Fixed Income

BDMKX

Global Long/Short Credit 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 Incept.
0.25 1.64 2.20 - 2.51
Benchmark (%) 1.10 1.69 1.20 - 0.69
Morningstar Category Avg. (%) 1.51 1.98 2.93 3.32 -
Morningstar Ranking 31/46 24/41 - - -
Morningstar Quartile 3 3 4 - -
Lipper Ranking 48/91 39/83 - - -
Lipper Quartile 3 2 - - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
-1.31 -0.41 1.66 0.25 4.99 11.50 - 25.00
Benchmark (%) 0.64 0.01 0.04 1.10 5.16 6.14 - 6.39
Morningstar Category Avg. (%) 0.17 0.03 0.56 1.51 6.05 15.53 38.67 -
  2015 2016 2017 2018 2019
Total Return (%) -0.96 3.70 3.64 -1.70 7.51
Benchmark (%) 0.05 0.33 0.86 1.87 2.28
Morningstar Category Avg. (%) -2.58 4.54 2.44 -1.64 7.53
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 $350.9 M
Size of Fund (Millions) as of Nov 27, 2020 $1,597.4 M
Share Class launch date Mar 28, 2016
Asset Class Alternative
Morningstar Category Long-Short Credit
Lipper Classification Specialty Fixed-Inc Fds
Benchmark Index ICE BofA 3 Month Treasury Bill Index (G0O1)
Number of Holdings as of Oct 30, 2020 889
CUSIP 09260C703
Distribution Frequency None
Max Offer Price as of Nov 27, 2020 $10.13
Open to New Investors Yes
Turnover Percent in the Annual Report 232%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Oct 31, 2020 1.37
R-Squared (3y) as of Oct 31, 2020 21.81
Beta (3y) as of Oct 31, 2020 -8.95
Yield to Maturity as of Oct 30, 2020 5.16%
Yield to Worst as of Oct 30, 2020 4.99%
Effective Duration as of Oct 30, 2020 0.57 yrs
Nominal WAL as of Oct 30, 2020 4.87 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 4.55%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -7.14%
Fund Standard Deviation (3y) as of Oct 31, 2020 4.98
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 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

Holdings

Holdings

as of Oct 30, 2020
Name Fund Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS 3.98
ADVANCED MICRO DEVICES INC 3.76
DEUTSCHE TELEKOM AG 3.69
NEXT LUXEMBOURG SCSP 3.22
BROADCOM INC 1.91
Name Fund Weight (%)
DUN & BRADSTREET HOLDINGS INC 1.86
ALNERY NO 3163 LTD 1.71
COMMSCOPE HOLDING CO INC 1.61
MICROCHIP TECHNOLOGY INCORPORATED 1.55
LIBERTY GLOBAL PLC 1.54
as of Oct 30, 2020
Name Weight (%)
AMERICAN AIRLINES PASS THROUGH TRUSTS 3.98
ADVANCED MICRO DEVICES INC 3.76
DEUTSCHE TELEKOM AG 3.69
NEXT LUXEMBOURG SCSP 3.22
BROADCOM INC 1.91
Name Weight (%)
DUN & BRADSTREET HOLDINGS INC 1.86
ALNERY NO 3163 LTD 1.71
COMMSCOPE HOLDING CO INC 1.61
MICROCHIP TECHNOLOGY INCORPORATED 1.55
LIBERTY GLOBAL PLC 1.54
as of Oct 30, 2020
Name Fund Weight (%)
ITRAXX.FINSUB.34.V1 -5.42
ITRAXX.XO.34.V1 -3.17
CDX.NA.HY.35.V1 -2.21
ITRAXX.FINSR.34.V1 -2.07
CATERPILLAR INC -1.69
Name Fund Weight (%)
SOUTHWEST AIRLINES CO -1.43
NEXT PLC -1.04
ARD HOLDINGS SA -0.98
MATTEL INC -0.94
AMERICAN AIRLINES GROUP INC -0.88

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% of Market Value

Type Long Short Net
as of Oct 30, 2020

% of Market Value

Type Long Short Net
as of Oct 30, 2020

% of Market Value

Type Long Short Net
as of Oct 30, 2020

% 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

 

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