Fixed Income

BHYIX

High Yield Bond 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
2.21 4.00 6.14 6.54
Benchmark (%) 3.20 4.19 6.78 6.46
Morningstar Category Avg. (%) 1.33 2.83 4.78 5.06
Morningstar Ranking 269/645 94/602 70/523 12/342
Morningstar Quartile 2 1 1 1
Lipper Category Avg. (%) 1.70 3.15 5.42 5.37
Lipper Ranking 240/505 79/456 60/388 13/281
Lipper Quartile 2 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
-0.48 -1.04 4.82 2.21 12.48 34.68 88.41
Benchmark (%) 0.57 -1.03 4.58 3.20 13.10 38.83 87.04
Morningstar Category Avg. (%) -0.79 0.25 0.48 1.33 8.73 26.29 63.84
Lipper Category Avg. (%) -0.70 -0.95 4.58 1.70 9.78 30.27 69.12
  2015 2016 2017 2018 2019
Total Return (%) -4.04 13.93 8.20 -2.86 15.30
Benchmark (%) -4.43 17.13 7.50 -2.08 14.32
Morningstar Category Avg. (%) -4.01 13.30 6.47 -2.59 12.62
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 Nov 27, 2020 $12,761.2 M
Size of Fund (Millions) as of Nov 27, 2020 $26,805.9 M
Share Class launch date Nov 19, 1998
Asset Class Fixed Income
Morningstar Category High Yield Bond
Lipper Classification High Yield Funds
Benchmark Index BBG Barc US Corp High Yield 2% Issuer Capped Index
CUSIP 09260B630
Distribution Frequency None
Number of Holdings as of Oct 30, 2020 1,575
Max Offer Price as of Nov 27, 2020 $7.69
Open to New Investors Yes
Turnover Percent in the Annual Report 102%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Oct 31, 2020 -0.03
R-Squared (3y) as of Oct 31, 2020 99.54
Beta (3y) as of Oct 31, 2020 1.05
30 Day SEC Yield as of Oct 31, 2020 4.38%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 4.36%
Yield to Maturity as of Oct 30, 2020 5.69%
Yield to Worst as of Oct 30, 2020 5.33%
Weighted Average Life as of Oct 30, 2020 6.07 yrs
Effective Duration as of Oct 30, 2020 1.22 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 10.04%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -13.47%
Fund Standard Deviation (3y) as of Oct 31, 2020 9.55

For the latest month-end Distribution Yield, click here.


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
Gross Expense Ratio 0.62%
Net Expense Ratio 0.62%

Net Expense Ratio excluding Investment Related Expenses is 0.60%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

5
Overall Morningstar Rating for High Yield Bond Fund, Class Inst, as of Oct 31, 2020 rated against 625 High Yield Bond Funds based on risk adjusted total return.

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, 2020 out of 460, 6,065, 461, 267 and 461 Funds, respectively in Lipper's High Yield Funds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Sep 16, 2020)

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
ISHARES S&P US PREFERRED STOCK 1.80
KRAFT HEINZ FOODS CO 1.48
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 1.47
TRANSDIGM INC 1.46
CCO HOLDINGS LLC 1.18
Name Weight (%)
BAUSCH HEALTH COMPANIES INC 1.09
CSC HOLDINGS LLC 0.95
BOEING CO 0.88
ALLIANT HOLDINGS INTERMEDIATE LLC 0.86
CLARIOS GLOBAL LP 0.86

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Market Value

Type Fund Benchmark 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.

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. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

James Keenan, CFA
Chief Investment Officer and Global Co-Head of Credit

     

David Delbos
Managing Director

    

Mitchell S. Garfin, CFA
Co-Head of U.S. High Yield in Global Credit team

  

Derek Schoenhofen
Derek Schoenhofen
Portfolio Manager

Literature

Literature

 

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