BGCIX: BlackRock Global Long/Short Credit Instl

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BGCIX BlackRock Global Long/Short Credit Instl

  • Fund
  • BGCIX
  • Price as of: Dec 12, 2019
  • $10.25
    + $0.02 + 0.20%

Profile

BGCIX - Profile

Vitals

  • YTD Return 6.9%
  • 3 Yr Annualized Return 2.9%
  • 5 Yr Annualized Return 2.0%
  • Net Assets $2.31 B
  • Holdings in Top 10 15.5%

52 WEEK LOW AND HIGH

$10.25
$9.58
$10.25

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.03%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 226.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,000,000
  • IRA N/A

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style Long-Short Credit

Distributions

  • YTD Total Return 6.9%
  • 3 Yr Annualized Total Return 2.9%
  • 5 Yr Annualized Total Return 2.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.67%
DIVIDENDS
  • Dividend Yield 5.6%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    BlackRock Global Long/Short Credit Fund
  • Fund Family Name
    BlackRock
  • Inception Date
    Sep 30, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Joshua Tarnow

Fund Description

The fund invests at least 80% of its total assets in credit-related instruments. It 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 invest in credit-related instruments rated below investment grade or deemed equivalent by fund management, which are commonly referred to as "junk bonds."


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Categories

Fund Company Quick Screens

BGCIX - Fund Company Quick Screens


Performance

BGCIX - Performance

Return Ranking - Trailing

Period BGCIX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.9% -5.0% 35.0% 54.00%
1 Yr 5.6% -8.9% 26.4% 53.06%
3 Yr 2.9%* -9.4% 9.9% 47.06%
5 Yr 2.0%* -5.3% 5.3% 44.26%
10 Yr N/A* -0.5% 6.4% N/A

* Annualized

Return Ranking - Calendar

Period BGCIX Return Category Return Low Category Return High Rank in Category (%)
2018 N/A -23.0% 3.4% N/A
2017 N/A -67.1% 21.4% N/A
2016 N/A -17.3% 25.3% N/A
2015 N/A -14.2% 11.6% N/A
2014 N/A -15.3% 11.3% N/A

Total Return Ranking - Trailing

Period BGCIX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.9% -5.0% 35.0% 54.00%
1 Yr 5.6% -8.9% 26.4% 48.98%
3 Yr 2.9%* -9.2% 10.2% 49.41%
5 Yr 2.0%* -1.9% 9.0% 55.74%
10 Yr N/A* 2.1% 6.4% N/A

* Annualized

Total Return Ranking - Calendar

Period BGCIX Return Category Return Low Category Return High Rank in Category (%)
2018 N/A -23.0% 5.2% N/A
2017 N/A -1.5% 25.0% N/A
2016 N/A -7.5% 25.3% N/A
2015 N/A -14.2% 11.6% N/A
2014 N/A -15.0% 12.1% N/A

NAV & Total Return History


Holdings

BGCIX - Holdings

Concentration Analysis

BGCIX Category Low Category High BGCIX % Rank
Net Assets 2.31 B 1.84 M 3.1 B 3.96%
Number of Holdings 1043 2 2230 8.91%
Net Assets in Top 10 330 M -32.2 M 819 M 6.93%
Weighting of Top 10 15.50% 0.0% 162.9% 89.11%

Top 10 Holdings

  1. AMERICAN AIRLINES GROUP INC 4.13% 3.32%
  2. Advanced Micro Devices, Inc. 7.5% 1.96%
  3. Informatica Corporation 7.12% 1.81%
  4. Mcafee Llc Tl 1.79%
  5. Informatica Llc Tl-B1 1.41%
  6. United States Treasury Bonds 3% 1.10%
  7. Softbank Group Corp 4% 1.07%
  8. Allegiant Travel Co Tl-B 1.06%
  9. American Airlines Group Inc 5% 1.00%
  10. Staples, Inc. 7.5% 0.98%

Asset Allocation

Weighting Return Low Return High BGCIX % Rank
Bonds
76.10% -0.43% 78.53% 15.84%
Cash
15.39% -21.35% 145.38% 69.31%
Convertible Bonds
5.90% 0.00% 13.92% 7.92%
Stocks
1.56% -34.82% 98.77% 63.37%
Preferred Stocks
0.95% 0.00% 11.20% 12.87%
Other
0.11% -45.38% 49.30% 31.68%

Stock Sector Breakdown

Weighting Return Low Return High BGCIX % Rank
Communication Services
0.60% -2.40% 8.29% 38.14%
Technology
0.55% -4.08% 43.78% 44.33%
Financial Services
0.11% -2.72% 18.25% 61.86%
Consumer Cyclical
0.09% -3.46% 21.19% 54.64%
Healthcare
0.06% -2.67% 18.30% 63.92%
Utilities
0.00% -1.07% 7.00% 65.98%
Real Estate
0.00% -8.74% 6.37% 52.58%
Industrials
0.00% -0.21% 36.51% 76.29%
Energy
0.00% -3.33% 9.76% 73.20%
Consumer Defense
0.00% -2.47% 13.38% 59.79%
Basic Materials
0.00% -2.56% 16.80% 59.79%

Stock Geographic Breakdown

Weighting Return Low Return High BGCIX % Rank
US
0.93% -34.49% 92.02% 63.37%
Non US
0.63% -37.80% 52.79% 47.52%

Bond Sector Breakdown

Weighting Return Low Return High BGCIX % Rank
Corporate
70.78% -0.05% 79.61% 17.82%
Cash & Equivalents
15.86% -21.35% 145.38% 69.31%
Securitized
14.33% -0.01% 71.39% 20.79%
Municipal
0.00% 0.00% 0.89% 21.78%
Government
-0.24% -1.26% 73.86% 92.08%
Derivative
-2.40% -5.98% 0.79% 94.06%

Bond Geographic Breakdown

Weighting Return Low Return High BGCIX % Rank
Non US
38.95% -0.42% 38.95% 1.98%
US
37.15% -0.01% 75.98% 43.56%

Expenses

BGCIX - Expenses

Operational Fees

BGCIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.03% 0.93% 12.57% 70.00%
Management Fee 0.90% 0.35% 2.25% 13.73%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.04% 0.04% 0.45% 12.77%

Sales Fees

BGCIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

BGCIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

BGCIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 226.00% 0.00% 1816.00% 82.00%

Distributions

BGCIX - Distributions

Dividend Yield Analysis

BGCIX Category Low Category High BGCIX % Rank
Dividend Yield 5.62% 0.00% 5.69% 1.96%

Dividend Distribution Analysis

BGCIX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

BGCIX Category Low Category High BGCIX % Rank
Net Income Ratio 3.67% -2.95% 4.60% 13.00%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

BGCIX - Fund Manager Analysis

Managers

Joshua Tarnow


Start Date

Tenure

Tenure Rank

Sep 30, 2011

8.17

8.2%

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

Jose Aguilar


Start Date

Tenure

Tenure Rank

Jul 25, 2017

2.35

2.4%

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

2.35

2.4%

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.

Carly Wilson


Start Date

Tenure

Tenure Rank

Jul 25, 2017

2.35

2.4%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.14 21.05 4.33 5.43