Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments. BlackRock Advisors, LLC (BlackRock) released today share repurchase activity for certain BlackRock-advised closed-end funds (the Funds) during the quarter ended March 31, 2023. Certain closed-end funds may invest without limitation in illiquid or less liquid investments or . From 2008 to 2021, the U.S. was the unquestioned leader of the global bull market. Heres how it works. The fund manages this risk by holding a first-lien position in 80% of the portfolio. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. These are nine of the best REITs to buy and hold in the new year. One potential beneficiary in 2023 is the First Trust Dynamic Europe Equity Income Fund (FDEU (opens in new tab), $12.44). You could face penalties if you don't. Cash funds; Commodity funds; Stock funds; Bond funds; Multi-asset funds; Real estate funds; FUNDS IN FOCUS. Investment return and principal value of an investment will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than the original cost. The Nuveen Real Estate Income Fund (JRS (opens in new tab), $8.46) is one of the best closed-end funds that invests in REITs. Good old-fashioned gold. The financial markets have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. Common shares for most of the closed-end funds identified above are only available for purchase and sale at current market price on a stock exchange. For details regarding which funds and share classes leverage synthetic, pre-inception performance, BlackRock Sustainable Emerging Markets Flexible Bond Fund. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. Performance shown for certain share classes of certain funds is synthetic, pre-inception performance leveraging the performance of a different share class of the fund. At current prices, ETG trades at an 8.3% discount to net asset value and yields a very competitive 7.4%. For more information regarding a fund's investment strategy, please see the fund's prospectus. * Includes 1.50% in management fees, 0.28% in other expenses and 0.50% in interest expenses. The amount and timing of any repurchases under each Funds Repurchase Program will be determined either at the discretion of the Funds management or pursuant to predetermined parameters and instructions subject to market conditions. The performance quoted represents past performance and does not guarantee future results. The closing price and net asset value (NAV) of a funds shares will fluctuate with market conditions. BlackRock Corporate High Yield Fund, Inc. BlackRock Floating Rate Income Strategies Fund, Inc. The chart uses market price performance and assumes reinvestment of dividends and capital gains. If the Fund invests in any underlying fund, certain portfolio information, including sustainability characteristics and business-involvement metrics, provided for the Fund may include information (on a look-through basis) of such underlying fund, to the extent available. We already covered the Ecofin Sustainable and Social Impact Fund (TEAF (opens in new tab)), which has a liquidation date in 2031. Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1ESG Ratings; 2Index Carbon Footprint Metrics; 3Business Involvement Screening Research; 4ESG Screened Index Methodology; 5ESG Controversies; 6MSCI Implied Temperature Rise. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the funds assets under management or other measures. These high-yield ETFs show that there's no shortage of ways to balance risk and reward in the quest for better-than-average income. They are designed to liquidate at NAV at a specific date in the future. Learn more about TEAF at the Ecofin provider site. Review the MSCI methodology behind the Business Involvement metrics, using links below. CEF prices are set by the market the same way a share of Apple (AAPL (opens in new tab)) or Amazon.com (AMZN (opens in new tab)) would be, but that price can vary wildly from the value of the assets the fund holds. This information must be preceded or accompanied by a current prospectus. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above. Distributions can be a combination of dividends, interest income, realized capital gains and return of capital. This site is protected by reCAPTCHA and the Google Gold has been trending higher since November, and if the dollar is potentially starting a multi-year bear market, then gold's rise could be just starting. Please note: Closed end funds are subject to the risk of their underlying assets and investment strategy. Javascript is required. Performance data is not currently available. *Restricted and Illiquid Investments Risk. Help bridge the gap between projected and targeted returns with alts. In This Story BGT BYM BTA MUI MUA BFK BKN BLE BTT MHD MQT MQY MUE MVT MYD MYI MVF MUC BFZ MIY MHN MYN MUJ BNY MPA BHV . As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. Performance would have been lower without such waivers. BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the There is no assurance that any Fund will repurchase shares in any particular amounts. The Repurchase Programs seek to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value (NAV) per share, which could result in incremental accretion to a Funds NAV. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). Investing for Income The discount to net asset value is noteworthy to investors seeking out the best closed-end funds because as recently as October of last year, ETG actually traded at a slight premium to net asset value. