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BHYCX
High Yield Bond Fund
Overview
Performance
Performance
-
Returns
Missing average annual returns data
Missing cumulative returns data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. | 2.15 | -4.93 | 12.70 | 7.07 | -3.98 |
| 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. | 2.46 | -4.43 | 17.13 | 7.50 | -2.08 |
| Morningstar Category Avg. (%) High Yield Bond | 1.11 | -4.01 | 13.30 | 6.47 | -2.59 |
Missing calendar year returns data
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.
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.
Performance chart data not available for display.
Distributions
Interactive chart displaying fund performance. Javascript is required.
BlackRock Fixed Income Funds Delivered
19 of 24 U.S. bond funds, accounting for 97% of our active mutual fund assets, outperformed within their Morningstar peer groups. Based on institutional share class.*
Key Facts
Key Facts
Size of Class (Millions)
as of Oct 21, 2019
$261.2 M
Size of Fund (Millions)
as of Oct 21, 2019
$17,199.8 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
Distribution Frequency
How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly.
None
Number of Holdings
as of Sep 30, 2019
1,255
Max Offer Price
as of Oct 21, 2019
$7.68
Open to New Investors
Yes
Turnover Percent
as of Sep 30, 2019
90%
Portfolio Characteristics
Portfolio Characteristics
R-Squared (3y)
as of Sep 30, 2019
97.08
Beta (3y)
as of Sep 30, 2019
1.06
Unsubsidized 30-Day SEC Yield
Represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period.
as of Sep 30, 2019
3.85%
Yield to Maturity
Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst.
as of Sep 30, 2019
5.95%
Yield to Worst
The average rate of return of the portfolio at current market prices, adjusting for optionality.
as of Sep 30, 2019
5.36%
Weighted Average Life
Nominal Weighted Average Life is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding.
as of Sep 30, 2019
4.38 yrs
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 Sep 30, 2019
4.41
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.
Fees
Fees
as of current prospectus
Net Expense Ratio excluding Investment Related Expenses is 1.63%
- Acquired Fund Fees and Expenses Investment related expense that reflects the Fund’s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, exchange traded funds, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. 0.01%
- Interest expense Investment related expense that reflects the cost of borrowing securities to seek to enhance return or reduce risk. The amount of Interest Expense (if any) will fluctuate with each Fund’s use of certain investments. 0.00%
Ratings
Ratings
Morningstar Analyst Rating
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Oct 01, 2019) ‡
Holdings
Holdings
as of Sep 30, 2019
| Name | Weight (%) |
|---|---|
| TRANSDIGM INC | 1.98 |
| CSC HOLDINGS LLC | 1.72 |
| BAUSCH HEALTH COMPANIES INC | 1.58 |
| TENET HEALTHCARE CORPORATION | 1.43 |
| INTELSAT JACKSON HOLDINGS SA | 1.40 |
| Name | Weight (%) |
|---|---|
| ALTICE FRANCE SA (FRANCE) | 1.25 |
| BOMBARDIER INC | 1.17 |
| CLARIOS GLOBAL LP | 1.13 |
| REFINITIV US HOLDINGS INC | 1.07 |
| FREEPORT-MCMORAN INC | 1.05 |
Exposure Breakdowns
Exposure Breakdowns
as of Sep 30, 2019
% Market Value
Allocations subject to change.
as of Sep 30, 2019
% Market Value
as of Sep 30, 2019
% Market Value
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
Derek Schoenhofen
Portfolio Manager
Literature
Literature
More Products
Important Information
*High yield bonds typically have greater risk than core bonds
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.
Source: BlackRock and Morningstar. As of 6/30/19.
*Based on 5-year performance. 19 of 24 funds outperformed their respective Morningstar category median 5-year performance. 19 of 24 funds accounts for 79% of BlackRock active fixed income mutual funds. Over the 1, 3, 5 and 10-year periods, 15, 18, 19 and 19 of BlackRock fixed income funds outperformed the Morningstar category median. 22 funds have 5-year performance track records. Based on institutional share classes of BlackRock open-end taxable and tax-free fixed income funds (based on 24 funds). 97% statistic based on $67.3B out of $69.3B AUM of all institutional share classes of the funds. Strategic Income Opportunities Fund (inst. class) AUM is $22.5B which accounts for 33% of the total $69.3B AUM of funds that outperformed their Morningstar category median 5-year performance.
†Source: BlackRock and Morningstar. As of 5/31/18. Current fee rankings may vary based on recent and frequent prospectus updates to the funds within the respective Morningstar categories. Expenses are based on the funds’ most recent prospectus net expense ratios, excluding investment dividend expense, interest expense, and certain other fund expenses. Morningstar category net expense ratio also excludes these expenses. Includes active open-end taxable and tax-free fixed income mutual funds only, and excludes index funds. Analysis based only on institutional shares of BlackRock active retail fixed income funds vs. institutional shares of active fixed income funds within their respective Morningstar categories. 88% of BlackRock active fixed income funds are in the lowest fee quartile (22 out of 25 funds). Based on 25 BlackRock active taxable and tax-free funds. Institutional shares may not be available to all retail investors. Performance for different share classes may vary.
The fund is actively managed and its characteristics will vary.
Bond values fluctuate in price so the value of your investment can go down depending on market conditions.
Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.
Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those securities.
Obligations of US govt. agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US govt.
Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.
The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.
International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.
‡Morningstar Analyst Rating™is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/.
The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.
Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.
Investing involves risk, including possible loss of principal.
Fund details, holdings and characteristics are as of the date noted and subject to change.
Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.
Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.
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