Multi Asset

BCAT

BlackRock Capital Allocation Term Trust TERM

  • NAV as of Aug 23, 2023 $16.94
    52 WK: 16.33 - 18.01
  • 1 Day NAV Change as of Aug 23, 2023 0.13 (0.77%)
  • Market Price as of Aug 23, 2023 $14.85
  • 1 Day Price Change as of Aug 23, 2023 0.04 (0.27%)
  • Distribution Rate as of Aug 22, 2023 10.33%
  • Premium Discount as of Aug 23, 2023 -12.34%

Overview

Investment Approach

BlackRock Capital Allocation Term Trust’s (BCAT) (the “Trust”) investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust invests in a portfolio of equity and debt securities. Generally, the Trust’s portfolio will include both equity and debt securities. At any given time, however, the Trust may emphasize either debt securities or equity securities. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

 

BCAT has a 12-year limited term, subject to extension, with a contingent feature to convert to perpetual. See footnote 1 for additional information regarding BCAT’s contingent term trust structure.1

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Performance

Performance

Growth of Hypothetical $10,000

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NAV Market Price

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income

Past distributions are not indicative of future distributions.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

  1y 3y 5y 10y Incept.
Total Return (%) 10.06 - - - 1.90
Market Price (%) 14.10 - - - -2.72
  YTD 1m 1y 3y 5y 10y Incept.
Total Return (%) 7.92 3.03 10.06 - - - 5.32
Market Price (%) 15.45 4.11 14.10 - - - -7.32
  2018 2019 2020 2021 2022
Total Return (%) - - - 5.39 -12.46
Market Price (%) - - - -5.12 -22.66

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, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

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 may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets as of Aug 23, 2023 $1,831,667,720
Size of Fund (Millions) as of Aug 23, 2023 $1,831.7 M
Share Class launch date Sep 25, 2020
Exchange New York Stock Exchange Inc.
Asset Class MultiAsset
Morningstar Category Tactical Allocation
Lipper Classification Global Funds
CUSIP 09260U109
Shares Outstanding as of Aug 23, 2023 108,135,000
Number of Holdings as of Jul 31, 2023 671
Managed Assets -
Premium Discount as of Aug 23, 2023 -12.34%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Aug 22, 2023 10.33%
Average Market Cap (Millions) as of Jul 31, 2023 $ 376,196.4 M
Yield to Worst as of Jul 31, 2023 3.69%
Effective Duration as of Jul 31, 2023 2.18 yrs
Leverage as of Jul 31, 2023 $ 0.00
% Leveraged as of Jul 31, 2023 0.00%
Type of Options Single Stock, Index
% Overwritten as of Jul 31, 2023 14.16

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of Jul 31, 2023 0.00%
MSCI - UN Global Compact Violators as of Jul 31, 2023 0.00%
MSCI - Nuclear Weapons as of Jul 31, 2023 3.01%
MSCI - Thermal Coal as of Jul 31, 2023 0.00%
MSCI - Civilian Firearms as of Jul 31, 2023 0.00%
MSCI - Oil Sands as of Jul 31, 2023 0.00%
MSCI - Tobacco as of Jul 31, 2023 0.00%
Business Involvement Coverage as of Jul 31, 2023 3.01%
Percentage of Fund not covered as of Jul 31, 2023 102.96%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Global Allocation Investment Team believes that a company's ability to manage material environmental, social and governance (ESG) issues may be relevant to the company's ability to sustain growth and generate value for shareholders over the long term, and thus ESG performance indicators are considered as part of the investment process. The team analyzes ESG data when conducting research and due diligence on new investments, and when monitoring existing investments within the portfolio. The team's ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

on net assets
Management Fee 1.36%
Interest Expense 0.15%
Other Expenses 0.07%
Acquired Fund Fees and Expenses 0.02%
Gross Expense Ratio 1.60%
on managed assets
Management Fee 1.25%
Interest Expense 0.13%
Other Expenses 0.07%
Acquired Fund Fees and Expenses 0.01%
Gross Expense Ratio 1.46%

Fees data reflected above is current as of the latest annual shareholder report.