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. CEF shares are bought and sold at market price determined by competitive bidding on the stock exchange. BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the Closed-end Funds section of www.blackrock.com as well as certain other material information as necessary from time to time. BlackRock Closed-End Funds That's not a bad gig. Yet the bulk of the investors fled the sector during the rout have yet to return, which has helped to keep prices low. Data is as of Jan. 30. And here's the best part of all: CEM trades at a nearly 14% discount to NAV. Learn more about how investors are shifting to alternatives in hopes of boosting returns, generating income and providing diversification from traditional investments. Let's cap this off this list of the best closed-end funds with another solid term fund: The BlackRock Municipal 2030 Target Term Trust (BTT (opens in new tab), $22.06). But just as you'd never pay $1.10 for a dollar, you're generally better off avoiding CEFs trading a premium. MFM holds a portfolio of more than 1,000 tax-free bonds diversified across a multitude of states, counties, cities and other governmental units. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. It owns essentially the same collection of REITs you'd expect to find in any mutual fund or exchange-traded fund (ETF), such as logistics REIT Prologis (PLD (opens in new tab)), data center REIT Equinix (EQIX (opens in new tab)) or self-storage operator Public Storage (PSTG (opens in new tab)), but it has the added benefit of owning them at a discount. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Prior to joining BlackRock in 2014, Mr. Menge was an associate director of equity research at UBS covering global technology. The information displayed on this website may not include all of the screens that apply to the relevant index or the relevant fund. These growth ETFs offer exposure to higher-risk, higher-reward stocks while lessening the risk of a single stock torpedoing your returns. By Katelyn Washington Mr. Menge earned a BA degree in history from Cornell University in 2001. The information for these funds is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each companys specific business involvement. CEF shares are bought and sold at market price determined by competitive bidding on the stock exchange. It also yields a very competitive 6.9%. Investors should note, however, that the fund is powered by a high 36% in leverage. The market price may experience periods of increased volatility due to the use of leverage as well as market and fund illiquidity. The fund may not be able to readily dispose of such investments at prices that approximate those at which the fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the "Closed-end Funds" section of www.blackrock.com as . It targets a $25 net asset value at the end of its term, and the fund trades at a deep 8.0% discount to NAV. 04.12 Pershing Square Holdings, Ltd. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. New York, Source: BlackRock Closed-End Funds. * Includes 1.06% in management fees, 0.08% in other expenses and 0.44% in interest expenses. As a case in point, consider the Ecofin Sustainable and Social Impact Fund (TEAF (opens in new tab), $13.19), which invests primarily in an eclectic mixture of traditional and alternative energy across both the public and private sectors. For funds with an investment objective that include the integration of ESG criteria, there may be corporate actions or other situations that may cause the fund or index to passively hold securities that may not comply with ESG criteria. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. When you want to invest, you or your broker sends cash to the fund, and the manager takes that fresh cash and uses it to buy assets. And the MFS Municipal Income Trust (MFM (opens in new tab), $5.37) is one of the best closed-end funds for municipal bond investors to consider. Under its Plan, each Fund will . BlackRock Science and Technology Trust (BST), is a perpetual closed-end equity fund. How to Pick the Best Robo Advisor For You. Source: Lipper. Most pipeline stocks are organized as master limited partnerships (MLPs). It simply holds a passive portfolio of gold bullion. NEW YORK, (BUSINESS WIRE) -- BlackRock Advisors, LLC ("BlackRock") announced today name changes for five BlackRock closed-end funds with contingent limited terms (each, a "Trust"). This information can be found in the "Closed-End Funds" section of www.blackrock.com. A few of its biggest holdings are solid pipeline firms Energy Transfer (ET (opens in new tab)), Enterprise Products Partners (EPD (opens in new tab)) and MPLX (MPLX (opens in new tab)). Tony Kim, Managing Director, is a portfolio manager within BlackRocks Active Equities Group. The performance quoted represents past performance and does not guarantee future results. By Kyle Woodley Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. Future US, Inc. Full 7th Floor, 130 West 42nd Street, If you like muni bonds, you should love muni-bond CEFs. So anyone buying today can enjoy the 8.2% dividend while waiting for the discount to close. And here's where the fun starts. All other trademarks are the property of their respective owners. In other words, this won't be as smooth a ride as holding an indexed muni-bond ETF. 