Fixed Income

BGCCX

Global Long/Short Credit Fund

  • NAV as of May 09, 2025 $9.17
    52 WK: 8.99 - 9.56
  • 1 Day NAV Change as of May 09, 2025 0.01 (0.11%)
  • NAV Total Return as of May 09, 2025 YTD: 1.55%

Overview

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Performance

Performance

  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 1.00 -0.87 1.00 6.36 9.27 21.12 19.51
Return w/ Sales Charge (%) 0.00 -1.86 0.00 5.36 9.27 21.12 19.51
Benchmark (%) 1.02 0.33 1.02 4.97 13.25 13.46 20.38
Morningstar Category Avg. (%) 1.24 -0.42 1.24 5.69 10.74 23.88 30.06
Lipper Category Avg. (%) 1.49 -0.37 1.49 6.37 11.03 27.14 26.64
  2020 2021 2022 2023 2024
Total Return (%) 2.93 2.36 -8.96 7.93 7.32
Annual w/ Sales Charge (%) 1.93 1.36 -9.82 6.93 6.32
Benchmark (%) 0.67 0.05 1.47 5.02 5.25
Morningstar Category Avg. (%) 3.44 1.80 -6.27 6.95 6.18

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 May 09, 2025
$788.0 M
Share Class launch date
Sep 30, 2011
Benchmark Index
ICE BofA 3 Month Treasury Bill Index (G0O1) (USD)
Morningstar Category
Nontraditional Bond
CUSIP
09260C505
Open to New Investors
Yes
Size of Class (Millions)
as of May 09, 2025
$2.3 M
Asset Class
Fixed Income
Distribution Frequency
Annual
Lipper Classification
Specialty Fixed-Inc Fds
Max Offer Price
as of May 09, 2025
$9.17
Turnover Percent in the Annual Report
as of Jul 31, 2024
110%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Apr 30, 2025
531
Alpha (3y)
as of Mar 31, 2025
-1.27
R-Squared (3y)
as of Mar 31, 2025
28.65
Beta (3y)
as of Mar 31, 2025
4.38
Unsubsidized 30-Day SEC Yield
as of Mar 31, 2025
4.18%
Effective Duration
as of Apr 30, 2025
1.17 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
4.66%
30 Day SEC Yield
as of Mar 31, 2025
4.28%
Yield to Maturity
as of Apr 30, 2025
6.89%
Fund Standard Deviation (3y)
as of Mar 31, 2025
3.81
Average Coupon
as of Apr 30, 2025
6.08%
Yield to Worst
as of Apr 30, 2025
6.68%
Weighted Average Life
as of Apr 30, 2025
3.51 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Jul 31, 2022
-3.79%
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 2.48%
Net Expense Ratio 2.44%

Net Expense Ratio excluding Investment Related Expenses is 2.14%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.29%

Ratings

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 Apr 30, 2025 out of 60, 6,092, 60, 17 and 60 Funds, respectively in Lipper's Specialty Fixed-Inc Fds classification.

Holdings

Holdings

as of Apr 30, 2025
Name Weight (%)
CDX.NA.IG.44.V1 3.16
FRONTIER COMMUNICATIONS PARENT INC 3.07
ITRAXX.XO.42 35-100% 2.27
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.27
SEAGATE TECHNOLOGY HOLDINGS PLC 2.24
Name Weight (%)
ITRAXX.XO.42 20-35% 2.22
LIONS GATE ENTERTAINMENT CORP 2.12
SPIRIT AEROSYSTEMS HOLDINGS INC 2.05
PALOMINO FUNDING TRUST I 1.47
BANCO ESPIRITO SANTO SA 1.43
as of Apr 30, 2025
Issuer Weight (%)
CDX.NA.IG.44.V1 3.16
FRONTIER COMMUNICATIONS PARENT INC 3.07
ITRAXX.XO.42 35-100% 2.27
BRITISH AIRWAYS PASS THROUGH TRUST_22-1 2.27
SEAGATE TECHNOLOGY HOLDINGS PLC 2.24
Issuer Weight (%)
ITRAXX.XO.42 20-35% 2.22
LIONS GATE ENTERTAINMENT CORP 2.12
SPIRIT AEROSYSTEMS HOLDINGS INC 2.05
PALOMINO FUNDING TRUST I 1.47
BANCO ESPIRITO SANTO SA 1.43
as of Apr 30, 2025
Name Fund Weight (%)
ITRAXX.XO.43.V1 -2.23
SOUTHWEST AIRLINES CO -1.76
SIMON PROPERTY GROUP INC -1.65
POWERSHARES SENIOR LOAN PORTFOLIO -0.90
WARNER BROS DISCOVERY INC -0.78
Name Fund Weight (%)
INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA -0.50
B&D HOLDING SPA -0.49
ERSTE GROUP BANK AG -0.48
VERISURE TOPHOLDING 2 AB -0.46
ALLY FINANCIAL INC -0.45
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 Apr 30, 2025

% of Market Value

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as of Apr 30, 2025

% of Market Value

as of Apr 30, 2025

% of Market Value

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as of Apr 30, 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.

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

  

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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
Head of BlackRock Bank Loans

Carly Wilson, Managing Director, serves as the Head of BlackRock's Bank Loans platform within BlackRock’s Fundamental Fixed Income group. Wilson also co-manages the Global Long/Short Credit Strategy.

Read More

Carly Wilson, Managing Director, serves as the Head of BlackRock's Bank Loans platform within BlackRock’s Fundamental Fixed Income group. Wilson also co-manages the Global Long/Short Credit Strategy.

Since joining BlackRock in 2009, Ms. Wilson has focused on leveraged loan investing, covering both single name and sector selection, as well as fund level risk management. She assumed her current, senior responsibilities for the leveraged loans business in 2018, overseeing leveraged loan funds including mutual funds and separate accounts. On behalf of the platform’s Global Long/Short Credit Fund, Ms. Wilson leads asset allocation and cross-market relative value, as well as single name alpha generation and risk budgeting.

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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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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