Equity

MKDCX

Emerging Markets Fund

  • NAV as of Nov 20, 2024 $24.46
    52 WK: 22.90 - 26.63
  • 1 Day NAV Change as of Nov 20, 2024 -0.09 (-0.37%)
  • NAV Total Return as of Nov 20, 2024 YTD: 1.27%

Overview

About this Fund

  • A high conviction emerging markets solution
  • Hong Kong based team using local expertise to drive stock selection
  • Seeks outperformance while employing a risk aware approach

Investment Approach

Invests in emerging market equities aiming to outperform the MSCI Emerging Markets Index. By combining top down macro views with in-depth fundamental research, the fund seeks to deliver consistent, long-term capital appreciation to investors.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 16.51 -3.78 4.70 4.31
Benchmark (%) 26.05 0.40 5.75 4.02
Morningstar Category Avg. (%) 23.10 -1.74 4.25 3.22
Morningstar Ranking 706/787 523/705 369/636 -
Morningstar Quartile 4 4 3 2
Lipper Ranking 683/775 512/695 358/622 -
Lipper Quartile 4 3 3 -
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 7.19 3.60 3.81 16.51 -10.93 25.82 52.48
Benchmark (%) 16.86 6.68 8.72 26.05 1.21 32.25 48.37
Morningstar Category Avg. (%) 9.44 -3.79 2.34 23.10 -0.21 32.79 44.02
  2019 2020 2021 2022 2023
Total Return (%) 26.49 24.61 -1.11 -24.06 10.82
Benchmark (%) 18.42 18.31 -2.54 -20.09 9.83
Morningstar Category Avg. (%) 19.25 17.90 0.38 -20.86 12.32

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 January 25, 2018, the commencement of operations of the share class, shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. See the Fund’s prospectus for more details.
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Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 20, 2024
$4,347.4 M
Share Class launch date
Jan 25, 2018
Benchmark Index
MSCI Emerging Markets Index (Net)
Morningstar Category
Diversified Emerging Mkts
CUSIP
09251J501
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 20, 2024
$778.5 M
Asset Class
Equity
Distribution Frequency
Annual
Lipper Classification
Emerging Markets Funds
Max Offer Price
as of Nov 20, 2024
$24.46
Turnover Percent in the Annual Report
as of Apr 30, 2024
91%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
93
P/E Ratio - Forward
as of Oct 31, 2024
12.21
Average Market Cap (Millions)
as of -
-
Fund Standard Deviation (3y)
as of Oct 31, 2024
17.78
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2023
23.69%
Active Share
as of Jul 31, 2019
77.15%
P/B Ratio
as of Oct 31, 2024
2.22
Alpha (3y)
as of Oct 31, 2024
-0.37
R-Squared (3y)
as of Oct 31, 2024
91.48
Beta (3y)
as of Oct 31, 2024
0.95
Worst 3-Month Return Over the Last 3 Years
3 months ending Apr 30, 2022
-18.41%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more


This fund does not seek to follow a sustainable, impact or ESG investment strategy. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. For more information regarding the fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of Sep 21, 2024
A
MSCI ESG Quality Score (0-10)
as of Sep 21, 2024
6.5
Fund Lipper Global Classification
as of Sep 21, 2024
Equity Emerging Mkts Global
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of Sep 21, 2024
355.13
MSCI ESG % Coverage
as of Sep 21, 2024
95.07%
MSCI ESG Quality Score - Peer Percentile
as of Sep 21, 2024
77.57%
Funds in Peer Group
as of Sep 21, 2024
1,342
MSCI Weighted Average Carbon Intensity % Coverage
as of Sep 21, 2024
91.97%
All data is from MSCI ESG Fund Ratings as of Sep 21, 2024, based on holdings as of Mar 31, 2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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.

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
0.00%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.00%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
1.87%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.79%
MSCI - Thermal Coal
as of Oct 31, 2024
1.96%
MSCI - Oil Sands
as of Oct 31, 2024
0.00%
Business Involvement Coverage
as of Oct 31, 2024
94.48%
Percentage of Fund not covered
as of Oct 31, 2024
5.52%
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 1.96% and for Oil Sands 0.00%.

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 0.85%
Net Expense Ratio 0.82%

Net Expense Ratio excluding Investment Related Expenses is 0.81%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective May 08, 2024)
Analyst-Driven % as of May 08, 2024
100.00
Data Coverage % as of May 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 Oct 31, 2024 out of 692, 12,312, 693, 465 and 693 Funds, respectively in Lipper's Emerging Markets Funds classification.

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
KOREA ELECTRIC POWER CORP 793.25
CONTEMPORARY AMPEREX TECHNOLOGY CO LTD 483.86
Name Weight (%)
COMMERCIAL INTERNATIONAL BANK EGYPT CIB 421.84
PUMA SE 299.55
Name Market Value Weight (%) Shares
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 Benchmark Net
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 Benchmark Net
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

Gordon Fraser
Gordon Fraser
BlackRock Fundamental Active Equity Investment Team

Gordon Fraser, CFA, Managing Director, is Co-Head of Global Emerging Markets Equities for the Fundamental Active Equity division of BlackRock's Active Equities Group. Mr. Fraser is lead portfolio manager for the Core Global Emerging Markets strategy and co-manages the Emerging Frontiers Hedge Fund. Additionally, he is named manager on the Emerging Markets Equity strategies and Emerging Markets Absolute Return strategies. Mr. Fraser is also research pod leader of the North Asia Healthcare, Industrials, Energy, Materials and Utilities research pod and is platform lead for macroeconomic analysis.

 

He joined BlackRock as an Analyst in 2006.

 

Mr. Fraser earned a BA (1st class) and an MPhil (distinction) in Economics from Cambridge University in 2006. He is also a CFA Charterholder.

Read More

Gordon Fraser, CFA, Managing Director, is Co-Head of Global Emerging Markets Equities for the Fundamental Active Equity division of BlackRock's Active Equities Group. Mr. Fraser is lead portfolio manager for the Core Global Emerging Markets strategy and co-manages the Emerging Frontiers Hedge Fund. Additionally, he is named manager on the Emerging Markets Equity strategies and Emerging Markets Absolute Return strategies. Mr. Fraser is also research pod leader of the North Asia Healthcare, Industrials, Energy, Materials and Utilities research pod and is platform lead for macroeconomic analysis.

 

He joined BlackRock as an Analyst in 2006.

 

Mr. Fraser earned a BA (1st class) and an MPhil (distinction) in Economics from Cambridge University in 2006. He is also a CFA Charterholder.

Emily Fletcher
Emily Fletcher
Kevin Jia
Kevin Jia
Portfolio Manager

Literature

Literature

 

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