Fixed Income

BGCIX

Global Long/Short Credit Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
8.99 1.24 2.99 2.00
Benchmark (%) 5.02 2.16 1.88 1.25
Morningstar Category Avg. (%) 6.95 0.68 2.56 2.18
Morningstar Ranking 72/308 98/286 88/251 89/160
Morningstar Quartile 2 2 2 3
Lipper Category Avg. (%) 7.26 0.11 2.28 1.84
Lipper Ranking 17/76 22/65 12/64 9/49
Lipper Quartile 1 2 1 1
  YTD 1m 3m 1y 3y 5y 10y
8.99 1.97 3.46 8.99 3.75 15.87 21.85
Benchmark (%) 5.02 0.47 1.37 5.02 6.61 9.77 13.25
Morningstar Category Avg. (%) 6.95 2.18 4.12 6.95 2.05 13.50 24.09
Lipper Category Avg. (%) 7.26 2.88 5.19 7.26 0.51 12.33 20.77
  2019 2020 2021 2022 2023
Total Return (%) 7.43 3.95 3.48 -8.01 8.99
Benchmark (%) 2.28 0.67 0.05 1.47 5.02
Morningstar Category Avg. (%) 6.69 3.44 1.80 -6.27 6.95

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.

 

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index.

Key Facts

Key Facts

Size of Class (Millions) as of Mar 18, 2024 $729.4 M
Size of Fund (Millions) as of Mar 18, 2024 $1,004.7 M
Share Class launch date Sep 30, 2011
Asset Class Alternative
Morningstar Category Nontraditional Bond
Lipper Classification Specialty Fixed-Inc Fds
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Number of Holdings as of Feb 29, 2024 756
CUSIP 09260C604
Distribution Frequency None
Max Offer Price as of Mar 18, 2024 $9.07
Open to New Investors Yes
Turnover Percent in the Annual Report 132%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Feb 29, 2024 -0.36
R-Squared (3y) as of Feb 29, 2024 15.45
Beta (3y) as of Feb 29, 2024 2.22
30 Day SEC Yield as of Feb 29, 2024 6.09%
Unsubsidized 30-Day SEC Yield as of Feb 29, 2024 6.09%
Yield to Maturity as of Feb 29, 2024 8.07%
Yield to Worst as of Feb 29, 2024 8.05%
Effective Duration as of Feb 29, 2024 1.01 yrs
Weighted Average Life as of Feb 29, 2024 3.51 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2024 4.87%
Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2022 -5.67%
Fund Standard Deviation (3y) as of Feb 29, 2024 3.77
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.50%
Net Expense Ratio 1.18%

Net Expense Ratio excluding Investment Related Expenses is 1.17%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.28%

Ratings

Ratings

Lipper Leader

 
 
 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Feb 29, 2024 out of 66, 6,200, 66, 27 and 66 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Jan 31, 2024)

Holdings

Holdings

as of Jan 31, 2024
Name Fund Weight (%)
VERIZON COMMUNICATIONS INC 2.37
FRONTIER COMMUNICATIONS PARENT INC 2.25
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.09
CALLON PETROLEUM COMPANY 1.91
SEAGATE TECHNOLOGY HOLDINGS PLC 1.64
Name Fund Weight (%)
SPIRIT AEROSYSTEMS HOLDINGS INC 1.59
AMKOR TECHNOLOGY INC 1.35
BANCO ESPIRITO SANTO SA 1.34
CELLNEX TELECOM SA 1.32
VIASAT INC 1.32
as of Jan 31, 2024
Name Weight (%)
VERIZON COMMUNICATIONS INC 2.37
FRONTIER COMMUNICATIONS PARENT INC 2.25
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.09
CALLON PETROLEUM COMPANY 1.91
SEAGATE TECHNOLOGY HOLDINGS PLC 1.64
Name Weight (%)
SPIRIT AEROSYSTEMS HOLDINGS INC 1.59
AMKOR TECHNOLOGY INC 1.35
BANCO ESPIRITO SANTO SA 1.34
CELLNEX TELECOM SA 1.32
VIASAT INC 1.32
Name Weight (%) Shares Market Value Coupon (%) Maturity
as of Jan 31, 2024
Name Fund Weight (%)
ITRAXX.EUR.40.V1 -5.69
ITRAXX.XO.40.V1 -3.44
SOUTHWEST AIRLINES CO -2.34
CATERPILLAR INC -1.71
SIMON PROPERTY GROUP INC -1.48
Name Fund Weight (%)
STMICROELECTRONICS NV -1.36
CDX.NA.HY.41.V2 -1.23
ITRAXX.FINSUB.40.V1 -0.98
TESCO PLC -0.87
BAYERISCHE MOTOREN WERKE AG -0.83
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Feb 29, 2024

% of Market Value

Type Long Short Net
as of Feb 29, 2024

% of Market Value

Type Long Short Net
as of Feb 29, 2024

% of Market Value

Type Long Short Net
as of Feb 29, 2024

% of Market Value

Type Long Short Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

These sectors may contain hedge positions intended to bring the portfolio to a neutral duration and/or currency positioning and are not deemed active credit positions.


Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.


Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Josh Tarnow
Managing Director, Global Credit

  

Jose Aguilar
Portfolio manager on the Credit Enhanced Strategies Europe team

  

David Taerstein
David Taerstein
Carly Wilson
Managing Director

Carly Wilson, Managing Director, is a member of BlackRock's Global Credit Platform. She is a portfolio manager for the platform's bank loan strategies and global long/short credit strategies.

Portfolio Manager

Literature

Literature

 

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