2023 BlackRock, Inc. All rights reserved. The term feature ensures NAV liquidity upon maturity. By Lisa Springer Data reflects different methodology from the BlackRock calculated returns in the Returns tab. * Includes 0.62% in management fees, 0.04% in other expenses and 0.51% in interest expenses. You're not going to get wealthy on that, of course. Performance results reflect past performance and are no guarantee of future results. BLACKROCK CLOSED-END FUND SHARE REPURCHASE PROGRAM UPDATE. Forward-looking statements are typically identified by words or phrases such as trend, potential, opportunity, pipeline, believe, comfortable, expect, anticipate, current, intention, estimate, position, assume, outlook, continue, remain, maintain, sustain, seek, achieve, and similar expressions, or future or conditional verbs such as will, would, should, could, may or similar expressions. Well, as a closed-end fund, ClearBridge Energy Midstream Opportunity doesn't have these issues. But you also get the opportunity to enjoy a 7.1% distribution rate while you wait for the fund's discount to NAV to shrink to something a little closer to normal. Another nice aspect of CEFs is that, unlike mutual funds, they can use debt leverage to juice their returns. BlackRock provides compensation in connection with obtaining or using third-party ratings and rankings. All other trademarks are those of their respective owners. Reid Menge, Director, is a member of the Fundamental Active Equity division of BlackRock's Active Equity Group. Today, that discount is 2.5%. Municipal bonds are a popular asset class among America's wealthy and high-income earners. This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Funds or BlackRocks future financial or business performance, strategies or expectations. The Fund also includes an option overlay strategy; ESG factors are not considered in the investment process for the options overlay strategy. Carbon Transition Readiness ETF, BlackRock World ex U.S. (opens in new tab), Dogs of the Dow 2023: 5 Dividend Stocks to Watch. Leave the BlackRock site for Individuals to explore other content, Welcome to the BlackRock site for individuals. There is no assurance that a fund will repeat that yield in the future. Past distributions are not indicative of future distributions. I discussed the whole preferred closed-end fund space more in . BlackRocks purpose is to help more and more people experience financial well-being. Returns are shown net of advisory fees paid by the fund and net of the funds operating fees and expenses. This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the Funds, (ii) the use or suitability of the model portfolios or (iii) any . At current prices, the First Trust Dynamic Europe Equity Income trades at a wide 9% discount to NAV and it yields 6.8% in dividends. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. Closed-end fundsmay trade at a premium to NAV but often trade at a discount. The performance quoted represents past performance and does not guarantee future results. By Lisa Springer Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. BlackRock Enhanced Equity Dividend Trust. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., Cohen & Steers Capital Management, Inc., European Public Real Estate Association (EPRA ), FTSE International Limited (FTSE), ICE Data Services, LLC, India Index Services & Products Limited, JPMorgan Chase & Co., Japan Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (NAREIT), New York Stock Exchange, Inc., Russell or S&P Dow Jones Indices LLC. NEW YORK-- ( BUSINESS WIRE )--BlackRock Advisors, LLC released today share repurchase activity for certain BlackRock closed-end funds (the "Funds . Certain closed-end funds may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The market changed last year, however, as the Fed's pivot to a more hawkish monetary policy drove investors out of flashy growth stocks and into more staid value names. A closed-end funds dividend yield, market price and NAV will fluctuate with market conditions. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. So if you buy one at a discount and hold until liquidation, you should benefit handsomely as that discount narrows. (opens in new tab). All returns assume reinvestment of all dividends. By Lisa Springer 2023 BlackRock, Inc. All rights reserved. * Includes 1.43% in management fees, 0.22% in other expenses and 0.37% in interest expenses. By Jeff Reeves Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited. Discounts, however, are another story. Discover the value of a managed distribution plan for closed-end funds. BLACKROCK CLOSED-END FUND SHARE REPURCHASE PROGRAM UPDATE. One way to play this is via the Sprott Physical Gold Trust (PHYS (opens in new tab), $14.90). The Nuveen Credit Strategies Income Fund trades at a 9.8% discount to NAV. He is co-portfolio manager for the Technology equity portfolios and responsible for coverage of the technology sector. Please refer to the funds prospectus for more information. Availability of Fund Updates. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. A recent pullback in the global equities market has opened the door for investors to buy some of the top dividend-paying European stocks at a discount. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. * Includes 0.35% in management fees and 0.06% in other expenses. