Fund Evaluator:
BlackRock Global Equity Mkt Netrl Instl (BDMIX)
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Best Performing in Equity Market Neutral Over the Last Year
| 17.3% | Bridgeway Global Opportunities Fund N (BRGOX) |
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Fund Details
BlackRock Global Equity Mkt Netrl Instl Overview
BlackRock Global Equity Mkt Netrl Instl (BDMIX) is an actively managed Alternative Equity Market Neutral fund. BlackRock launched the fund in 2012.
The investment seeks total return over the long term. Under normal circumstances, the fund invests at least 80% of its total assets in equity instruments and related derivative instruments issued by, or tied economically to, companies located in developed markets. It pursues this market-neutral strategy by taking both long and short positions in a variety of developed market equity instruments. The fund may invest in securities of issuers of any market capitalization and in securities denominated in either U.S. dollars or foreign currencies.
About BlackRock Global Equity Mkt Netrl Instl (BDMIX)
There are 3 members of the management team with an average tenure of 12.48 years: Kevin Franklin (2012), Richard Mathieson (2016), Raffaele Savi (2012). 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 ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. BlackRock Global Equity Mkt Netrl Instl has 5229 securities in its portfolio. The top 10 holdings constitute 60.4% 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 Global Equity Mkt Netrl Instl is part of the Alternative Strategies global asset class and is within the Alternative fund group. BlackRock Global Equity Mkt Netrl Instl has 1.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.7%. There is 1.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 12.0% (12.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). BlackRock Global Equity Mkt Netrl Instl has 80.5% of the portfolio in cash.
Assets Under Management
The fund has $11 billion in total assets, which is above the $635 million average for the Equity Market Neutral 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.
BDMIX 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 Global Equity Mkt Netrl Instl expense ratio is high compared to funds in the Equity Market Neutral category. BlackRock Global Equity Mkt Netrl Instl has an expense ratio of 1.34%, which is 33% lower than its category average, making the fund expense ratio grade a B. 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 Global Equity Mkt Netrl Instl has a portfolio turnover rate of 113%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 144% for the Equity Market Neutral category.
Recently, in the month of July 2026, BlackRock Global Equity Mkt Netrl Instl returned 2.3%, which earned it a grade of B, as the Equity Market Neutral category had an average return of 2.1%. 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 Global Equity Mkt Netrl Instl has a trailing yield of 8.86%, which is above the 2.52% 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 Global Equity Mkt Netrl Instl Grades
Year to date, the fund has returned 12.9%, 8.3 percentage points better than the category, which translates into a grade of A. The fund has returned 24.5% over the past year (grade of A), 20.8% over the past three years (grade of A) and 13.3% per year over the past five years (grade of B) and 8.6% per year over the past 10 years (grade of A).
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BDMIX 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 |
|
| BDMIX Return (NAV) | 2.3% | 5.2% | 24.5% | 20.8% | 13.3% | 8.6% |
| BDMIX Grade | B | B | A | A | B | A |
| +/- Category | 0.3% | 2.1% | 14.6% | 10.5% | 5.1% | 3.6% |
| Equity Market Neutral Avg | 2.1% | 3.1% | 10.0% | 10.3% | 8.2% | 5.0% |
| BDMIX Tax Cost Ratio | na | na | 4.3% | 4.6% | 2.8% | 1.8% |
BDMIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BDMIX Return (NAV) | 12.9% | 18.3% | 21.4% | 14.6% | 1.8% | 3.3% | 0.3% | -0.8% | 2.2% | 12.8% | -6.9% |
| BDMIX Grade | A | A | A | A | B | C | C | D | B | A | F |
| +/- Category | 8.3% | 7.8% | 11.6% | 6.3% | -2.7% | -3.5% | 1.9% | -2.6% | 2.6% | 7.1% | -7.4% |
| Equity Market Neutral Avg | 4.6% | 10.5% | 9.8% | 8.3% | 4.5% | 6.9% | -1.6% | 1.7% | -0.4% | 5.7% | 0.6% |
| Risk Measures | |
| Standard Deviation: | 5.5% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 1.00 - Above Average |
| Category Risk Grade: | D (63% Rank) |
| Beta: | 0.06 |
| R-Squared: | 2% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 8.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $14260 Mil |
| Fund Total Assets: | $11,336 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 113% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 13.6 years | |||
| Average Tenure: 12.5 years | |||
| Managers (Year): Franklin Kevin (2012), Savi Raffaele (2012), Mathieson Richard (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 5229 |
| % in Top 10 Holdings: | 60.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.1% |
Portfolio Allocation |
|
| Domestic Stock: | 3.7% |
| Foreign Stock: | 1.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 12.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 2.7% |
| Cash: | 80.5% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | December 20, 2012 |
| Min. Initial Purchase: | $2,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.34% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.99% |
| Share Class: | BlackRock Global Equity Mkt Netrl Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
