BlackRock Investment Management, LLC Style: US Taxable ...
Strategy Status: Closed. Strategy closed to new accounts and open to additional assets
Blackrock PPM Fndmntl Txble FI (BLK-3)
Style: US Taxable Core, GIMA Status: Approved, Program Inception: 09/28/2010, Strategy Minimum: $250,000
EXECUTIVE SUMMARY
To help you better understand the performance results of third-party investment manager strategies within our Select UMA Program, we are including additional information within
manager profiles that may inform your decision to invest in this strategy:
?
?
?
The performance results displayed in this profile may include a composite of Morgan Stanley accounts enrolled in the strategy . These are unshaded in the
Investment Results and Portfolio Quarterly Returns sections of the profile with the Select UMA label.
The results also display the performance of the manager¡¯s own composite of accounts invested in its version of the investment strategy , prior to the strategy¡¯s
inception in the Select UMA program. These are shaded in grey and labeled Manager. While this performance is relevant, it does not reflect the role that Morgan
Stanley plays in delivering this strategy, which is reflected in the unshaded portion of the Investment Results and Portfolio Quarterly Returns sections of the
profile. Morgan Stanley works in tandem, with the manager, to deliver this strategy to its clients. For this reason, Morgan Stanley does not display the manager¡¯s
own composite of accounts invested in its version of the investment strategy beyond the transition month . As a result, the manager¡¯s results and the strategy¡¯s
results may differ, as discussed in further detail below.
If the transition month between the manager¡¯s results and the strategy¡¯s results occurs in the middle of a quarter , that quarter or year will be shaded blue in the
Investment Results and Portfolio Quarterly Returns sections of the profile and labeled Transition.
The manager exercises discretion in selecting securities for your account, but differences between the manager¡¯s prior gross results and the strategy¡¯s ongoing gross results
may arise from variations in who executes the strategy or how it is implemented:
?
?
?
?
Some managers may deliver a model portfolio to Morgan Stanley, which may ultimately be responsible for executing those investment decisions.
In some cases, the manager may act as an "executing manager," which means it implements its investment decisions and transactions directly instead of
delivering instructions to Morgan Stanley.
The manager¡¯s prior performance results are based on accounts that do not participate in the Select UMA program, with investment and operational differences
such as account size and/or level of customization.
There may be other reasons why the performance results differ from those of individual Select UMA accounts managed in the same or a substantially similar
investment strategy. For example, Morgan Stanley may deviate from strategy models when applying client-requested restrictions.
If you have any questions about any of the information included in this profile, please contact your Morgan Stanley team.
Past performance is not a guarantee of future results. Actual individual account results may differ from the performance shown in this profile. There is no guarantee that any
investment strategy will achieve its intended results under all market conditions. Do not rely upon this profile as the sole basis for your investment decisions.
For MAPS Third Party Model Portfolios, ¡®Manager¡¯ illustrated performance is that of the Model Portfolio Provider.
The subsequent pages contain important disclosures and a glossary of terms. Information as of March 31, 2024, unless otherwise noted and is subject to change.
Strategy Status: Closed. Strategy closed to new accounts and open to additional assets
Blackrock PPM Fndmntl Txble FI (BLK-3)
Style: US Taxable Core, GIMA Status: Approved, Program Inception: 09/28/2010, Strategy Minimum: $250,000
Strategy Overview
Target Portfolio Characteristics
BlackRock PPM Fundamental Core Taxable SMA
applies the same controlled-duration, relative
value sector rotation and security selection
approach to the management of all its
fundamental fixed income mandates. The
distinguishing feature of BlackRock's investment
management style has been the ability to
generate alpha within a risk-controlled
framework. Real-time analysis of a vast array of
risk measures allows them to assess the
potential impact of various sector and security
strategies on total return. As a result, BlackRock
believes consistent value is added and
performance volatility is limited.
Description
Number of security holdings:
Portfolio Manager Details
Values
Manager Name
Term
15 to 30
Matthew Wang
January 2001 - Present
Average maturity:
5.0 to 10.0 years
Average duration:
4.4 to 6.5 years
Average coupon:
Average turnover rate:
Eligible Investments:
1
3.10
30 to 70%
¡ª
Manager's Investment Process
? BlackRock adds value through relative value sector/sub-sector rotation and security selection.
? BlackRock performs rigorous quantitative analysis to the valuation of each security and of the portfolio as a whole.
? BlackRock performs intense credit analysis and review.
