BlackRock Systematic Multi-Strategy Fund
BlackRock Funds IV
Fund classification
Classified from what the fund holds · as of 2026 Q2
BlackRock Systematic Multi-Strategy Fund 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
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
The investment objective of BlackRock Systematic Multi-Strategy Fund (the Fund), a series of BlackRock Funds IV (the Trust ), is to seek total return comprised of current income and capital appreciation.
The fund allocates assets across three broad strategies: core fixed-income and equity allocation, long/short macro strategies, and long/short alpha strategies, with flexibility to shift allocations across global asset classes including U.S. and non-U.S. securities, emerging markets, and currencies. It may invest directly in securities or through derivatives and other investment companies, and uses long and short positions to seek lower correlation to traditional equity and fixed-income markets. The fund may gain commodity exposure by investing up to 25% of total assets in a wholly owned Cayman Islands subsidiary that invests primarily in commodity-related instruments. Because the fund employs both long and short positions across multiple strategies with no limit on derivative use, performance will depend on the manager's ability to execute these strategies successfully across varying market conditions.
| Share class | Gross | Net |
|---|---|---|
| C000202321 | 1.21% | 1.20% |
| C000202322 | 1.90% | 1.90% |
| C000202323 | 0.93% | 0.92% |
| C000222461 | 0.81% | 0.81% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 270.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 57.11% |
| Securitized | 39.72% |
| Derivatives | 9.20% |
| Stocks | 8.00% |
| Cash & short-term | 3.03% |
These positions come to 117.06% 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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 42.6% |
| Securitized | 23.5% |
| Financials | 9.3% |
| International | 5.6% |
| 11 smaller | 19.1% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury ×2, UMBS, TBA ×5, Government National Mortgage Association
Largest exited: United States Treasury, UMBS, TBA ×4, Government National Mortgage Association, Freddie Mac - STACR, Barclays Bank PLC
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 | 71.5% |
| Floating rate | 28.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.7% |
| 1-3y | 14.6% |
| 3-5y | 19.5% |
| 5-10y | 27.2% |
| 10y+ | 37.0% |
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 | 50% |
| Interest rates | 50% |
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 | +2.52 yr |
| High yield | +0.60 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 | 0.05 yr | 2% |
| 1 yr | 1.02 yr | 33% |
| 5 yr | 1.18 yr | 38% |
| 10 yr | 0.86 yr | 28% |
30 yr is NEGATIVE (-0.02 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.46 yr | 14% |
| 1 yr | 0.26 yr | 8% |
| 5 yr | 1.43 yr | 43% |
| 10 yr | 1.16 yr | 35% |
30 yr is NEGATIVE (-0.19 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
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 | +0.05 | +0.27 | +0.19 | $217.0k | $150.7k |
| 1 yr | +1.02 | +0.17 | +0.09 | $137.8k | $69.7k |
| 5 yr | +1.18 | +1.50 | -0.07 | $1.20m | -$55.0k |
| 10 yr | +0.86 | +0.57 | +0.59 | $455.4k | $469.5k |
| 30 yr | -0.02 | +0.01 | -0.20 | $4.2k | -$159.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States Treasury | 1.60% | $128.34M | — |
| — | UMBS, TBA2.00% · due 2056-07-01 | 1.27% | $101.62M | — |
| — | Freddie Mac - STACR8.86% floating · due 2042-03-25 | 1.23% | $98.28M | — |
| — | United States Treasury | 1.21% | $96.35M | — |
| — | UMBS, TBA2.50% · due 2056-07-01 | 1.09% | $87.36M | — |
| — | Freddie Mac - STACR6.63% floating · due 2033-08-25 | 1.05% | $84.27M | — |
| — | Freddie Mac - STACR7.38% floating · due 2041-12-25 | 1.01% | $81.22M | — |
| — | Freddie Mac - STACR6.98% floating · due 2041-09-25 | 1.00% | $79.73M | — |
| — | Fannie Mae - CAS6.63% floating · due 2042-01-25 | 0.99% | $78.99M | — |
| — | Freddie Mac - STACR7.28% floating · due 2041-11-25 | 0.98% | $78.43M | — |
Top 10 positions are 11.43% of net assets, top 25 23.61%, across 1.1K issuers.
See more of this fund's book
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