Fixed Income

CREDX

BlackRock Credit Strategies Fund

  • NAV as of Nov 18, 2024 $8.62
    52 WK: 8.49 - 8.77
  • NAV Total Return as of: Oct 31, 2024 YTD: 7.80

Overview

Investment Approach

BlackRock Credit Strategies Fund is an unlisted closed-end management investment company that is continuously offered and is operated as an “interval fund.” Under normal conditions, the Fund will invest at least 80% of its Managed Assets in fixed-income securities, with an emphasis on public and private corporate credit. The Fund will invest across multiple credit sectors and employ multiple strategies, including investment in selected less liquid or illiquid private credit instruments, seeking to provide high income and attractive risk-adjusted returns.

There can be no assurances that the Fund’s investment will be achieved or that the Fund’s investment program will be successful.
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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.
Click here, for the most recent distributions.



  1y 3y 5y 10y Incept.
Total Return (%) 10.64 3.09 4.71 - 5.04
  YTD 1m 3m 1y 3y 5y 10y Incept.
Total Return (%) 7.21 1.47 3.93 10.64 9.55 25.88 - 31.59
  2019 2020 2021 2022 2023
Total Return (%) - 8.20 2.58 -8.07 12.10

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.

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.
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Key Facts

Key Facts

Net Assets
as of Nov 18, 2024
$419,763,601
Share Class launch date
Feb 28, 2019
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
General Bond Funds
Number of Holdings
as of Oct 31, 2024
1,447
Managed Assets
-
Exchange
-
Shares Outstanding
as of Nov 18, 2024
48,718,430
Morningstar Category
Bank Loan
CUSIP
09259W108
The Fund is an “interval fund” that has a policy of extending quarterly repurchase offers to outstanding shareholders. Written notification of each quarterly repurchase offer will be sent directly to shareholders. For additional details, please see “Periodic Repurchase Offers” in the Fund’s prospectus.

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate
as of -
-
Average Coupon
as of Oct 31, 2024
0.14%
Effective Duration
as of Oct 31, 2024
0.55 yrs
WAL to Maturity
as of Oct 31, 2024
6.89 yrs
% Leveraged
as of Oct 31, 2024
7.50%
Yield to Maturity
as of Oct 31, 2024
10.11%
Yield to Worst
as of Oct 31, 2024
9.69%
WAL to Worst
as of Oct 31, 2024
3.66 yrs
Leverage
as of Oct 31, 2024
$ 50,000,000.00
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
0.99%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.99%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
0.01%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
-0.01%
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
21.64%
Percentage of Fund not covered
as of Oct 31, 2024
78.36%
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 0.09% 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 1.54%
Management Fee 1.17%
Interest Expense 0.17%
Other Expenses 0.29%
Acquired Fund Fees and Expenses 0.00%
on managed assets
Acquired Fund Fees and Expenses -
Interest Expenses -
Management Fee 1.08%
Other Expenses -
Gross Expense -

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

Ratings

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
MOHEGAN GAMING & ENTERTAINMENT 1.16
UNITI GROUP LP 1.16
DIVERSIFIED HEALTHCARE TRUST 1.15
RESEARCH NOW GROUP LLC 1.10
LEVEL 3 FINANCING INC 1.09
Name Weight (%)
VERITAS US INC 1.07
DELIVERY HERO FINCO LLC 1.06
DIGICEL INTERMEDIATE HOLDINGS LTD 1.03
AVEANNA HEALTHCARE LLC 1.03
CSC HOLDINGS LLC 1.02
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
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

James Keenan
James Keenan
Managing Director, Chief Investment Officer and Global Head of Private Debt for BlackRock; Chairman and interim Chief Executive Officer of the BlackRock Capital Investment Corporation

James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Head of Credit for BlackRock Alternatives and Chairman and interim Chief Executive Officer of the BlackRock Capital Investment Corporation.

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James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Head of Private Debt for BlackRock, and Chairman and interim Chief Executive Officer of the BlackRock Capital Investment Corporation.

 

Mr. Keenan leads BlackRock's Private Debt platform that includes infrastructure, real estate debt, private credit, asset-based lending, and securitized credit ranging from investment grade, performing, and opportunistic & mezzanine strategies. He oversees both business and investment strategy across the platform including investment committees, investment processes, risk management & performance.

 

For nearly 20 years with BlackRock, Mr. Keenan has been instrumental in expanding investment solutions for clients across liquid leveraged finance, private credit, hedge funds, and multi-alternative strategies. Prior to his current role Mr. Keenan was the CIO and Global Head of Credit for BlackRock Alternatives. He previously built and led the firm’s public market credit and leveraged finance business and has been a portfolio manager across a range of liquid, private, hedge funds and multi-strategy credit funds since 2004 alongside private credit businesses.

 

Mr. Keenan is a member of BlackRock's Global Operating Committee, Portfolio Management Group Executive Committee, and the investment subcommittee of the firm’s Global Executive Committee. He serves on the Investment Committee for BlackRock’s Private Equity Partners, Long-Term Private Capital, and Transition Capital, alongside all the Private Debt strategies.

 

Mr. Keenan began his career in credit research and trading with UBS Global Asset Management and Columbia Management Group. He earned a BBA in finance from the University of Notre Dame in 1998. He is a member of Notre Dame's Wall Street Committee, its Athletic Advisory Council, and the Board of Directors of Good Shepherd Services, a service and advocacy partnership in New York City.

Jeff Cucunato
Jeff Cucunato
Managing Director

Jeff Cucunato is the lead portfolio manager for the Multi-Strategy Credit platform within BlackRock's Global Credit group.

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Jeff Cucunato is the lead portfolio manager for the Multi-Strategy Credit platform within BlackRock's Global Credit group. Mr. Cucunato is responsible for managing portfolios that allocate to opportunities across the global credit markets. He also chairs the credit platform's Investment Strategy Group, which focuses on evaluating investment opportunities across global investment grade, high yield, bank loans and illiquid credit.

 
Previously, Mr. Cucunato was Head of Investment Grade Credit where he lead the firm's U.S. fundamental investment grade credit effort for over 10 years and spent 15 years as the lead portfolio manager for BlackRock's investment grade credit and long duration portfolios. He began his investment career in 1997 focusing on interest rate products, including management of BlackRock's inflation-linked bond portfolios. Mr. Cucunato joined BlackRock in 1995 as an analyst in the Institutional Client Business group, working with international clients and alternative investments. 
 
Mr. Cucunato earned a BA degree, cum laude, in history from Dartmouth College in 1995.

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.

Phil Tseng
Phil Tseng
Patrick Wolfe
Patrick Wolfe
Managing Director

Patrick Wolfe, Managing Director, is a member of Blackrock’s Global Credit Platform.

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Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund (CREDX), and Middle-Market CLOs in the US. Patrick joined BlackRock through the acquisition of Tennenbaum Capital Partners ("TCP").

 

At TCP, Patrick launched the Middle-Market CLO platform taking the business to over $1 billion of assets. He also co-led led the development of the firm's proprietary private credit software platform (Symbeo) and was one of the creators of the Direct Lending Insurance Solutions fund.

 

Prior to TCP, Mr. Wolfe was in structured credit at Deutsche Bank for six years focusing on the structuring, issuance, and management of CLOs and other credit strategies. He began his career in 2006 as an accountant at KSJG LLP focused on mortgage banking.

 

Mr. Wolfe earned a B.S. in Accounting from San Diego State University in 2006.

Eric Yuan
Eric Yuan
Portfolio Manager

Literature

Literature

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