1
For more information on Portfolio Managers, please refer to this manager¡¯s Form ADV wealth-investmentsolutions/advbrochures.
The subsequent pages contain important disclosures and a glossary of terms. Information as of March 31, 2024, unless otherwise noted and is subject to change.
Page 2 of 10
Strategy Status: Closed. Strategy closed to new accounts and open to additional assets
Blackrock PPM Fndmntl Txble FI (BLK-3)
Style: US Taxable Core, GIMA Status: Approved, Program Inception: 09/28/2010, Strategy Minimum: $250,000
Fixed Income Sector Distribution (%)
Portfolio Statistics
03/24
¡ª
39
4.9%
¡ª
5.4%
¡ª
¡ª
¡ª
Avg maturity
8.6 yrs.
¡ª
8.59 yrs.
Avg duration
6.11 yrs.
¡ª
6.16 yrs.
3.1%
¡ª
2.9%
Distribution Rate
Avg coupon
Portfolio's Maturity Structure (%) +
03/24
12/23
09/23
06/23
03/24
12/23
09/23
06/23
39.94
39.57
41.09
43.32
0.00
0.00
22.24
25.43
0 to 2 Years
12.67
14.66
15.46
15.92
Open-End Funds
2 to 4 Years
13.27
13.21
14.34
14.93
Industrials ?
20.20
20.52
19.27
19.70
Financials ?
11.20
10.30
10.37
8.94
4 to 6 Years
14.99
10.50
8.28
8.55
6 to 8 Years
11.80
12.43
11.36
11.25
Asset-Backed Securities
27.22
27.81
5.96
1.58
8 to 12 Years
29.78
30.87
34.69
32.23
Cash/Cash Equivalents
1.44
1.80
1.07
1.03
3.23
0.83
0.78
0.00
12.82
15.70
14.02
16.09
1.44
1.80
1.07
1.03
Cash/Cash Equivalents
09/23
06/23
0.00
6.45
45.43
AA
68.41
68.63
43.10
2.08
A
16.60
14.45
13.55
11.71
BBB
13.55
15.12
13.59
14.32
Sector breakdown by style (%)
U.S. Treasury
Over 17 Years
12/23
0.00
AAA
Sector Breakdown
12 to 17 Years
03/24
Investment Grade
BlackRock
41
Yield
Portfolio's Credit Quality Structure (%) +
09/23
BlackRock Index***
Number of security holdings
+
Below Investment Grade
BB
0.00
0.00
0.00
0.00
B
0.00
0.00
0.00
0.00
Below B
0.00
0.00
0.00
0.00
Not Rated
1.44
1.80
23.31
26.46
Cash/Cash Equivalents
0.00
0.00
0.00
0.00
?High Grade Corporates
?Total may not equal 100% due to rounding.
***Index : BC Aggregate
The subsequent pages contain important disclosures and a glossary of terms. Information as of March 31, 2024, unless otherwise noted and is subject to change.
Page 3 of 10
Strategy Status: Closed. Strategy closed to new accounts and open to additional assets
Blackrock PPM Fndmntl Txble FI (BLK-3)
Style: US Taxable Core, GIMA Status: Approved, Program Inception: 09/28/2010, Strategy Minimum: $250,000
Strategy Inception Date: 01/1981 ?, Morgan Stanley Composite Date: 10/2011 ?
