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Fixed Income

BHYCX

High Yield Bond Fund

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y
14.27 5.52 4.71 6.78
13.27 5.52 4.71 6.78
Benchmark (%) Index: BBG Barc US Corp High Yield 2% Issuer Capped Index.<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.

as of Dec 31, 2019

14.32 6.36 6.14 7.55
Morningstar Category Avg. (%) High Yield Bond

as of Dec 31, 2019

12.62 5.31 4.87 6.42
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.

as of Dec 31, 2019

240/711 293/616 333/539 123/339
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.

as of Dec 31, 2019

2 2 3 2
Lipper Category Avg. (%) High Yield Funds

as of Dec 31, 2019

13.63 5.55 5.10 6.49
Lipper Ranking Rankings are based on total return excluding sales charges.

as of Dec 31, 2019

202/500 226/418 262/376 99/274
Lipper Quartile Rankings are based on total return excluding sales charges.

as of Dec 31, 2019

2 3 3 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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BlackRock Fixed Income Funds Delivered
21 of 24 U.S. bond funds, accounting for 98% of our active mutual fund assets, outperformed within their Morningstar peer groups. Based on institutional share class.*
BlackRock Fixed Income Funds Delivered

Key Facts

Key Facts

Size of Class (Millions) as of Jan 24, 2020 $261.3 M
Size of Fund (Millions) as of Jan 24, 2020 $18,134.3 M
Share Class launch date Nov 19, 1998
Asset Class Fixed Income
Morningstar Category High Yield Bond
Lipper Classification High Yield Funds
Benchmark Index BBG Barc US Corp High Yield 2% Issuer Capped Index
CUSIP 09260B655
Number of Holdings as of Dec 31, 2019 1,240
Max Offer Price as of Jan 24, 2020 $7.77
Open to New Investors Yes
Turnover Percent as of Dec 31, 2019 102%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Dec 31, 2019 98.06
Beta (3y) as of Dec 31, 2019 1.07
Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 7.01%
Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -5.65%
Fund Standard Deviation (3y) as of Dec 31, 2019 4.40

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.

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 Dec 31, 2019 out of 417, 5,840, 418, 74 and 418 Funds, respectively in Lipper's High Yield Funds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Oct 01, 2019) ‡

Holdings

Holdings

as of Dec 31, 2019
Name Weight (%)
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 2.19
TRANSDIGM INC 2.13
BAUSCH HEALTH COMPANIES INC 1.95
TENET HEALTHCARE CORPORATION 1.48
CSC HOLDINGS LLC 1.44
Name Weight (%)
ALTICE FRANCE SA (FRANCE) 1.34
CCO HOLDINGS LLC 1.14
CLARIOS GLOBAL LP 1.13
FREEPORT-MCMORAN INC 1.08
CALPINE CORP 0.98

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
as of Dec 31, 2019

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Dec 31, 2019

% Market Value

Type Fund Benchmark Net
Type Fund Benchmark Net
as of Dec 31, 2019

% 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

     

David Delbos
Managing Director

    

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

  

Derek Schoenhofen
Derek Schoenhofen
Portfolio Manager

Literature

Literature

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