Fixed Income

BGCIX

Global Long/Short Credit Fund

  • NAV as of Nov 18, 2024 $9.57
    52 WK: 8.84 - 9.57
  • 1 Day NAV Change as of Nov 18, 2024 0.00 (0.00%)
  • NAV Total Return as of Nov 18, 2024 YTD: 7.65%

Overview

About this Fund

1. An alternative to typical bond funds seeking to minimize interest rate risk and provide differentiated returns

2. Investing long and short in global credit markets allows for optimal expressions

3. Attractive return profile and less volatility than core fixed income since inception

Investment Approach

The BlackRock Global Long/Short Credit Fund casts a wide net across global credit opportunities to provide diversification and strong risk adjusted returns.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 10.91 2.42 3.25 2.56
Benchmark (%) 5.46 3.50 2.32 1.65
Morningstar Category Avg. (%) 10.01 1.88 2.51 2.48
Morningstar Ranking 125/289 108/272 79/246 81/171
Morningstar Quartile 2 2 2 3
Lipper Category Avg. (%) 11.06 1.57 2.30 2.21
Lipper Ranking 26/70 23/61 18/58 10/54
Lipper Quartile 2 2 2 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 7.20 1.06 3.03 10.91 7.43 17.35 28.78
Benchmark (%) 4.03 0.43 1.37 5.46 10.87 12.17 17.79
Morningstar Category Avg. (%) 5.44 -0.47 1.30 10.01 6.24 13.97 29.12
Lipper Category Avg. (%) 5.78 0.93 3.66 11.06 4.96 12.48 25.11
  2019 2020 2021 2022 2023
Total Return (%) 7.43 3.95 3.48 -8.01 8.99
Benchmark (%) 2.28 0.67 0.05 1.47 5.02
Morningstar Category Avg. (%) 6.69 3.44 1.80 -6.27 6.95

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.

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.

 

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA 3 Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 3 Month Treasury Bill Index.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 18, 2024
$842.1 M
Share Class launch date
Sep 30, 2011
Benchmark Index
ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Morningstar Category
Nontraditional Bond
CUSIP
09260C604
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 18, 2024
$589.4 M
Asset Class
Fixed Income
Distribution Frequency
Annual
Lipper Classification
Specialty Fixed-Inc Fds
Max Offer Price
as of Nov 18, 2024
$9.57
Turnover Percent in the Annual Report
as of Jul 31, 2024
110.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
610
Alpha (3y)
as of Oct 31, 2024
-0.80
R-Squared (3y)
as of Oct 31, 2024
29.18
Beta (3y)
as of Oct 31, 2024
3.42
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
5.55%
Effective Duration
as of Oct 31, 2024
0.91 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
4.87%
30 Day SEC Yield
as of Oct 31, 2024
5.57%
Yield to Maturity
as of Oct 31, 2024
7.22%
Fund Standard Deviation (3y)
as of Oct 31, 2024
3.90
Average Coupon
as of Oct 31, 2024
6.25%
Yield to Worst
as of Oct 31, 2024
6.97%
Weighted Average Life
as of Oct 31, 2024
3.15 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jun 30, 2022
-5.67%
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
0.24%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.24%
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
28.72%
Percentage of Fund not covered
as of Oct 31, 2024
71.28%
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 0.07%.

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 1.50%
Net Expense Ratio 1.18%

Net Expense Ratio excluding Investment Related Expenses is 1.17%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.28%

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Sep 30, 2024)
Analyst-Driven % as of Sep 30, 2024
10.00
Data Coverage % as of Sep 30, 2024
86.00

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 62, 6,105, 62, 25 and 62 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

Holdings

as of Sep 30, 2024
Name Weight (%)
FRONTIER COMMUNICATIONS PARENT INC 2.68
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.29
SEAGATE TECHNOLOGY HOLDINGS PLC 2.03
LIONS GATE ENTERTAINMENT CORP 1.87
BANCO ESPIRITO SANTO SA 1.73
Name Weight (%)
ALTAR BIDCO INC 1.62
VISTRA CORP 1.58
AT&T INC 1.53
VERIZON COMMUNICATIONS INC 1.52
DEVON ENERGY CORPORATION 1.50
Name Market Value Weight (%) Shares Maturity Coupon (%)
as of Sep 30, 2024
Issuer Weight (%)
FRONTIER COMMUNICATIONS PARENT INC 2.68
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.29
SEAGATE TECHNOLOGY HOLDINGS PLC 2.03
LIONS GATE ENTERTAINMENT CORP 1.87
BANCO ESPIRITO SANTO SA 1.73
Issuer Weight (%)
ALTAR BIDCO INC 1.62
VISTRA CORP 1.58
AT&T INC 1.53
VERIZON COMMUNICATIONS INC 1.52
DEVON ENERGY CORPORATION 1.50
as of Sep 30, 2024
Name Fund Weight (%)
ITRAXX.EUR.42.V1 -5.05
SOUTHWEST AIRLINES CO -2.83
SIMON PROPERTY GROUP INC -1.30
ZHEJIANG GEELY HOLDING GROUP CO LTD -0.60
CDX.NA.HY.42.V1 -0.59
Name Fund Weight (%)
ITRAXX.FINSUB.42.V1 -0.56
GRIFOLS SA -0.55
INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA -0.45
PANAMA REPUBLIC OF (GOVERNMENT) -0.45
ERSTE GROUP BANK AG -0.43
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

% of Market Value

Type Long Short Net
as of Oct 31, 2024

% of Market Value

Type Long Short Net
as of Oct 31, 2024

% of Market Value

Type Long Short Net
as of Oct 31, 2024

% 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

Jose Aguilar
Jose Aguilar
Portfolio manager on the Credit Enhanced Strategies Europe team

  

Read More

Jose Aguilar, Managing Director, is a portfolio manager on the Credit Enhanced Strategies Europe team and co-manages European High Yield strategies.

 

Prior to joining BlackRock in 2009, Mr. Aguilar was an Associate and research analyst at R3 Capital Partners. He began his career at Lehman Brothers in 2005 working in the Global Principal Strategies and Financial Institutions Groups.

 

Mr. Aguilar earned degrees in business administration and law from Universidad Pablo de Olavide in Seville, Spain.

David Taerstein
David Taerstein
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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