Fixed Income

BGCIX

Global Long/Short Credit 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 Incept.
3.95 3.13 3.29 - 2.97
Benchmark (%)

as of Dec 31, 2020

0.67 1.61 1.20 - 0.68
Morningstar Category Avg. (%)

as of Dec 31, 2020

5.38 3.59 4.05 4.31 -
Morningstar Ranking

as of Dec 31, 2020

28/44 28/43 28/35 - -
Morningstar Quartile

as of Dec 31, 2020

3 3 3 - -
Lipper Category Avg. (%)

as of Dec 31, 2020

2.45 2.84 4.06 2.46 -
Lipper Ranking

as of Dec 31, 2020

41/90 30/83 25/79 - -
Lipper Quartile

as of Dec 31, 2020

2 2 2 - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
3.95 2.00 5.33 3.95 9.69 17.55 - 31.10
Benchmark (%)

as of Dec 31, 2020

0.67 0.01 0.03 0.67 4.89 6.14 - 6.43
Morningstar Category Avg. (%)

as of Dec 31, 2020

5.38 1.60 4.64 5.38 11.16 21.98 52.47 -
Lipper Category Avg. (%)

as of Dec 31, 2020

2.45 1.48 4.17 2.45 9.06 22.62 28.42 -
  2016 2017 2018 2019 2020
Total Return (%) 3.58 3.46 -1.78 7.43 3.95
Benchmark (%) 0.33 0.86 1.87 2.28 0.67
Morningstar Category Avg. (%) 4.54 2.44 -1.64 7.53 5.38
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.

Key Facts

Key Facts

Size of Class (Millions) as of Jan 26, 2021 $1,128.0 M
Size of Fund (Millions) as of Jan 26, 2021 $1,550.9 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 BofA 3 Month Treasury Bill Index (G0O1)
Number of Holdings as of Dec 31, 2020 882
CUSIP 09260C604
Distribution Frequency None
Max Offer Price as of Jan 26, 2021 $10.02
Open to New Investors Yes
Turnover Percent in the Annual Report 232%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Dec 31, 2020 1.67
R-Squared (3y) as of Dec 31, 2020 29.72
Beta (3y) as of Dec 31, 2020 -10.55
30 Day SEC Yield as of Dec 31, 2020 3.17%
Unsubsidized 30-Day SEC Yield as of Dec 31, 2020 3.17%
Yield to Maturity as of Dec 31, 2020 4.07%
Yield to Worst as of Dec 31, 2020 3.77%
Effective Duration as of Dec 31, 2020 0.57 yrs
Weighted Average Life as of Dec 31, 2020 4.66 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2020 5.33%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -7.15%
Fund Standard Deviation (3y) as of Dec 31, 2020 5.37
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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 1.86%
Net Expense Ratio 1.86%

Net Expense Ratio excluding Investment Related Expenses is 1.13%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.72%

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 Dec 31, 2020 out of 83, 6,104, 83, 36 and 83 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

Holdings

as of Dec 31, 2020
Name Fund Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS 4.46
ADVANCED MICRO DEVICES INC 4.02
ITRAXX.EUR.34.V1 3.76
DEUTSCHE TELEKOM AG 2.83
BROADCOM INC 2.01
Name Fund Weight (%)
VODAFONEZIGGO GROUP HOLDING BV 1.91
DUN & BRADSTREET HOLDINGS INC 1.85
TELECOM ITALIA SPA 1.64
LIBERTY GLOBAL PLC 1.64
HCA INC 1.60
as of Dec 31, 2020
Name Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS 4.46
ADVANCED MICRO DEVICES INC 4.02
ITRAXX.EUR.34.V1 3.76
DEUTSCHE TELEKOM AG 2.83
BROADCOM INC 2.01
Name Weight (%)
VODAFONEZIGGO GROUP HOLDING BV 1.91
DUN & BRADSTREET HOLDINGS INC 1.85
TELECOM ITALIA SPA 1.64
LIBERTY GLOBAL PLC 1.64
HCA INC 1.60
as of Dec 31, 2020
Name Fund Weight (%)
ITRAXX.FINSUB.34.V1 -8.60
ITRAXX.XO.34.V1 -5.54
CDX.NA.HY.35.V1 -4.18
CATERPILLAR INC -1.78
REPSOL SA -1.60
Name Fund Weight (%)
SOUTHWEST AIRLINES CO -1.55
CITIGROUP INC -1.39
NEXT PLC -1.26
ITRAXX.FINSR.34.V1 -1.23
ARD HOLDINGS SA -1.11

Exposure Breakdowns

Exposure Breakdowns

as of Dec 31, 2020

% of Market Value

Type Long Short Net
as of Dec 31, 2020

% of Market Value

Type Long Short Net
as of Dec 31, 2020

% of Market Value

Type Long Short Net
as of Dec 31, 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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