Fixed Income

BHYSX

High Yield Fund

  • NAV as of Apr 04, 2025 $6.90
    52 WK: 6.90 - 7.25
  • 1 Day NAV Change as of Apr 04, 2025 -0.08 (-1.15%)
  • NAV Total Return as of Apr 04, 2025 YTD: -1.18%
  • Morningstar Rating

Overview

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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 6.85 4.78 7.26 4.64
Benchmark (%) 7.69 4.98 7.28 5.01
Morningstar Category Avg. (%) 6.72 4.41 6.80 4.20
Morningstar Ranking 260/618 177/586 167/537 85/423
Morningstar Quartile 2 2 2 1
Lipper Category Avg. (%) 6.63 4.16 6.70 4.17
Lipper Ranking 192/487 100/459 120/419 71/315
Lipper Quartile 2 1 2 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 0.74 -1.12 0.74 6.85 15.02 41.98 57.37
Benchmark (%) 1.00 -1.02 1.00 7.69 15.69 42.09 63.01
Morningstar Category Avg. (%) 0.82 -1.00 0.82 6.72 13.82 38.95 50.91
Lipper Category Avg. (%) 0.69 -1.11 0.69 6.63 13.05 38.49 50.71
  2020 2021 2022 2023 2024
Total Return (%) 5.39 5.58 -10.68 13.42 8.16
Benchmark (%) 7.05 5.26 -11.18 13.44 8.19
Morningstar Category Avg. (%) 4.91 4.77 -10.09 12.08 7.63

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.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Apr 04, 2025
$26,067.8 M
Share Class launch date
Nov 19, 1998
Benchmark Index
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (USD)
Morningstar Category
High Yield Bond
CUSIP
09260B598
Open to New Investors
Yes
Size of Class (Millions)
as of Apr 04, 2025
$82.2 M
Asset Class
Fixed Income
Distribution Frequency
None
Lipper Classification
High Yield Funds
Max Offer Price
as of Apr 04, 2025
$6.90
Turnover Percent in the Annual Report
as of Sep 30, 2024
74.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Feb 28, 2025
1,517
Alpha (3y)
as of Mar 31, 2025
-0.02
R-Squared (3y)
as of Mar 31, 2025
99.48
Beta (3y)
as of Mar 31, 2025
1.01
Unsubsidized 30-Day SEC Yield
as of Feb 28, 2025
6.12%
Effective Duration
as of Feb 28, 2025
1.60 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.18%
30 Day SEC Yield
as of Feb 28, 2025
6.14%
Yield to Maturity
as of Feb 28, 2025
7.39%
Fund Standard Deviation (3y)
as of Mar 31, 2025
8.34
Average Coupon
as of Feb 28, 2025
6.76%
Yield to Worst
as of Feb 28, 2025
7.04%
Weighted Average Life
as of Feb 28, 2025
4.32 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jun 30, 2022
-10.14%

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.87%
Net Expense Ratio 0.86%

Net Expense Ratio excluding Investment Related Expenses is 0.85%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.00%

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for High Yield Fund, as of Mar 31, 2025 rated against 586 High Yield Bond Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective Sep 03, 2024)
Analyst-Driven % as of Sep 03, 2024
100.00
Data Coverage % as of Sep 03, 2024
100.00

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 Feb 28, 2025 out of 458, 6,088, 459, 163 and 459 Funds, respectively in Lipper's High Yield Funds classification.

Holdings

Holdings

as of Feb 28, 2025
Name Weight (%)
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF 2.37
CLOUD SOFTWARE GROUP INC 1.88
VENTURE GLOBAL LNG INC 1.88
HUB INTERNATIONAL LTD 1.78
TRANSDIGM INC 1.56
Name Weight (%)
LEVEL 3 FINANCING INC 1.40
ALLIANT HOLDINGS INTERMEDIATE LLC 1.06
ATHENAHEALTH GROUP INC 1.05
ALLIED UNIVERSAL HOLDCO LLC 1.04
CLARIOS GLOBAL LP 1.00
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 Feb 28, 2025

% Notional Exposures

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as of Feb 28, 2025

% Market Value

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as of Feb 28, 2025

% Market Value

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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

  

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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.

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.

Portfolio Manager

Literature

Literature

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