Fund Evaluator:
BlackRock Tactical Opportunities Inv A (PCBAX)
Follow This Fund
Best Performing in Macro Trading Over the Last Year
| 22.8% | Dynamic Alpha Macro Institutional (DYMIX) |
| 13.6% | Quantified Alternative Investment Inv (QALTX) |
| -0.9% | AQR Macro Opportunities N (QGMNX) |
Fund Details
BlackRock Tactical Opportunities Inv A Overview
BlackRock Tactical Opportunities Inv A (PCBAX) is an actively managed Alternative Macro Trading fund. BlackRock launched the fund in 1988.
The investment seeks total return. The advisor uses a macro asset allocation strategy, investing varying percentages of its portfolio in global stocks, bonds, money market instruments, foreign currencies and cash. The advisor has wide flexibility in the relative weightings given to each category. With respect to its equity investments, the fund may invest in individual equity securities to an unlimited extent. It may invest in common stock, preferred stock, securities convertible into common stock, non-convertible preferred stock and depositary receipts.
About BlackRock Tactical Opportunities Inv A (PCBAX)
There are 4 members of the management team with an average tenure of 12.47 years: Philip Green (2006), Michael Pensky (2016), Thomas Becker (2016), Richard Murrall (2017). 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 US Treasury 1-3 Yr TR USD index with a weighting of 100%. BlackRock Tactical Opportunities Inv A has 1263 securities in its portfolio. The top 10 holdings constitute 251.0% 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 Tactical Opportunities Inv A is part of the Alternative Strategies global asset class and is within the Alternative fund group. BlackRock Tactical Opportunities Inv A has -40.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 44.4%. There is -8.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -4.4% (27.8% domestic bond, -32.2% foreign bond and 0.0% convertible bond). BlackRock Tactical Opportunities Inv A has 106.9% of the portfolio in cash.
Assets Under Management
The fund has $194 million in total assets, which is below the $296 million average for the Macro Trading 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.
PCBAX 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 Tactical Opportunities Inv A expense ratio is high compared to funds in the Macro Trading category. BlackRock Tactical Opportunities Inv A has an expense ratio of 1.06%, 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 Tactical Opportunities Inv A has a portfolio turnover rate of 83%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 95% for the Macro Trading category.
Recently, in the month of July 2026, BlackRock Tactical Opportunities Inv A returned 1.1%, which earned it a grade of B, as the Macro Trading 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 Tactical Opportunities Inv A has a trailing yield of 0.00%, which is below the 1.90% category average. The fund normally distributes its income semi-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 Tactical Opportunities Inv A Grades
Year to date, the fund has returned 10.4%, 5.0 percentage points better than the category, which translates into a grade of B. The fund has returned 11.7% over the past year (grade of A), 9.2% over the past three years (grade of A) and 7.5% per year over the past five years (grade of A) and 5.9% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about BlackRock Tactical Opportunities Inv A, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PCBAX 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 |
|
| PCBAX Return (NAV) | 1.1% | 2.3% | 11.7% | 9.2% | 7.5% | 5.9% |
| PCBAX Grade | B | A | A | A | A | A |
| +/- Category | 0.8% | 2.6% | 3.5% | 2.7% | 2.6% | 1.0% |
| Macro Trading Avg | 0.3% | -0.2% | 8.3% | 6.5% | 4.9% | 4.8% |
| PCBAX Tax Cost Ratio | na | na | 0.0% | 0.8% | 1.1% | 1.2% |
PCBAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCBAX Return (NAV) | 10.4% | 6.2% | 11.4% | 2.7% | 5.8% | 0.3% | 6.5% | 1.4% | 4.3% | 7.7% | -0.1% |
| PCBAX Grade | B | C | A | D | C | D | B | F | B | B | C |
| +/- Category | 5.0% | -0.5% | 4.9% | -1.7% | 1.4% | -2.5% | 2.0% | -7.5% | 4.9% | 1.0% | 0.7% |
| Macro Trading Avg | 5.4% | 6.6% | 6.5% | 4.4% | 4.4% | 2.8% | 4.4% | 8.9% | -0.5% | 6.7% | -0.8% |
| Risk Measures | |
| Standard Deviation: | 5.0% |
| Total Risk Index: | 0.41 - Low |
| Category Risk Index: | 0.75 - Below Average |
| Category Risk Grade: | B (36% Rank) |
| Beta: | 0.11 |
| R-Squared: | 8% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $6009 Mil |
| Fund Total Assets: | $ 195 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 83% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 19.6 years | |||
| Average Tenure: 12.5 years | |||
| Managers (Year): Green Philip (2006), Pensky Michael (2016), Becker Thomas (2016), Murrall Richard (2017) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1263 |
| % in Top 10 Holdings: | 251.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -40.3% |
Portfolio Allocation |
|
| Domestic Stock: | 44.4% |
| Foreign Stock: | -8.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 27.8% |
| Foreign Bond: | -32.2% |
| Convertible Bond: | 0.0% |
| Other: | -38.7% |
| Cash: | 106.9% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | December 29, 1988 |
| 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 (%): | 1.06% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.59% |
| Share Class: | BlackRock Tactical Opportunities Inv A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
