Fixed Income

HYT

Corporate High Yield Fund

  • NAV as of Nov 22, 2024 $9.76
    52 WK: 9.27 - 9.87
  • Morningstar Rating
  • NAV Total Return as of: Oct 31, 2024 YTD: 8.34%
  • Distribution Rate as of Nov 22, 2024 9.41%
  • Market Price as of Nov 22, 2024 $9.93
  • Market Price Total Return as of: Oct 31, 2024 YTD: 13.51%
  • Premium Discount as of Nov 22, 2024 1.74%

Overview

Investment Approach

BlackRock Corporate High Yield Fund, Inc.’s (HYT) (the 'Trust') primary investment objective is to provide shareholders with current income. The Trust’s secondary investment objective is to provide shareholders with capital appreciation. The Trust seeks to achieve its objectives by investing, under normal market conditions, at least 80% of its assets in domestic and foreign high yield securities, including high yield bonds (commonly referred to as 'junk' bonds), corporate loans, convertible debt securities and preferred securities which are below investment grade quality. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.

A SOURCE OF HIGH INCOME

High yield bonds have historically provided higher levels of income than core bonds*

FLEXIBILITY FOR CHANGING MARKETS

The fund seeks to prudently balance income, risk and return through diverse markets


PROVEN RECORD OF INCOME AND RETURNS

The fund has navigated diverse market conditions while delivering an attractive yield


* High yield bonds typically have greater risk than core bonds
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Performance

Performance

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains Return of Capital LT Cap Gains
Record Date Ex-Date Payable 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.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

  1y 3y 5y 10y
NAV Total Return (%) 18.62 2.77 5.76 6.27
Market Price Total Return (%) 28.62 3.34 8.16 7.50
  YTD 1m 3m 1y 3y 5y 10y
NAV Total Return (%) 9.03 1.41 - 18.62 8.53 32.29 83.64
Market Price Total Return (%) 14.66 2.01 - 28.62 10.35 48.01 106.16
  2019 2020 2021 2022 2023
NAV Total Return (%) 20.95 9.66 8.33 -15.71 16.80
Market Price Total Return (%) 31.02 11.45 16.66 -22.62 19.80

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, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

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 may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets
as of Nov 22, 2024
$1,480,341,213
Share Class launch date
May 30, 2003
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
High Yield Fds Leveraged
CUSIP
09255P107
Managed Assets
as of Nov 22, 2024
$1,895,341,213.14
Exchange
New York Stock Exchange Inc.
Shares Outstanding
as of Nov 22, 2024
151,729,918
Morningstar Category
High Yield Bond
Premium Discount
as of Nov 22, 2024
1.74%
Number of Holdings
as of Oct 31, 2024
1,124

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate
as of Nov 22, 2024
9.41%
Average Coupon
as of Oct 31, 2024
7.80%
Effective Duration
as of Oct 31, 2024
1.95 yrs
WAL to Maturity
as of Oct 31, 2024
9.40 yrs
% Leveraged
as of Oct 31, 2024
21.12%
Yield to Maturity
as of Oct 31, 2024
9.69%
Yield to Worst
as of Oct 31, 2024
9.31%
WAL to Worst
as of Oct 31, 2024
5.29 yrs
Leverage
as of Oct 31, 2024
$ 393,000,000.00

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 -
-
MSCI - Nuclear Weapons
as of -
-
MSCI - Civilian Firearms
as of -
-
MSCI - Tobacco
as of -
-
MSCI - UN Global Compact Violators
as of -
-
MSCI - Thermal Coal
as of -
-
MSCI - Oil Sands
as of -
-
Business Involvement Coverage
as of -
-
Percentage of Fund not covered
as of -
-
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 -% and for Oil Sands -%.

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

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Fees

Fees

on net assets
Gross Expense Ratio 3.35%
Management Fee 0.85%
Interest Expense 2.45%
Other Expenses 0.05%
Acquired Fund Fees and Expenses 0.00%
on managed assets
Acquired Fund Fees and Expenses 0.00%
Interest Expenses 1.74%
Management Fee 0.60%
Other Expenses 0.04%
Gross Expense 2.38%

Fees data reflected above is current as of the latest annual shareholder report.

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Corporate High Yield Fund, as of Oct 31, 2024 rated against 34 High Yield Bond Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. (Effective Nov 28, 2016)
Analyst-Driven % as of -
-
Data Coverage % as of -
-

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
CLOUD SOFTWARE GROUP INC 2.38
VENTURE GLOBAL LNG INC 2.27
HUB INTERNATIONAL LTD 2.18
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF 1.78
LEVEL 3 FINANCING INC 1.57
Name Weight (%)
ALLIANT HOLDINGS INTERMEDIATE LLC 1.34
CLARIOS GLOBAL LP 1.31
CCO HOLDINGS LLC 1.24
ATHENAHEALTH GROUP INC 1.19
CLEAR CHANNEL OUTDOOR HOLDINGS INC 1.10
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 Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
as of Oct 31, 2024

% of Market Value

Type Fund
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.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

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

  

Read More

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.

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.

Read More

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.

Portfolio Manager

Literature

Literature

 

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