MACMX: BlackRock California Muni Opps Instl

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MACMX BlackRock California Muni Opps Instl


Profile

MACMX - Profile

Vitals

  • YTD Return -3.0%
  • 3 Yr Annualized Return -0.6%
  • 5 Yr Annualized Return 0.2%
  • Net Assets $3.25 B
  • Holdings in Top 10 20.1%

52 WEEK LOW AND HIGH

$12.45
$11.27
$13.03

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.57%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 117.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,000,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return -3.0%
  • 3 Yr Annualized Total Return -0.5%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.13%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    BlackRock California Municipal Opportunities Fund
  • Fund Family Name
    BlackRock
  • Inception Date
    Oct 25, 1988
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Walter O'Connor

Fund Description

Under normal circumstances, the fund will invest at least 80% of its assets in California municipal bonds. At least 50% of its assets will be invested in investment grade securities. The fund may invest in both fixed rate and variable rate obligations. It may invest up to 50% of its assets in non-investment grade bonds.


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Categories

Fund Company Quick Screens

MACMX - Fund Company Quick Screens


Performance

MACMX - Performance

Return Ranking - Trailing

Period MACMX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.0% -3.0% 303.4% 99.48%
1 Yr -2.6% -3.3% 299.4% 98.43%
3 Yr -0.6%* -0.9% 58.9% 96.63%
5 Yr 0.2%* -0.9% 31.6% 68.63%
10 Yr 0.5%* -0.3% 15.0% 54.33%

* Annualized

Return Ranking - Calendar

Period MACMX Return Category Return Low Category Return High Rank in Category (%)
2019 3.9% 2.4% 8.8% 57.98%
2018 -3.2% -6.2% 2.8% 74.44%
2017 3.8% -0.2% 6.8% 14.63%
2016 -2.3% -7.9% -1.7% 13.55%
2015 1.3% -1.9% 1.8% 9.87%

Total Return Ranking - Trailing

Period MACMX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.0% -3.0% 303.4% 99.48%
1 Yr -2.6% -3.3% 299.4% 98.43%
3 Yr -0.5%* -0.9% 59.1% 96.63%
5 Yr 0.3%* -0.9% 31.9% 66.67%
10 Yr 0.6%* -0.3% 15.5% 50.39%

* Annualized

Total Return Ranking - Calendar

Period MACMX Return Category Return Low Category Return High Rank in Category (%)
2019 3.9% 2.4% 8.8% 57.98%
2018 -3.2% -6.2% 2.8% 78.89%
2017 4.2% -0.2% 6.9% 14.02%
2016 -2.3% -7.9% 0.8% 19.35%
2015 1.3% -1.9% 3.7% 15.13%

NAV & Total Return History


Holdings

MACMX - Holdings

Concentration Analysis

MACMX Category Low Category High MACMX % Rank
Net Assets 3.25 B 2.99 M 17.2 B 7.29%
Number of Holdings 315 20 4740 47.92%
Net Assets in Top 10 653 M -115 M 3.01 B 5.73%
Weighting of Top 10 20.14% 3.5% 68.6% 31.77%

Top 10 Holdings

  1. LOS ANGELES CNTY CALIF 4% 2.57%
  2. FREMONT CALIF UNI SCH DIST ALAMEDA CNTY 4% 2.31%
  3. LOS ANGELES CALIF 4% 2.03%
  4. CHINO BASIN CALIF REGL FING AUTH REV 4% 1.83%
  5. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5% 1.76%
  6. SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5.25% 1.51%
  7. SOUTHERN CALIF PUB PWR AUTH REV 5% 1.47%
  8. SANTA MONICA CALIF CMNTY COLLEGE DIST 4% 1.39%
  9. CALIFORNIA ST 4% 1.34%
  10. SAN DIEGO CALIF PUB FACS FING AUTH WTR REV 5% 1.29%

