Fixed Income

CRDAX

BlackRock Credit Strategies Fund

Overview

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Performance

Performance

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Distributions

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Class A returns

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.

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

Size of Fund (Millions) as of Jun 18, 2021 $272.6 M
Share Class launch date Apr 01, 2020
Managed Assets -
Asset Class Fixed Income
Lipper Classification General Bond Funds
Distribution Frequency Monthly
Number of Holdings as of May 28, 2021 1,393
Management Fee as of Dec 31, 2020 1.00%
CUSIP 09259W306
Gross Expense Ratio as of Dec 31, 2020 3.38%
Max Offer Price -
Open to New Investors Yes
The Fund is an “interval fund” that has a policy of extending quarterly repurchase offers to outstanding shareholders. Written notification of each quarterly repurchase offer will be sent directly to shareholders. For additional details, please see “Periodic Repurchase Offers” in the Fund’s prospectus.

Portfolio Characteristics

Portfolio Characteristics

Yield to Worst as of May 28, 2021 6.67%
Effective Duration as of May 28, 2021 1.01 yrs
WAL to Worst as of May 28, 2021 5.78 yrs
Leverage as of May 28, 2021 $ 41,500,000.00
% Leveraged as of May 28, 2021 13.61%
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 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. 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, 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 May 28, 2021 0.00%
MSCI - UN Global Compact Violators as of May 28, 2021 0.39%
MSCI - Nuclear Weapons as of May 28, 2021 0.00%
MSCI - Thermal Coal as of May 28, 2021 -0.01%
MSCI - Civilian Firearms as of May 28, 2021 0.00%
MSCI - Oil Sands as of May 28, 2021 0.01%
MSCI - Tobacco as of May 28, 2021 0.06%

Business Involvement Coverage as of May 28, 2021 32.80%
Percentage of Fund not covered as of May 28, 2021 67.20%
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 0.39% and for Oil Sands 0.05%.

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

Holdings

Holdings

as of May 28, 2021
Name Weight (%)
IT PARENT LLC 1.23
CHRONICLE BIDCO INC 1.15
RAZOR GROUP GMBH 1.14
GI CONSILIO PARENT LLC 1.14
MAGENTA BUYER LLC 1.00
Name Weight (%)
FRONTIER COMMUNICATIONS CORP 0.96
HIGGINBOTHAM INSURANCE AGENCY INC 0.95
ESO SOLUTIONS INC 0.95
PAULAS CHOICE HOLDINGS INC 0.92
PLURALSIGHT INC 0.92

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% of Market Value

Type Fund
as of May 28, 2021

% of Market Value

Type Fund
as of May 28, 2021

% of Market Value

Type Fund
as of May 28, 2021

% of Market Value

Type Fund
as of May 28, 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

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).

Jeff Cucunato
Managing Director

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

David Delbos
Managing Director

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

Howard Levkowitz
Managing Director

Howard Levkowitz, Managing Director, is a member of Blackrock's Global Credit Platform and Chairman and CEO of BlackRock-TCP Capital Corp.

Patrick Wolfe
Managing Director

Patrick Wolfe, Managing Director, is a member of Blackrock’s Global Credit Platform.

Portfolio Manager

Literature

Literature

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