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BlackRock Credit Strategies Fund
Credit without boundaries
Yields are at all-time lows. The BlackRock Credit Strategies Fund (CREDX) invests beyond public credit and taps into private credit with the goal of producing high, consistent income. Unlock your credit potential with CREDX.
Navigating greater uncertainty
We believe more dispersion is ahead and that credit selection will grow in importance and drive more differentiated outcomes. Taking advantage of opportunities across both public and private credit markets can, in our view, create more significant investment opportunities.
Credit without boundaries
Source: BlackRock. Data as of 6/30/21 and subject to change. Exposures reflect market value as % of net asset value.
CREDX invests in private credit, which standard daily-liquid mutual funds are not able to access, with the flexibility to adapt based on market conditions.
Targets high, attractive yield
Source: BlackRock. Data as of 6/30/21 and subject to change. Reflects nominal yield of the Fund breakdown as % of net asset value.
Private credit can provide a meaningful yield premium, with nearly half of the fund currently yielding more than 5%.
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© 2021 BlackRock, Inc. All rights reserved.
* Source: BlackRock, as of 6/30/21. Distribution rate refers to the institutional share class and is calculated by annualizing the most recent distribution per share and dividing by the net asset value. Rate is net of advisory fees and net of operating fees and expenses; it is not expected to include, but may include, return of capital. Please refer to the Resources section of the BlackRock website, under Tax Information, mutual fund section 19 notices, for Section 19 notices that provide estimated amounts and sources of the Fund’s distributions, which should not be relied upon for tax reporting purposes.
1Private Credit Risk. As part of its strategy, the Fund will seek to invest in select less liquid or illiquid private credit investments, generally involving corporate borrowers, that the Advisor believes present the potential for higher yield and capital appreciation versus more liquid portions of the Fund’s portfolio. Typically, private credit investments are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. The Fund may, from time to time or over time, focus its private credit investments in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of the Fund. The Fund’s investments are also subject to the risks associated with investing in private securities. Investments in private securities are illiquid, can be subject to various restrictions on resale, and there can be no assurance that the Fund will be able to realize the value of such investments in a timely manner. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer’s cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company’s debt obligations. The companies in which the Fund invests may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies. Please see the Fund’s prospectus for additional information.
Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to blackrock.com for most recent month-end performance.
Investing involves risks, including possible loss of principal.
An interval fund provides liquidity through periodic repurchase offers, for instance, quarterly (not daily). Interval funds are designed for long-term investors and, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. Investors should consider their investment goals, time horizon and risk tolerance before investing.
The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. Investment involves risk including possible loss of principal. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets.
The Fund does not intend to list its shares on any securities exchange, and the Fund does not expect any secondary market to develop for the shares. The Fund is designed for long-term investors and an investment in the shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund.
Important Risks: While the amount of the Fund’s net assets allocated to private investments may vary over time, BlackRock Advisors, LLC (the “Advisor”) anticipates allocating 30-50% of the Fund’s net assets to these types of investments. See “Risks—Principal Risks—Competition for Investment Opportunities”, and “Risks—Principal Risks—Valuation Risks” and “Net Asset Value” in the prospectus. Some or all of the Fund's private credit investments will be managed by BlackRock Capital Investment Advisors, LLC (“BCIA”). The Fund has received exemptive relief from the SEC which permits the portion of private credit investments managed by BCIA to co-invest in certain transactions alongside affiliated investment funds advised or sub-advised by BCIA or its controlled subsidiaries. The fund will rely on this relief. The portion of the Fund not managed by BCIA will not be able to rely on the exemptive relief and may at all times invest in private credit investments only as permitted by existing regulatory guidance.
BlackRock is not making any recommendation or soliciting any action based upon the information contained herein. This information is furnished to you with the express understanding that it does not constitute: (i) an offer, solicitation or recommendation to invest in a particular investment in any jurisdiction; (ii) a means by which any such investment may be offered or sold; or (iii) advice or an expression of BlackRock’s view as to whether a particular investment is appropriate for you and meets your financial objectives. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains more complete information about the Fund and should be read and considered carefully before investing. Copies of the Fund’s prospectus may be obtained by calling 800-882-0052.
An investment in the Fund involves a high degree of risk and should be considered speculative. You could lose some or all of your investment.
There can be no assurance that the Fund’s investment objective will be achieved or that the Fund’s investment program will be successful.
The Fund may invest, without limitation, in debt securities that are rated, at the time of investment, below investment grade quality, which are commonly referred to as “high yield” or “junk” bonds and are regarded as predominantly speculative with respect to issuer’s capacity to pay interest and repay principal.
The Fund intends to use leverage. The use of leverage is subject to numerous risks. Changes in the value of the Fund’s portfolio, including securities bought with the proceeds of leverage, will be borne entirely by the Fund’s common shareholders. When leverage is employed, the net asset value and the yield to holders of common shares will be more volatile than if leverage was not used. The Fund cannot assure you that the use of leverage will result in a higher yield on the common shares.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Distributed by BlackRock Investments LLC, member FINRA.
© 2021 BlackRock, Inc. All Rights Reserved. BLACKROCK, iSHARES and ALADDIN are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
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