Fixed Income

BGCIX

Global Long/Short Credit Fund

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
3.46 1.99 2.12 - 2.89
Benchmark (%) Index: BofA ML 3 Month Treasury Bill Index (G0O1).<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 0.86 0.41 0.27 - -
Morningstar Category Avg. (%) Long-Short Credit 2.44 1.65 1.49 3.10 -
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 25/50 17/36 8/17 - -
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 2 2 2 - -
Lipper Category Avg. (%) Alt Credit Focus Funds 4.26 2.41 1.88 3.10 -
Lipper Ranking Rankings are based on total return excluding sales charges. 162/274 124/199 50/114 - -
Lipper Quartile Rankings are based on total return excluding sales charges. 3 3 2 - -
  YTD 1m 3m 1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
3.46 0.20 0.58 3.46 6.09 11.08 - 19.52
Benchmark (%) Index: BofA ML 3 Month Treasury Bill Index (G0O1).<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 0.86 0.11 0.28 0.86 1.24 1.35 - -
Morningstar Category Avg. (%) Long-Short Credit 2.44 0.70 0.39 2.44 5.02 7.66 35.75 -
Lipper Category Avg. (%) Alt Credit Focus Funds 4.26 0.27 0.37 4.26 7.58 9.92 36.96 -


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 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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of Jan 19, 2018 $2,349.8 M
Size of Fund (Millions) as of Jan 19, 2018 $3,920.7 M
Share Class launch date Sep 30, 2011
Asset Class Alternative
Morningstar Category Long-Short Credit
Lipper Classification Alt Credit Focus Funds
Benchmark Index BofA ML 3 Month Treasury Bill Index (G0O1)
Number of Holdings as of Dec 29, 2017 1,526
CUSIP 091936732
Max Offer Price as of Jan 19, 2018 $10.42
Open to New Investors Yes
Turnover Percent as of Dec 31, 2017 229%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Dec 31, 2017 0.00
Beta (3y) as of Dec 31, 2017 0.00
Best 3-Month Return Over the Last 3 Years 3 months ending Feb 28, 2017 1.89%
Worst 3-Month Return Over the Last 3 Years 3 months ending Feb 29, 2016 -2.41%
Standard Deviation (3y) as of Dec 31, 2017 0.00
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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 Sep 30, 2017 out of 192, 5,777, 192, 87 and 192 Funds, respectively in Lipper's Alt Credit Focus Funds classification.

Holdings

Holdings

as of Nov 30, 2017
Name Fund Weight (%)
ITRAXX.EUR.28.V1 4.45
JPMORGAN CHASE & CO 4.05
WESTERN DIGITAL CORPORATION 2.42
ITRAXX.FINSUB.20.V1 1.90
AT&T INC 1.79
Name Fund Weight (%)
NEXT LUXEMBOURG SCSP 1.62
GOLDMAN SACHS GROUP INC/THE 1.59
BANCO SANTANDER SA 1.39
MANTA HOLDINGS LP 1.23
CENTURYLINK INC 1.22
as of Nov 30, 2017
Name Fund Weight (%)
ITRAXX.XO.28.V1 -7.43
CDX.NA.IG.29.V1 -6.95
UNITED STATES OF AMERICA -3.02
ITRAXX.FINSR.20.V1 -2.28
ITRAXX.FINSR.19.V1 -0.90
Name Fund Weight (%)
RAYTHEON COMPANY -0.77
MYLAN NV -0.66
TDC A/S -0.65
CISCO SYSTEMS INC -0.64
BEST BUY CO INC -0.58

Exposure Breakdowns

Exposure Breakdowns

as of Dec 29, 2017

% of Market Value

Type Long Short Net
as of Dec 29, 2017

% of Market Value

Type Long Short Net
as of Dec 29, 2017

% of Market Value

Type Long Short Net
as of Dec 29, 2017

% 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

  

Stephen Gough
Stephen Gough
Carly Wilson
Carly Wilson
Portfolio Manager

Literature

Literature

 

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