Fixed Income

BFRAX

Floating Rate Income 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
17.30 3.36 4.18 3.73
14.37 2.50 3.65 3.46
Benchmark (%) 20.71 4.13 5.28 4.25
Morningstar Category Avg. (%) 17.39 2.83 4.09 3.32
Morningstar Ranking 145/251 77/232 90/209 30/109
Morningstar Quartile 2 2 2 2
Lipper Category Avg. (%) 17.82 2.74 4.12 3.35
Lipper Ranking 146/255 75/230 89/206 30/108
Lipper Quartile 3 2 2 2
  YTD 1m 3m 1y 3y 5y 10y
1.21 -0.03 1.21 17.30 10.44 22.72 44.18
-1.32 -2.53 -1.32 14.37 7.68 19.65 40.57
Benchmark (%) 1.78 0.00 1.78 20.71 12.90 29.36 51.66
Morningstar Category Avg. (%) 1.48 0.00 1.48 17.39 8.75 22.21 38.64
Lipper Category Avg. (%) 1.55 0.02 1.55 17.82 8.49 22.48 39.18
  2016 2017 2018 2019 2020
Total Return (%) 7.62 3.42 -0.79 8.54 2.35
Benchmark (%) 10.16 4.12 0.44 8.64 3.12
Morningstar Category Avg. (%) 9.25 3.48 -0.26 7.45 1.16
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. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares. The performance of this share class would be substantially similar to Investor A Shares because this share class and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Investor A Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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. The predecessor fund's returns prior to March 21, 2011 are the returns of a fund that reorganized into the predecessor fund on March 21, 2011.

Key Facts

Key Facts

Size of Class (Millions) as of Jun 18, 2021 $312.3 M
Size of Fund (Millions) as of Jun 18, 2021 $3,683.3 M
Share Class launch date Nov 03, 1989
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
Benchmark Index S&P/LSTA Leveraged Loan Index
CUSIP 09260B770
Distribution Frequency None
Number of Holdings as of May 28, 2021 433
Max Offer Price as of Jun 18, 2021 $10.21
Open to New Investors Yes
Turnover Percent in the Annual Report 80%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of May 31, 2021 -0.02
R-Squared (3y) as of May 31, 2021 99.03
Beta (3y) as of May 31, 2021 0.87
30 Day SEC Yield as of May 31, 2021 2.75%
Unsubsidized 30-Day SEC Yield as of May 31, 2021 2.75%
Yield to Maturity as of May 28, 2021 4.15%
Yield to Worst as of May 28, 2021 4.07%
Weighted Average Life as of May 28, 2021 5.03 yrs
Effective Duration as of May 28, 2021 0.04 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 8.15%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -11.69%
Fund Standard Deviation (3y) as of May 31, 2021 7.70

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of May 28, 2021 0.00%
MSCI - UN Global Compact Violators as of May 28, 2021 0.06%
MSCI - Nuclear Weapons as of May 28, 2021 0.00%
MSCI - Thermal Coal as of May 28, 2021 0.00%
MSCI - Civilian Firearms as of May 28, 2021 0.00%
MSCI - Oil Sands as of May 28, 2021 0.00%
MSCI - Tobacco as of May 28, 2021 0.00%

Business Involvement Coverage as of May 28, 2021 15.68%
Percentage of Fund not covered as of May 28, 2021 84.32%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.99%
Net Expense Ratio 0.98%

Net Expense Ratio excluding Investment Related Expenses is 0.94%

  • Acquired Fund Fees and Expenses 0.04%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Floating Rate Income Fund, Class A, as of May 31, 2021 rated against 231 Bank Loan Funds based on risk adjusted total return.

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 May 31, 2021 out of 227, 6,157, 227, 62 and 227 Funds, respectively in Lipper's Loan Participation Funds classification.

Holdings

Holdings

as of May 28, 2021
Name Weight (%)
POWERSHARES SENIOR LOAN PORTFOLIO 1.81
CAMELOT FINANCE SA 1.46
MH SUB I LLC 1.44
ZAYO GROUP HOLDINGS INC 1.35
REALPAGE INC 1.31
Name Weight (%)
DUN & BRADSTREET CORPORATION (THE) 1.21
GREENEDEN US HOLDINGS II LLC 1.18
PERATON CORP 1.17
TEMPO ACQUISITION LLC 1.11
FRONERI INTERNATIONAL LTD 1.11

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% Notional Exposures

Type Fund Benchmark Net
as of May 28, 2021

% Notional Exposures

Type Fund Benchmark Net
as of May 28, 2021

% Notional Exposures

Type Fund Benchmark Net
as of May 28, 2021

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 28, 2021

% Market Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Exposures

Type Fund Benchmark Net
as of May 28, 2021

% Market Value

Type Fund Benchmark 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.

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. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

James Keenan, CFA
Chief Investment Officer and Global Co-Head of Credit

James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Co-Head of Credit within BlackRock Alternative Investors (BAI).

David Delbos
Managing Director

David Delbos, Managing Director, is the Co-Head of U.S. High Yield within BlackRock's Global Credit team.

Mitchell S. Garfin, CFA
Co-Head of U.S. High Yield in Global Credit team

  

Matthew Maxwell
Matthew Maxwell
Carly Wilson
Carly Wilson
Abigail Apistolas
Abigail Apistolas
Portfolio Manager

Literature

Literature

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