Global Long/Short Credit Fund | BGCIX

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NAV as of Oct 19, 2021 $10.25
52 WK: 9.83 - 10.31
1 Day NAV Change as of Oct 19, 2021 0.00 (0.00%)
NAV Total Return as of Oct 19, 2021 YTD: 3.22%
Neutral

Overview

An alternative to typical bond funds

The BlackRock Global Long/Short Credit Fund casts a wide net among global credit opportunities to enhance diversification and help protect against interest rate moves.

TRUE DIVERSIFICATION TO TRADITIONAL FIXED INCOME

Investing long and short in global markets offers a differentiated way to seek returns

SEEKS TO MINIMIZE INTEREST RATE RISK

Aims to avoid any impact from rates by managing duration and focusing solely on credit

TOTAL RETURN DRIVEN BY CREDIT, NOT RATES

Delivered attractive returns, with far less volatility than core fixed income since inception

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Global Long/Short Credit Fund ($)

Cum. Fund Perf. Since Inception: 35.72

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Recent
Calendar Year

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Table

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Ex-Date	Payable Date	Record Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Table

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Year	Total Distribution	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Returns

	1y	3y	5y	10y
Total Return (%)	9.04	4.13	3.56	3.10
Benchmark (%)	0.07	1.18	1.16	0.63
Morningstar Category Avg. (%)	5.53	3.35	3.23	3.24
Morningstar Ranking	40/351	127/310	116/282	64/118
Morningstar Quartile	1	2	2	3
Lipper Category Avg. (%)	6.11	3.48	3.21	2.42

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	3.52	0.00	-0.10	9.04	12.90	19.14	35.72
Benchmark (%)	0.04	0.01	0.02	0.07	3.59	5.92	6.47
Morningstar Category Avg. (%)	1.90	-0.32	-0.05	5.53	10.38	17.21	37.54
Lipper Category Avg. (%)	1.69	-0.33	-0.02	6.11	11.10	17.68	28.03

Performance data is not currently available

	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. (%)	5.28	4.06	-1.17	6.69	3.44

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.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index.

Key Facts

Size of Class (Millions) as of Oct 19, 2021 $1,261.1 M

Size of Fund (Millions) as of Oct 19, 2021 $1,653.8 M

Share Class launch date Sep 30, 2011

Asset Class Alternative

Morningstar Category Nontraditional Bond

Lipper Classification Specialty Fixed-Inc Fds

Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1) (4PM)

Number of Holdings as of Sep 30, 2021 1,091

CUSIP 09260C604

Distribution Frequency None

Max Offer Price as of Oct 19, 2021 $10.25

Open to New Investors Yes

Turnover Percent in the Annual Report 232%

Portfolio Characteristics

Alpha (3y) as of Feb 28, 2021 1.59

R-Squared (3y) as of Feb 28, 2021 30.31

Beta (3y) as of Feb 28, 2021 -10.09

30 Day SEC Yield as of Sep 30, 2021 1.99%

Unsubsidized 30-Day SEC Yield as of Sep 30, 2021 1.99%

Yield to Maturity as of Sep 30, 2021 3.68%

Yield to Worst as of Sep 30, 2021 3.36%

Effective Duration as of Sep 30, 2021 0.24 yrs

Weighted Average Life as of Sep 30, 2021 4.00 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2021 5.86%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -7.15%

Fund Standard Deviation (3y) as of Feb 28, 2021 5.39

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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.

Where applicable, the Fund manager includes ESG considerations in the research and due diligence stage of the investment process. ESG information is sourced from both internal and external sources and included in the Aladdin risk system. This information broadly informs the investment decision: ESG criteria are considered in combination with other information. The Fund manager conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

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

Lipper Leader

Lipper Leader Ratings

Consistent Return

Preservation

Total Return

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 Sep 30, 2021 out of 81, 6,193, 81, 37 and 81 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

as of Sep 30, 2021

Name	Fund Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS	4.07
NEXT LUXEMBOURG SCSP	2.48
ADVANCED MICRO DEVICES INC	2.33
FRONTIER COMMUNICATIONS PARENT INC	2.03
BROADCOM INC	1.89

Name	Fund Weight (%)
HCA INC	1.50
DUN & BRADSTREET HOLDINGS INC	1.41
INFORMATICA HOLDCO 2 LLC	1.30
DEUTSCHE TELEKOM AG	1.29
COMMSCOPE HOLDING CO INC	1.26

as of Sep 30, 2021

Name	Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS	4.07
NEXT LUXEMBOURG SCSP	2.48
ADVANCED MICRO DEVICES INC	2.33
FRONTIER COMMUNICATIONS PARENT INC	2.03
BROADCOM INC	1.89

Name	Weight (%)
HCA INC	1.50
DUN & BRADSTREET HOLDINGS INC	1.41
INFORMATICA HOLDCO 2 LLC	1.30
DEUTSCHE TELEKOM AG	1.29
COMMSCOPE HOLDING CO INC	1.26

as of Sep 30, 2021

Name	Fund Weight (%)
ITRAXX.FINSUB.36.V1	-3.06
CDX.NA.HY.37.V1	-1.74
CATERPILLAR INC	-1.66
ITRAXX.XO.36.V1	-1.49
SOUTHWEST AIRLINES CO	-1.23

Name	Fund Weight (%)
LANXESS AG	-0.98
SES SA	-0.89
SIMON PROPERTY GROUP INC	-0.89
KONINKLIJKE KPN NV	-0.82
GLENCORE PLC	-0.82

Exposure Breakdowns

as of Sep 30, 2021

% of Market Value

Type	Long	Short	Net

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as of Sep 30, 2021

% of Market Value

Type	Long	Short	Net

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as of Sep 30, 2021

% of Market Value

Type	Long	Short	Net

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as of Sep 30, 2021

% of Market Value

Type	Long	Short	Net

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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.