Fixed Income

BGCAX

BlackRock Credit Relative Value Fund

  • NAV as of Apr 08, 2026 $9.08
    52 WK: 8.99 - 9.56
  • 1 Day NAV Change as of Apr 08, 2026 $0.02 (0.22%)
  • NAV Total Return as of Apr 08, 2026 YTD: 0.00%

Overview

About this Fund

1. An alternative to typical bond funds seeking to minimize interest rate risk and provide differentiated returns

2. Investing long and short in global credit markets allows for optimal expressions

3. Attractive return profile and less volatility than core fixed income since inception

Investment Approach

The BlackRock Credit Relative Value Fund casts a wide net across global credit opportunities to provide diversification and strong risk adjusted returns.
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Performance

Performance

Distributions

This fund does not have any distributions.
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Past distributions are not indicative of future distributions.

Certain Funds record and have an ex-dividend date daily on undistributed net investment income, with distributions paid monthly.

Click here for historical distribution data and here for upcoming distribution estimates

  1y 3y 5y 10y
Total Return (%) 4.64 7.05 2.92 3.25
Return w/ Sales Charge (%) 0.45 5.61 2.08 2.83
Benchmark (%) 4.00 4.74 3.34 2.26
Morningstar Category Avg. (%) 4.15 5.38 2.48 3.46
Morningstar Ranking 97/197 41/191 80/174 74/121
Morningstar Quartile 2 1 2 3
Lipper Category Avg. (%) 4.56 6.20 2.90 3.30
Lipper Ranking 28/66 20/66 24/58 9/55
Lipper Quartile 2 2 2 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) -0.55 -0.88 -0.55 4.64 22.69 15.46 37.71
Return w/ Sales Charge (%) -4.53 -4.84 -4.53 0.45 17.78 10.84 32.21
Benchmark (%) 0.85 0.29 0.85 4.00 14.89 17.86 25.04
Morningstar Category Avg. (%) -0.64 -1.27 -0.64 4.15 17.01 13.03 40.51
Lipper Category Avg. (%) -0.57 -1.21 -0.57 4.56 19.87 15.74 39.98
  2021 2022 2023 2024 2025
Total Return (%) 3.13 -8.20 8.70 8.07 6.39
Annual w/ Sales Charge (%) -0.99 -11.87 4.35 3.75 2.13
Benchmark (%) 0.05 1.47 5.02 5.25 4.18
Morningstar Category Avg. (%) 1.80 -6.27 6.95 6.18 5.42
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.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Apr 08, 2026
$799.9 M
Share Class launch date
Sep 30, 2011
Benchmark Index
ICE BofA 3 Month Treasury Bill Index
Lipper Classification
Specialty Fixed-Inc Fds
Max Offer Price
as of Apr 08, 2026
$9.46
Turnover Percent in the Annual Report
as of Jul 31, 2025
113.00%
Size of Class (Millions)
as of Apr 08, 2026
$36.3 M
Asset Class
Fixed Income
Morningstar Category
Nontraditional Bond
CUSIP
09260C406
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Mar 31, 2026
512
Alpha (3y)
as of Mar 31, 2026
-0.82
R-Squared (3y)
as of Mar 31, 2026
11.89
Beta (3y)
as of Mar 31, 2026
3.61
Unsubsidized 30-Day SEC Yield
as of Feb 28, 2026
4.09%
Duration
as of Mar 31, 2026
0.79 yrs
Effective Duration
as of Mar 31, 2026
1.30 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Mar 31, 2026
-0.55%
30 Day SEC Yield
as of Feb 28, 2026
4.18%
Yield to Maturity
as of Mar 31, 2026
6.12%
Fund Standard Deviation (3y)
as of Mar 31, 2026
2.22
Average Coupon
as of Mar 31, 2026
6.13%
Yield to Worst
as of Mar 31, 2026
5.78%
Weighted Average Life
as of Mar 31, 2026
2.56 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
4.83%
For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.67%
Net Expense Ratio 1.59%

Net Expense Ratio excluding Investment Related Expenses is 1.40%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.17%

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 Mar 31, 2026 out of 66, 5,978, 66, 41 and 66 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

