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Trending ETFs

BlackRock Impact Mortgage Fund

mutual fund
PNIGX
Payout Change
Pending
Price as of:
$9.16 +0.03 +0.33%
primary theme
Intermediate-Term U.S. Treasury Bond
PNIGX (Mutual Fund)

BlackRock Impact Mortgage Fund

Payout Change
Pending
Price as of:
$9.16 +0.03 +0.33%
primary theme
Intermediate-Term U.S. Treasury Bond
PNIGX (Mutual Fund)

BlackRock Impact Mortgage Fund

Payout Change
Pending
Price as of:
$9.16 +0.03 +0.33%
primary theme
Intermediate-Term U.S. Treasury Bond

Name

As of 12/04/2024

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

$9.16

$296 M

3.92%

$0.36

1.92%

Vitals

YTD Return

3.0%

1 yr return

6.4%

3 Yr Avg Return

-2.5%

5 Yr Avg Return

-0.4%

Net Assets

$296 M

Holdings in Top 10

73.3%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.92%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/04/2024

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

$9.16

$296 M

3.92%

$0.36

1.92%

PNIGX - Profile

Distributions

  • YTD Total Return 3.0%
  • 3 Yr Annualized Total Return -2.5%
  • 5 Yr Annualized Total Return -0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.10%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    BlackRock Impact Mortgage Fund
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Sep 17, 2018
  • Shares Outstanding
    23649395
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matthew Kraeger

Fund Description

Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its net assets, plus any borrowings for investment purposes, in mortgage-backed and other mortgage-related securities that are issued or guaranteed by the U.S. Government and its agencies. The securities in which the Fund may invest include U.S. government securities, U.S. government agency securities, securities issued by U.S. government instrumentalities and U.S. government-sponsored enterprises, and other mortgage-backed securities or mortgage-related securities issued by the U.S. government or by private issuers. Some of these securities are issued and/or guaranteed by the U.S. government and are supported by the full faith and credit of the United States. Other securities are issued or guaranteed by Federal agencies or government-sponsored enterprises and are not direct obligations of the United States, and are not backed by the full faith and credit of the United States, but involve sponsorship or guarantees by government agencies or enterprises. The Fund invests primarily in the highest rated government and agency bonds and maintains an average portfolio duration that is within ±1 year of the duration of the Bloomberg U.S. MBS Index (the Fund’s benchmark).
The Fund will seek to invest in mortgage-backed and other mortgage-related securities that are issued or guaranteed by the U.S. Government and its agencies that BlackRock believes have the potential to produce attractive long-term returns and that, in BlackRock’s view, can provide positive and measurable impacts.
BlackRock considers a number of criteria when selecting portfolio securities, including, but not limited to, whether the activities supported by the investment are expected to include positive social and/or environmental impact with measurable and clear benefit to undercapitalized or high social opportunity areas and alignment with broadly endorsed public policy goals. Fund management uses an internal proprietary framework to identify investments that deliver positive social and/or environmental impact. This internal proprietary framework abides by the Operating Principles for Impact Management, which is a third-party framework for investors for the design and implementation of their impact management systems to ensure that impact considerations are integrated throughout the investment lifecycle. In identifying investments, Fund management uses internal research and assessment to identify mortgage-related investments that meet one or more of the following criteria: (i) facilitate equal access to credit; (ii) target historically underserved populations; and/or (iii) support the increase of sustainable housing units, which encompasses both affordability and environmental aspects. The Fund’s investments will be focused across mortgage impact themes that align with certain United Nations Sustainable Development Goals (“SDGs”), including, but not limited to, ending poverty, promoting inclusive and sustainable industrialization, reducing inequalities, and making cities and communities sustainable. The SDGs are a series of goals published by the United Nations that recognize that development must balance social, economic and environmental sustainability.
The Fund intends to focus its investments in mortgages originated as part of social impact programs, including, without limitation, rural housing, manufactured housing, pools issued by State Housing Finance Authorities and bespoke impact mortgage-backed security pools. Additionally, BlackRock may consider specific criteria such as collateral targeted towards underserved populations and/or underserved regions as having a positive social impact. BlackRock will examine both quantitative metrics and qualitative details to measure the impact achieved.
The impact-related criteria described above are not the sole considerations when making investment decisions for the Fund, and the Fund will make investments, including, but not limited to, to be announced (“TBA”) transactions, that do not meet the impact-related criteria. In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to issuers with exposures that are inconsistent with the impact-related criteria used by Fund management.
Securities purchased by the Fund (except with respect to non-dollar denominated bonds) generally are rated in the highest rating category (AAA or Aaa) by at least one major rating agency or are determined by the Fund management team to be of similar quality at the time of purchase. The Fund may also invest up to 5% of its assets in dollar-denominated investment grade securities that are rated below the highest rating category at the time of purchase. In addition, the Fund’s dollar-weighted average maturity will be between 3 and 10 years.
The Fund evaluates sectors of the bond market and individual securities within these sectors. The Fund selects bonds from several sectors including: U.S. Treasuries and agency securities (including U.S. Treasury Inflation-Protected
Securities), commercial and residential mortgage-backed securities, collateralized mortgage obligations (“CMOs”), and other mortgage-related securities. The Fund invests primarily in dollar-denominated bonds, but may invest up to 10% of its assets in non-dollar denominated bonds of issuers located outside of the United States. The Fund’s investment in non-dollar denominated bonds may be on a currency hedged basis. Non-dollar denominated bonds purchased by the Fund, at the time of purchase, are rated in the four highest rating categories by at least one major rating agency (Baa or better by Moody’s Investors Service, Inc. (“Moody’s”) or BBB or better by S&P Global Ratings (“S&P”) or Fitch Ratings Inc. (“Fitch”)) or are determined by the Fund management team to be of similar quality. Securities rated in any of the four highest rating categories or determined by the Fund management team to be of similar quality at the time of purchase are known as “investment grade” securities.
The Fund may buy or sell options or futures on a security or an index of securities, or enter into credit default swaps, interest rate or foreign currency transactions, including swaps, and forward contracts or similar instruments, such as TBA transactions or dollar rolls (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements.
The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.
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PNIGX - Performance

