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Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BlackRock Retirement Income 2040 Fund

BRIDX | Fund

$92.18

$4.64 M

6.24%

$5.77

5.97%

Vitals

YTD Return

4.4%

1 yr return

8.2%

3 Yr Avg Return

0.3%

5 Yr Avg Return

N/A

Net Assets

$4.64 M

Holdings in Top 10

101.0%

52 WEEK LOW AND HIGH

$92.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 5.97%

SALES FEES

Front Load 5.25%

Deferred Load N/A

TRADING FEES

Turnover 2.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BlackRock Retirement Income 2040 Fund

BRIDX | Fund

$92.18

$4.64 M

6.24%

$5.77

5.97%

BRIDX - Profile

Distributions

  • YTD Total Return 4.4%
  • 3 Yr Annualized Total Return 0.3%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.66%
DIVIDENDS
  • Dividend Yield 6.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    BlackRock Retirement Income 2040 Fund
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Jul 31, 2020
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Fredericks

Fund Description

The Fund invests substantially all of its assets in BlackRock Multi-Asset Income Portfolio (“MAI” or the “Underlying Fund”), a series of BlackRock Funds II, which seeks to maximize current income with consideration for capital appreciation.
The Fund, indirectly through its investment in MAI, may invest in both equity securities (including common stock, preferred stock, securities convertible into common and preferred stock and non-convertible preferred stock) and fixed income securities (including corporate bonds and notes, mortgage-backed securities, asset-backed securities, convertible securities, preferred securities and government obligations). Under normal circumstances, the Fund, indirectly through its investment in MAI, may invest up to 60% of its assets in equity securities and up to 100% of its assets in fixed-income securities. Additionally, the Fund, indirectly through its investment in MAI, may invest in structured notes that provide exposure to covered call options or other types of financial instruments.
With respect to the Fund’s equity investments made indirectly through its investment in MAI, the Fund may invest in securities of both U.S. or non-U.S. issuers without limit, which can be U.S. dollar based or non-U.S. dollar based and may be currency hedged or unhedged. The Fund may invest in securities of companies of any market capitalization.
With respect to the Fund’s fixed-income investments made indirectly through its investment in MAI, the Fund may invest significantly in non-investment grade bonds (high yield, junk bonds or distressed securities), non-investment grade bank loans, non-dollar denominated bonds and bonds of emerging market issuers. The Fund’s investment in non-dollar denominated bonds may be on a currency hedged or unhedged basis. Non-investment grade bonds acquired by the Fund will generally be in the lower categories of the major rating agencies at the time of purchase (BB or lower by S&P Global Ratings, a division of S&P Global Inc., or Ba or lower by Moody’s Investors Service, Inc.) or will be determined by the management team to be of similar quality. Split rated bonds will be considered to have the higher credit rating. The average portfolio duration of the Fund will vary based on the management team’s forecast of interest rates and there are no limits regarding portfolio duration or average maturity.
The Fund may invest, indirectly through its investment in MAI, in U.S. and non-U.S. real estate investment trusts (“REITs”), structured products, including structured notes that provide exposure to covered call options or other types of financial instruments, and floating rate securities (such as bank loans).
The Fund may have indirect exposure to derivatives through its investment in MAI. Such derivatives may include the use of options, futures, swaps and forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.
The Fund may withdraw from MAI at any time and may invest substantially all of its assets in one or more other pooled investment vehicles. The Fund will provide shareholders with 60 days’ notice of any such change.
The Fund is not a target date fund that follows a “glidepath” in which the mix of investments among asset classes becomes more conservative over time according to a predetermined path. Rather, the Fund’s allocations among asset classes, through its investments in MAI, will vary from year to year and may become more conservative or more aggressive in any given year.
The Fund seeks to deliver its investment objective over a term of 20 years, at the end of which the Fund seeks to deliver a target Fund net asset value per share of at least 25% of the Fund’s net asset value per share at inception. At the conclusion of the Fund’s 20 year term within the year 2040, the Fund intends to return its remaining assets to shareholders through a liquidating distribution. Subsequent to the payment of its liquidating distribution, the Fund will be terminated. The Fund does not contemplate any extensions of the 20 year term.
The Fund expects to make monthly distributions as it seeks to achieve its investment objective of decumulating (or reducing over time) the Fund’s assets to a predefined target Fund net asset value per share, as a percentage of the Fund’s net asset value per share at inception (the “Target Percentage”), over the term of the Fund. The Target Percentage is at least 25% for the Fund (or at least $25 per share for Institutional Shares of the Fund). The Fund intends to provide monthly distributions that, in aggregate for each year, equal at least $4.50 per share for Institutional Shares and a comparable amount per share, adjusted for share class expenses, for Investor A Shares (the “Annual Minimum Distribution Amount”). There is no guarantee that the Fund will distribute the Annual Minimum Distribution Amount in any given year. The amount of the Fund’s monthly distributions for any given period may exceed the amount of the Fund’s income and gains for that period. Accordingly, the Fund’s distributions may consist of a return of capital (or principal invested) in addition to any gains, which would result in a reduction in the net asset value per share of the Fund. The Fund does not have an automatic dividend reinvestment plan, and dividends and distributions cannot be automatically reinvested in shares of the Fund.
The amount of the Fund’s monthly distribution is determined by portfolio management based on a distribution algorithm (the “Algorithm”), and is subject to the Trust’s Board of Trustees’ (the “Board”) ability to approve changes to such amount prior to any dividend being declared. The Algorithm takes into account certain factors, including the performance of the Fund, risk and return forecasts of the Fund’s underlying assets, and the current net asset value per share of the Fund, and constraints, such as the Annual Minimum Distribution Amount, to determine a monthly distribution amount, which is subject to Board approval. The amount of the Fund’s monthly distribution may be dynamic, meaning that it may vary from month to month based on the Algorithm, subject to the Annual Minimum Distribution Amount. The monthly distribution will be an amount expressed as cents-per-share of Institutional Shares of the Fund (with adjustments for the Investor A Shares of the Fund based on such share class’ expenses), as of a specified date.
From time to time, BlackRock may increase or decrease the monthly distribution amount and may implement changes to the Algorithm, including a change to the Annual Minimum Distribution Amount, which may result in changes to the monthly distribution. Such monthly distributions remain subject to Board approval.
The Board may increase or decrease any monthly distribution amount prior to the declaration date of the applicable distribution after taking into consideration any recommendation of portfolio management.
Read More

