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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BlackRock California Municipal Opportunities Fund

MDCMX | Fund

$12.03

$2.35 B

3.33%

$0.40

0.64%

Vitals

YTD Return

3.3%

1 yr return

6.4%

3 Yr Avg Return

0.0%

5 Yr Avg Return

1.2%

Net Assets

$2.35 B

Holdings in Top 10

27.1%

52 WEEK LOW AND HIGH

$12.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.64%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 53.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BlackRock California Municipal Opportunities Fund

MDCMX | Fund

$12.03

$2.35 B

3.33%

$0.40

0.64%

MDCMX - Profile

Distributions

  • YTD Total Return 3.3%
  • 3 Yr Annualized Total Return 0.0%
  • 5 Yr Annualized Total Return 1.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.89%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    BlackRock California Municipal Opportunities Fund
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Nov 03, 1995
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Walter O'Connor

Fund Description

Under normal circumstances, the Fund will invest at least 80% of its assets in California municipal bonds. California municipal bonds are debt obligations issued by or on behalf of a governmental entity in California or other qualifying issuer that pay interest that, in the opinion of bond counsel, is excludable from gross income for Federal income tax purposes (except that interest may be includable in taxable income for purposes of the Federal alternative minimum tax) and exempt from California income tax.
Municipal bonds also include short-term tax-exempt obligations like municipal notes, variable rate demand obligations, private activity bonds and insured municipal bonds. The Fund may invest in both fixed rate and variable rate obligations.
At least 50% of the Fund’s assets will be invested in investment grade securities. Investment grade securities are securities which are rated in the four highest categories by at least one of the major rating agencies or determined by the management team to be of similar quality. The Fund may invest up to 50% of its assets in non-investment grade bonds (commonly called “high yield” or “junk bonds”). Non-investment grade bonds are bonds that, at the time of acquisition, are rated in the lower rating categories of the major rating agencies (BB or lower by S&P Global Ratings or Fitch Ratings or Ba or lower by Moody’s Investor Service, Inc.) or are determined by Fund management to be of similar quality. Split rated bonds will be considered to have the higher credit rating. Split rated bonds are bonds that receive different ratings from two or more rating agencies.
The Fund may invest in bonds of any maturity. Under normal circumstances, the Fund seeks to maintain an average portfolio duration of zero to ten years. Duration is a mathematical calculation of the average life of a bond (or bonds in a bond fund) that serves as a useful measure of its price risk. Each year of duration represents an expected 1% change in the net asset value of a bond fund for every 1% immediate change in interest rates. For example, if a bond fund has an average duration of ten years, its net asset value would be expected to fall about 10% when interest rates rise by one percentage point, assuming all other factors remain equal. Conversely, the bond fund’s net asset value would be expected to rise about 10% when interest rates fall by one percentage point, assuming all other factors remain equal. Duration, which measures price sensitivity to interest rate changes, is not necessarily equal to average maturity. The Fund’s average weighted duration may vary significantly from time to time depending on the views of Fund management.
The Fund’s investment process begins with bottom-up, fundamental analysis focused on sector and security selection, and then incorporates a macroeconomic framework for evaluating and managing risk, including geographic, technical and economic risk. The Fund’s investment process is generally expected to place greater emphasis on duration management and capital structure compared to that of a more traditional municipal fixed income fund. When selecting investments for the Fund, Fund management considers a variety of factors, including the credit quality of issuers and the yield and duration of the obligations.
The Fund is permitted to engage in transactions in certain derivatives, such as interest rate futures, financial futures contracts and options thereon, for hedging purposes (including anticipatory hedges) or to seek to enhance returns. The Fund may also invest in other derivatives, such as swap agreements, including credit default swap agreements, for hedging purposes (including anticipatory hedges) or to enhance income. Derivatives are financial instruments whose value is derived from another security or an index. The Fund may use derivative instruments to hedge its investments or to seek to enhance returns. Derivatives allow the Fund to increase or decrease its risk exposure more quickly and efficiently than other types of instruments. The Fund may also invest in indexed and inverse floating rate obligations.
The Fund may invest up to 20% of its assets in securities that are not California municipal bonds (including, but not limited to, taxable municipal bonds, U.S. Treasury and Government agency issues, and investment grade corporate bonds).
The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special purpose entity (a “TOB Trust”). A TOB Trust typically issues two classes of beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and residual inverse floating rate interests (“TOB
Residuals”), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund’s 80% policy.
The Fund may also buy when-issued securities and participate in delayed delivery transactions.
The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.
Read More

