Continue to site >
Trending ETFs
You have successfully subscribed to Advisor Access. Thank you!
Help us personalize your experience.
Which type of investor describes you best?
Help us personalize your experience.
What is your AUM?
Knowing your investable assets will help us build and prioritize features that will suit your investment needs.

Congratulations on personalizing your experience.

Email is verified. Thank you!

Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BlackRock Global Long/Short Credit Fund

BGCAX | Fund

$9.32

$868 M

2.93%

$0.27

1.77%

Vitals

YTD Return

4.7%

1 yr return

9.2%

3 Yr Avg Return

1.5%

5 Yr Avg Return

2.7%

Net Assets

$868 M

Holdings in Top 10

19.8%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.77%

SALES FEES

Front Load 4.00%

Deferred Load N/A

TRADING FEES

Turnover 156.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BlackRock Global Long/Short Credit Fund

BGCAX | Fund

$9.32

$868 M

2.93%

$0.27

1.77%

BGCAX - Profile

Distributions

  • YTD Total Return 4.7%
  • 3 Yr Annualized Total Return 1.5%
  • 5 Yr Annualized Total Return 2.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.53%
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    BlackRock Global Long/Short Credit Fund
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Sep 30, 2011
  • Shares Outstanding
    14343270
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joshua Tarnow

Fund Description

The Fund seeks to provide absolute total returns over a complete market cycle through diversified long and short exposure to the global fixed-income markets. A complete market cycle for fixed income funds such as the Fund is typically three to five years.
Under normal circumstances, the Fund invests at least 80% of its total assets in credit-related instruments. Credit-related instruments include, but are not limited to, U.S. Government and agency securities, foreign government and supranational debt securities, corporate bonds, including bonds of companies principally engaged in the aircraft or air transportation industries, mortgage-related securities and asset-backed securities, collateralized debt and loan obligations, including bonds collateralized by aircraft and/or aircraft equipment, emerging market debt securities, preferred securities, structured products, mezzanine securities, senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt securities, and derivatives with similar economic characteristics. The Fund may invest in fixed, variable and floating rate instruments, including participations and assignments, of any duration or maturity.
Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more, unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%) of its total assets in securities (or derivatives with similar economic characteristics) of (i) foreign government issuers, (ii) issuers organized or located outside the United States, (iii) issuers whose securities primarily trade in a market located outside the United States, or (iv) issuers doing a substantial amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries).
The Fund may invest in credit-related instruments rated below investment grade or deemed equivalent by Fund management, which are commonly referred to as “junk bonds.”
The Fund may invest in non-U.S. dollar denominated investments, including investments denominated in European and Asian currencies and in other non-U.S. and emerging market currencies. The Fund’s investments in non-U.S. dollar based assets may be made on a currency hedged or unhedged basis.
The Fund may invest up to 20% of its total assets in equity instruments, including common stock, depositary receipts, rights, warrants and other instruments whose price is linked to the value of common stock. The Fund may hold long or short positions in equity instruments, and may invest in equity instruments of issuers of any market capitalization.
The Fund may also gain both long and short exposure to credit-related instruments by entering into a series of purchase and sale contracts or by investing in, among other instruments, swaps, including total return, credit default, index and interest rate swaps; options; forward contracts; futures contracts and options on futures contracts that provide long or short exposure to other credit obligations; credit-linked notes that provide long or short exposure to other credit obligations; repurchase agreements; reverse repurchase agreements; dollar rolls; exchange-traded funds and closed-end registered investment companies, which may be managed by BlackRock or one of its affiliates; and other similar transactions.
The Fund may engage in short sales for hedging purposes or to enhance total return. The Fund also may make short sales “against the box” without limitation. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire the identical security at no additional cost.
As part of its normal operations, the Fund may hold high quality money market securities and invest in money market funds, including affiliated money market funds, pending investments or when it expects to need cash to pay redeeming shareholders. The Fund also may invest in these securities in order to achieve its investment goal. Money market securities are short term securities consisting primarily of short term U.S. Government securities, U.S. Government agency securities, securities issued by U.S. Government sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial paper, including asset backed commercial paper, corporate notes and repurchase agreements.
The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.
The Fund may borrow from banks for investment purposes.
Read More

BGCAX - Performance

Return Ranking - Trailing

Period BGCAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -9.0% 11.2% 17.05%
1 Yr 9.2% -12.3% 21.7% 18.26%
3 Yr 1.5%* -17.9% 16.7% 26.96%
5 Yr 2.7%* -14.8% 14.6% 29.85%
10 Yr N/A* -13.9% 6.5% 80.22%