Asset Allocation

Weighting Return Low Return High MACMX % Rank
Bonds
97.22% 88.08% 139.13% 77.08%
Cash
2.78% -39.12% 11.92% 23.96%
Stocks
0.00% 0.00% 0.10% 93.75%
Preferred Stocks
0.00% 0.00% 0.00% 93.75%
Other
0.00% 0.00% 3.39% 94.79%
Convertible Bonds
0.00% 0.00% 0.00% 93.75%

Bond Sector Breakdown

Weighting Return Low Return High MACMX % Rank
Municipal
95.42% 49.29% 101.06% 82.81%
Cash & Equivalents
4.56% -0.27% 13.85% 17.71%
Corporate
0.02% 0.00% 2.58% 12.50%
Derivative
0.00% 0.00% 0.00% 93.75%
Securitized
0.00% 0.00% 0.00% 93.75%
Government
0.00% -0.79% 49.18% 93.75%

Bond Geographic Breakdown

Weighting Return Low Return High MACMX % Rank
US
90.06% 85.92% 134.71% 90.10%
Non US
7.16% 0.00% 9.10% 7.29%

Expenses

MACMX - Expenses

Operational Fees

MACMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.57% 0.09% 3.74% 72.77%
Management Fee 0.37% 0.00% 0.65% 21.88%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.33% N/A

Sales Fees

MACMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 4.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MACMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MACMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 117.00% 2.00% 235.00% 96.86%

Distributions

MACMX - Distributions

Dividend Yield Analysis

MACMX Category Low Category High MACMX % Rank
Dividend Yield 0.00% 0.00% 0.60% 94.27%

Dividend Distribution Analysis

MACMX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MACMX Category Low Category High MACMX % Rank
Net Income Ratio 2.13% 0.73% 5.75% 81.68%

Capital Gain Distribution Analysis

MACMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

MACMX - Fund Manager Analysis

Managers

Walter O'Connor


Start Date

Tenure

Tenure Rank

Dec 31, 1993

26.68

26.7%

Walter O’Connor, CFA, is a Managing Director and Co-Head of the Municipal Funds team within BlackRock’s Global Fixed Income Group. He is also a member of the Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities. Mr. O’Connor’s service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond retail mutual funds. Prior to joining MLIM, Mr. O’Connor was with Prudential Securities, where he was involved in trading, underwriting, and arbitrage for municipal securities and financial futures. Mr. O’Connor earned a B.A. degree in finance and philosophy from the University of Notre Dame in 1984.

Theodore Jaeckel


Start Date

Tenure

Tenure Rank

Dec 22, 2006

13.7

13.7%

Jaeckel Jr. is managing director at BlackRock. He joined BlackRock following the merger with Merrill Lynch Investment Managers (MLIM) in 2006. He is a member of BlackRock's Fixed Income Portfolio Management Group. Prior to joining MLIM in 1990, he was a municipal bond trader with Chemical Bank. Jaeckel holds the Chartered Financial Analyst designation.

Peter Hayes


Start Date

Tenure

Tenure Rank

Jan 26, 2015

5.6

5.6%

Hayes is a managing director of BlackRock, Inc. Prior to joining BlackRock in 2006, he was a managing director of MLIM from 2000 to 2006 and was a first vice president of MLIM from 1997 to 2000. He has been a portfolio manager with BlackRock or MLIM since 1987.

James Pruskowski


Start Date

Tenure

Tenure Rank

Jan 26, 2015

5.6

5.6%

Pruskowski is a portfolio manager and Managing Director of BlackRock, Inc. since 2006. , his employer since 2000.

Michael Kalinoski


Start Date

Tenure

Tenure Rank

Jan 26, 2015

5.6

5.6%

Kalinoski, director at BlackRock, joined BlackRock following the merger with Merrill Lynch Investment Managers(MLIM) in 2006. Prior to joining MLIM in 1999, he was with Strong Capital Management. Mr. Kalinoski earned a B.S. degree in accounting from Marquette University in 1992. Kalinoski holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.17 31.69 9.4 7.51