MDCMX - Performance

Return Ranking - Trailing

Period MDCMX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -4.6% 33.0% 12.46%
1 Yr 6.4% -0.1% 38.0% 39.64%
3 Yr 0.0%* -10.8% 3.4% 25.36%
5 Yr 1.2%* -6.7% 1104.0% 24.49%
10 Yr 2.4%* -0.9% 248.8% 13.30%

* Annualized

Return Ranking - Calendar

Period MDCMX Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% -1.4% 41.0% 70.47%
2022 -10.5% -39.7% 0.3% 38.55%
2021 2.8% -5.6% 6.9% 2.52%
2020 -0.6% -2.6% 310.0% 98.54%
2019 3.9% 0.0% 26.0% 45.07%

Total Return Ranking - Trailing

Period MDCMX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.3% -4.6% 33.0% 12.46%
1 Yr 6.4% -0.1% 38.0% 39.64%
3 Yr 0.0%* -10.8% 3.4% 25.36%
5 Yr 1.2%* -6.7% 1104.0% 24.49%
10 Yr 2.4%* -0.9% 248.8% 13.30%

* Annualized

Total Return Ranking - Calendar

Period MDCMX Return Category Return Low Category Return High Rank in Category (%)
2023 5.4% -1.3% 41.0% 56.91%
2022 -8.1% -39.7% 1.1% 36.45%
2021 4.6% -4.8% 23761504.0% 4.09%
2020 1.5% -1.5% 17057.9% 93.40%
2019 5.6% 0.2% 3514.6% 72.71%

NAV & Total Return History

MDCMX - Holdings

Concentration Analysis

MDCMX Category Low Category High MDCMX % Rank
Net Assets 2.35 B 3.22 M 71.9 B 14.67%
Number of Holdings 250 4 13418 47.63%
Net Assets in Top 10 637 M -317 M 3.09 B 2.73%
Weighting of Top 10 27.06% 1.8% 100.3% 18.60%

Top 10 Holdings

  1. BlackRock Liquidity Funds: MuniCash, Institutional Shares 5.83%
  2. CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 3.35%
  3. LOS ANGELES CA 3.25%
  4. CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 2.31%
  5. CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 2.18%
  6. U.S. Treasury Bills 2.12%
  7. U.S. Treasury Bills 2.12%
  8. U.S. Treasury Bills 2.11%
  9. U.S. Treasury Bills 2.09%
  10. SAN FRANCISCO CITY CNTY CA PUBLIC UTILS COMMISSION WSTWTR 1.70%

Asset Allocation

Weighting Return Low Return High MDCMX % Rank
Bonds 		94.41% 0.00% 150.86% 91.88%
Cash 		5.83% -50.86% 44.62% 6.86%
Stocks 		0.00% 0.00% 99.78% 71.24%
Preferred Stocks 		0.00% 0.00% 0.07% 67.75%
Other 		0.00% -3.69% 51.88% 69.02%
Convertible Bonds 		0.00% 0.00% 0.93% 67.36%

Bond Sector Breakdown

Weighting Return Low Return High MDCMX % Rank
Municipal 		90.95% 44.39% 100.00% 92.24%
Cash & Equivalents 		5.83% 0.00% 44.41% 5.66%
Corporate 		0.87% 0.00% 9.41% 3.68%
Derivative 		0.00% -3.69% 51.88% 67.16%
Securitized 		0.00% 0.00% 5.93% 68.09%
Government 		0.00% 0.00% 52.02% 70.77%

Bond Geographic Breakdown

Weighting Return Low Return High MDCMX % Rank
US 		94.41% 0.00% 142.23% 90.27%
Non US 		0.00% 0.00% 23.89% 69.75%

MDCMX - Expenses

Operational Fees

MDCMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.64% 0.01% 8.02% 61.47%
Management Fee 0.37% 0.00% 1.20% 32.89%
12b-1 Fee 0.10% 0.00% 1.00% 22.56%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

MDCMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% 52.27%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

MDCMX 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.

MDCMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 53.00% 0.00% 283.00% 93.83%

MDCMX - Distributions

Dividend Yield Analysis

MDCMX Category Low Category High MDCMX % Rank
Dividend Yield 3.33% 0.00% 14.51% 38.42%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MDCMX Category Low Category High MDCMX % Rank
Net Income Ratio 1.89% -0.53% 5.33% 53.74%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MDCMX - Fund Manager Analysis

Managers

Walter O'Connor

Start Date

Tenure

Tenure Rank

Dec 31, 1993

28.43

28.4%

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

15.45

15.5%

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

7.35

7.4%

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

7.35

7.4%

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

7.35

7.4%

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
0.08 35.05 7.35 1.58

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