BlackRock Tactical Opportunities Fund Institutional Shares (PBAIX)

Fund Assets	3.62B
Expense Ratio	0.77%
Min. Investment	$2,000,000
Turnover	108.00%
Dividend (ttm)	n/a
Dividend Yield	n/a
Dividend Growth	n/a
Payout Frequency	n/a
Ex-Dividend Date	n/a

Previous Close	17.54
YTD Return	10.94%
1-Year Return	9.76%
5-Year Return	45.61%
52-Week Low	15.60
52-Week High	17.67
Beta (5Y)	0.03
Holdings	1263
Inception Date	Jun 1, 1993

About PBAIX

BlackRock Tactical Opportunities Fund Institutional Shares is an actively managed mutual fund specializing in alternative macro trading strategies. The fund’s primary objective is to deliver total return by tactically allocating capital across global equity, fixed income, and currency markets. It operates with a flexible, unconstrained mandate that allows investment in a wide range of asset classes and derivative instruments spanning more than 25 countries. This approach aims to generate returns that exhibit low correlation to traditional stock and bond markets, positioning the fund as a potential diversifier within broader investment portfolios. Key characteristics include a diversified portfolio, dynamic asset allocation, and frequent use of derivatives to express macroeconomic views or hedge exposures. Managed by BlackRock since 1993, the fund is designed for institutional investors seeking exposure to alternative strategies with liquidity and transparency, backed by BlackRock’s global research and risk management framework. It is categorized within the macro trading segment of alternative funds and is recognized for its adaptability across changing market environments.

• Fund Family: BlackRock
• Category: Macro Trading
• Performance Rating: High
• Risk Rating: Below Average
• Stock Exchange: NASDAQ
• Ticker Symbol: PBAIX
• Share Class: Institutional
• Index: Bloomberg U.S. Treasury 1-3 Y TR

Performance

PBAIX had a total return of 9.76% in the past year, including dividends. Since the fund's inception, the average annual return has been 6.33%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
PCBSX	Service	1.04%
PCBAX	Investor A	1.06%
BRBCX	Investor C	1.77%

Top 10 Holdings

262.47% of assets

Name	Symbol	Weight
Cash Offset	n/a	127.64%
Long Gilt Sep 26	n/a	31.70%
10 Year Australian Treasury Bond Future Sept 26	n/a	30.16%
Euro Bund Future Sept 26	RXU6	18.20%
Ice: (Cdx.Na.Ig.46.V1)	n/a	10.57%
CASH COLLATERAL USD JPFFT	n/a	9.75%
Long-Term Euro BTP Future Sept 26	IKU6	9.64%
Ibex 35 Index Jul 26	IBN6	9.45%
Future on TOPIX	n/a	9.20%
Ftse 100 Index Sep 26	Z.U6	6.17%

Data Sources: Tiingo, Financial Modeling Prep, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Financial Modeling Prep. Several fund data points are also provided by Finnhub.

Last checked:

Aug 27, 2026

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