Fixed Income

BFRKX

Floating Rate Income Fund

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
-3.83 1.50 2.30 3.21
Benchmark (%) -2.78 2.09 2.91 3.74
Morningstar Category Avg. (%) -2.25 1.12 1.97 2.87
Morningstar Ranking 41/238 19/232 29/213 -
Morningstar Quartile 1 1 1 1
Lipper Ranking 71/235 30/227 35/210 -
Lipper Quartile 2 1 1 -
  YTD 1m 3m 1y 3y 5y 10y
-5.27 -2.58 -4.92 -3.83 4.56 12.02 37.12
Benchmark (%) -4.55 -2.16 -4.45 -2.78 6.39 15.44 44.41
Morningstar Category Avg. (%) -3.70 2.11 -2.99 -2.25 1.92 8.64 30.96
  2017 2018 2019 2020 2021
Total Return (%) 3.66 -0.35 8.90 2.57 4.26
Benchmark (%) 4.12 0.44 8.64 3.12 5.20
Morningstar Category Avg. (%) 3.48 -0.26 7.45 1.16 4.36
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.

Key Facts

Key Facts

Size of Class (Millions) as of Aug 11, 2022 $1,669.3 M
Size of Fund (Millions) as of Aug 11, 2022 $5,253.2 M
Share Class launch date Mar 28, 2016
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
Benchmark Index S&P/LSTA Leveraged Loan Index
CUSIP 09260B739
Distribution Frequency None
Number of Holdings as of Jul 29, 2022 510
Max Offer Price as of Aug 11, 2022 $9.61
Open to New Investors Yes
Turnover Percent in the Annual Report 47%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Jul 31, 2022 -0.01
R-Squared (3y) as of Jul 31, 2022 98.57
Beta (3y) as of Jul 31, 2022 0.87
30 Day SEC Yield as of Jul 31, 2022 4.85%
Unsubsidized 30-Day SEC Yield as of Jul 31, 2022 4.84%
Yield to Maturity as of Jul 29, 2022 6.55%
Yield to Worst as of Jul 29, 2022 6.55%
Nominal WAL as of Jul 29, 2022 4.39 yrs
Effective Duration as of Jul 29, 2022 0.02 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 8.23%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -11.62%
Fund Standard Deviation (3y) as of Jul 31, 2022 7.72

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.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities with ESG coverage 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. MSCI Ratings are currently unavailable for this fund.

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. 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 Jul 29, 2022 0.00%
MSCI - UN Global Compact Violators as of Jul 29, 2022 0.00%
MSCI - Nuclear Weapons as of Jul 29, 2022 0.00%
MSCI - Thermal Coal as of Jul 29, 2022 0.00%
MSCI - Civilian Firearms as of Jul 29, 2022 0.00%
MSCI - Oil Sands as of Jul 29, 2022 0.00%
MSCI - Tobacco as of Jul 29, 2022 0.00%

Business Involvement Coverage as of Jul 29, 2022 15.76%
Percentage of Fund not covered as of Jul 29, 2022 84.24%
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 0.00% and for Oil Sands 0.04%.

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 investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.64%
Net Expense Ratio 0.64%

Net Expense Ratio excluding Investment Related Expenses is 0.61%

  • Acquired Fund Fees and Expenses 0.03%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Floating Rate Income Fund, Class K, as of Jul 31, 2022 rated against 232 Bank Loan 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 Jul 31, 2022 out of 227, 6,265, 227, 124 and 227 Funds, respectively in Lipper's Loan Participation Funds classification.

Holdings

Holdings

as of Jul 29, 2022
Name Weight (%)
POWERSHARES SENIOR LOAN PORTFOLIO 1.90
DUN & BRADSTREET CORPORATION (THE) 1.01
MH SUB I LLC 0.98
REALPAGE INC 0.86
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 0.74
Name Weight (%)
ALLIANT HOLDINGS INTERMEDIATE LLC 0.73
DEERFIELD DAKOTA HOLDING LLC 0.73
AMERICAN AIRLINES INC 0.69
ASURION LLC 0.69
SRS DISTRIBUTION INC 0.68

Exposure Breakdowns

Exposure Breakdowns

as of Jul 29, 2022

% of Market Value

Type Fund Benchmark Net
as of Jul 29, 2022

% of Market Value

Type Fund Benchmark Net
as of Jul 29, 2022

% of Market Value

Type Fund Benchmark Net
as of Jul 29, 2022

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Jul 29, 2022

% of Market Value

Type Fund Benchmark Net
as of Jul 29, 2022

% of Market Value

Type Fund Benchmark Net
as of Jul 29, 2022

% of 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

James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Co-Head of Credit within BlackRock Alternative Investors (BAI).

David Delbos
Managing Director

David Delbos, Managing Director, is the Co-Head of U.S. High Yield within BlackRock's Global Credit team.

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

  

Matthew Maxwell
Matthew Maxwell
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.

Abigail Parzanese
Abigail Parzanese
Portfolio Manager

Literature

Literature

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