BlackRock Strategic Income Opportunities Portfolio
Actively managed global bond fund
As of its 2026 Q2 report, BlackRock Strategic Income Opportunities Portfolio held 7,168 positions with $48.40B in net assets. Its ten largest holdings made up 26.2% of the fund. Its share classes cost 0.63%–1.7% a year. Over the 12 months to May 2026, it returned 6.8%, with dividends reinvested. In 2026 Q2 it added 1,337 new positions and exited 1,172.
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.
What you own
| Company | Weight | 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 Association 5.00% · 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 Italy 2.85% · due 2031-02-01 | 1.11% | $538.20M | — |
The 200 largest of 7,168 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%.
| 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.
How it has done
C000202264 share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.99%. 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 Strategic Income Opportunities Portfolio is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.63% – 1.70%
- Portfolio turnover
- 1006.00% 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.
1337 new· the largest 2
1172 exited· the largest 2
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.
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