Fixed Income

BGCAX

Global Long/Short Credit Fund

Overview

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Performance

Performance

  • 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.

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.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of Apr 03, 2020 $84.8 M
Size of Fund (Millions) as of Apr 03, 2020 $1,823.4 M
Share Class launch date Sep 30, 2011
Asset Class Alternative
Morningstar Category Long-Short Credit
Lipper Classification Specialty Fixed-Inc Fds
Benchmark Index ICE BofAML 3 Month Treasury Bill Index (G0O1)
Number of Holdings as of Feb 28, 2020 1,687
CUSIP 09260C406
Max Offer Price as of Apr 03, 2020 $9.58
Open to New Investors Yes
Turnover Percent as of Mar 31, 2020 226%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Mar 31, 2020 0.01
Beta (3y) as of Mar 31, 2020 -0.09
Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 2.50%
Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -2.37%
Fund Standard Deviation (3y) as of Mar 31, 2020 1.87
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

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 Feb 29, 2020 out of 81, 5,878, 81, 17 and 81 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

Holdings

as of Feb 28, 2020
Name Fund Weight (%)
ITRAXX.EUR.32.V1 5.11
AMERICAN AIRLINES PASS THROUGH TRUSTS 3.97
ADVANCED MICRO DEVICES INC 2.84
SOFTBANK GROUP CORP 2.84
MANTA HOLDINGS LP 2.48
Name Fund Weight (%)
TELEFONICA SA 1.68
STAR PARENT LP 1.60
CDX.NA.IG.33.V1 1.57
COMMSCOPE HOLDING CO INC 1.50
BROADCOM INC 1.45
as of Feb 28, 2020
Name Weight (%)
ITRAXX.EUR.32.V1 5.11
AMERICAN AIRLINES PASS THROUGH TRUSTS 3.97
SOFTBANK GROUP CORP 2.84
ADVANCED MICRO DEVICES INC 2.84
MANTA HOLDINGS LP 2.48
Name Weight (%)
TELEFONICA SA 1.68
STAR PARENT LP 1.60
CDX.NA.IG.33.V1 1.57
COMMSCOPE HOLDING CO INC 1.50
BROADCOM INC 1.45
as of Feb 28, 2020
Name Fund Weight (%)
ITRAXX.FINSUB.32.V1 -2.05
CDX.NA.HY.33.V2 -1.74
ITRAXX.XO.32.V1 -1.55
ARD HOLDINGS SA -1.21
CATERPILLAR INC -1.03
Name Fund Weight (%)
BANCO BILBAO VIZCAYA ARGENTARIA SA -0.90
MATTERHORN TELECOM HOLDING SA -0.77
INEOS LTD -0.75
WALGREENS BOOTS ALLIANCE INC -0.75
HERTZ GLOBAL HOLDINGS INC -0.73

Exposure Breakdowns

Exposure Breakdowns

as of Feb 28, 2020

% of Market Value

Type Long Short Net
as of Feb 28, 2020

% of Market Value

Type Long Short Net
as of Feb 28, 2020

% of Market Value

Type Long Short Net
as of Feb 28, 2020

% 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

Josh Tarnow
Managing Director, Global Credit

  

Jose Aguilar
Portfolio manager on the Credit Enhanced Strategies Europe team

  

Carly Wilson
Carly Wilson
Stephen Gough
Stephen Gough
Portfolio Manager

Literature

Literature

 

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