Fund Evaluator:
BlackRock Real Estate Securities Instl (BIREX)
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Best Performing in Real Estate Over the Last Year
| 25.9% | Nomura Real Estate Securities Y (IRSYX) |
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| 18.7% | Nuveen Real Estate Sec Sel I (TIRHX) |
| 17.4% | PGIM Real Estate Income Z (PRKZX) |
| 17.4% | T. Rowe Price Real Estate (TRREX) |
Fund Details
BlackRock Real Estate Securities Instl Overview
BlackRock Real Estate Securities Instl (BIREX) is an actively managed Sector Equity Real Estate fund. BlackRock launched the fund in 2012.
The investment seeks total return comprised of long-term growth of capital and dividend income. The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry inside the United States. It may invest up to 20% of its net assets plus any borrowings for investment purposes in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry outside the United States and fixed-income investments. The fund is non-diversified.
About BlackRock Real Estate Securities Instl (BIREX)
There are 2 members of the management team with an average tenure of 5.72 years: Rajan Rehan (2017), Curtis Yee (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and FTSE Nareit All Equity REITs TR USD index with a weighting of 100%. BlackRock Real Estate Securities Instl has 64 securities in its portfolio. The top 10 holdings constitute 56.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BlackRock Real Estate Securities Instl is part of the Equity global asset class and is within the Sector Equity fund group. BlackRock Real Estate Securities Instl has 1.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.1%. There is 1.2% 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 Real Estate Securities Instl has -1.2% of the portfolio in cash.
Assets Under Management
The fund has $417 million in total assets, which is below the $667 million average for the Real Estate 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.
BIREX 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 Real Estate Securities Instl expense ratio is above average compared to funds in the Real Estate category. BlackRock Real Estate Securities Instl has an expense ratio of 0.75%, which is 39% lower than its category average, making the fund expense ratio grade a A. 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 Real Estate Securities Instl has a portfolio turnover rate of 129%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Real Estate category.
Recently, in the month of July 2026, BlackRock Real Estate Securities Instl returned 2.2%, which earned it a grade of C, as the Real Estate category had an average return of 2.0%. 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 Real Estate Securities Instl has a trailing yield of 2.61%, which is above the 2.02% category average. The fund normally distributes its income quarterly 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 Real Estate Securities Instl Grades
Year to date, the fund has returned 17.2%, 0.7 percentage points better than the category, which translates into a grade of B. The fund has returned 19.6% over the past year (grade of B), 10.2% over the past three years (grade of B) and 3.2% per year over the past five years (grade of C) and 5.8% per year over the past 10 years (grade of B).
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BIREX 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 |
|
| BIREX Return (NAV) | 2.2% | 3.6% | 19.6% | 10.2% | 3.2% | 5.8% |
| BIREX Grade | C | C | B | B | C | B |
| +/- Category | 0.1% | -0.1% | 1.2% | 0.5% | 0.1% | 0.5% |
| Real Estate Avg | 2.0% | 3.7% | 18.4% | 9.8% | 3.1% | 5.3% |
| BIREX Tax Cost Ratio | na | na | 1.1% | 1.2% | 1.2% | 1.5% |
BIREX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BIREX Return (NAV) | 17.2% | 3.0% | 3.8% | 13.6% | -27.6% | 46.2% | -4.2% | 27.7% | -2.9% | 6.2% | 7.7% |
| BIREX Grade | B | B | F | A | D | A | C | C | A | C | B |
| +/- Category | 0.7% | 1.7% | -2.7% | 1.3% | -1.5% | 4.4% | -0.4% | -0.9% | 3.1% | -0.5% | 1.6% |
| Real Estate Avg | 16.5% | 1.3% | 6.5% | 12.3% | -26.1% | 41.8% | -3.8% | 28.6% | -6.0% | 6.6% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 16.4% |
| Total Risk Index: | 1.34 - High |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (65% Rank) |
| Beta: | 0.97 |
| R-Squared: | 56% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $443 Mil |
| Fund Total Assets: | $ 418 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 129% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.3 years | |||
| Average Tenure: 5.7 years | |||
| Managers (Year): Rehan Rajan (2017), Yee Curtis (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 64 |
| % in Top 10 Holdings: | 56.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.2% |
Portfolio Allocation |
|
| Domestic Stock: | 100.1% |
| Foreign Stock: | 1.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -1.2% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | September 28, 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 (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | BlackRock Real Estate Securities Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