BRIDX - Performance

Return Ranking - Trailing

Period BRIDX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% 0.0% 18.9% 49.04%
1 Yr 8.2% -1.3% 23.4% 38.52%
3 Yr 0.3%* -16.2% 5.1% 57.18%
5 Yr N/A* -2.2% 7.8% 70.56%
10 Yr N/A* 0.8% 8.5% 51.71%

* Annualized

Return Ranking - Calendar

Period BRIDX Return Category Return Low Category Return High Rank in Category (%)
2023 4.4% -1.0% 27.4% 72.97%
2022 -16.8% -35.0% -7.4% 54.48%
2021 1.0% -11.5% 14.6% 61.29%
2020 N/A -10.3% 40.7% N/A
2019 N/A -9.5% 22.1% N/A

Total Return Ranking - Trailing

Period BRIDX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% 0.0% 18.9% 49.04%
1 Yr 8.2% -1.3% 23.4% 38.52%
3 Yr 0.3%* -16.2% 5.1% 57.18%
5 Yr N/A* -2.2% 7.8% 85.08%
10 Yr N/A* 0.8% 8.5% 69.71%

* Annualized

Total Return Ranking - Calendar

Period BRIDX Return Category Return Low Category Return High Rank in Category (%)
2023 9.2% 2.6% 28.2% 72.73%
2022 -11.8% -35.0% -3.1% 33.17%
2021 7.2% -11.5% 32.0% 64.27%
2020 N/A -5.4% 40.7% N/A
2019 N/A 4.5% 27.7% N/A

