Fixed Income

BOHIX

High Yield Bond 529 Option

How To Buy
  • NAV as of Jun 02, 2023 $22.81
    52 WK: 20.88 - 23.05
  • 1 Day NAV Change as of Jun 02, 2023 0.11 (0.48%)
  • NAV Total Return as of Jun 02, 2023 YTD: 4.63%
  • Morningstar Rating

Overview

Balancing income and risk in High Yield

The BlackRock High Yield Bond Fund has helped investors achieve high levels of income and capital appreciation with a disciplined, research-intensive investment process.

A high income solution

Flexible in changing market conditions

Seeks high income to maximize total return

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Performance

Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.
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Cum. Fund Perf. Since Inception: 126.30

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

This fund does not have any 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 (%) -3.21 6.28 3.09 3.87
Benchmark (%) -3.35 5.88 3.19 4.09
Morningstar Category Avg. (%) -4.24 -0.83 1.01 1.28
Morningstar Ranking 84/426 11/274 - -
Morningstar Quartile 2 1 - -
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 3.90 1.30 3.90 -3.21 20.03 16.45 46.22
Benchmark (%) 3.57 1.06 3.57 -3.35 18.71 17.02 49.37
Morningstar Category Avg. (%) 2.90 1.96 2.90 -4.24 -2.48 5.15 13.56
  2018 2019 2020 2021 2022
Total Return (%) - 14.97 5.69 5.73 -10.55
Benchmark (%) - 14.32 7.05 5.26 -11.18
Morningstar Category Avg. (%) - 8.53 6.66 -0.14 -11.58

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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.

Key Facts

Key Facts

Size of Class (Millions) as of Jun 02, 2023 $0.8 M
Size of Fund (Millions) as of Jun 02, 2023 $23.0 M
Share Class launch date Jul 15, 2019
Asset Class Fixed Income
Benchmark Index Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
CUSIP 19452P164
Max Offer Price $22.81
Open to New Investors Yes
Expenses as of current program description

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Apr 30, 2023 0.01
R-Squared (3y) as of Apr 30, 2023 99.27
Beta (3y) as of Apr 30, 2023 1.01
30 Day SEC Yield as of Apr 30, 2023 6.48%
Yield to Maturity as of Apr 28, 2023 8.35%
Yield to Worst as of Apr 28, 2023 8.31%
Nominal WAL as of Apr 28, 2023 6.37 yrs
Effective Duration 3.54 yrs
Fund Standard Deviation (3y) as of Apr 30, 2023 8.80
This information must be preceded or accompanied by a current program description. For standardized performance, please see the Performance section above.

Fees

Fees

as of current program description
Gross Expense Ratio 0.69%
Net Expense Ratio 0.69%

Net Expense Ratio excluding Investment Related Expenses is 0.14%

  • Acquired Fund Fees and Expenses 0.55%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

5 stars
Overall Morningstar Rating for High Yield Bond 529 Option, Class I, as of May 31, 2023 rated against 278 Static Intermediate Bond Funds based on risk adjusted total return.

Holdings

Holdings

as of Apr 28, 2023
Name Weight (%)
TRANSDIGM INC 2.43
ALLIANT HOLDINGS INTERMEDIATE LLC 1.52
CLARIOS GLOBAL LP 1.49
CAESARS ENTERTAINMENT INC 1.39
CCO HOLDINGS LLC 1.36
Name Weight (%)
FORD MOTOR CREDIT COMPANY LLC 1.15
ASCENT RESOURCES UTICA HOLDINGS LLC 1.11
UBER TECHNOLOGIES INC 1.03
ALLIED UNIVERSAL HOLDCO LLC 1.03
MAUSER PACKAGING SOLUTIONS HOLDING CO 0.99
The portfolio holds a mutual fund and/or an ETF. Top holdings from the underlying vehicles are listed above for greater visibility

Exposure Breakdowns

Exposure Breakdowns

as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Feb 28, 2020

% of Market Value

Type Fund Benchmark Net
as of Apr 28, 2023

% of Market Value

Type Fund Benchmark Net
as of Feb 28, 2020

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

James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Head of Credit within BlackRock Alternative Investors (BAI).

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James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Head of Credit for BlackRock Alternatives and Chairman and interim Chief Executive Officer of the BlackRock Capital Investment Corporation.

 

Mr. Keenan has led BlackRock’s Credit platform since 2006, overseeing investment strategy, processes, performance, risk management, platform strategic planning and growth initiatives, and partnerships with BlackRock’s distribution channels.  Under Mr. Keenan’s leadership, the platform has significantly expanded to offer clients a full range of investment strategies and solutions in leveraged finance, hedge fund and liquid alternative strategies, multi-strategy credit solutions, and private credit opportunities in middle market direct lending and opportunistic credit.  Since 2004, he has managed investment portfolios at BlackRock across a range of strategies including high yield credit, opportunistic and distressed lending, and long/short hedge funds.

 

Mr. Keenan is a member of BlackRock's Global Operating Committee, the Executive Committee of BlackRock Alternatives, and Investment Committees for BlackRock Private Equity Partners, Long-Term Private Capital, and Alternative Solutions Group.

 

Mr. Keenan began his career in credit research and trading with UBS Global Asset Management and Columbia Management Group.  He earned a BBA in finance from the University of Notre Dame in 1998.  He is a member of Notre Dame's Wall Street Committee, its Athletic Advisory Council, and the Board of Directors of Good Shepherd Services, a service and advocacy partnership in New York City.

David Delbos
David Delbos
Managing Director

David Delbos, Managing Director, is the Co-Head of U.S. High Yield within BlackRock's Global Credit team.

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David Delbos, Managing Director, is the Co-Head of U.S. High Yield within BlackRock's Global Credit team. He is also responsible for managing Global High Yield strategies.

 

Mr. Delbos joined BlackRock in 2002 as a credit research analyst in the Leveraged Finance Group. He transitioned to a portfolio management role in 2012. 

 

Prior to joining the Leveraged Finance team at BlackRock in 2002, Mr. Delbos was an analyst at Deutsche Bank Securities Inc.

 

Mr. Delbos earned a BA degree, Magna Cum Laude, in history from Tufts University in 2000.

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

  

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Mitchell S. Garfin, CFA, Managing Director, is the Co-Head of U.S. High Yield within BlackRock's Global Credit team. He is also responsible for managing Global High Yield strategies. 

 

Mr. Garfin joined BlackRock in 1997 as an analyst in the Account Management Group working with taxable financial institutional clients. He joined the Portfolio Management Group in 2000 as a credit research analyst and in 2005 moved to portfolio management.  Mr. Garfin moved to his current role in 2007 and serves as Head of the Global Credit Human Capital Committee.

 

Mr. Garfin earned a BA degree, with distinction, in finance from the University of Michigan in 1997, and an MBA degree in finance and economics from New York University in 2005.

Derek Schoenhofen
Derek Schoenhofen
Portfolio Manager

Literature

Literature

 

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