Fund Evaluator:
BlackRock High Yield Inv A (BHYAX)
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Fund Details
BlackRock High Yield Inv A Overview
BlackRock High Yield Inv A (BHYAX) is an actively managed Taxable Bond High Yield Bond fund. BlackRock launched the fund in 1998.
The investment seeks to maximize total return, consistent with income generation and prudent investment management. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in high yield investments and other financial instruments with economic characteristics similar to such investments. The fund may invest up to 30% of its assets in non-dollar denominated bonds of issuers located outside of the United States. Its investment in non-dollar denominated bonds may be on a currency hedged or unhedged basis. The fund may also invest in convertible and preferred securities.
About BlackRock High Yield Inv A (BHYAX)
There are 2 members of the management team with an average tenure of 14.09 years: David Delbos (2014), Mitchell Garfin (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Bloomberg US HY 2% Issuer Cap TR USD index with a weighting of 100%. BlackRock High Yield Inv A has 1565 securities in its portfolio. The top 10 holdings constitute 14.7% 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 High Yield Inv A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BlackRock High Yield Inv A has 13.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.8%. There is 0.1% allocated to foreign stock, and 2.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.7% (81.2% domestic bond, 13.5% foreign bond and 0.6% convertible bond). BlackRock High Yield Inv A has -4.3% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $545 million average for the High Yield 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.
BHYAX 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 High Yield Inv A expense ratio is high compared to funds in the High Yield Bond category. BlackRock High Yield Inv A has an expense ratio of 0.92%, which is the same as its category average, making the fund expense ratio grade a C. 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 High Yield Inv A has a portfolio turnover rate of 64%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, BlackRock High Yield Inv A returned -0.2%, which earned it a grade of B, as the High Yield Bond category had an average return of -0.3%. 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 High Yield Inv A has a trailing yield of 6.32%, which is above the 6.28% category average. The fund normally distributes its income monthly 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 High Yield Inv A Grades
Year to date, the fund has returned 1.6%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 5.2% over the past year (grade of B), 8.2% over the past three years (grade of B) and 4.2% per year over the past five years (grade of B) and 5.4% per year over the past 10 years (grade of A).
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BHYAX 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 |
|
| BHYAX Return (NAV) | -0.2% | 0.4% | 5.2% | 8.2% | 4.2% | 5.4% |
| BHYAX Grade | B | C | B | B | B | A |
| +/- Category | 0.1% | -0.0% | 0.3% | 0.7% | 0.5% | 0.6% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| BHYAX Tax Cost Ratio | na | na | 2.7% | 2.7% | 2.5% | 2.4% |
BHYAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BHYAX Return (NAV) | 1.6% | 9.0% | 8.1% | 13.3% | -10.9% | 5.5% | 5.5% | 15.1% | -3.3% | 8.0% | 13.4% |
| BHYAX Grade | C | A | B | A | C | B | C | A | D | A | C |
| +/- Category | 0.0% | 1.1% | 0.5% | 1.4% | -0.8% | 0.4% | 0.2% | 2.1% | -0.7% | 1.3% | -0.0% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.1% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 1.02 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 0.60 |
| R-Squared: | 68% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | Medium Quality Limited Sensitivity |
| Yield: | 6.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $27338 Mil |
| Fund Total Assets: | $1,110 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 64% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 16.6 years | |||
| Average Tenure: 14.1 years | |||
| Managers (Year): Garfin Mitchell (2009), Delbos David (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1565 |
| % in Top 10 Holdings: | 14.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 13.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.8% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 2.3% |
| Domestic Bond: | 81.2% |
| Foreign Bond: | 13.5% |
| Convertible Bond: | 0.6% |
| Other: | 5.8% |
| Cash: | -4.3% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | http://www.blackrock.com |
| Status: | Open |
| Inception Date: | November 19, 1998 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 4.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.92% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | BlackRock High Yield K |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