NAV & Total Return History

BRIDX - Holdings

Concentration Analysis

BRIDX Category Low Category High BRIDX % Rank
Net Assets 4.64 M 244 K 50.8 B 98.33%
Number of Holdings 2 2 3991 99.52%
Net Assets in Top 10 4.69 M 261 K 9.91 B 98.81%
Weighting of Top 10 100.97% 6.8% 101.1% 0.72%

Top 10 Holdings

  1. BlackRock Multi-Asset Income Fund, Class K Shares 98.88%
  2. BlackRock Liquidity Funds, T-Fund, Institutional Class 2.09%

Asset Allocation

Weighting Return Low Return High BRIDX % Rank
Convertible Bonds 		2.97% 0.00% 71.77% 12.53%
Cash 		2.09% -35.68% 21.36% 41.05%
Stocks 		0.00% 0.00% 100.48% 94.75%
Preferred Stocks 		0.00% 0.00% 21.95% 55.61%
Other 		0.00% -0.69% 62.24% 58.95%
Bonds 		0.00% 0.00% 80.16% 67.06%

BRIDX - Expenses

Operational Fees

BRIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 5.97% 0.06% 21.26% 0.72%
Management Fee 0.10% 0.00% 1.25% 34.45%
12b-1 Fee 0.25% 0.00% 1.00% 33.05%
Administrative Fee 0.06% 0.01% 0.70% 30.48%

Sales Fees

BRIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.25% 1.00% 5.75% 55.88%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

BRIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BRIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 2.00% 2.00% 380.00% 0.26%

BRIDX - Distributions

Dividend Yield Analysis

BRIDX Category Low Category High BRIDX % Rank
Dividend Yield 6.24% 0.00% 7.99% 3.34%

Dividend Distribution Analysis

BRIDX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Quarterly SemiAnnual

Net Income Ratio Analysis

BRIDX Category Low Category High BRIDX % Rank
Net Income Ratio 3.66% -1.22% 6.83% 7.02%

Capital Gain Distribution Analysis

BRIDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Monthly Annually

Distributions History

View More +

BRIDX - Fund Manager Analysis

Managers

Michael Fredericks

Start Date

Tenure

Tenure Rank

Jul 31, 2020

1.83

1.8%

Michael Fredericks, Managing Director, is head of Income Investing for the Blackrock Multi-Asset Strategies group and lead portfolio manager for the Multi-Asset Income, Global Multi-Asset Income, Dynamic High Income, and Managed Income funds. Mr. Fredericks joined BlackRock in 2011 from JPMorgan Asset Management where he was an Executive Director and portfolio manager in the Global Multi-Asset Group (GMAG) responsible for retail asset allocation solutions. At JPMorgan he co-managed the JPMorgan Diversified Fund and the JPMorgan Income Builder Fund, and served on the GMAG New York investment committee. Previously he was an equity analyst responsible for global consumer discretionary stocks at Nicholas Applegate Capital Management. Mr. Fredericks holds a B.A. in Economics and History from the University of California, Berkeley and an M.P.I.A. from the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. He regularly contributes to financial news media and has been featured in print and broadcast outlets including the Wall Street Journal, Financial Times, Associated Press, CNBC and Bloomberg TV, among others.

Michael Pensky

Start Date

Tenure

Tenure Rank

Jul 31, 2020

1.83

1.8%

Michael Pensky, CFA, Vice President and Associate, is a researcher and portfolio manager in the GTAA team. The team is responsible for managing global tactical asset allocation products with custom client preferences and constraints. Mr. Pensky’s service with the firm dates back to 2011. Prior to joining BlackRock, Mr. Pensky held a trading desk strategist position in Morgan Stanley’s Securitized Products Group and had worked as a senior analyst in Foreign Exchange Sales & Trading at SunTrust Robinson Humphrey.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 28.73 6.36 2.41

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