Fund Evaluator:
BlackRock Dynamic High Income Inv A (BDHAX)
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Best Performing in Global Moderate Allocation Over the Last Year
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Fund Details
BlackRock Dynamic High Income Inv A Overview
BlackRock Dynamic High Income Inv A (BDHAX) is an actively managed Allocation Global Moderate Allocation fund. BlackRock launched the fund in 2014.
The investment seeks high current income with consideration for capital appreciation. The fund may invest up to 100% of its assets in equity securities and up to 100% of its assets in fixed-income securities. It may also gain exposure to such equity securities and fixed-income securities by investing in BlackRock equity and/or fixed-income mutual funds ("underlying funds") and affiliated and unaffiliated ETFs. The fund may also invest up to 50% of its assets in structured notes that provide exposure to covered call options or other types of financial instruments.
About BlackRock Dynamic High Income Inv A (BDHAX)
There are 2 members of the management team with an average tenure of 6.17 years: Justin Christofel (2014), Louis Arranz (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. BlackRock Dynamic High Income Inv A has 3792 securities in its portfolio. The top 10 holdings constitute 66.7% 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 Dynamic High Income Inv A is part of the Allocation global asset class and is within the Allocation fund group. BlackRock Dynamic High Income Inv A has 39.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 48.8%. There is 16.8% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 63.4% (41.2% domestic bond, 22.2% foreign bond and 0.1% convertible bond). BlackRock Dynamic High Income Inv A has -29.3% of the portfolio in cash.
Assets Under Management
The fund has $125 million in total assets, which is below the $947 million average for the Global Moderate Allocation 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.
BDHAX 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 Dynamic High Income Inv A expense ratio is high compared to funds in the Global Moderate Allocation category. BlackRock Dynamic High Income Inv A has an expense ratio of 0.93%, which is 11% 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 Dynamic High Income Inv A has a portfolio turnover rate of 148%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.
Recently, in the month of July 2026, BlackRock Dynamic High Income Inv A returned 1.0%, which earned it a grade of B, as the Global Moderate Allocation category had an average return of 0.3%. 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 Dynamic High Income Inv A has a trailing yield of 7.52%, which is above the 2.61% category average. The fund normally distributes its income monthly 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 Dynamic High Income Inv A Grades
Year to date, the fund has returned 5.6%, 2.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 11.5% over the past year (grade of F), 10.9% over the past three years (grade of D) and 4.7% per year over the past five years (grade of F) and 6.3% per year over the past 10 years (grade of F).
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BDHAX 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 |
|
| BDHAX Return (NAV) | 1.0% | 2.4% | 11.5% | 10.9% | 4.7% | 6.3% |
| BDHAX Grade | B | B | F | D | F | F |
| +/- Category | 0.7% | 0.3% | -4.5% | -1.0% | -1.5% | -1.0% |
| Global Moderate Allocation Avg | 0.3% | 2.1% | 16.0% | 11.9% | 6.2% | 7.3% |
| BDHAX Tax Cost Ratio | na | na | 3.1% | 3.0% | 2.8% | 2.6% |
BDHAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BDHAX Return (NAV) | 5.6% | 12.0% | 10.7% | 13.9% | -17.5% | 10.5% | 4.2% | 19.6% | -7.2% | 14.3% | 8.2% |
| BDHAX Grade | F | F | B | B | F | D | F | B | C | C | B |
| +/- Category | -2.5% | -4.2% | 2.2% | 1.6% | -4.1% | -1.1% | -5.5% | 1.9% | -0.1% | 0.3% | 1.5% |
| Global Moderate Allocation Avg | 8.1% | 16.1% | 8.4% | 12.2% | -13.4% | 11.6% | 9.8% | 17.7% | -7.1% | 14.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 7.5% |
| Total Risk Index: | 0.61 - Below Average |
| Category Risk Index: | 0.82 - Low |
| Category Risk Grade: | A (5% Rank) |
| Beta: | 0.77 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 7.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1633 Mil |
| Fund Total Assets: | $ 125 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 148% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.8 years | |||
| Average Tenure: 6.2 years | |||
| Managers (Year): Christofel Justin (2014), Arranz Louis (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 3792 |
| % in Top 10 Holdings: | 66.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 39.0% |
Portfolio Allocation |
|
| Domestic Stock: | 48.8% |
| Foreign Stock: | 16.8% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 41.2% |
| Foreign Bond: | 22.2% |
| Convertible Bond: | 0.1% |
| Other: | 0.0% |
| Cash: | -29.3% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | November 3, 2014 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 0.93% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | BlackRock Dynamic High Income Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
