Fund Evaluator:
BlackRock Strategic Global Bond Inv A (MDWIX)
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Best Performing in Global Bond Over the Last Year
| 6.8% | Invesco International Bond Y (OIBYX) |
| 5.5% | Destinations Global Fixed Income Opps Z (DGFZX) |
| 3.7% | Invesco Global Strategic Income Y (OSIYX) |
| 2.7% | Amana Participation Investor (AMAPX) |
| 2.6% | DoubleLine Global Bond N (DLGBX) |
Fund Details
BlackRock Strategic Global Bond Inv A Overview
BlackRock Strategic Global Bond Inv A (MDWIX) is an actively managed Taxable Bond Global Bond fund. BlackRock launched the fund in 1994.
The investment seeks high current income by investing in a global portfolio of fixed income securities denominated in various currencies, including multi-national currency units. The fund mainly invests in bonds and other fixed-income securities that periodically pay interest or dividends. It normally will invest at least 80% of its net assets plus any borrowings for investment purposes in bonds and related derivative instruments with similar economic characteristics. The fund may invest up to 100% of its assets in securities classified as junk bonds.
About BlackRock Strategic Global Bond Inv A (MDWIX)
There are 3 members of the management team with an average tenure of 6.90 years: Rick Rieder (2015), Russell Brownback (2018), Dylan Price (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg 80%GblAggxEM 20%EMxKoreaTR USD index with a weighting of 100%. BlackRock Strategic Global Bond Inv A has 4025 securities in its portfolio. The top 10 holdings constitute 103.5% 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 Strategic Global Bond Inv A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BlackRock Strategic Global Bond Inv A has 6.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.1%. There is 0.4% allocated to foreign stock, and 1.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.6% (89.0% domestic bond, 6.6% foreign bond and 0.2% convertible bond). BlackRock Strategic Global Bond Inv A has -92.3% of the portfolio in cash.
Assets Under Management
The fund has $81 million in total assets, which is below the $422 million average for the Global Bond 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.
MDWIX 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 Strategic Global Bond Inv A expense ratio is above average compared to funds in the Global Bond category. BlackRock Strategic Global Bond Inv A has an expense ratio of 0.79%, which is 18% 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 Strategic Global Bond Inv A has a portfolio turnover rate of 366%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 152% for the Global Bond category.
Recently, in the month of July 2026, BlackRock Strategic Global Bond Inv A returned -1.0%, which earned it a grade of F, as the Global Bond 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 Strategic Global Bond Inv A has a trailing yield of 4.38%, which is above the 4.17% 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 Strategic Global Bond Inv A Grades
Year to date, the fund has returned 0.1%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 3.4% over the past year (grade of B), 4.3% over the past three years (grade of B) and -0.6% per year over the past five years (grade of C) and 1.4% per year over the past 10 years (grade of B).
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MDWIX 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 |
|
| MDWIX Return (NAV) | -1.0% | 0.1% | 3.4% | 4.3% | -0.6% | 1.4% |
| MDWIX Grade | F | B | B | B | C | B |
| +/- Category | -0.6% | 0.4% | 0.5% | 0.4% | 0.1% | 0.5% |
| Global Bond Avg | -0.3% | -0.2% | 2.9% | 3.8% | -0.7% | 0.9% |
| MDWIX Tax Cost Ratio | na | na | 1.7% | 1.3% | 1.2% | 1.1% |
MDWIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MDWIX Return (NAV) | 0.1% | 8.2% | 0.2% | 6.7% | -14.9% | -1.5% | 8.9% | 7.9% | -1.1% | 7.0% | 4.8% |
| MDWIX Grade | B | D | C | C | C | A | C | B | B | D | B |
| +/- Category | 0.3% | -1.3% | 1.2% | 0.1% | -1.0% | 3.0% | 1.2% | 0.7% | 1.1% | -0.8% | 1.1% |
| Global Bond Avg | -0.2% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.7% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 0.88 - Below Average |
| Category Risk Grade: | B (32% Rank) |
| Beta: | 0.98 |
| R-Squared: | 84% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $925 Mil |
| Fund Total Assets: | $ 81 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 366% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.9 years | |||
| Average Tenure: 6.9 years | |||
| Managers (Year): Rieder Rick (2015), Brownback Russell (2018), Price Dylan (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 4025 |
| % in Top 10 Holdings: | 103.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.9% |
Portfolio Allocation |
|
| Domestic Stock: | 2.1% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 1.0% |
| Domestic Bond: | 89.0% |
| Foreign Bond: | 6.6% |
| Convertible Bond: | 0.2% |
| Other: | 93.0% |
| Cash: | -92.3% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | October 21, 1994 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | BlackRock Strategic Global Bond Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
