Fixed Income

BDMKX

Global Long/Short Credit Fund

Overview

Loading

Performance

Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.
View full chart

Distributions

Interactive chart displaying fund performance. Javascript is required.

View full chart
  1y 3y 5y 10y Incept.
14.28 3.73 3.93 - 3.16
Benchmark (%) 0.12 1.49 1.19 - 0.66
Morningstar Category Avg. (%) 12.76 3.01 3.73 2.65 -
Morningstar Ranking 27/44 22/43 24/36 - -
Morningstar Quartile 3 3 3 - -
Lipper Ranking 31/85 32/83 12/81 - -
Lipper Quartile 2 2 1 - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
2.01 0.10 2.01 14.28 11.61 21.26 - 34.41
Benchmark (%) 0.03 0.01 0.03 0.12 4.55 6.09 - 6.45
Morningstar Category Avg. (%) 0.45 -0.04 0.45 12.76 13.01 24.05 47.30 -
  2016 2017 2018 2019 2020
Total Return (%) 3.70 3.64 -1.70 7.51 4.02
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

Key Facts

Size of Class (Millions) as of Jun 22, 2021 $306.7 M
Size of Fund (Millions) as of Jun 22, 2021 $1,588.7 M
Share Class launch date Mar 28, 2016
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 May 28, 2021 946
CUSIP 09260C703
Distribution Frequency None
Max Offer Price as of Jun 22, 2021 $10.29
Open to New Investors Yes
Turnover Percent in the Annual Report 232%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Feb 28, 2021 1.58
R-Squared (3y) as of Feb 28, 2021 30.11
Beta (3y) as of Feb 28, 2021 -9.98
Yield to Maturity as of May 28, 2021 4.01%
Yield to Worst as of May 28, 2021 3.69%
Effective Duration as of May 28, 2021 0.16 yrs
Nominal WAL as of May 28, 2021 4.42 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2021 5.93%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -7.14%
Fund Standard Deviation (3y) as of Feb 28, 2021 5.35
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 1.78%
Net Expense Ratio 1.78%

Net Expense Ratio excluding Investment Related Expenses is 1.05%

  • 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 May 31, 2021 out of 82, 6,157, 82, 37 and 82 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

Holdings

as of May 28, 2021
Name Fund Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS 4.63
ADVANCED MICRO DEVICES INC 4.03
VODAFONEZIGGO GROUP HOLDING BV 2.18
DEUTSCHE TELEKOM AG 2.15
BROADCOM INC 2.09
Name Fund Weight (%)
DUN & BRADSTREET HOLDINGS INC 1.88
LIBERTY GLOBAL PLC 1.87
FRONTIER COMMUNICATIONS PARENT INC 1.85
TELECOM ITALIA SPA 1.72
HCA INC 1.64
as of May 28, 2021
Name Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS 4.63
ADVANCED MICRO DEVICES INC 4.03
VODAFONEZIGGO GROUP HOLDING BV 2.18
DEUTSCHE TELEKOM AG 2.15
BROADCOM INC 2.09
Name Weight (%)
DUN & BRADSTREET HOLDINGS INC 1.88
LIBERTY GLOBAL PLC 1.87
FRONTIER COMMUNICATIONS PARENT INC 1.85
TELECOM ITALIA SPA 1.72
HCA INC 1.64
as of May 28, 2021
Name Fund Weight (%)
ITRAXX.FINSUB.35.V1 -4.72
ITRAXX.XO.35.V1 -3.48
CDX.NA.HY.36.V1 -3.32
BARCLAYS PLC -2.02
CATERPILLAR INC -1.84
Name Fund Weight (%)
REPSOL SA -1.66
SOUTHWEST AIRLINES CO -1.32
NEXT PLC -1.23
LANXESS AG -1.14
INEOS LTD -1.07

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% of Market Value

Type Long Short Net
as of Apr 30, 2021

% of Market Value

Type Long Short Net
as of May 28, 2021

% of Market Value

Type Long Short Net
as of May 28, 2021

% 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

 

There are many ways to access BlackRock Funds, learn how you can add them to your portfolio