Return Ranking - Trailing

Period PNIGX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -3.9% 27.3% 17.12%
1 Yr 6.4% -4.4% 34.2% 11.26%
3 Yr -2.5%* -7.7% 13.4% 59.73%
5 Yr -0.4%* -5.7% 3.0% 37.14%
10 Yr N/A* -2.2% 3.0% 35.36%

* Annualized

Return Ranking - Calendar

Period PNIGX Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -1.0% 22.1% 55.80%
2022 -15.3% -20.4% -5.8% 91.93%
2021 -2.7% -7.1% 16.6% 32.11%
2020 4.7% -1.3% 8.8% 22.17%
2019 4.1% 0.3% 7.1% 11.96%

Total Return Ranking - Trailing

Period PNIGX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -3.9% 27.3% 17.12%
1 Yr 6.4% -4.4% 34.2% 11.26%
3 Yr -2.5%* -7.7% 13.4% 59.73%
5 Yr -0.4%* -5.7% 3.0% 37.14%
10 Yr N/A* -2.2% 3.0% 32.20%

* Annualized

Total Return Ranking - Calendar

Period PNIGX Return Category Return Low Category Return High Rank in Category (%)
2023 4.7% -0.5% 28.8% 28.13%
2022 -13.1% -18.5% -3.3% 89.24%
2021 -1.2% -4.5% 25.3% 33.94%
2020 6.9% -1.3% 13.0% 32.55%
2019 6.6% 1.8% 11.3% 13.40%

NAV & Total Return History


PNIGX - Holdings

Concentration Analysis

PNIGX Category Low Category High PNIGX % Rank
Net Assets 296 M 8.69 M 134 B 68.30%
Number of Holdings 365 13 12380 46.43%
Net Assets in Top 10 217 M 5.7 M 55.6 B 49.55%
Weighting of Top 10 73.32% 6.2% 99.3% 7.14%

