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Growth of Hypothetical $10,000

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

  • Returns

Performance data is not currently available

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Performance data is not currently available

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 investors 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 for periods prior to the inception date of the share class are based on the performance of the master portfolio in which the Fund invested all of its assets, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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.   

Size of Class (Millions) as of Aug 30, 2021 $65.4 M

Size of Fund (Millions) as of Aug 30, 2021 $1,434.0 M

Share Class launch date Mar 28, 2016

Asset Class Fixed Income

Morningstar Category Intermediate Core Bond

Lipper Classification Core Bond Funds

Benchmark Index Bloomberg US Aggregate Bond Index

CUSIP 09260T409

Distribution Frequency None

Number of Holdings as of Jul 30, 2021 1,338

Max Offer Price as of Aug 30, 2021 $10.60

Open to New Investors Yes

Turnover Percent in the Annual Report 410%

Alpha (3y)
Alpha is calculated at the portfolio level.

A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a funds alpha.>
as of Jul 31, 2021
-0.01

R-Squared (3y) as of Jul 31, 2021 86.56

Beta (3y) as of Jul 31, 2021 1.12

30 Day SEC Yield as of Jun 30, 2021 1.71%

Unsubsidized 30-Day SEC Yield as of Jun 30, 2021 1.65%

Yield to Maturity as of Jul 30, 2021 1.80%

Yield to Worst as of Jul 30, 2021 1.77%

Average Coupon as of Jul 30, 2021 2.94%

Effective Duration as of Jul 30, 2021 5.82 yrs

Nominal WAL as of Jul 30, 2021 6.82 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 5.46%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2021 -3.28%

Fund Standard Deviation (3y) as of Jul 31, 2021 4.21

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

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

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, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a funds investment strategy, please see the funds prospectus.

Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of Jul 30, 2021 0.37%

MSCI - UN Global Compact Violators as of Jul 30, 2021 0.44%

MSCI - Nuclear Weapons as of Jul 30, 2021 0.18%

MSCI - Thermal Coal 5% of total revenue from thermal coal mining. For further details regarding MSCIs methodology, see footnote 4 at the bottom of the page.> as of Jul 30, 2021 0.00%

MSCI - Civilian Firearms as of Jul 30, 2021 0.00%

MSCI - Oil Sands 5% of total revenue from oil sands extraction. For further details regarding MSCIs methodology, see footnote 4 at the bottom of the page.> as of Jul 30, 2021 0.06%

MSCI - Tobacco as of Jul 30, 2021 0.81%


Business Involvement Coverage as of Jul 30, 2021 33.36%

Percentage of Fund not covered as of Jul 30, 2021 66.64%

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 0.32% and for Oil Sands 0.30%.

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 funds 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 is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. The Fund manager has developed internal research signals to help evaluate corporate issuers on climate, governance and human capital issues. ESG information may be sourced from both internal and external sources. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

as of current prospectus

Gross Expense Ratio 0.29%
Net Expense Ratio 0.23%

Net Expense Ratio excluding Investment Related Expenses is 0.23%

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

Morningstar Rating

Overall Morningstar Rating for CoreAlpha Bond Fund, Class K, as of Jul 31, 2021 rated against 398 Intermediate Core Bond Funds based on risk adjusted total return.

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 Jul 31, 2021 out of 472, 6,151, 475, 294 and 475 Funds, respectively in Lippers Core Bond Funds classification.

as of Jul 30, 2021

Name Weight (%)
UNIFORM MBS 8.27
FEDERAL NATIONAL MORTGAGE ASSOCIATION 7.82
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 5.36
FEDERAL HOME LOAN MORTGAGE CORPORATION 3.93
BANK OF AMERICA CORP 1.68
Name Weight (%)
GOLDMAN SACHS GROUP INC/THE 1.50
FEDERAL HOME LOAN MORTGAGE CORPORATION -GOLD 1.31
MORGAN STANLEY 1.31
CITIGROUP INC 1.28
JPMORGAN CHASE & CO 1.18

as of Jul 30, 2021

% of Market Value

as of Jul 30, 2021

% of Market Value

as of Jul 30, 2021

% of Market Value

as of Jul 30, 2021

% of Market Value

Allocations subject to change.

as of Jul 30, 2021

% of Market Value

as of Jul 30, 2021

% of Market Value

as of Jul 30, 2021

% of Market Value

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.

Scott

Head of Core Portfolio Management, Systematic Fixed Income

Scott Radell, Managing Director, is the Head of San Francisco Core Portfolio Management (Core PM) within Global Fixed Income, responsible for the management and oversight of all the Americas Index, iShares, and model based active fixed income funds.

Mr. Radells service with the firm dates back to 2003, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Before founding the Portfolio Solutions Group, he was a portfolio manager responsible for BGIs active investment grade long-only and long/short cross-over portfolios. Prior to joining BGI, Mr. Radell served for over seven years as an analyst for corporate bond and Commercial Mortgage Backed Securities for Morgan Stanley Investment Management. Mr. Radell began his career as a fixed income client service and mortgage analyst at BARRA.

Mr. Radell earned a BA degree in quantitative economics and decision sciences from the University of California at San Diego in 1992.

Jeffrey

Sr. Portfolio Manager, Systematic Fixed Income

Jeffrey Rosenberg, CFA, Managing Director, leads active and factor investments for mutual funds, institutional portfolios and ETFs within BlackRocks Systematic Fixed Income (SFI) portfolio management team. In this role he serves as a member of the SFI Investment and Executive Committees and as a senior portfolio manager for a number of our investment products including the Systematic Multi-Strategy fund.

Mr. Rosenbergs service with the firm dates back to 2011, when he joined the Fundamental fixed income group as Chief Investment Strategist for fixed income. In 2016, this role transitioned into the BlackRock Investment Institute. His responsibilities included helping to develop BlackRocks strategic and tactical views on sector allocation within fixed income, currencies and commodities.

Prior to joining BlackRock, Mr. Rosenberg spent nearly 10 years at Bank of America Merrill Lynch as the Chief Credit Strategist coordinating strategy across all fixed income, securitized assets, credit, FX and commodities. In addition, Mr. Rosenberg specialized in quantitative credit modeling and developed the first commercialized credit portfolio analytics system from a dealer firm.

Mr. Rosenberg earned a Master of Science degree in Computational Finance from Carnegie Mellon, a BA in Mathematics from the Univ. of Minnesota, and a BA in Finance from the Univ. of Wisconsin.

Karen

Core Portfolio Manager, Systematic Fixed Income

Karen Uyehara, Managing Director and portfolio manager, is a member of the North America Core Portfolio Management (Core PM) within Global Fixed Income. She is responsible for managing US-based fixed income indexed and iShares funds.

Prior to joining BlackRock in 2010, Ms. Uyehara was most recently a portfolio manager at Western Asset Management Company (WAMCO) where she was responsible for the management of core and core plus portfolios. Earlier in her career, Ms. Uyehara worked at Pacific Investment Management Company (PIMCO), Barclays Global Investors (BGI) and Lehman Brothers.

Ms. Uyehara earned a BA degree with a double major in economics and history from the University of California at San Diego in 1995 and an MBA degree in finance and investments from the University of Southern California in 2002.

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