Fixed Income

BFRIX

Floating Rate Income Fund

  • NAV as of Nov 22, 2024 $9.70
    52 WK: 9.59 - 9.74
  • 1 Day NAV Change as of Nov 22, 2024 0.00 (0.00%)
  • NAV Total Return as of Nov 22, 2024 YTD: 7.58%
  • Morningstar Rating

Overview

About this Fund

1. Seeks high income generation that adjusts with interest rates

2. Diversification – Protection against inflation and rising interest rates

3. Attractive risk-adjusted return throughout the credit cycle

Investment Approach

The BlackRock Floating Rate Income Fund is an income-oriented yet total return seeking bank loan fund with a 25-year track record of balancing income and quality. The Fund looks to offer attractive income and total return while carefully managing overall risk.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 9.26 6.14 5.24 4.50
Benchmark (%) 9.59 6.47 5.74 4.86
Morningstar Category Avg. (%) 10.20 5.41 4.76 3.87
Morningstar Ranking 82/221 24/209 25/204 16/166
Morningstar Quartile 2 1 1 1
Lipper Category Avg. (%) 8.99 5.14 4.39 3.79
Lipper Ranking 80/236 24/213 26/206 16/163
Lipper Quartile 2 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 6.07 0.57 1.97 9.26 19.58 29.11 55.32
Benchmark (%) 6.54 0.71 2.04 9.59 20.69 32.22 60.72
Morningstar Category Avg. (%) 6.81 0.72 2.02 10.20 16.47 24.68 45.52
Lipper Category Avg. (%) 6.01 0.65 1.99 8.99 16.26 24.04 45.29
  2019 2020 2021 2022 2023
Total Return (%) 8.84 2.62 4.06 -0.46 12.58
Benchmark (%) 8.64 3.12 5.20 -0.60 13.32
Morningstar Category Avg. (%) 7.45 1.16 4.36 -2.49 12.19

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. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares. The performance of this share class would be substantially similar to Investor A Shares because this share class and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Investor A Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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. The predecessor fund's returns prior to March 21, 2011 are the returns of a fund that reorganized into the predecessor fund on March 21, 2011.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 22, 2024
$4,205.0 M
Share Class launch date
Mar 18, 2011
Benchmark Index
Morningstar LSTA Leveraged Loan Index
Morningstar Category
Bank Loan
CUSIP
09260B747
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 22, 2024
$2,543.0 M
Asset Class
Fixed Income
Distribution Frequency
None
Lipper Classification
Loan Participation Funds
Max Offer Price
as of Nov 22, 2024
$9.70
Turnover Percent in the Annual Report
as of Jul 31, 2024
41.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
468
Alpha (3y)
as of Oct 31, 2024
-0.03
R-Squared (3y)
as of Oct 31, 2024
96.08
Beta (3y)
as of Oct 31, 2024
1.00
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
7.85%
Effective Duration
as of Oct 31, 2024
0.03 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Aug 31, 2023
4.41%
30 Day SEC Yield
as of Oct 31, 2024
7.86%
Yield to Maturity
as of Oct 31, 2024
8.36%
Fund Standard Deviation (3y)
as of Oct 31, 2024
3.94
Average Coupon
as of Oct 31, 2024
7.54%
Yield to Worst
as of Oct 31, 2024
8.34%
Weighted Average Life
as of Oct 31, 2024
4.11 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jun 30, 2022
-4.94%

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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 Oct 31, 2024
0.00%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.00%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
0.00%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.00%
MSCI - Thermal Coal
as of Oct 31, 2024
0.00%
MSCI - Oil Sands
as of Oct 31, 2024
0.00%
Business Involvement Coverage
as of Oct 31, 2024
14.10%
Percentage of Fund not covered
as of Oct 31, 2024
85.90%
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

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

as of current prospectus
Gross Expense Ratio 0.70%
Net Expense Ratio 0.69%

Net Expense Ratio excluding Investment Related Expenses is 0.67%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

5 stars
Overall Morningstar Rating for Floating Rate Income Fund, as of Oct 31, 2024 rated against 208 Bank Loan Funds based on risk adjusted total return.

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 Oct 31, 2024 out of 212, 6,105, 212, 117 and 212 Funds, respectively in Lipper's Loan Participation Funds classification.

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
CLOUD SOFTWARE GROUP INC 1.30
POWERSHARES SENIOR LOAN PORTFOLIO 1.08
DYNASTY ACQUISITION CO INC 1.02
MEDLINE BORROWER LP 0.99
ALLIANT HOLDINGS INTERMDIATE LLC 0.92
Name Weight (%)
TRANSDIGM INC 0.89
ALLIED UNIVERSAL HOLDCO LLC 0.87
DUN & BRADSTREET CORPORATION (THE) 0.86
SPDR BLACKSTONE/GSO SENIOR LOAN 0.84
ZAYO GROUP HOLDINGS INC 0.75
Name Market Value Weight (%) Shares Maturity Coupon (%)
Detailed Holdings and Analytics
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

% Notional Exposures

Type Fund Benchmark Net
as of Oct 31, 2024

% Market Value

Type Fund Benchmark Net
as of Oct 31, 2024

% 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

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.

Carly Wilson
Carly Wilson
Managing Director

Carly Wilson, Managing Director, is a member of BlackRock's Global Credit Platform. She is a portfolio manager for the platform's bank loan strategies and global long/short credit strategies.

Read More

Carly Wilson, Managing Director, is a member of BlackRock's Global Credit Platform. She is a portfolio manager for the platform's bank loan strategies and global long/short credit strategies.

Since joining BlackRock in 2009, Ms. Wilson's investment experience has focused on both single name and sector selection within Credit, as well as fund-level risk management. Her bank loan experience spans mandate types, including daily liquidity mutual funds, semi-liquid offshore funds, CLOs and separate accounts managed on behalf of a global client base with bespoke needs. On behalf of the platform's Global Long/Short Credit Fund, Ms. Wilson focuses on asset allocation and cross-market relative value, as well as single name alpha generation and risk budgeting. In this role, she invests long and short in many global markets - including credit, rates and equities, in both cash and derivatives.

Ms. Wilson is currently on the Board of Directors of the Loan Syndications & Trading Association (LSTA).

Prior to her current role, Ms. Wilson worked at multi-strategy hedge fund R3 Capital where she focused on credit research and portfolio management. Previously, she worked at Lehman Brothers in Global Principal Strategies as part of the capital structure arbitrage investment team. Ms. Wilson began her career in equity trading at Lehman Brothers.

Ms. Wilson earned a bachelor's degree in Economics from the Wharton School of Business at the University of Pennsylvania in 2004.

Portfolio Manager
Read the Team's Commentary

Literature

Literature

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