Multi Asset

PBAKX

Tactical Opportunities Fund

  • NAV as of Mar 28, 2025 $14.99
    52 WK: 13.46 - 15.23
  • 1 Day NAV Change as of Mar 28, 2025 -0.14 (-0.93%)
  • NAV Total Return as of Mar 28, 2025 YTD: 0.88%
  • Morningstar Rating

Overview

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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 11.81 7.04 5.72 4.21
Benchmark (%) 5.25 3.90 2.47 1.77
Morningstar Category Avg. (%) 6.55 3.53 4.03 2.94
Morningstar Ranking 8/60 7/53 8/52 -
Morningstar Quartile 1 1 1 1
Lipper Ranking 17/144 6/127 16/126 -
Lipper Quartile 1 1 1 -
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 11.81 -0.40 4.65 11.81 22.64 32.03 51.04
Benchmark (%) 5.25 0.40 1.17 5.25 12.15 12.96 19.16
Morningstar Category Avg. (%) 6.55 -0.61 -0.85 6.55 10.96 21.87 33.55
  2020 2021 2022 2023 2024
Total Return (%) 6.97 0.64 6.29 3.19 11.81
Benchmark (%) 0.67 0.05 1.47 5.02 5.25
Morningstar Category Avg. (%) 4.54 3.86 0.01 2.62 6.55

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 performance information for periods prior to August 1, 2016, the commencement of operations of the share class, shows the performance of the Fund’s Investor A Shares. The performance of this share class would be substantially similar to Investor A Shares because this share class and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Investor A Shares have different expenses.

The Fund’s returns between May 15, 2012 and January 28, 2016 are the returns of the Fund when it followed different investment strategies to invest a significant portion of its assets in other investment companies and directly in securities.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

See the Fund’s prospectus for more details.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Mar 28, 2025
$2,654.2 M
Share Class launch date
Aug 01, 2016
Benchmark Index
ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Morningstar Category
Macro Trading
CUSIP
09258N570
Open to New Investors
Yes
Size of Class (Millions)
as of Mar 28, 2025
$241.1 M
Asset Class
Multi Asset
Distribution Frequency
Annual
Lipper Classification
Alt Global Macro Funds
Max Offer Price
as of Mar 28, 2025
$14.99
Turnover Percent in the Annual Report
as of Apr 30, 2024
146%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Feb 28, 2025
803
P/B Ratio
as of Feb 28, 2025
3.50
Average Market Cap (Millions)
as of -
-
Fund Sharpe Ratio (3y)
as of Feb 28, 2025
0.87
Beta (3y)
as of Feb 28, 2025
0.58
Best 3-Month Return Over the Last 3 Years
3 months ending Mar 31, 2024
7.07%
P/E Ratio
as of Feb 28, 2025
23.20
Alpha (3y)
as of Feb 28, 2025
0.49
R-Squared (3y)
as of Feb 28, 2025
0.37
Fund Standard Deviation (3y)
as of Feb 28, 2025
4.76
Effective Duration
as of Feb 28, 2025
-4.12 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jul 31, 2022
-2.42%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.69%
Net Expense Ratio 0.69%

Net Expense Ratio excluding Investment Related Expenses is 0.67%

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

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Tactical Opportunities Fund, as of Feb 28, 2025 rated against 53 Macro Trading Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective May 10, 2024)
Analyst-Driven % as of May 10, 2024
100.00
Data Coverage % as of May 10, 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 Feb 28, 2025 out of 128, 4,308, 128, 72 and 128 Funds, respectively in Lipper's Alt Global Macro Funds classification.