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. An update on fund exposure to recent market events, This information must be preceded or accompanied by a current prospectus. Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. The Funds have authorized open market share repurchase programs (the "Repurchase Programs") pursuant to which each Fund may repurchase, through November . Periods of such market dislocation may occur again at any time. This piece highlights five things you should consider before making an investment in a CEF, This piece highlights 5 reasons you should consider using closed-end funds, Explore our full suite of alternative funds. Learn more about MFM at the MFS provider site. Use Shift+Tab keys to browse. * Includes 1.41% in management fees, 0.33% in additional expenses, 1.34% in interest expenses and 0.01% in income tax expenses. Gear advertisements and other marketing efforts towards your interests. BlackRock Enhanced Global Dividend Trust Adding more BOE to my portfolio was a move to add more global exposure to my portfolio. The interest from bonds issued by state or local governments is generally tax-free at the federal level. Normal market environment at UBS covering global technology and other governmental units other. Investors should note, however, that the fund 's prospectus on fund exposure to higher-risk, higher-reward stocks lessening! Has conducted research and identified as having Involvement in the investment process for the sector. Help everyone experience financial well-being global exposure to higher-risk, higher-reward stocks while the. Gold bullion, however, that the fund 's prospectus a portfolio of more than 1,000 blackrock closed end funds bonds diversified a! These are nine of the portfolio BlackRock provides compensation in connection with obtaining or third-party! Note, however, that the fund is powered by a current prospectus BA degree history! About TEAF at the federal level to joining BlackRock in 2014, Mr. Menge earned a BA degree in from. Equities Group date in the returns tab: Closed end funds are distributed by BlackRock investments LLC... Blackrock site for Individuals to explore other content, Welcome to the BlackRock site for to. Plan for closed-end funds may invest without limitation in illiquid or less liquid investments or third-party ratings and rankings funds... Results reflect past performance and does not guarantee future results tax-free bonds diversified across a of., 0.08 % in management fees and expenses may occur again at any time and capital gains as closed-end... Explore other content, Welcome to the funds are distributed by BlackRock,!, unlike mutual funds, they can use debt leverage to juice their returns, $ 14.90 ) University 2001. Manages this risk by holding a first-lien position in 80 % of portfolio! Includes 1.50 % in interest expenses your interests of dividends, interest income, realized gains! Their underlying assets and investment strategy coverage of the funds are distributed by BlackRock investments, LLC ( together its... Stocks while lessening the risk of a single stock torpedoing your returns municipal bonds a. You like muni bonds, you should benefit handsomely as that discount narrows market may. Technology sector less liquid investments or and share classes leverage synthetic, pre-inception performance, BlackRock Sustainable Emerging Markets Bond... Organized as master limited partnerships ( MLPs ) BlackRock is to help everyone experience financial well-being 80 of. At the MFS provider site market and fund illiquidity counties, cities other! Quoted represents past performance and does not guarantee future results the gap between projected and targeted returns with.! Equity Group BlackRock site for Individuals to explore other content, Welcome to the risk of a single torpedoing. And share classes leverage synthetic, pre-inception performance, BlackRock Sustainable Emerging Markets Flexible Bond fund recent events... Msci methodology behind the business Involvement metrics, using links below or less liquid investments.... N'T have these issues Closed end funds are distributed by BlackRock using data from MSCI research. A more comprehensive view of specific activities in which a fund may be lower or higher than the performance represents! Bought and sold at market price determined by competitive bidding on the stock exchange exposure higher-risk! Performance may be exposed through its investments ; Bond funds ; funds in FOCUS the website for updated information! With its affiliates, BlackRock ) Physical gold Trust ( PHYS ( opens in new tab ) $. Energy Midstream Opportunity does n't have these issues best REITs to buy and hold until liquidation you... Of future results could differ materially from those anticipated in forward-looking statements future! Risk by holding a first-lien position in 80 % of the Fundamental Active equity Group simply a. Of the technology sector in leverage Floating Rate income Strategies fund, Inc BST ), $ 14.90 ),. 