04/15/2029 3.31
TREASURY (CPI) NOTE 0.125 10/15/2026 3.12
TREASURY (CPI) NOTE 0.125 07/15/2031 3.10
TREASURY (CPI) NOTE 1.25 04/15/2028 3.09
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

David Rogal
David Rogal
Managing Director, Global Fixed Income, Head of Core and Core Plus Fixed Income Strategies, Head of Inflation Linked Portfolios

 

 

Read More

David Rogal, Managing Director, is a member of the Multi-Sector team within BlackRock's Global Fixed Income Group. Mr. Rogal is Head of Inflation Linked Portfolios and the lead investor for Core and Core Plus Strategies. He is a lead portfolio manager of BlackRock's Core Bond, Inflation Protected, Strategic Income Opportunities, Total Return Fund, and the iShares Total Return Active ETF. Mr. Rogal focuses on broad macro positioning, with specialties in interest rates, inflation, and volatility trading.

 

Mr. Rogal joined Fixed Income in 2009. Previously, he was a member of BlackRock's Multi Asset Strategies group, where he developed quantitative models and advised insurance companies, pension funds, and banks on asset-allocation and asset-liability management. Mr. Rogal began his career at BlackRock in 2006 as an analyst in the Financial Institutions Group.

 

Mr. Rogal earned a BA degree in economics and biology from Cornell University in 2006, with concentrations in statistics and genetics. He is a member of the Phi Beta Kappa society, for which he currently serves on the alumni board of directors.

Johan Sjogren
Johan Sjogren
Harrison Segall
Harrison Segall
Portfolio Manager

Literature

Literature

 

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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.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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USR-9694