BlackRock Low Duration Bond Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, BlackRock Low Duration Bond Portfolio held 2,056 positions with $4.00B in net assets. Its ten largest holdings made up 12.6% of the fund. Its share classes cost 0.35%–1.4% a year. Over the 12 months to May 2026, it returned 4.4%, with dividends reinvested. In 2026 Q2 it added 537 new positions and exited 327.
The investment objective of the BlackRock Low Duration Bond Portfolio (the Low Duration Fund or the Fund) is to seek total return in excess of the reference benchmark in a manner that is consistent with preservation of capital.
The fund invests primarily in investment-grade bonds with an average portfolio duration between 0 and 3 years, benchmarked to the ICE BofA 1-3 Year US Corporate & Government Index, and may hold up to 35% in high-yield bonds, up to 35% in foreign issuers, and up to 10% in non-US currency exposure. The management team actively selects individual securities across sectors including Treasuries, mortgage-backed securities, asset-backed securities, and corporate bonds. Because security selection depends on the team's evaluation of individual bonds and sectors rather than index tracking, fund performance may diverge from its benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States of America 3.50% · due 2029-02-15 | 3.05% | $121.95M | — |
Federal National Mortgage Association 5.03% floating · due 2055-06-25 | 2.45% | $98.06M | — |
Federal National Mortgage Association 5.08% floating · due 2055-06-25 | 1.66% | $66.38M | — |
Federal Home Loan Mortgage Corp. 5.03% floating · due 2055-06-25 | 1.17% | $46.67M | — |
TSTXXBlackRock Liquidity Funds | 1.04% | $41.80M | — |
United States of America 3.50% · due 2029-01-15 | 0.98% | $39.31M | — |
AppLovin Corp. 5.13% · due 2029-12-01 | 0.60% | $23.88M | — |
Federal Farm Credit Banks 1.68% · due 2035-09-17 | 0.58% | $23.28M | — |
Federal Farm Credit Banks 2.25% · due 2029-08-15 | 0.55% | $22.14M | — |
United States of America 3.50% · due 2028-12-15 | 0.53% | $21.35M | — |
The 200 largest of 2,056 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 59.23% |
| Securitized | 39.75% |
| Cash & short-term | 1.08% |
| Other | 0.18% |
| 2 smaller | 0.02% |
| Derivatives | -0.04% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 39.6%
- Other
- 13.8%
- Financials
- 12.8%
- Government
- 8.2%
- 12 other sectors
- 25.6%
- Securitized
- 39.6%
- Other
- 13.8%
- Financials
- 12.8%
- Government
- 8.2%
- Utilities
- 5.5%
- International
- 3.1%
- Real Estate
- 2.8%
- Industrials
- 2.6%
- Information Technology
- 2.5%
- Energy
- 2.3%
- Communication Services
- 1.7%
- Consumer Staples
- 1.5%
- Health Care
- 1.3%
- Cash
- 1.1%
- Consumer Discretionary
- 0.8%
- Materials
- 0.6%
How it has done
C000202280 share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.39%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
BlackRock Low Duration Bond Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.35% – 1.40%
- Portfolio turnover
- 182.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
537 new· the largest 8
327 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 51.0% |
| Floating rate | 48.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.6% |
| 1-3y | 24.5% |
| 3-5y | 24.5% |
| 5-10y | 12.8% |
| 10y+ | 34.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 58% |
| Interest rates | 42% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.26 yr |
| High yield | +0.56 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 2% |
| 1 yr | 1.38 yr | 68% |
| 5 yr | 0.51 yr | 25% |
| 10 yr | 0.09 yr | 4% |
30 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.69 yr | 24% |
| 1 yr | 0.32 yr | 11% |
| 5 yr | 1.62 yr | 57% |
| 10 yr | 0.11 yr | 4% |
| 30 yr | 0.09 yr | 3% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.63 | +0.06 | $253.1k | $23.5k |
| 1 yr | +1.38 | +0.27 | +0.05 | $108.3k | $19.2k |
| 5 yr | +0.51 | +1.19 | +0.44 | $474.7k | $174.4k |
| 10 yr | +0.09 | +0.09 | +0.01 | $37.8k | $4.8k |
| 30 yr | -0.00 | +0.08 | +0.01 | $32.2k | $2.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.03 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — this fund, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”