BlackRock Strategic Income Opportunities Portfolio
BlackRock Funds V · Series S000062358
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
The BlackRock Strategic Income Opportunities Portfolio (the Fund) seeks total return as is consistent with preservation of capital.
The fund invests in a diversified mix of fixed-income securities across credit qualities and geographies, including high-yield bonds, emerging-market debt, mortgage-backed securities, corporate loans, and preferred securities, with active trading to pursue total return. The manager may use derivatives, leverage, and short positions in mortgage securities to implement strategies and adjust risk exposure. Commodity exposure may be obtained through a wholly-owned Cayman Islands subsidiary, which may represent up to 25% of total assets and invests primarily in commodity-related instruments. Because the fund may invest significantly in non-investment-grade bonds and may employ leverage, returns depend on the credit quality and performance of selected securities and the effectiveness of leveraged positions.
| Share class | Gross | Net |
|---|---|---|
| C000202264 | 0.99% | 0.98% |
| C000202265 | 1.71% | 1.70% |
| C000202266 | 0.72% | 0.72% |
| C000202267 | 0.64% | 0.63% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 1006.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 50.17% |
| Bonds | 47.69% |
| Stocks | 4.93% |
| Loans | 4.53% |
| 3 smaller | 6.40% |
These positions come to 113.71% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Federal National Mortgage Association or Federal Home Loan Mortgage Corp. ×7, Federal National Mortgage Association
Largest exited: Federal National Mortgage Association or Federal Home Loan Mortgage Corp. ×6, United States of America ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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.
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 | 63.3% |
| Floating rate | 36.1% |
| Zero-coupon or unclassified | 0.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.7% |
| 1-3y | 8.6% |
| 3-5y | 15.4% |
| 5-10y | 16.7% |
| 10y+ | 56.7% |
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 | 59% |
| Interest rates | 41% |
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 | +2.45 yr |
| High yield | +2.11 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 | 0.02 yr | 1% |
| 1 yr | 0.60 yr | 19% |
| 5 yr | 1.17 yr | 37% |
| 10 yr | 0.63 yr | 20% |
| 30 yr | 0.74 yr | 23% |
| 3 mo | 0.84 yr | 18% |
| 1 yr | 0.39 yr | 9% |
| 5 yr | 2.52 yr | 55% |
| 10 yr | 0.55 yr | 12% |
| 30 yr | 0.26 yr | 6% |
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 | +0.02 | +0.39 | +0.45 | $1.88m | $2.19m |
| 1 yr | +0.60 | +0.05 | +0.34 | $259.8k | $1.62m |
| 5 yr | +1.17 | +1.33 | +1.19 | $6.46m | $5.76m |
| 10 yr | +0.63 | +0.48 | +0.08 | $2.30m | $369.1k |
| 30 yr | +0.74 | +0.20 | +0.06 | $957.8k | $290.6k |
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 3.17 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Federal National Mortgage Association or Federal Home Loan Mortgage Corp.3.50% · due 2056-07-25 | 6.88% | $3.33B | — |
| — | Federal National Mortgage Association or Federal Home Loan Mortgage Corp.5.50% · due 2056-07-25 | 6.55% | $3.17B | — |
| — | Federal National Mortgage Association or Federal Home Loan Mortgage Corp.2.50% · due 2056-07-25 | 2.16% | $1.05B | — |
| — | Federal National Mortgage Association or Federal Home Loan Mortgage Corp.4.50% · due 2056-07-25 | 2.06% | $996.26M | — |
| — | Federal National Mortgage Association or Federal Home Loan Mortgage Corp.6.50% · due 2056-07-25 | 1.92% | $929.22M | — |
| — | Federal National Mortgage Association5.00% · due 2054-12-01 | 1.59% | $770.03M | — |
| — | Federal National Mortgage Association or Federal Home Loan Mortgage Corp.3.50% · due 2056-08-25 | 1.50% | $724.13M | — |
| — | Federal Home Loan Mortgage Corp.5.00% · due 2054-06-01 | 1.29% | $624.37M | — |
| — | Federal National Mortgage Association or Federal Home Loan Mortgage Corp.5.00% · due 2056-07-25 | 1.17% | $563.73M | — |
| — | Republic of Italy2.85% · due 2031-02-01 | 1.11% | $538.20M | — |
Top 10 positions are 26.22% of net assets, top 25 38.24%, across 3.1K issuers.
See more of this fund's book
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