Fund Evaluator:
BlackRock Defensive Advantage EM Inv A (BADEX)
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Fund Details
BlackRock Defensive Advantage EM Inv A Overview
BlackRock Defensive Advantage EM Inv A (BADEX) is an actively managed International Equity Diversified Emerging Mkts fund. BlackRock launched the fund in 2020.
The investment seeks to provide long-term capital appreciation. Under normal circumstances, the fund seeks to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that have similar economic characteristics to such securities. It primarily intends to invest in equity securities, which include common stock, preferred stock, depositary receipts and convertible securities, or other financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI EM Index.
About BlackRock Defensive Advantage EM Inv A (BADEX)
There are 4 members of the management team with an average tenure of 5.61 years: Jeff Shen (2020), Robert Fisher (2020), Richard Mathieson (2020), David Piazza (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EM NR USD index with a weighting of 100% and MSCI EM Minimum Vol (USD) NR USD index with a weighting of 100%. BlackRock Defensive Advantage EM Inv A has 197 securities in its portfolio. The top 10 holdings constitute 15.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BlackRock Defensive Advantage EM Inv A is part of the Equity global asset class and is within the International Equity fund group. BlackRock Defensive Advantage EM Inv A has 98.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.0%. There is 98.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). BlackRock Defensive Advantage EM Inv A has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $457 million in total assets, which is below the $967 million average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BADEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BlackRock Defensive Advantage EM Inv A expense ratio is high compared to funds in the Diversified Emerging Mkts category. BlackRock Defensive Advantage EM Inv A has an expense ratio of 1.11%, which is 4% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BlackRock Defensive Advantage EM Inv A has a portfolio turnover rate of 211%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.
Recently, in the month of July 2026, BlackRock Defensive Advantage EM Inv A returned -3.3%, which earned it a grade of B, as the Diversified Emerging Mkts category had an average return of -4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BlackRock Defensive Advantage EM Inv A has a trailing yield of 1.50%, which is below the 1.72% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BlackRock Defensive Advantage EM Inv A Grades
Year to date, the fund has returned 14.6%, 4.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 20.3% over the past year (grade of F), 12.9% over the past three years (grade of F) and 7.6% per year over the past five years (grade of B).
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BADEX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BADEX Return (NAV) | -3.3% | 4.1% | 20.3% | 12.9% | 7.6% | na |
| BADEX Grade | B | B | F | F | B | na |
| +/- Category | 1.6% | 1.7% | -15.6% | -5.1% | 1.1% | na |
| Diversified Emerging Mkts Avg | -4.9% | 2.4% | 35.9% | 17.9% | 6.5% | 8.7% |
| BADEX Tax Cost Ratio | na | na | 4.0% | 1.9% | 1.6% | na |
BADEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BADEX Return (NAV) | 14.6% | 14.0% | 10.2% | 11.7% | -11.3% | 4.5% | na | na | na | na | na |
| BADEX Grade | D | F | B | C | A | B | na | na | na | na | na |
| +/- Category | -4.4% | -17.5% | 3.9% | -0.5% | 11.3% | 4.7% | na | na | na | na | na |
| Diversified Emerging Mkts Avg | 19.1% | 31.4% | 6.2% | 12.1% | -22.6% | -0.2% | 21.6% | 21.9% | -16.4% | 36.6% | 8.6% |
| Risk Measures | |
| Standard Deviation: | 10.8% |
| Total Risk Index: | 0.88 - Average |
| Category Risk Index: | 0.65 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.67 |
| R-Squared: | 73% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $13 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 211% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.6 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Shen Jeff (2020), Fisher Robert (2020), Mathieson Richard (2020), Piazza David (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 197 |
| % in Top 10 Holdings: | 15.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 98.1% |
Portfolio Allocation |
|
| Domestic Stock: | 1.0% |
| Foreign Stock: | 98.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | December 21, 2020 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 50 |
| True No-Load: | No |
| Front Load Maximum: | 5.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.11% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | BlackRock Defensive Advantage EM Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