Average Annual Total Return (%) - Periods Ending 03/31/24
12.00
Rate of Return (%)
8.00
6.80
6.55
4.08
4.00
1.70
1.66
0.69
0.36
0.00
-0.58
-1.83
-4.00
1.62
-0.61
-1.52
-2.46
1.54
-3.99
-8.00
1Yr
BlackRock (Gross)
BlackRock (Net)
Primary Benchmark
3Yr
2022
10Yr
Since Inception
1yr
1.66
3yr
-1.83
5yr
0.69
10yr
1.62
Inception
6.80
-0.58
-3.99
-1.52
-0.61
4.08
1.70
-2.46
0.36
1.54
6.55
Calendar-Year Performance (%)
2023
5Yr
2
2021
Portfolio Quarterly Returns (%)
2020
2019
2018
2017
2016
2015
2014
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Quarter 1
Gross
-0.71
2.93
-5.24
-3.30
2.03
3.12
-1.49
0.77
2.90
1.54
1.52
Net
2.37
-5.77
-3.84
1.47
2.55
-2.04
0.21
2.33
0.99
0.96
Quarter 2
Gross
-0.80
-3.95
1.96
4.00
2.97
0.03
1.38
1.86
-1.46
1.64
Net
-1.35
-4.50
1.40
3.43
2.40
-0.53
0.82
1.29
-2.01
1.08
Quarter 3
Gross
-3.19
-4.15
-0.03
0.64
2.08
0.25
0.97
0.27
1.16
-0.02
Net
-3.73
-4.67
-0.58
0.09
1.52
-0.30
0.41
-0.28
0.60
-0.57
Quarter 4
Gross
6.62
1.73
-0.06
0.54
0.24
1.09
0.40
-2.76
-0.20
1.44
Net
6.02
1.16
-0.61
-0.02
-0.31
0.52
-0.15
-3.30
-0.75
0.88
BlackRock (Gross)
5.38 -11.24
-1.48
7.36
8.66
-0.14
3.56
2.20
1.02
4.65
BlackRock (Net)
3.07 -13.22
-3.65
5.03
6.28
-2.35
1.29
-0.05
-1.19
2.36
Primary Benchmark
5.53 -13.01
-1.54
7.51
8.72
0.01
3.54
2.65
0.55
5.96
0.
Manager
Transition
Select UMA
1. Statistics are calculated using gross of fee performance only.
2. Bloomberg US Aggregate was used as the Primary Benchmark, the 90-Day T-Bills Index as the
Risk-free Benchmark
3. For more information on these dates please see the Glossary of Terms section
-1.26
See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above.
The subsequent pages contain important disclosures and a glossary of terms. Information as of March 31, 2024, unless otherwise noted and is subject to change.
Page 4 of 10
Strategy Status: Closed. Strategy closed to new accounts and open to additional assets
Blackrock PPM Fndmntl Txble FI (BLK-3)
Style: US Taxable Core, GIMA Status: Approved, Program Inception: 09/28/2010, Strategy Minimum: $250,000
Risk/Return Analysis
Investing in securities entails risks, including: Fixed Income securities may be sensitive to changes in
prevailing interest rates. When rates rise the value generally declines. U.S. Treasuries are guaranteed by the
U.S. government and, if held to maturity, offer a fixed rate of return and fixed principal value. Bonds rated
below investment grade may have speculative characteristics and present significant risks beyond those of
other securities, including greater credit risk and price volatility in the secondary market. If a strategy
expects to hold a concentrated portfolio of a limited number of securities, it should be noted that a decline
in the value of these investments would cause the portfolio¡¯s overall value to decline to a greater degree
than that of a less concentrated portfolio.
2
- 5 Years Ending 03/31/24
3
2
Rate of Return(%)
Risk Consideration
1
0
-1
-2
1
2
3
4
5
6
7
Standard Deviation(%)
Risk Volatility (%)
2
STD
ROR
BlackRock (Gross)
6.06
0.69
BlackRock (Net)
6.04
-1.52
Primary Benchmark
6.46
0.36
Risk-free Benchmark
1.06
2.07
Portfolio's Risk Statistics - Periods Ending 03/31/24
3 Year
5 Year
Standard Deviation
6.84%
6.06%
Standard Deviation of Primary Benchmark
Rate of Return (%)
8
4
7.39%
6.46%
Sharpe Ratio
-0.66
-0.23
Sharpe Ratio of Primary Benchmark
-0.70
-0.26
0.23%
0.20%
Alpha
0
Beta
Downside Risk
-4
R-Squared
Tracking Error
Information Ratio
-8
2019*
2020
2021
2022
2023
1 2
0.92
0.93
0.16%
0.54%
1.00
0.98
0.67%
0.91%
0.93
0.36
2024**
**01/01/24-03/31/24
*04/01/19-12/31/19
1. Statistics are calculated using gross of fee performance only.
2. Bloomberg US Aggregate was used as the Primary Benchmark, the 90-Day T-Bills Index as the Risk-free
Benchmark
3. For more information on these dates please see the Glossary of Terms section
The subsequent pages contain important disclosures and a glossary of terms. Information as of March 31, 2024, unless otherwise noted and is subject to change.
Page 5 of 10
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
Related searches
- blackrock investment management
- blackrock investment management llc
- blackrock investment management uk limited
- blackrock investment firm
- blackrock investment group
- blackrock investment portfolio
- blackrock investment company
- blackrock investment company history
- fortress investment group llc stock
- blackrock investment management uk
- blackrock investment management uk ltd
- best blackrock investment funds