Fixed Income

CRDJX

BlackRock Credit Strategies Fund

  • NAV as of Mar 28, 2025 $8.39
  • NAV Total Return as of: Feb 28, 2025 YTD: 0.97

Learn more about the BlackRock Credit Strategies Fund

Overview

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Performance

Performance

Distributions

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Past distributions are not indicative of future distributions.
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  YTD 1m 3m 1y 3y 5y 10y Incept.
Total Return (%) 7.78 -0.55 0.91 7.78 9.99 20.85 - 29.15
Return w/ Sales Charge (%) 4.55 -3.53 -2.12 4.55 6.68 17.23 - 25.28
  2020 2021 2022 2023 2024
Total Return (%) - - - - 7.78

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

Size of Fund (Millions)
as of Mar 28, 2025
$605.0 M
Asset Class
Fixed Income
Distribution Frequency
Daily
Open to New Investors
No
Managed Assets
as of Mar 28, 2025
$624,998,583.00
Share Class launch date
Nov 19, 2024
Net Expense Ratio
2.10%
CUSIP
09259W603
Number of Holdings
as of Feb 28, 2025
1,568
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

Yield to Maturity
as of Feb 28, 2025
9.50%
Yield to Worst
as of Feb 28, 2025
9.15%
WAL to Worst
as of Feb 28, 2025
3.70 yrs
Leverage
as of Feb 28, 2025
$ 25,000,000.00
Average Coupon
as of Feb 28, 2025
0.11%
Effective Duration
as of Feb 28, 2025
0.19 yrs
WAL to Maturity
as of Feb 28, 2025
6.43 yrs
% Leveraged
as of Feb 28, 2025
3.98%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Holdings

Holdings

as of Feb 28, 2025
Name Weight (%)
DIVERSIFIED HEALTHCARE TRUST 1.62
ECHOSTAR CORP 1.56
UNITI GROUP LP 1.25
MOHEGAN GAMING & ENTERTAINMENT 1.17
RESEARCH NOW GROUP LLC 1.14
Name Weight (%)
DELIVERY HERO FINCO LLC 1.08
CSC HOLDINGS LLC 1.07
OFFICE PROPERTIES INCOME TRUST 1.07
DIGICEL INTERMEDIATE HOLDINGS LTD 1.06
AVEANNA HEALTHCARE LLC 1.03
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

% of Market Value

as of Feb 28, 2025

% of Market Value

as of Feb 28, 2025

% of Market Value

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as of Feb 28, 2025

% of Market Value

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as of Feb 28, 2025

% of 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

Jeffrey Cucunato
Jeffrey Cucunato
Head of Multi Strategy Debt Solutions, 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 led 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