Fixed Income

BSHKX

BlackRock Sustainable 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 Incept.
9.95 - - - 1.20
Benchmark (%) 10.43 - - - 1.59
Morningstar Category Avg. (%) 9.93 - - - -
Morningstar Ranking 283/657 - - - -
Morningstar Quartile 2 - - - -
Lipper Ranking 210/502 - - - -
Lipper Quartile 2 - - - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
2.70 1.01 1.17 9.95 - - - 3.57
Benchmark (%) 2.58 0.94 1.09 10.43 - - - 4.74
Morningstar Category Avg. (%) 2.82 0.81 1.12 9.93 - - - -
  2019 2020 2021 2022 2023
Total Return (%) - - - -11.29 12.58
Benchmark (%) - - - -11.18 13.44
Morningstar Category Avg. (%) - - - -10.09 12.08

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 Jul 12, 2024
$44.3 M
Share Class launch date
Jul 21, 2021
Morningstar Category
High Yield Bond
Benchmark Index
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Distribution Frequency
Monthly
Max Offer Price
as of Jul 12, 2024
$8.90
Turnover Percent
37%
Size of Fund (Millions)
as of Jul 12, 2024
$44.8 M
Asset Class
Fixed Income
Lipper Classification
High Yield Funds
CUSIP
09260B259
Number of Holdings
as of Jun 28, 2024
499
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y)
as of -
-
Beta (3y)
as of -
-
Unsubsidized 30-Day SEC Yield
as of Jun 30, 2024
6.22%
Yield to Worst
as of Jun 28, 2024
7.43%
Effective Duration
as of Jun 28, 2024
3.03 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending -
-
R-Squared (3y)
as of -
-
30 Day SEC Yield
as of Jun 30, 2024
7.08%
Yield to Maturity
as of Jun 28, 2024
7.59%
Weighted Average Life
as of Jun 28, 2024
4.31 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending -
-
Fund Standard Deviation (3y)
as of -
-
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more

This fund seeks to follow a sustainable, impact or ESG investment strategy, as disclosed in its prospectus. For more information regarding the fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of Jun 21, 2024
A
MSCI ESG Quality Score (0-10)
as of Jun 21, 2024
5.9
Fund Lipper Global Classification
as of Jun 21, 2024
Bond USD High Yield
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of Jun 21, 2024
197.88
MSCI ESG % Coverage
as of Jun 21, 2024
67.67%
MSCI ESG Quality Score - Peer Percentile
as of Jun 21, 2024
84.27%
Funds in Peer Group
as of Jun 21, 2024
445
MSCI Weighted Average Carbon Intensity % Coverage
as of Jun 21, 2024
66.71%
All data is from MSCI ESG Fund Ratings as of Jun 21, 2024, based on holdings as of Dec 31, 2023. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Jun 28, 2024
0.00%
MSCI - Nuclear Weapons
as of Jun 28, 2024
0.00%
MSCI - Civilian Firearms
as of Jun 28, 2024
0.00%
MSCI - Tobacco
as of Jun 28, 2024
0.00%
MSCI - UN Global Compact Violators
as of Jun 28, 2024
0.00%
MSCI - Thermal Coal
as of Jun 28, 2024
0.00%
MSCI - Oil Sands
as of Jun 28, 2024
0.00%

Business Involvement Coverage
as of Jun 28, 2024
29.85%
Percentage of Fund not covered
as of Jun 28, 2024
70.15%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for certain issuers under consideration for investment and certain existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third-party ESG information and research. Portfolio management teams may consider the sector and issuer ESG views and scores during portfolio construction. The Fund manager also considers ESG criteria during post-investment monitoring and 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, where appropriate.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.52%
Net Expense Ratio 0.53%

Net Expense Ratio excluding Investment Related Expenses is 0.53%

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

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - GOLD
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective May 31, 2024)

Holdings

Holdings

as of Jun 28, 2024
Name Weight (%)
CLOUD SOFTWARE GROUP INC 3.56
TRANSDIGM INC 2.39
HUB INTERNATIONAL LTD 2.36
ALLIANT HOLDINGS INTERMEDIATE LLC / ALLIANT HOLDINGS CO-ISSUER 1.84
CLEAR CHANNEL OUTDOOR HOLDINGS INC 1.59
Name Weight (%)
UKG INC 1.57
BIG RIVER STEEL LLC 1.57
ATHENAHEALTH GROUP INC 1.56
MAUSER PACKAGING SOLUTIONS HOLDING CO 1.46
CCO HOLDINGS LLC 1.33
Name Weight (%) Shares Market Value Coupon (%) Maturity
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Jun 28, 2024

% 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

David Delbos
Managing Director

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

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

  

Ashley Schulten
Head of ESG Investment, Global Fixed Income

Ashley

Portfolio Manager

Literature

Literature

 

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