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Morningstar

BlackRock Emerging Mkts Inv C MCDCX Fund Analysis

Morningstar Medalist Rating
| Medalist Rating as of | See BlackRock Investment Hub

Morningstar’s Analysis MCDCX

Will MCDCX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable MCDCX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the MCDCX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of MCDCX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Despite our confidence in the portfolio manager, capacity concerns limit our conviction here.

Senior Analyst Samuel Lo

Samuel Lo

Senior Analyst

Summary

BlackRock Emerging Markets continues to be helmed by an impressive portfolio manager, although the team instability and reduction in analytical resource over the past year bear close monitoring. While the strategy’s investment approach has been executed to good effect historically, we have ongoing concerns regarding the meaningful portfolio expansion of this US vehicle, amid fast-growing assets, which has caused a divergence from the conviction-driven, concentrated approach that has been successful in the past. The strategy’s US vehicle retains a Morningstar Medalist Rating of Bronze for the cheapest share classes, including the institutional K share class, while the more expensive share classes continue to carry a Neutral rating.

by Samuel Lo
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