Fixed Income

BTZ

BlackRock Credit Allocation Income Trust

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
10.14 10.37 7.80 8.72
Market Price Total Return (%) 13.92 14.94 9.60 10.21
  YTD 1m 1y 3y 5y 10y
2.78 -0.92 10.14 34.44 45.55 130.71
Market Price Total Return (%) 7.64 -0.63 13.92 51.86 58.13 164.26
  2016 2017 2018 2019 2020
NAV Total Return (%) 11.09 10.14 -5.04 21.90 12.78
Market Price Total Return (%) 12.66 9.27 -10.33 33.49 13.07

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, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

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 may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets as of Nov 26, 2021 $1,410,021,094
Size of Fund (Millions) as of Nov 26, 2021 $1,410.0 M
Share Class launch date Dec 27, 2006
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Corporate Bond
Lipper Classification Corp Debt BBB Leveraged
CUSIP 092508100
Management Fee 0.62%
Gross Expense Ratio 1.35%
Shares Outstanding as of Nov 26, 2021 93,478,999
Number of Holdings as of Oct 29, 2021 1,227
Premium/Discount -
Managed Assets as of Nov 26, 2021 $1,993,548,049.02

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Nov 26, 2021 6.73%
Yield to Worst as of Oct 29, 2021 4.72%
Effective Duration as of Oct 29, 2021 7.22 yrs
WAL to Worst as of Oct 29, 2021 15.62 yrs
Leverage as of Oct 29, 2021 $ 594,668,701.00
% Leveraged as of Oct 29, 2021 29.26%
% Insured as of Oct 29, 2021 0.00%

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Sep 07, 2021 A
MSCI ESG Quality Score (0-10) as of Sep 07, 2021 6.1
MSCI ESG Quality Score - Peer Percentile as of Sep 07, 2021 21.22%
MSCI ESG % Coverage as of Sep 07, 2021 84.51%
Fund Lipper Global Classification as of Sep 07, 2021 Bond USD Corporates
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 07, 2021 272.09
Funds in Peer Group as of Sep 07, 2021 278
All data is from MSCI ESG Fund Ratings as of Sep 07, 2021, based on holdings as of Mar 31, 2021. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of Oct 29, 2021 0.94%
MSCI - UN Global Compact Violators as of Oct 29, 2021 2.24%
MSCI - Nuclear Weapons as of Oct 29, 2021 0.50%
MSCI - Thermal Coal as of Oct 29, 2021 0.00%
MSCI - Civilian Firearms as of Oct 29, 2021 0.36%
MSCI - Oil Sands as of Oct 29, 2021 0.14%
MSCI - Tobacco as of Oct 29, 2021 1.44%

Business Involvement Coverage as of Oct 29, 2021 66.10%
Percentage of Fund not covered as of Oct 29, 2021 33.90%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.30% and for Oil Sands 0.73%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in the initial screening, sourcing and due diligence phases of the investment process. In the due diligence process, the Fund manager uses an internal ESG risk assessment to identify, analyze and document key ESG risks. Specialist consultants may also be appointed to further support due diligence if needed. Identified material ESG risks and relevant mitigating actions are documented in Investment Committee material. This information, where appropriate, is discussed at relevant Investment Committee meetings, and is considered in the Investment Committee’s investment decision. In the structuring and documentation stage of the investment process, the investment team considers requesting bespoke information related to ESG. The Fund’s ongoing portfolio management process includes the monitoring of ESG criteria over the life of an investment, and each portfolio company’s ESG assessment is refreshed on a quarterly basis. Furthermore, the investment team and the Risk and Quantitative Analysis group analyze and discuss the portfolio’s exposure to material ESG risks as part of the portfolio risk review each quarter.

Ratings

Ratings

Morningstar Rating

5 stars
Overall Morningstar Rating for BlackRock Credit Allocation Income Trust, -, as of Oct 31, 2021 rated against 6 Corporate Bond Funds based on risk adjusted total return.

Holdings

Holdings

as of Oct 29, 2021
Name Weight (%)
VERIZON COMMUNICATIONS INC 2.14
BNP PARIBAS SA 1.48
CITIGROUP INC 1.35
JPMORGAN CHASE & CO 1.28
ENERGY TRANSFER LP 1.22
Name Weight (%)
WELLS FARGO & COMPANY 1.18
ALTRIA GROUP INC 1.15
INTERNATIONAL PAPER CO 1.11
NATWEST GROUP PLC 1.04
CHARTER COMMUNICATIONS OPERATING LLC 1.04

Exposure Breakdowns

Exposure Breakdowns

as of Oct 29, 2021

% of Market Value

Type Fund
as of Oct 29, 2021

% of Market Value

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as of Oct 29, 2021

% of Market Value

Type Fund
as of Oct 29, 2021

% of Market Value

Type Fund
as of Oct 29, 2021

% of Market Value

Type Fund
as of Oct 29, 2021

% of Market Value

Type Fund
as of Oct 29, 2021

% of Market Value

Type Fund
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

Jeff Cucunato
Managing Director

Jeff Cucunato is the lead portfolio manager for the Multi-Strategy Credit platform within BlackRock's Global Credit group.

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

  

Charley Hung

CFA, CAIA, is a portfolio manager for the Multi-Strategy Credit team within BlackRock's Global Credit group.

Portfolio Manager

Literature

Literature

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