Top 10 Holdings

  1. Uniform Mortgage-Backed Securities 13.27%
  2. Uniform Mortgage-Backed Securities 9.54%
  3. Uniform Mortgage-Backed Securities 8.08%
  4. Uniform Mortgage-Backed Securities 7.66%
  5. Uniform Mortgage-Backed Securities 6.68%
  6. Uniform Mortgage-Backed Securities 6.65%
  7. Uniform Mortgage-Backed Securities 6.06%
  8. Uniform Mortgage-Backed Securities 5.33%
  9. Uniform Mortgage-Backed Securities 5.15%
  10. BlackRock Liquidity Funds, T-Fund, Institutional Class 4.90%

Asset Allocation

Weighting Return Low Return High PNIGX % Rank
Bonds
106.61% 0.03% 161.75% 29.02%
Cash
4.90% -20.28% 28.09% 32.14%
Stocks
0.00% 0.00% 95.39% 20.54%
Preferred Stocks
0.00% 0.00% 0.11% 20.09%
Convertible Bonds
0.00% 0.00% 3.29% 19.64%
Other
-11.35% -20.46% 42.16% 95.54%

Bond Sector Breakdown

Weighting Return Low Return High PNIGX % Rank
Securitized
47.69% 0.00% 99.79% 56.70%
Government
41.48% 0.00% 100.00% 41.96%
Cash & Equivalents
4.90% 0.00% 28.09% 32.14%
Corporate
0.03% 0.00% 9.48% 29.91%
Municipal
0.00% 0.00% 5.24% 35.71%
Derivative
-0.10% -12.53% 3.25% 81.25%

Bond Geographic Breakdown

Weighting Return Low Return High PNIGX % Rank
US
106.61% 0.03% 161.75% 29.02%
Non US
0.00% 0.00% 2.20% 19.64%

PNIGX - Expenses

Operational Fees

PNIGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.92% 0.03% 2.85% 4.48%
Management Fee 0.39% 0.00% 0.85% 60.71%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.06% 0.01% 0.45% 44.66%

Sales Fees

PNIGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 4.50% N/A
Deferred Load N/A 1.00% 4.50% N/A

Trading Fees

PNIGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 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.

PNIGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 3.35% 948.00% 88.61%

PNIGX - Distributions

Dividend Yield Analysis

PNIGX Category Low Category High PNIGX % Rank
Dividend Yield 3.92% 0.00% 4.94% 74.11%

Dividend Distribution Analysis

PNIGX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PNIGX Category Low Category High PNIGX % Rank
Net Income Ratio 1.10% -0.80% 2.96% 22.42%

Capital Gain Distribution Analysis

PNIGX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PNIGX - Fund Manager Analysis

Managers

Matthew Kraeger


Start Date

Tenure

Tenure Rank

Nov 14, 2012

9.55

9.6%

Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2009 to 2014; Vice President of BlackRock, Inc. from 2006 to 2008; Associate of BlackRock, Inc. from 2002 to 2005.

Bob Miller


Start Date

Tenure

Tenure Rank

Nov 14, 2012

9.55

9.6%

Bob Miller, Managing Director, is head of Americas Fundamental Fixed Income within BlackRock's Global Fixed Income group and a member of the Global Fixed Income Executive Committee. He is a portfolio manager of BlackRock's Core Bond, Total Return, and Strategic Income Opportunities Funds. Prior to joining BlackRock in 2011, Mr. Miller was a co-founder and partner at the Round Table Investment Management Company, a multi-strategy, research-based investment company, where he managed a global macro strategy. Previously, Mr. Miller spent 20 years at Bank of America, where he served in a variety

Siddharth Mehta


Start Date

Tenure

Tenure Rank

Jan 27, 2017

5.34

5.3%

Siddharth Mehta, Director of BlackRock, Inc. since 2017; Vice President of BlackRock, Inc. from 2011 to 2016.Vice President, is a member of the Mortgage Portfolio Team within BlackRock's Americas Fixed Income Alpha Strategies. Mr. Mehta joined the Portfolio Management Group in 2008.From 2006 to 2008, Mr. Mehta was a member of BlackRock's Risk and Quantitative Analytics Group, where he was responsible for supporting the mortgage team. Mr. Mehta began his investment career with BlackRock as an analyst in the Portfolio Analytics Group. Mr. Mehta earned a BS degree, magna cum laude, in electrical engineering from the University of Michigan in 2005.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.11 31.64 8.43 7.35