Fixed Income

BDMKX

BlackRock Credit Relative Value Fund

  • NAV as of Feb 20, 2026 $9.09
    52 WK: 8.97 - 9.56
  • 1 Day NAV Change as of Feb 20, 2026 $0.00 (0.00%)
  • NAV Total Return as of Feb 20, 2026 YTD: 0.44%
  • Morningstar Rating

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

Record Date Ex-Date Payable Date
View full table
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 (%) 6.62 8.05 3.74 3.57
Benchmark (%) 4.18 4.81 3.17 2.18
Morningstar Category Avg. (%) 5.42 6.05 2.73 3.52
Morningstar Ranking 99/216 35/208 44/189 -
Morningstar Quartile 2 1 2 -
Lipper Ranking 20/67 4/64 22/57 -
Lipper Quartile 2 1 2 -
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 6.62 0.37 0.58 6.62 26.14 20.15 41.95
Benchmark (%) 4.18 0.35 0.97 4.18 15.15 16.90 24.07
Morningstar Category Avg. (%) 5.42 0.22 0.83 5.42 19.28 14.39 41.30
  2021 2022 2023 2024 2025
Total Return (%) 3.55 -8.01 9.08 8.46 6.62
Benchmark (%) 0.05 1.47 5.02 5.25 4.18
Morningstar Category Avg. (%) 1.80 -6.27 6.95 6.18 5.42

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.

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

Key Facts

Key Facts

Size of Fund (Millions)
as of Feb 20, 2026
$802.4 M
Share Class launch date
Jan 29, 2016
Benchmark Index
ICE BofA 3 Month Treasury Bill Index
Lipper Classification
Specialty Fixed-Inc Fds
Max Offer Price
as of Feb 20, 2026
$9.09
Turnover Percent in the Annual Report
as of Jul 31, 2025
113.00%
Size of Class (Millions)
as of Feb 20, 2026
$195.5 M
Asset Class
Fixed Income
Morningstar Category
Nontraditional Bond
CUSIP
09260C703
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jan 30, 2026
555
Alpha (3y)
as of Dec 31, 2025
0.26
R-Squared (3y)
as of Dec 31, 2025
0.73
Beta (3y)
as of Dec 31, 2025
1.00
Unsubsidized 30-Day SEC Yield
as of Jan 31, 2026
4.63%
Nominal WAL
as of Jan 30, 2026
2.85 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
4.84%
30 Day SEC Yield
as of Jan 31, 2026
4.64%
Yield to Maturity
as of Jan 30, 2026
6.33%
Fund Standard Deviation (3y)
as of Dec 31, 2025
2.25
Average Coupon
as of Jan 30, 2026
6.13%
Yield to Worst
as of Jan 30, 2026
5.86%
Effective Duration
as of Jan 30, 2026
1.86 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Apr 30, 2025
0.33%
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
Gross Expense Ratio 1.32%
Net Expense Ratio 1.32%

Net Expense Ratio excluding Investment Related Expenses is 1.14%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.16%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BlackRock Credit Relative Value Fund, as of Jan 31, 2026 rated against 205 Nontraditional Bond Funds based on risk adjusted total return.

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 Jan 31, 2026 out of 66, 5,993, 66, 8 and 66 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

Holdings

as of Jan 30, 2026
Name Weight (%)
VERIZON COMMUNICATIONS INC 3.25
ITRAXX.XO.44 35-100% 2.45
ITRAXX.XO.42 20-35% 2.37
SEAGATE TECHNOLOGY HOLDINGS PLC 2.16
BEIGNET INVESTOR LLC 2.15
Name Weight (%)
STARZ ENTERTAINMENT CORP 2.12
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.04
BANCO ESPIRITO SANTO SA 1.53
PALOMINO FUNDING TRUST I 1.41
ALEXANDER FUNDING TRUST II 1.34
Name Market Value Weight (%) Shares Maturity Coupon (%)
as of Jan 30, 2026
Issuer Weight (%)
VERIZON COMMUNICATIONS INC 3.25
ITRAXX.XO.44 35-100% 2.45
ITRAXX.XO.42 20-35% 2.37
SEAGATE TECHNOLOGY HOLDINGS PLC 2.16
BEIGNET INVESTOR LLC 2.15
Issuer Weight (%)
STARZ ENTERTAINMENT CORP 2.12
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.04
BANCO ESPIRITO SANTO SA 1.53
PALOMINO FUNDING TRUST I 1.41
ALEXANDER FUNDING TRUST II 1.34
as of Jan 30, 2026
Name Fund Weight (%)
CDX.NA.IG.45.V1 -3.38
SOUTHWEST AIRLINES CO -1.90
ITRAXX.XO.44.V1 -1.74
SIMON PROPERTY GROUP INC -1.35
ZHEJIANG GEELY HOLDING GROUP CO LTD -0.55
Name Fund Weight (%)
AVNET INC -0.54
INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA -0.52
MERCEDES-BENZ GROUP AG -0.48
BAYERISCHE MOTOREN WERKE AG -0.48
WHIRLPOOL CORPORATION -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 Jan 30, 2026

% of Market Value

Type Long Short Net
as of Jan 30, 2026

% of Market Value

Type Long Short Net
as of Jan 30, 2026

% of Market Value

Type Long Short Net
as of Jan 30, 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
Portfolio manager on the Credit Enhanced Strategies Europe team

  

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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
Head of BlackRock Bank Loans

  

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.

Literature

Literature