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BGCIX
Global Long/Short Credit Fund
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
Commentary & performance
Quarterly commentary & portfolio positioning highlights.
Read more
Powerful diversification tools
Learn more about alternative investments.
Dive deeper
Performance
Performance
-
Returns
Missing average annual returns data
Missing cumulative returns data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. | 0.92 | -1.00 | 3.58 | 3.46 | -1.78 |
| Benchmark (%) Index: ICE BofAML 3 Month Treasury Bill Index (G0O1)<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. | 0.03 | 0.05 | 0.33 | 0.86 | 1.87 |
| Morningstar Category Avg. (%) Long-Short Credit | 2.62 | -2.58 | 4.54 | 2.44 | -1.64 |
Missing calendar year returns data
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.
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.
Performance chart data not available for display.
Distributions
Interactive chart displaying fund performance. Javascript is required.
Key Facts
Key Facts
Size of Class (Millions)
as of Mar 19, 2019
$1,877.0 M
Size of Fund (Millions)
as of Mar 19, 2019
$3,233.2 M
Share Class launch date
Sep 30, 2011
Asset Class
Alternative
Morningstar Category
Long-Short Credit
Lipper Classification
Specialty Fixed Income
Benchmark Index
ICE BofAML 3 Month Treasury Bill Index (G0O1)
Number of Holdings
as of Feb 28, 2019
1,759
CUSIP
09260C604
Distribution Frequency
How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly.
None
Max Offer Price
as of Mar 19, 2019
$9.82
Open to New Investors
Yes
Turnover Percent
as of Feb 28, 2019
185%
Portfolio Characteristics
Portfolio Characteristics
R-Squared (3y)
as of Feb 28, 2019
0.00
Beta (3y)
as of Feb 28, 2019
0.00
Unsubsidized 30-Day SEC Yield
Represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period.
as of Feb 28, 2019
2.71%
Yield to Maturity
Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst.
as of Feb 28, 2019
4.46%
Yield to Worst
The average rate of return of the portfolio at current market prices, adjusting for optionality.
as of Feb 28, 2019
4.32%
Weighted Average Life
Nominal Weighted Average Life is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding.
as of Feb 28, 2019
4.37 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Feb 28, 2017
1.89%
Worst 3-Month Return Over the Last 3 Years
3 months ending Dec 31, 2018
-2.34%
Fund Standard Deviation (3y)
as of Feb 28, 2019
0.00
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.
Fees
Fees
as of current prospectus
Net Expense Ratio excluding Investment Related Expenses is 1.05%
- Acquired Fund Fees and Expenses Investment related expense that reflects the Fund’s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, exchange traded funds, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. 0.01%
- Interest expense Investment related expense that reflects the cost of borrowing securities to seek to enhance return or reduce risk. The amount of Interest Expense (if any) will fluctuate with each Fund’s use of certain investments. 0.94%
Ratings
Ratings
Holdings
Holdings
as of Feb 28, 2019
| Name | Fund Weight (%) |
|---|---|
| MICRON TECHNOLOGY INC | 2.33 |
| INTELSAT HOLDINGS SA | 2.21 |
| ITHACA HOLDCO 2 LLC | 1.87 |
| ADVANCED MICRO DEVICES INC | 1.66 |
| CHARTER COMMUNICATIONS INC | 1.52 |
| Name | Fund Weight (%) |
|---|---|
| COMMSCOPE HOLDING CO INC | 1.49 |
| MANTA HOLDINGS LP | 1.48 |
| BAUSCH HEALTH COMPANIES INC | 1.47 |
| BOMBARDIER INC | 1.33 |
| KENTUCKY HOSPITAL HOLDINGS LLC | 1.32 |
as of Feb 28, 2019
| Name | Fund Weight (%) |
|---|---|
| CDX.NA.IG.31.V1 | -9.51 |
| UNITED STATES OF AMERICA | -8.32 |
| ITRAXX.XO.30.V2 | -2.20 |
| JPMORGAN CHASE & CO | -1.26 |
| ITALY (REPUBLIC OF) | -1.03 |
| Name | Fund Weight (%) |
|---|---|
| RAYTHEON COMPANY | -0.96 |
| CATERPILLAR INC | -0.87 |
| MARKS AND SPENCER GROUP PLC | -0.80 |
| RIO TINTO LTD | -0.69 |
| NEXT PLC | -0.68 |
Exposure Breakdowns
Exposure Breakdowns
as of Feb 28, 2019
% of Market Value
as of Feb 28, 2019
% of Market Value
as of Feb 28, 2019
% of Market Value
as of Feb 28, 2019
% of Market Value
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
Carly Wilson
Stephen Gough
Portfolio Manager
Literature
Literature
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Important Information
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 Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.
Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.
Investing involves risk, including possible loss of principal.
Fund details, holdings and characteristics are as of the date noted and subject to change.
Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.
Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.
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