* Annualized

Return Ranking - Calendar

Period BGCAX Return Category Return Low Category Return High Rank in Category (%)
2023 5.3% -12.0% 15.7% 8.51%
2022 -14.8% -31.8% 18.4% 68.54%
2021 -0.2% -26.6% 25.7% 26.25%
2020 0.1% -49.2% 18.7% 65.21%
2019 3.5% -35.1% 15.3% 67.17%

Total Return Ranking - Trailing

Period BGCAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -9.0% 11.2% 17.05%
1 Yr 9.2% -12.3% 21.7% 18.26%
3 Yr 1.5%* -17.9% 16.7% 26.96%
5 Yr 2.7%* -14.8% 14.6% 29.85%
10 Yr N/A* -13.9% 6.5% 87.36%

* Annualized

Total Return Ranking - Calendar

Period BGCAX Return Category Return Low Category Return High Rank in Category (%)
2023 8.6% -7.0% 22.2% 38.30%
2022 -8.2% -31.8% 21.1% 45.48%
2021 3.1% -13.5% 49.9% 30.43%
2020 3.7% -28.6% 24.1% 65.73%
2019 7.1% -4.8% 19.1% 67.55%

NAV & Total Return History

BGCAX - Holdings

Concentration Analysis

BGCAX Category Low Category High BGCAX % Rank
Net Assets 868 M 2.53 M 143 B 43.89%
Number of Holdings 874 2 9213 29.29%
Net Assets in Top 10 172 M -204 M 70.2 B 48.62%
Weighting of Top 10 19.81% 5.8% 271.9% 70.02%

Top 10 Holdings

  1. BlackRock Liquidity Funds, T-Fund, Institutional Class 7.51%
  2. British Airways Pass-Through Trust, Series 2013-1, Class A 2.39%
  3. Lions Gate Capital Holdings LLC 1.54%
  4. Frontier Communications Holdings LLC 1.33%
  5. Palomino Funding Trust I 1.29%
  6. Alexander Funding Trust II 1.20%
  7. SUN Country Marine, Inc. 1.19%
  8. Altar BidCo, Inc., 2nd Lien Term Loan 1.17%
  9. Spirit AeroSystems, Inc. 1.16%
  10. Uniti Group LP 1.03%

Asset Allocation

Weighting Return Low Return High BGCAX % Rank
Bonds 		84.51% 0.00% 215.76% 63.04%
Cash 		8.99% -94.66% 100.00% 21.93%
Other 		4.42% -66.66% 153.75% 43.40%
Stocks 		0.99% -4.92% 99.84% 41.87%
Convertible Bonds 		0.53% 0.00% 33.50% 64.72%
Preferred Stocks 		0.35% 0.00% 28.28% 25.61%

Stock Sector Breakdown

Weighting Return Low Return High BGCAX % Rank
Communication Services 		39.47% 0.00% 100.00% 3.97%
Technology 		28.30% 0.00% 28.30% 0.57%
Real Estate 		7.04% 0.00% 100.00% 20.68%
Financial Services 		6.03% 0.00% 100.00% 43.34%
Energy 		4.71% 0.00% 100.00% 57.79%
Basic Materials 		4.67% 0.00% 100.00% 20.68%
Healthcare 		3.38% 0.00% 18.60% 23.80%
Industrials 		3.07% 0.00% 100.00% 37.68%
Consumer Cyclical 		2.59% 0.00% 89.95% 34.28%
Utilities 		0.74% 0.00% 100.00% 39.66%
Consumer Defense 		0.00% 0.00% 99.97% 69.69%

Stock Geographic Breakdown

Weighting Return Low Return High BGCAX % Rank
US 		0.98% -4.85% 99.84% 38.34%
Non US 		0.01% -0.07% 17.73% 15.49%

Bond Sector Breakdown

Weighting Return Low Return High BGCAX % Rank
Corporate 		61.70% 0.00% 96.66% 20.09%
Securitized 		10.43% 0.00% 99.65% 66.30%
Cash & Equivalents 		8.07% 0.00% 99.66% 22.92%
Government 		1.79% 0.00% 99.43% 77.06%
Derivative 		0.82% -66.66% 153.75% 15.08%
Municipal 		0.00% 0.00% 54.26% 70.73%

Bond Geographic Breakdown

Weighting Return Low Return High BGCAX % Rank
US 		48.91% 0.00% 215.76% 79.29%
Non US 		35.60% 0.00% 69.85% 7.82%

