Fund Evaluator:
BlackRock Commodity Strategies Inv A (BCSAX)
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Best Performing in Commodities Broad Basket Over the Last Year
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Fund Details
BlackRock Commodity Strategies Inv A Overview
BlackRock Commodity Strategies Inv A (BCSAX) is an actively managed Commodities Commodities Broad Basket fund. BlackRock launched the fund in 2011.
The investment seeks total return. The adviser utilizes two strategies and under normal circumstances expects to invest approximately 50% of its total assets in each strategy. One strategy focuses on investments in commodity-linked derivatives. To meet coverage and collateral requirements associated with these derivative investments, and to invest excess cash, the fund holds a portion of its portfolio in investment-grade short-term fixed-income securities. The other strategy focuses on equity investments in commodity-related companies, including, but not limited to, companies operating in the mining, energy and agricultural sectors.
About BlackRock Commodity Strategies Inv A (BCSAX)
There are 2 members of the management team with an average tenure of 9.59 years: Alastair Bishop (2017), Hannah Johnson (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. BlackRock Commodity Strategies Inv A has 396 securities in its portfolio. The top 10 holdings constitute 80.0% 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 Commodity Strategies Inv A is part of the Real Assets global asset class and is within the Commodities fund group. BlackRock Commodity Strategies Inv A has 23.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 25.7%. There is 23.5% 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 Commodity Strategies Inv A has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $175 million in total assets, which is below the $481 million average for the Commodities Broad Basket 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.
BCSAX 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 Commodity Strategies Inv A expense ratio is high compared to funds in the Commodities Broad Basket category. BlackRock Commodity Strategies Inv A has an expense ratio of 0.97%, which is 12% 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 Commodity Strategies Inv A has a portfolio turnover rate of 106%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 73% for the Commodities Broad Basket category.
Recently, in the month of July 2026, BlackRock Commodity Strategies Inv A returned 6.2%, which earned it a grade of D, as the Commodities Broad Basket category had an average return of 6.9%. 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 Commodity Strategies Inv A has a trailing yield of 14.55%, which is above the 9.29% category average. The fund normally distributes its income annually and its capital gains 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 Commodity Strategies Inv A Grades
Year to date, the fund has returned 16.8%, 5.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 35.4% over the past year (grade of C), 14.4% over the past three years (grade of A) and 11.4% per year over the past five years (grade of B) and 8.5% per year over the past 10 years (grade of B).
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BCSAX 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 |
|
| BCSAX Return (NAV) | 6.2% | -4.6% | 35.4% | 14.4% | 11.4% | 8.5% |
| BCSAX Grade | D | C | C | A | B | B |
| +/- Category | -0.7% | -0.2% | 1.2% | 2.3% | 0.7% | 0.7% |
| Commodities Broad Basket Avg | 6.9% | -4.4% | 34.2% | 12.1% | 10.7% | 7.8% |
| BCSAX Tax Cost Ratio | na | na | 5.3% | 2.7% | 2.9% | 1.7% |
BCSAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BCSAX Return (NAV) | 16.8% | 28.3% | 4.2% | -4.6% | 11.9% | 22.1% | 6.6% | 11.2% | -14.7% | 8.0% | 23.0% |
| BCSAX Grade | F | A | D | B | D | F | A | B | D | A | A |
| +/- Category | -5.6% | 12.4% | -0.8% | 1.5% | -2.6% | -8.4% | 9.3% | 1.2% | -1.5% | 3.5% | 9.4% |
| Commodities Broad Basket Avg | 22.4% | 15.9% | 5.0% | -6.1% | 14.4% | 30.6% | -2.7% | 10.0% | -13.2% | 4.6% | 13.5% |
| Risk Measures | |
| Standard Deviation: | 12.4% |
| Total Risk Index: | 1.01 - Average |
| Category Risk Index: | 0.97 - Average |
| Category Risk Grade: | C (51% Rank) |
| Beta: | 0.65 |
| R-Squared: | 51% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 14.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1265 Mil |
| Fund Total Assets: | $ 175 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 106% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.8 years | |||
| Average Tenure: 9.6 years | |||
| Managers (Year): Johnson Hannah (2016), Bishop Alastair (2017) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 396 |
| % in Top 10 Holdings: | 80.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.5% |
Portfolio Allocation |
|
| Domestic Stock: | 25.7% |
| Foreign Stock: | 23.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 50.1% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | October 3, 2011 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.97% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | BlackRock Commodity Strategies Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