Ratings

Holdings

Holdings

Name Weight (%) Shares Market Value
as of Jul 31, 2023
Name Weight (%)
MICROSOFT CORP 2.56
ALPHABET INC CLASS C 1.53
AMAZON COM INC 1.39
UNITEDHEALTH GROUP INC 0.85
MARSH & MCLENNAN INC 0.85
Name Weight (%)
MASTERCARD INC CLASS A 0.84
NESTLE SA 0.83
ING GROEP NV 0.76
ASML HOLDING NV 0.74
SHELL PLC 0.74
as of Jul 31, 2023
Name Weight (%)
UMBS 30YR TBA(REG A) 8.92
SPAIN (KINGDOM OF) 2.55 10/31/2032 0.95
SPAIN (KINGDOM OF) 3.15 04/30/2033 0.83
GALAXY BRANDS (REFI) TL Prvt 0.66
ISHARES JPMORGAN USD EMERGING MARK 0.60
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2024 0.54
HR OTTAWA LP 144A 11 03/31/2031 0.50
DREAM FINDERS HOMES INC Prvt 0.49
LANDSEA HOMES CORP 4A2 SEN NOTES Prvt 11 07/17/2028 0.47
SONDER SECURED NOTES Prvt 13.99084 01/19/2027 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 Jul 31, 2023

% of Net Assets

Type Fund
Allocations subject to change.
as of Jul 31, 2023

% of Net Assets

Type Fund
as of Jul 31, 2023

% of Net Assets

Type Fund
as of Jul 31, 2023

% of Net Assets

Type Fund
as of Jul 31, 2023

% of Net Assets

Type Fund
as of Jul 31, 2023

% of Net Assets

Type Fund
as of Jul 31, 2023

% of Net Assets

Type Fund
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.

as of Jul 31, 2023

% of Net Assets

Type Fund

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.


% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Portfolio Managers

Portfolio Managers

Rick Rieder
Rick Rieder
Chief Investment Officer of Global Fixed Income

        

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Rick Rieder, Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business and Head of the Global Allocation Investment Team.

 

Responsible for roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investment Sub-Committee. He also is Chairman of the firm-wide BlackRock Investment Council.

 

Mr. Rieder has served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.

 

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. From 1987 to 2008, he was with Lehman Brothers where he was head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

 

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Goizueta Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the Goizueta Business School's BBA investment fund and community financial literacy outreach program, Graduation Generation. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, NJ. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation in Atlanta, and Trustee for the U.S. Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

 

Learn more about Fixed Income strategies

David Clayton, CFA, JD
David Clayton, CFA, JD

  

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David Clayton, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team.

 

Mr. Clayton joined the BlackRock Global Allocation team in 2010 and was named a portfolio manager of the Fund in 2017. Prior to his current role, he was head of portfolio oversight, as well as a senior investor and investment group leader, on the Fund, primarily responsible for coverage of the energy, real estate, autos, industrials, materials and utilities sectors. Prior to joining BlackRock, he was Of Counsel in the Financial Restructuring Group at Milbank, Tweed, Hadley & McCloy LLP. Previously he was a Managing Director and analyst with The Blackstone Group, responsible for distressed and special situations investments across multiple industries. Prior to joining Blackstone, Mr. Clayton spent six years at Merrill Lynch Investment Managers (MLIM), initially as an attorney specializing in corporate finance transactions and restructurings, and most recently as a Vice President and analyst in the Global High Yield Bond & Bank Debt Group. Mr. Clayton began his career as an attorney specializing in corporate finance transactions, first at Blake, Cassels & Graydon in Toronto and then at Milbank in New York.

 

Mr. Clayton earned a BA degree, with honors, in economics from the University of Western Ontario in 1990 and MBA and LLB degrees from Dalhousie University in 1994. He is a CFA® Charterholder.

Russ Koesterich, CFA, JD
Russ Koesterich, CFA, JD

  

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Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team.

 

Mr. Koesterich's service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the Fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the U.S. Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financials news media and the author of two books, including his most recent "The Ten Trillion Dollar Gamble."

 

Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA Charterholder.

Portfolio Manager

Literature

Literature