Fixed Income

BGCAX

Global Long/Short Credit Fund

  • NAV as of Sep 28, 2023 $8.87
    52 WK: 8.43 - 9.11
  • 1 Day NAV Change as of Sep 28, 2023 -0.01 (-0.11%)
  • NAV Total Return as of Sep 28, 2023 YTD: 4.97%

Overview

An alternative to typical bond funds

The BlackRock Global Long/Short Credit Fund casts a wide net among global credit opportunities to enhance diversification and help protect against interest rate moves.

TRUE DIVERSIFICATION TO TRADITIONAL FIXED INCOME

Investing long and short in global markets offers a differentiated way to seek returns

SEEKS TO MINIMIZE INTEREST RATE RISK

Aims to avoid any impact from rates by managing duration and focusing solely on credit

TOTAL RETURN DRIVEN BY CREDIT, NOT RATES

Delivered attractive returns, with far less volatility than core fixed income since inception

Get insights
Powerful Diversification Tools
Powerful diversification tools

Learn more about alternative investments.
Dive deeper

Visit our education center
Loading

Performance

Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.
View full chart

Cum. Fund Perf. Since Inception: 27.07

Distributions

Interactive chart displaying fund performance. Javascript is required.

View full chart

Interactive chart displaying fund performance. Javascript is required.

Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Interactive chart displaying fund performance. Javascript is required.

Year Total Distribution Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.



  1y 3y 5y 10y
Total Return (%) 3.17 1.59 1.40 1.50
Return w/ Sales Charge (%) -0.95 0.21 0.57 1.09
Benchmark (%) 3.60 1.28 1.55 0.99
Morningstar Category Avg. (%) 3.10 1.25 1.46 1.78
Morningstar Ranking 170/328 102/295 136/253 85/137
Morningstar Quartile 2 2 3 3
Lipper Category Avg. (%) 3.28 0.92 1.15 1.41
Lipper Ranking 38/76 28/70 19/69 13/54
Lipper Quartile 2 2 2 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 3.55 0.46 2.22 3.17 4.83 7.17 16.04
Return w/ Sales Charge (%) -0.59 -3.56 -1.87 -0.95 0.64 2.89 11.40
Benchmark (%) 2.25 0.46 1.17 3.60 3.88 8.02 10.31
Morningstar Category Avg. (%) 2.54 0.79 0.96 3.10 3.81 7.51 19.31
Lipper Category Avg. (%) 2.29 0.27 0.31 3.28 3.00 6.21 15.88
  2018 2019 2020 2021 2022
Total Return (%) -1.99 7.14 3.70 3.13 -8.20
Benchmark (%) 1.87 2.28 0.67 0.05 1.47
Morningstar Category Avg. (%) -1.17 6.69 3.44 1.80 -6.27

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 Sep 28, 2023 $55.9 M
Size of Fund (Millions) as of Sep 29, 2023 $1,045.0 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) (4PM)
Number of Holdings as of Aug 31, 2023 782
CUSIP 09260C406
Distribution Frequency None
Max Offer Price as of Sep 29, 2023 $9.25
Open to New Investors Yes
Turnover Percent in the Annual Report 149.00%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Feb 28, 2021 1.56
R-Squared (3y) as of Feb 28, 2021 29.92
Beta (3y) as of Feb 28, 2021 -10.06
30 Day SEC Yield as of Aug 31, 2023 5.85%
Unsubsidized 30-Day SEC Yield as of Aug 31, 2023 5.78%
Yield to Maturity as of Aug 31, 2023 8.22%
Yield to Worst as of Aug 31, 2023 8.35%
Effective Duration as of Aug 31, 2023 0.99 yrs
Weighted Average Life as of Aug 31, 2023 4.13 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2021 5.82%
Worst 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2022 -5.68%
Fund Standard Deviation (3y) as of Feb 28, 2021 5.41
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 1.61%
Net Expense Ratio 1.60%

Net Expense Ratio excluding Investment Related Expenses is 1.38%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.21%

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 Aug 31, 2023 out of 66, 6,245, 66, 20 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. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Aug 31, 2023)

