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Fixed Income

BGCAX

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.
2.29 2.69 1.09 - 2.37
-1.80 1.30 0.27 - 1.83
Benchmark (%) Index: ICE BofAML 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. 2.31 1.38 0.87 - 0.59
Morningstar Category Avg. (%) Long-Short Credit 3.29 3.68 1.88 4.90 -
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 30/46 27/38 22/30 - -
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 3 3 3 - -
Lipper Category Avg. (%) Alt Credit Focus Funds 4.14 4.25 2.36 4.10 -
Lipper Ranking Rankings are based on total return excluding sales charges. 35/85 14/83 25/67 - -
Lipper Quartile Rankings are based on total return excluding sales charges. 2 1 2 - -
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.

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 Jul 15, 2019 $117.5 M
Size of Fund (Millions) as of Jul 15, 2019 $3,051.1 M
Share Class launch date Sep 30, 2011
Asset Class Alternative
Morningstar Category Long-Short Credit
Lipper Classification Specialty Fixed Income
Benchmark Index ICE BofAML 3 Month Treasury Bill Index (G0O1)
Number of Holdings as of Jun 28, 2019 1,715
CUSIP 09260C406
Max Offer Price as of Jul 15, 2019 $10.41
Open to New Investors Yes
Turnover Percent as of Jun 30, 2019 185%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Jun 30, 2019 0.00
Beta (3y) as of Jun 30, 2019 0.00
Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 2.50%
Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -2.37%
Fund Standard Deviation (3y) as of Jun 30, 2019 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 Jun 30, 2019 out of 83, 5,787, 83, 17 and 83 Funds, respectively in Lipper's Specialty Fixed Income classification.

Holdings

Holdings

as of Jun 28, 2019
Name Fund Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS 3.38
ITHACA HOLDCO 2 LLC 2.63
ADVANCED MICRO DEVICES INC 2.42
ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND FUND 2.34
NEXT LUXEMBOURG SCSP 2.28
Name Fund Weight (%)
AMERICAN AIRLINES GROUP INC 2.16
BROADCOM INC 2.01
COMMSCOPE HOLDING CO INC 1.99
MANTA HOLDINGS LP 1.95
MICROCHIP TECHNOLOGY INCORPORATED 1.91
as of Jun 28, 2019
Name Fund Weight (%)
UNITED STATES OF AMERICA -2.58
CDX.NA.IG.31.V1 -1.92
CDX.NA.HY.32.V1 -1.76
ITRAXX.FINSUB.31.V1 -1.25
CVS HEALTH CORP -1.21
Name Fund Weight (%)
CATERPILLAR INC -1.18
ITRAXX.XO.31.V1 -1.18
RAYTHEON COMPANY -1.17
NEXT PLC -0.85
JOHNSON & JOHNSON -0.83

Exposure Breakdowns

Exposure Breakdowns

as of Jun 28, 2019

% of Market Value

Type Long Short Net
as of Jun 28, 2019

% of Market Value

Type Long Short Net
as of Jun 28, 2019

% of Market Value

Type Long Short Net
as of Jun 28, 2019

% 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

  

Carly Wilson
Carly Wilson
Stephen Gough
Stephen Gough
Portfolio Manager

Literature

Literature

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