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Significant MBB outflows reduce AUM and associated management-fee revenue; persistent weakness could pressure BLK’s fixed-income product positioning and near-term stock performance, especially if rate volatility sustains a preference for active strategies.
What happened, with direct paths to the underlying reporting
BlackRock’s iShares MBS ETF (MBB) faced about $2.67 billion in September redemptions, the largest monthly outflow since its 2007 inception, with assets near $35.5 billion. A rising rate backdrop—10-year yields above 5.2% and 30-year mortgage rates at 7.28%—creates tougher MBS conditions. A shift toward active MBS strategies is suggested by MBBA inflows, potentially reshaping demand for BlackRock’s mortgage ETFs.
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