Fixed Income

BGCIX

Global Long/Short Credit Fund

How To Buy
  • NAV as of Nov 25, 2022 $9.12
    52 WK: 8.98 - 10.27
  • 1 Day NAV Change as of Nov 25, 2022 0.02 (0.22%)
  • NAV Total Return as of Nov 25, 2022 YTD: -8.06%

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

Performance

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 23.63

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.

Distributions

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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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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.



  1y 3y 5y 10y
Total Return (%) -8.71 -0.09 0.84 1.67
Benchmark (%) 0.63 0.60 1.15 0.68
Morningstar Category Avg. (%) -8.23 -0.55 0.54 1.45
Morningstar Ranking 167/336 133/311 123/265 59/126
Morningstar Quartile 3 2 3 2
Lipper Category Avg. (%) -9.86 -1.38 0.04 1.15
Lipper Ranking 40/81 31/78 17/76 11/57
Lipper Quartile 2 2 1 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) -8.67 -2.37 -0.98 -8.71 -0.28 4.27 18.01
Benchmark (%) 0.62 0.25 0.47 0.63 1.81 5.90 7.06
Morningstar Category Avg. (%) -8.17 -2.34 -1.69 -8.23 -1.64 2.73 15.48
Lipper Category Avg. (%) -9.41 -2.43 -1.17 -9.86 -3.59 0.94 12.78
  2017 2018 2019 2020 2021
Total Return (%) 3.46 -1.78 7.43 3.95 3.48
Benchmark (%) 0.86 1.87 2.28 0.67 0.05
Morningstar Category Avg. (%) 4.06 -1.17 6.69 3.44 1.80
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

Key Facts

Size of Class (Millions) as of Nov 25, 2022 $914.1 M
Size of Fund (Millions) as of Nov 25, 2022 $1,272.9 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 Oct 31, 2022 767
CUSIP 09260C604
Distribution Frequency None
Max Offer Price as of Nov 25, 2022 $9.12
Open to New Investors Yes
Turnover Percent in the Annual Report 149%

Portfolio Characteristics

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 Oct 31, 2022 5.29%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2022 5.28%
Yield to Maturity as of Oct 31, 2022 7.21%
Yield to Worst as of Oct 31, 2022 7.42%
Effective Duration as of Oct 31, 2022 0.34 yrs
Weighted Average Life as of Oct 31, 2022 3.50 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

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

Fees

as of current prospectus
Gross Expense Ratio 1.47%
Net Expense Ratio 1.47%

Net Expense Ratio excluding Investment Related Expenses is 1.10%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.36%

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 Oct 31, 2022 out of 79, 6,284, 79, 35 and 79 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

Holdings

as of Oct 31, 2022
Name Fund Weight (%)
DEUTSCHE TELEKOM AG 2.64
FRONTIER COMMUNICATIONS PARENT INC 2.14
SUN COUNTRY AIRLINES PASS THROUGH TRUSTS 2.00
ORACLE CORPORATION 1.80
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 1.64
Name Fund Weight (%)
NEXT LUXEMBOURG SCSP 1.46
PG&E CORPORATION 1.28
AT&T INC 1.26
AMERICAN AIRLINES PASS THROUGH TRUSTS 1.26
GLOBAL PAYMENTS INC 1.22
as of Oct 31, 2022
Name Weight (%)
DEUTSCHE TELEKOM AG 2.64
FRONTIER COMMUNICATIONS PARENT INC 2.14
SUN COUNTRY AIRLINES PASS THROUGH TRUSTS 2.00
ORACLE CORPORATION 1.80
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 1.64
Name Weight (%)
NEXT LUXEMBOURG SCSP 1.46
PG&E CORPORATION 1.28
AT&T INC 1.26
AMERICAN AIRLINES PASS THROUGH TRUSTS 1.26
GLOBAL PAYMENTS INC 1.22
as of Oct 31, 2022
Name Fund Weight (%)
ITRAXX.FINSUB.38.V1 -4.34
CDX.NA.HY.39.V1 -3.25
GOLDMAN SACHS GROUP INC/THE -2.54
CATERPILLAR INC -2.12
STMICROELECTRONICS NV -1.64
Name Fund Weight (%)
SOUTHWEST AIRLINES CO -1.56
STELLANTIS NV -1.24
SIMON PROPERTY GROUP INC -1.19
ITRAXX.XO.38.V1 -1.10
BERTELSMANN VERWALTUNGS GMBH -1.09