Holdings

Holdings

as of Dec 31, 2024
Name Weight (%)
TAIEX JAN 25 4.74
SWISS MKT IX MAR 25 3.75
APPLE INC 3.27
MICROSOFT CORP 3.07
MICROSOFT CORPORATION 3.07
Name Weight (%)
NVIDIA CORP 3.04
NVIDIA CORPORATION 3.04
Russell 1000 Value Index 2.67
AMAZON COM INC 2.05
AMAZON.COM INC 2.05
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 Feb 28, 2025

Duration Contribution (Years)

as of Feb 28, 2025

% Notional Value

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

Philip Green
Philip Green
Head of Global Tactical Asset Allocation Team, Multi-Asset Strategies and Solutions

  

Read More

Phil Green, Managing Director, is the head of the Global Tactical Asset Allocation team within BlackRock's Multi-Asset Strategies & Solutions (MASS) group. The GTAA team manages multi-asset macro investment strategies including the Tactical Opportunities Fund and Sustainable Balanced Fund and custom mandates for institutional clients around the world.

 

Phil’s service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to joining MLIM, Phil was a portfolio manager at Bankers Trust Company.

Phil earned an MBA from the Stern School of Business of New York University and a BS in economics from the Wharton School of the University of Pennsylvania.

 

Phil is the author of many articles on investing, some of which have been published in the Financial Analysts Journal, Journal of Foreign Exchange & Money Markets, and the Journal of Investing.

 

Multi-Asset Strategies & Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

Tom Becker
Tom Becker
Portfolio Manager, Global Tactical Asset Allocation Team

    

Read More

Tom Becker, Managing Director, is a portfolio manager on the Global Tactical Asset Allocation (GTAA) team within BlackRock's Multi-Asset Strategies & Solutions group. The GTAA team manages multi-asset macro investment strategies, including the Tactical Opportunities Fund, for retail and institutional clients around the world.

 

Tom’s service with the firm dates back to 2010. Prior to assuming his current role, he led fixed income research within the multi-asset Global Market Strategies Group. In 2009 he served as an economist in the Office of International Affairs at the US Department of Treasury.

 

Tom earned a BS degree in economics from the Massachusetts Institute of Technology (MIT) in 2003 and an MA and PhD in international and environmental economics from the University of California, Berkeley in 2008 and 2010, respectively.

 

Tom is co-head of the BlackRock San Francisco office and serves on the Board of Directors of the San Francisco Chamber of Commerce. Outside of work, he enjoys exploring California with his wife and three daughters.

 

Multi-Asset Strategies and Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

Richard Murrall
Richard Murrall
Global Tactical Asset Allocation Team

    

Read More

Richard Murrall, CFA, Director, is a portfolio manager on the Global Tactical Asset Allocation team within BlackRock's Multi-Asset Strategies & Solutions group.

 

Mr. Murrall's service with the firm dates back to 2010. Prior to his current role in New York, he served as a research analyst on the Active Asset Allocation team in London.

 

Mr. Murrall earned a BS, with first class honors, in economics from the University of Warwick.

Michael Pensky, CFA
Michael Pensky, CFA
Portfolio Manager, Global Tactical Asset Allocation Team

   

Read More

Michael Pensky, CFA, Managing Director, is a portfolio manager on the Global Tactical Asset Allocation team within BlackRock's Multi-Asset Strategies & Solutions (MASS) group. The GTAA team manages multi-asset macro investment strategies including the Tactical Opportunities Fund and Sustainable Balanced Fund and custom mandates for institutional clients around the world.

 

Michael’s service with the firm dates back to 2012. Prior to joining BlackRock, he was a trading desk strategist in Morgan Stanley's Securitized Products Group and worked as a senior analyst in Foreign Exchange Sales & Trading at SunTrust Robinson Humphrey.

 

Michael earned BS degrees in mathematics and finance from the University of Florida and an MFE degree in financial engineering from the University of California, Berkeley.

 

Michael’s interests include top-down macro investing and multi-asset portfolio design & management. Outside of work, he enjoys playing musical instruments and running.

 

Multi-Asset Strategies & Solutions (MASS) meets client demand for active asset allocation strategies and whole portfolio solutions through funds, model portfolios, and more. MASS draws on the toolkit of BlackRock's index, factor, and alpha-seeking capabilities to deliver cutting-edge insights and investment outcomes.

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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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USR-9694