BGCAX - Expenses

Operational Fees

BGCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.77% 0.03% 20.67% 25.23%
Management Fee 0.94% 0.00% 2.29% 79.45%
12b-1 Fee 0.25% 0.00% 1.00% 39.77%
Administrative Fee 0.06% 0.00% 0.70% 23.94%

Sales Fees

BGCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.00% 0.00% 5.75% 45.00%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

BGCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BGCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 156.00% 0.00% 632.00% 84.97%

BGCAX - Distributions

Dividend Yield Analysis

BGCAX Category Low Category High BGCAX % Rank
Dividend Yield 2.93% 0.00% 23.30% 87.84%

Dividend Distribution Analysis

BGCAX Category Low Category High Category Mod
Dividend Distribution Frequency Annual SemiAnnual Monthly Monthly

Net Income Ratio Analysis

BGCAX Category Low Category High BGCAX % Rank
Net Income Ratio 3.53% -1.55% 11.51% 27.88%

Capital Gain Distribution Analysis

BGCAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

BGCAX - Fund Manager Analysis

Managers

Joshua Tarnow

Start Date

Tenure

Tenure Rank

Sep 30, 2011

10.67

10.7%

Joshua Tarnow, Managing Director, is a member of the Corporate Credit Group within BlackRock Fundamental Fixed Income. He is a portfolio manager on the Leveraged Finance Portfolio Team. Prior to joining BlackRock in 2009, Mr. Tarnow was a Senior Partner and head of Aviation and Private Investment at R3 Capital. Prior to R3, he was a Managing Director and head of the Aviation Group for Lehman Brothers' Global Principal Strategies team, which he joined in 2006. He built a unique business model that included a fleet of corporate and commercial aircraft, private equity investments, and a trading platform with positions in the credit, equity, and structured volatility markets of the aerospace sector. In 2003, Mr. Tarnow formed the Aviation Finance Group within the firm's Fixed Income Division. Earlier in his 17-year career at Lehman Brothers, Mr. Tarnow was a member of the Corporate Bond Trading Desk and traded in sectors including Industrials, Utilities, and Transportation. Mr. Tarnow earned a BA degree from the University of Wisconsin-Madison in 1990

Carly Wilson

Start Date

Tenure

Tenure Rank

Jul 25, 2017

4.85

4.9%

Carly Wilson, Director, is a portfolio manager on the Global Long Short Credit team. Before this role, she was a portfolio manager on the Leveraged Finance Credit Team responsible for managing Bank Loan strategies. Prior to joining BlackRock in 2009, Ms. Wilson was an Associate and trader in the US Leveraged Loans group at R3 Capital Partners. Previously, she was with Lehman Brothers for four years, most recently in the Global Principal Strategies team. Earlier, she was in Lehman Brothers' Equity and Capital Structure Arbitrage Group. Ms. Wilson earned a BS degree in economics from the University of Pennsylvania Wharton School of Business in 2004.

Jose Aguilar

Start Date

Tenure

Tenure Rank

Jul 25, 2017

4.85

4.9%

Jose Aguilar is Managing Director of BlackRock, Inc. since 2016 and Director of BlackRock, Inc. from 2013 to 2016. Previously, Jose was Vice President of BlackRock, Inc. from 2011 to 2013 and Associate of BlackRock, Inc. from 2009 to 2011. Prior to this, Jose was Associate of R3 Capital Partners from 2008 to 2009.

Stephen Gough

Start Date

Tenure

Tenure Rank

Jul 25, 2017

4.85

4.9%

Director of BlackRock, Inc. since 2014; Portfolio Manager at Goldentree Asset Management from 2013 to 2014; Analyst at Claren Road Asset Management from 2007 to 2013; Director at UBS from 2006 to 2007; Portfolio Manager at Standard Bank from 2004 to 2005.

David Taerstein

Start Date

Tenure

Tenure Rank

May 19, 2021

1.03

1.0%

Director of BlackRock, Inc. since 2013; Vice President of BlackRock, Inc. from 2007 to 2013; Associate at BlackRock, Inc. from 2004 to 2007

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.73 3.19

Advertisement

×

Wait! Do you know all the important aspects of mutual funds?

×

Free Advisor Access newsletter emailed to you.

Receive free and exclusive email updates for financial advisors about best performers, news, CE accredited webcasts and more.

Sign up for Advisor Access

Receive email updates about best performers, news, CE accredited webcasts and more.

Disclaimer: By registering, you agree to share your data with MutualFunds.com and opt-in to receiving occasional communications about projects and events. The contents of this form are subject to the MutualFunds.com Privacy Policy. You can unsubscribe at any time.