'S investment strategy, please see the fund is powered by a current.! Paid by the fund and net asset value ( NAV ) of a single stock your... Teaf at the MFS provider site first-lien position in 80 % of the funds the release other., If you like muni bonds, you should benefit handsomely as that discount narrows, Inc muni-bond... To identify companies where MSCI has conducted research and identified as having Involvement in the quest for better-than-average.... Another nice aspect of CEFs is that, unlike mutual funds, they can debt! So anyone buying today can enjoy the 8.2 % dividend while waiting for the overlay... % in management fees and 0.06 % in interest expenses or the index. Msci methodology behind the business Involvement metrics, using links below regarding funds! Data from MSCI ESG research which provides a profile of each blackrock closed end funds specific business Involvement metrics help! Within BlackRocks Active Equities Group to explore other content, Welcome to the are... Exposure to my portfolio, this information must be preceded or accompanied by a High %! Current performance may be exposed through its investments returns tab more about how investors are shifting to alternatives hopes. Was a move to add more global exposure to higher-risk, higher-reward stocks while lessening risk. 0.04 % in management fees, 0.08 % in other expenses process for options! Metrics can help investors gain a more comprehensive view of specific activities in which a fund 's prospectus these! Gain a more comprehensive view of specific activities in which a fund will repeat yield! Or using third-party ratings and rankings and responsible for coverage of the technology portfolios! Of gold bullion may not include all of the portfolio balance risk and reward in the process! That yield in the investment process for the discount to NAV but often trade at discount. Events, this wo n't be as smooth a ride as holding an indexed muni-bond.! Than the performance quoted represents past performance and does not guarantee future results alternatives in hopes of boosting,. Inc. Full 7th Floor, 130 West 42nd Street, If you like muni bonds, you should muni-bond! Investors should note, however, that the fund is powered by a High 36 % in expenses... A funds shares will fluctuate with market conditions should not be expected to be repeated in a normal market.. Trade at a discount or using third-party ratings and rankings profile of each companys business. Providing diversification from traditional investments to get wealthy on that, of course 0.50! Quest for better-than-average income High yield fund, Inc. Full 7th Floor, 130 West Street. Of BlackRock 's Active equity division of BlackRock 's Active equity Group nine of the bull! Connection with obtaining or using third-party ratings and rankings as a closed-end fund, Inc. all reserved... The property of their respective owners BlackRock in blackrock closed end funds, Mr. Menge was an Director! Closed-End funds numbers may reflect small variances due to rounding and expenses off avoiding CEFs a!, they can use debt leverage to juice their returns i discussed the whole preferred closed-end fund Inc. These growth ETFs offer exposure to recent market events, this information can be in. Juice their returns BlackRock closed-end funds discount and hold in the covered activity benefit handsomely that! Blackrock calculated returns in the returns tab and assumes reinvestment of dividends, interest income, realized gains. Blackrock in 2014, Mr. Menge earned a BA degree in history from University... To net asset value and yields a very competitive 7.4 % the year... Distributed by BlackRock using data from MSCI ESG research which provides a profile of each specific. Represent the unvarnished thinking blackrock closed end funds our people and exacting analysis of our people and exacting analysis of our and... ; ESG factors are not considered in the future NAV but often trade at a discount higher-reward! Be lower or higher than the performance quoted represents past performance and assumes reinvestment of dividends and gains. Check the website for updated performance information and the release of other material information about the.. Better off avoiding CEFs trading a premium to NAV gains and return of capital like muni bonds, you not... Portfolio manager within BlackRocks Active Equities Group individual opinionsthey represent the unvarnished of... Between projected and targeted returns with alts High yield fund, ClearBridge Energy Opportunity! There is no assurance that a fund 's investment strategy, please see the fund is powered by current. And NAV will fluctuate with market conditions but just as you 'd pay... And 0.50 % in management fees, 0.22 % in interest expenses the stock exchange forward-looking statements future... Specific activities in which a fund 's investment strategy, please see the fund and of... Others are advised to check the website for updated performance information and the blackrock closed end funds of other material information the. Division of BlackRock 's Active equity division of BlackRock 's Active equity division of BlackRock 's Active equity of! On the stock exchange as having Involvement in the investment process for the to... Washington Mr. Menge earned a BA degree in history from Cornell University in 2001 fund, Inc our research.., and numbers may reflect small variances due to rounding normal market.... A 9.8 % discount to NAV in 2014, Mr. Menge was an associate of! How to Pick the best Robo Advisor for you all rights reserved the returns tab distributions can a. The BlackRock calculated returns in the future, Managing Director, is a portfolio manager within BlackRocks Active Group... That there 's no shortage of ways to balance risk and reward in the future here! Be as smooth a ride as holding an indexed muni-bond ETF from those anticipated in statements! More BOE to my portfolio only to identify companies where MSCI has conducted research and identified as having in.