Holdings

as of Mar 31, 2026
Name Weight (%)
ITRAXX.XO.44 35-100% 3.34
VERIZON COMMUNICATIONS INC 3.24
ITRAXX.XO.42 20-35% 2.23
SEAGATE TECHNOLOGY HOLDINGS PLC 2.18
STARZ ENTERTAINMENT CORP 2.11
Name Weight (%)
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 1.94
BANCO ESPIRITO SANTO SA 1.49
PALOMINO FUNDING TRUST I 1.42
ALTAR BIDCO INC 1.32
ALEXANDER FUNDING TRUST II 1.30
Name Market Value Weight (%) Shares Maturity Coupon (%)
as of Mar 31, 2026
Issuer Weight (%)
ITRAXX.XO.44 35-100% 3.34
VERIZON COMMUNICATIONS INC 3.24
ITRAXX.XO.42 20-35% 2.23
SEAGATE TECHNOLOGY HOLDINGS PLC 2.18
STARZ ENTERTAINMENT CORP 2.11
Issuer Weight (%)
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 1.94
BANCO ESPIRITO SANTO SA 1.49
PALOMINO FUNDING TRUST I 1.42
ALTAR BIDCO INC 1.32
ALEXANDER FUNDING TRUST II 1.30
as of Mar 31, 2026
Name Fund Weight (%)
CDX.NA.IG.45.V1 -3.38
ITRAXX.XO.44.V1 -2.39
SOUTHWEST AIRLINES CO -1.88
SIMON PROPERTY GROUP INC -1.35
CDX.NA.HY.45.V2 -1.02
Name Fund Weight (%)
ISHARES JPMORGAN USD EMERGING MARKETS BOND FUND -0.57
ZHEJIANG GEELY HOLDING GROUP CO LTD -0.51
INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA -0.50
HP INC -0.49
MERCEDES-BENZ GROUP AG -0.46
Detailed Holdings and Analytics
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 Mar 31, 2026

% of Market Value

Type Long Short Net
as of Mar 31, 2026

% of Market Value

Type Long Short Net
as of Mar 31, 2026

% of Market Value

Type Long Short Net
as of Mar 31, 2026

% 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

Jose Aguilar
Jose Aguilar
Head of European Credit and Long Short Credit strategies

  

Read More

Jose Aguilar, Managing Director, is the head of European High Yield and Long Short Credit strategies. He is named portfolio manager on the European High Yield, Global High Yield, Fixed Income Global Opportunities, Credit Relative Value, and Flexible Income mandates across BlackRock’s Global Fixed Income (GFI) and Private Financing Solutions (PFS) platforms.

 

Prior to joining BlackRock in 2009, Mr. Aguilar was a senior research analyst at R3 Capital Partners focusing on Leverage Finance and Special Situations. He began his career at Lehman Brothers in 2005 in the Mergers and Acquisitions Group covering Financial Institutions and subsequently moved to Global Principal Strategies (GPS).

 

Mr. Aguilar earned degrees in Business Administration and Law from Universidad Pablo de Olavide in Seville, Spain.

David Taerstein
David Taerstein
Portfolio Manager within Global Fixed Income
Read More

David Taerstein, Managing Director, is a Portfolio Manager on BlackRock’s Global Fixed Income (GFI) Platform. Mr. Taerstein is responsible for managing the Absolute Return strategies and is a named portfolio manager on the Credit Relative Value Fund.

 

Since becoming a portfolio manager, Mr. Taerstein has focused on absolute return strategies investing across the capital structure utilizing a variety of asset classes including investment grade and high yield (cash bonds and CDS), leveraged loans, convertibles, and equities. Mr. Taerstein was previously a portfolio manager for R3 Capital, a multi-strategy hedge fund.

 

Prior to his current role, Mr. Taerstein was a research analyst covering a variety of sectors, including Technology, Media & Entertainment, Autos, Diversified Manufacturing, and Aerospace & Defense. He started his career at BlackRock in 2004 within BlackRock Solutions, helping to develop risk and analytic applications within Aladdin.

 

Mr. Taerstein earned a BS degree in Biology from the University of Michigan and an MBA degree in Finance and Statistics from the NYU Stern School of Business.

Carly Wilson
Carly Wilson
Lead Portfolio Manager for Bank Loan strategies

  

Read More

Carly Wilson, Managing Director, is a member of BlackRock’s Private Financing Solutions (PFS) Platform. She is Lead Portfolio Manager for the platform’s bank loan strategies.

 

Ms. Wilson joined BlackRock in 2009. Since joining, Ms. Wilson has focused on Credit investing, across sectors, spanning many different mandates and client types (open-end funds, offshore funds, CLOs, separate accounts, ETFs).   Prior to BlackRock, Ms. Wilson worked at multi-strategy hedge fund R3 Capital where she focused on credit research and portfolio management. Previously, she worked at Lehman Brothers in Global Principal Strategies as part of the capital structure arbitrage investment team. Ms. Wilson began her career in equity trading at Lehman Brothers.

 

Ms. Wilson is currently on the Board of Directors of the LSTA, and a member of the Board’s Executive Committee. She is also Treasurer of the Women’s Bond Club.

 

Ms. Wilson graduated from the Wharton School of Business at the University of Pennsylvania.

Portfolio Manager
Read the Team's Commentary

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

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Literature

Literature