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Market Value

Type Long Short Net
as of Oct 31, 2022

% of Market Value

Type Long Short Net
as of Oct 31, 2022

% of Market Value

Type Long Short Net
as of Oct 31, 2022

% 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
Josh Tarnow
Managing Director, Global Credit

  

Read More

Joshua Tarnow, Managing Director, is the Head of Global Long Short Credit, Bank Loans, CLO and the Aviation businesses within BlackRock's Global Fixed Income group.

 

Prior to joining BlackRock in 2009, Mr. Tarnow was a Senior Partner and head of Aviation and Private Investment at R3 Capital. Prior to R3, he was a Managing Director and head of the Aviation Group for Lehman Brothers' Global Principal Strategies team, which he joined in 2006. He built a unique business model that included a fleet of corporate and commercial aircraft, private equity investments, and a trading platform with positions in the credit, equity, and structured volatility markets of the aerospace sector. In 2003, Mr. Tarnow formed the Aviation Finance Group within the firm's Fixed Income Division. Earlier in his 17-year career at Lehman Brothers, Mr. Tarnow was a member of the Corporate Bond Trading Desk and traded in sectors including Industrials, Utilities, and Transportation.

 

Mr. Tarnow earned a BA degree from the University of Wisconsin-Madison in 1990.

Jose Aguilar
Jose Aguilar
Portfolio manager on the Credit Enhanced Strategies Europe team

  

Read More

Jose Aguilar, Managing Director, is a portfolio manager on the Credit Enhanced Strategies Europe team and co-manages European High Yield strategies.

 

Prior to joining BlackRock in 2009, Mr. Aguilar was an Associate and research analyst at R3 Capital Partners. He began his career at Lehman Brothers in 2005 working in the Global Principal Strategies and Financial Institutions Groups.

 

Mr. Aguilar earned degrees in business administration and law from Universidad Pablo de Olavide in Seville, Spain.

David Taerstein
David Taerstein
Carly Wilson
Carly Wilson
Managing Director

Carly Wilson, Managing Director, is a member of BlackRock's Global Credit Platform. She is a portfolio manager for the platform's bank loan strategies and global long/short credit strategies.

Read More

Carly Wilson, Managing Director, is a member of BlackRock's Global Credit Platform. She is a portfolio manager for the platform's bank loan strategies and global long/short credit strategies.

Since joining BlackRock in 2009, Ms. Wilson's investment experience has focused on both single name and sector selection within Credit, as well as fund-level risk management. Her bank loan experience spans mandate types, including daily liquidity mutual funds, semi-liquid offshore funds, CLOs and separate accounts managed on behalf of a global client base with bespoke needs. On behalf of the platform's Global Long/Short Credit Fund, Ms. Wilson focuses on asset allocation and cross-market relative value, as well as single name alpha generation and risk budgeting. In this role, she invests long and short in many global markets - including credit, rates and equities, in both cash and derivatives.

Ms. Wilson is currently on the Board of Directors of the Loan Syndications & Trading Association (LSTA).

Prior to her current role, Ms. Wilson worked at multi-strategy hedge fund R3 Capital where she focused on credit research and portfolio management. Previously, she worked at Lehman Brothers in Global Principal Strategies as part of the capital structure arbitrage investment team. Ms. Wilson began her career in equity trading at Lehman Brothers.

Ms. Wilson earned a bachelor's degree in Economics from the Wharton School of Business at the University of Pennsylvania in 2004.

Stephen Gough
Stephen Gough
Portfolio Manager
Read the Team's Commentary

Literature

Literature

 

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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