Since its founding in 1988, BlackRock has grown from a small asset management startup to one of the largest mutual fund providers in the world, with over $4.5 trillion in assets under management (AUM). The majority of assets managed come from the company's family of over 100 mutual funds as well as its popular iShares family of exchange-traded funds (ETFs).

While a long historical track record doesn't guarantee how the fund will perform in the future, it can give an idea of what to expect. Experienced fund managers with long track records can help remove some of the uncertainty that comes from investing in risky securities. Funds with long track records can also demonstrate how well they can perform in up and down markets.

BlackRock's history may not be as long as mutual fund giants like Vanguard or Fidelity, but several of the company's fund offerings have decades of history behind them.

BlackRock Balanced Capital Fund

Upon the company's inception, one of the first mutual funds launched was the BlackRock Balanced Capital Fund. This fund is designed to be a traditional asset allocation fund with a mix of 60% stocks and 40% bonds. While the fund has performed better in recent years, it has been a modest performer in its 27-year history. The fund carries a mediocre three-star Morningstar rating and falls in the bottom 15% of funds in its peer group over the past 15-year period. This fund is currently closed to new investors.

BlackRock Managed Volatility Fund

Founded in 1988, the BlackRock Managed Volatility Fund takes a balanced approach to asset allocation by looking to invest in a conservative mix of stocks, bonds and cash. The fund will also switch to an even more conservative allocation when it is expected to exceed a particular risk threshold. This fund also has a three-star Morningstar rating but has delivered an average annual return of nearly 8% since its inception as of Sept. 30, 2015.

BlackRock Energy & Resources Fund

The BlackRock Energy & Resources Fund is one of the company's first sector-specific fund offerings. Launched in early 1990, the fund focuses on investing primarily in oil and energy companies engaged in exploring and producing energy resources. While this fund has struggled recently along with most other energy-related funds, it has struggled even against its own peers over the long term. This fund trails 93% of its Morningstar category peers over the 10-year period ending Dec. 3, 2015, and it only has a one-star Morningstar rating.

BlackRock Latin America Fund

BlackRock launched the Latin America Fund in 1991 to offer opportunities to invest in this higher-risk, higher-potential area of less-developed nations. The fund currently dedicates almost 90% of its investment dollars to the unstable countries of Mexico and Brazil, making this fund especially risky. However, long-term investors have been rewarded with a fund that has performed in the top 15% of its category counterparts.

BlackRock U.S. Government Bond Fund

The BlackRock U.S. Government Bond Fund invests in a broad array of Treasury and agency bond issues but maintains a duration that categorizes it as an intermediate-term bond fund as a whole. Launched in 1992, the fund currently invests about two-thirds of its assets in Treasury bonds but has returned a modest 5% per year since its inception as of Sept. 30, 2015.

BlackRock Small Cap Growth Equity Fund

The BlackRock Small Cap Growth Equity Fund has been around since 1993 and invests at least 80% of its assets in riskier small-cap growth stocks. The fund has managed to return almost 9% a year to shareholders since inception as of Sept. 30, 2015, but it has still managed to lag 86% of its small-cap growth peers over the past 15 years.

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