Fixed Income

BORAX

Inflation Protected Bond 529 Option

  • NAV as of Nov 18, 2024 $14.19
    52 WK: 13.44 - 14.59
  • 1 Day NAV Change as of Nov 18, 2024 0.03 (0.21%)
  • NAV Total Return as of Nov 18, 2024 YTD: 2.38%

Overview

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 (%) 9.33 -0.88 2.52 1.96
Return w/ Sales Charge (%) 6.05 -1.88 1.90 1.65
Benchmark (%) 9.79 -0.57 2.62 2.54
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 4.83 1.33 3.94 9.33 -2.61 13.25 21.39
Return w/ Sales Charge (%) 1.69 -1.72 0.82 6.05 -5.54 9.85 17.75
Benchmark (%) 4.85 1.50 4.12 9.79 -1.70 13.83 28.47
  2019 2020 2021 2022 2023
Total Return (%) 7.81 11.33 5.33 -11.84 3.36
Annual w/ Sales Charge (%) 3.50 6.88 1.12 -15.36 0.26
Benchmark (%) 8.43 10.99 5.96 -11.85 3.90

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 Nov 18, 2024
$15.6 M
Share Class launch date
Oct 5, 2009
Benchmark Index
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (USD)
CUSIP
19452P859
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 18, 2024
$14.3 M
Asset Class
Fixed Income
Distribution Frequency
None
Max Offer Price
as of Nov 18, 2024
$$14.63
Expenses as of current program description

Portfolio Characteristics

Portfolio Characteristics

30 Day SEC Yield
as of Oct 31, 2024
0.99%
Yield to Maturity
as of Oct 31, 2024
4.52%
Fund Standard Deviation (3y)
as of Oct 31, 2024
7.37
Average Coupon
as of Oct 31, 2024
-0.04%
Yield to Worst
as of Oct 31, 2024
2.26%
Nominal WAL
as of Oct 31, 2024
9.21 yrs
Alpha (3y)
as of Oct 31, 2024
-0.02
R-Squared (3y)
as of Oct 31, 2024
99.23
Beta (3y)
as of Oct 31, 2024
1.02
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
0.98%
Effective Duration
as of Oct 31, 2024
7.03 yrs
This information must be preceded or accompanied by a current program description. For standardized performance, please see the Performance section above.

Fees

Fees

as of current program description
Gross Expense Ratio 0.73%
Net Expense Ratio 0.73

Net Expense Ratio excluding Investment Related Expenses is 0.39

  • Acquired Fund Fees and Expenses 0.34%
  • Interest expense 0.00

Holdings

Holdings

Name Market Value Weight (%) Shares Maturity Coupon (%)
as of Oct 31, 2024
Name Weight (%)
N/A Issuer Name 99.93
Detailed Holdings and Analytics
The portfolio holds a mutual fund and/or an ETF. Top holdings from the underlying vehicles are listed above for greater visibility

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2024

% of Market Value

Type Fund Benchmark Net
as of Jul 31, 2024

% of Market Value

Type Fund
as of Jul 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. 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.

Gargi Pal Chaudhuri
Gargi Pal Chaudhuri
Chief Investment and Portfolio Strategist Americas at BlackRock

Gargi Pal Chaudhuri, Managing Director, is Chief Investment and Portfolio Strategist Americas at BlackRock. Based in New York, she heads the Investment and Portfolio Solutions (IPS) team for Americas focusing on investment research, portfolio construction and market insights. The IPS team's mission is to tie investment insights and portfolio analysis to commercial solutions across iShares (active and index) ETFs, active and alts platform for both institutional and wealth clients.

With over two decades of experience in the financial services industry, Gargi has built her career around portfolio management in the fixed income markets, trading and investment strategy. She regularly contributes her macro and financial market views across global media outlets for clients in US, Canada and Latin America.

Read More

Gargi Pal Chaudhuri, Managing Director, is Chief Investment and Portfolio Strategist Americas at BlackRock. Based in New York, she and her team focus primarily on delivering global macro thought leadership, investment insights and portfolio content to retail, wealth, and institutional clients of the firm. With over two decades of experience in the financial services industry, Gargi has built her career around portfolio management in the fixed income markets, trading and macro strategy.

She joined BlackRock’s Global Fixed income group as a sector specialist in 2010, focusing on real and nominal rate relative value and trading. In 2013, she transitioned to the global inflation portfolio management team as senior portfolio manager, focusing on alpha generation, risk management and portfolio positioning for global inflation-linked bond portfolios. From 2017 to 2020, she served as a member of the Fixed Income Product Strategy team for the Global Fixed Income (GFI) business as head of Platform Strategy and Canadian fixed income, focusing on global macro thought leadership applied to platform conversations with institutional and retail clients.

 

Prior to joining BlackRock, she spent nine years on the sell side at Jefferies & Co. and Merrill Lynch. As a VP at Jefferies & Co., she ran the US inflation trading desk, built the Treasury Inflation Protected Securities (TIPS) franchise and provided liquidity in TIPS to institutional clients. She began her career in 2001 on the government bond trading desk at Merrill Lynch, focusing on providing liquidity and market making in TIPS and treasury securities.

 

She graduated magna cum laude with a bachelor’s degree in accounting and psychology from Ohio Wesleyan University in 2001.

Outside of BlackRock, she is an avid runner, hiker and a triathlete and has completed multiple marathons, ultra-marathons, half Ironman and the New York Ironman.

 


Keep up with Gargi and the investment strategy team on LinkedIn and Twitter.

Portfolio Manager

Literature

Literature

 

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