Fund Evaluator:
BlackRock Credit Relative Value Inv C (BGCCX)
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Fund Details
BlackRock Credit Relative Value Inv C Overview
BlackRock Credit Relative Value Inv C (BGCCX) is an actively managed Taxable Bond Nontraditional Bond fund. BlackRock launched the fund in 2011.
The investment seeks absolute total returns over a complete market cycle. 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. 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.”
About BlackRock Credit Relative Value Inv C (BGCCX)
There are 6 members of the management team with an average tenure of 3.22 years: Rick Rieder (2026), Carly Wilson (2017), Jose Aguilar (2017), Samir Lakhani (2026), Steven Karpel (2026), Olek Keenan (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. BlackRock Credit Relative Value Inv C has 1094 securities in its portfolio. The top 10 holdings constitute 37.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BlackRock Credit Relative Value Inv C is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BlackRock Credit Relative Value Inv C has 52.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.6%. There is 0.4% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 90.9% (38.7% domestic bond, 52.2% foreign bond and 2.6% convertible bond). BlackRock Credit Relative Value Inv C has 5.0% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $663 million average for the Nontraditional Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BGCCX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BlackRock Credit Relative Value Inv C expense ratio is high compared to funds in the Nontraditional Bond category. BlackRock Credit Relative Value Inv C has an expense ratio of 2.34%, which is 65% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BlackRock Credit Relative Value Inv C has a portfolio turnover rate of 113%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.
Recently, in the month of July 2026, BlackRock Credit Relative Value Inv C returned 0.0%, which earned it a grade of B, as the Nontraditional Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BlackRock Credit Relative Value Inv C has a trailing yield of 4.66%, which is below the 4.94% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BlackRock Credit Relative Value Inv C Grades
Year to date, the fund has returned 1.1%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.4% over the past year (grade of F), 6.0% over the past three years (grade of C) and 2.3% per year over the past five years (grade of D) and 2.5% per year over the past 10 years (grade of D).
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BGCCX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BGCCX Return (NAV) | 0.0% | 0.9% | 2.4% | 6.0% | 2.3% | 2.5% |
| BGCCX Grade | B | B | F | C | D | D |
| +/- Category | 0.2% | 0.5% | -2.0% | 0.4% | -0.2% | -0.7% |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| BGCCX Tax Cost Ratio | na | na | 1.9% | 1.6% | 1.7% | 1.2% |
BGCCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BGCCX Return (NAV) | 1.1% | 5.5% | 7.3% | 7.9% | -9.0% | 2.4% | 2.9% | 6.3% | -2.8% | 2.5% | 2.5% |
| BGCCX Grade | C | D | B | B | D | B | D | C | D | F | F |
| +/- Category | -0.1% | -1.3% | 1.9% | 1.4% | -2.9% | 1.0% | -2.5% | -0.2% | -2.0% | -1.5% | -4.0% |
| Nontraditional Bond Avg | 1.2% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 2.1% |
| Total Risk Index: | 0.17 - Low |
| Category Risk Index: | 0.59 - Low |
| Category Risk Grade: | A (16% Rank) |
| Beta: | 0.23 |
| R-Squared: | 38% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 4.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1002 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 113% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 9.0 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Wilson Carly (2017), Aguilar Jose (2017), Lakhani Samir (2026), Karpel Steven (2026), Keenan Olek (2026), Rieder Rick (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1094 |
| % in Top 10 Holdings: | 37.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 52.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.6% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 38.7% |
| Foreign Bond: | 52.2% |
| Convertible Bond: | 2.6% |
| Other: | 0.3% |
| Cash: | 5.0% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: |
| Status: | Open |
| Inception Date: | September 30, 2011 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 2.34% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | BlackRock Credit Relative Value Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