Holdings

Holdings

as of Aug 31, 2023
Name Fund Weight (%)
VERIZON COMMUNICATIONS INC 2.38
FRONTIER COMMUNICATIONS PARENT INC 2.19
SUN COUNTRY AIRLINES PASS THROUGH TRUSTS 2.18
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.11
ORACLE CORPORATION 2.03
Name Fund Weight (%)
DEUTSCHE TELEKOM AG 1.71
SEAGATE TECHNOLOGY HOLDINGS PLC 1.59
SPIRIT AEROSYSTEMS HOLDINGS INC 1.52
AMKOR TECHNOLOGY INC 1.29
TEVA PHARMACEUTICAL INDUSTRIES LTD 1.25
as of Aug 31, 2023
Name Weight (%)
VERIZON COMMUNICATIONS INC 2.38
FRONTIER COMMUNICATIONS PARENT INC 2.19
SUN COUNTRY AIRLINES PASS THROUGH TRUSTS 2.18
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.11
ORACLE CORPORATION 2.03
Name Weight (%)
DEUTSCHE TELEKOM AG 1.71
SEAGATE TECHNOLOGY HOLDINGS PLC 1.59
SPIRIT AEROSYSTEMS HOLDINGS INC 1.52
AMKOR TECHNOLOGY INC 1.29
TEVA PHARMACEUTICAL INDUSTRIES LTD 1.25
Name Weight (%) Shares Market Value Coupon (%) Maturity
as of Aug 31, 2023
Name Fund Weight (%)
ITRAXX.XO.39.V1 -2.37
ITRAXX.FINSUB.39.V1 -2.09
SOUTHWEST AIRLINES CO -1.91
CATERPILLAR INC -1.71
SIMON PROPERTY GROUP INC -1.48
Name Fund Weight (%)
STMICROELECTRONICS NV -1.35
CDX.NA.HY.40.V1 -1.31
TESCO PLC -0.86
BAYERISCHE MOTOREN WERKE AG -0.83
BASF SE -0.83
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 Aug 31, 2023

% of Market Value

Type Long Short Net
as of Aug 31, 2023

% of Market Value

Type Long Short Net
as of Aug 31, 2023

% of Market Value

Type Long Short Net
as of Aug 31, 2023

% 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
Josh Tarnow
Managing Director, Global Credit

  

Read More

Joshua Tarnow, Managing Director, is the Head of Global Long Short Credit, Bank Loans, CLO and the Aviation businesses within BlackRock's Global Fixed Income group.

 

Prior to joining BlackRock in 2009, Mr. Tarnow was a Senior Partner and head of Aviation and Private Investment at R3 Capital. Prior to R3, he was a Managing Director and head of the Aviation Group for Lehman Brothers' Global Principal Strategies team, which he joined in 2006. He built a unique business model that included a fleet of corporate and commercial aircraft, private equity investments, and a trading platform with positions in the credit, equity, and structured volatility markets of the aerospace sector. In 2003, Mr. Tarnow formed the Aviation Finance Group within the firm's Fixed Income Division. Earlier in his 17-year career at Lehman Brothers, Mr. Tarnow was a member of the Corporate Bond Trading Desk and traded in sectors including Industrials, Utilities, and Transportation.

 

Mr. Tarnow earned a BA degree from the University of Wisconsin-Madison in 1990.

Jose Aguilar
Jose Aguilar
Portfolio manager on the Credit Enhanced Strategies Europe team

  

Read More

Jose Aguilar, Managing Director, is a portfolio manager on the Credit Enhanced Strategies Europe team and co-manages European High Yield strategies.

 

Prior to joining BlackRock in 2009, Mr. Aguilar was an Associate and research analyst at R3 Capital Partners. He began his career at Lehman Brothers in 2005 working in the Global Principal Strategies and Financial Institutions Groups.

 

Mr. Aguilar earned degrees in business administration and law from Universidad Pablo de Olavide in Seville, Spain.

David Taerstein
David Taerstein
Carly Wilson
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.

Read More

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.

Since joining BlackRock in 2009, Ms. Wilson's investment experience has focused on both single name and sector selection within Credit, as well as fund-level risk management. Her bank loan experience spans mandate types, including daily liquidity mutual funds, semi-liquid offshore funds, CLOs and separate accounts managed on behalf of a global client base with bespoke needs. On behalf of the platform's Global Long/Short Credit Fund, Ms. Wilson focuses on asset allocation and cross-market relative value, as well as single name alpha generation and risk budgeting. In this role, she invests long and short in many global markets - including credit, rates and equities, in both cash and derivatives.

Ms. Wilson is currently on the Board of Directors of the Loan Syndications & Trading Association (LSTA).

Prior to her current role, 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 earned a bachelor's degree in Economics from the Wharton School of Business at the University of Pennsylvania in 2004.

Portfolio Manager
Read the Team's Commentary

Literature

Literature

Loading fund documents...
No documents found

to access this functionality 

Checkout {{ translations['submit'][selectedAction] }} {{ responseMessage }} {{ warningMessage }} You have previously requested to be opted out of all BlackRock Literature Services emails. To subscribe, you must opt back in.