BlackRock High Equity Income Fund
Moderate allocation fund
As of its 2026 Q2 report, BlackRock High Equity Income Fund held 171 positions with $2.09B in net assets. Its ten largest holdings made up 22.2% of the fund. The BMCIX share class costs 0.85% a year. Over the 12 months to May 2026, BMCIX returned 21.5%, with dividends reinvested. In 2026 Q2 it added 100 new positions and exited 124.
The investment objective of BlackRock High Equity Income Fund (the Fund), a series of BlackRock Funds SM (the Trust), is to seek high current income while maintaining prospects for capital appreciation.
The fund invests primarily in dividend-paying equities across market capitalizations, with a focus on large-cap stocks, and writes covered call and put options on stocks and indices to generate income from option premiums alongside dividends. The fund may also hold equity-linked notes, convertible securities, MLPs, and REITs to enhance current income. As the fund writes more covered call options, its ability to benefit from capital appreciation becomes more limited and total return may deviate more from an all-equity benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TSTXXBLACKROCK LIQUIDITY FUNDS | 3.69% | $77.34M | — | — |
SAMSUNG ELECTRONICS CO LTD | 3.38% | $70.89M | 13.4K | $5,304.88 |
2.69% | $56.41M | 448.0K | $125.90 | |
AMZNAMAZON.COM INC | 1.94% | $40.67M | 150.3K | $270.64 |
1.89% | $39.54M | 74.4K | $531.21 | |
1.86% | $38.86M | 501.2K | $77.54 | |
1.77% | $37.18M | 408.7K | $90.98 | |
FDXFEDEX CORP | 1.68% | $35.17M | 85.4K | $411.75 |
BRITISH AMERICAN TOBACCO PLC | 1.67% | $34.87M | 563.6K | $61.88 |
MSFTMICROSOFT CORP | 1.60% | $33.54M | 74.5K | $450.24 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-29 — not a live quote, and not what the fund paid.
All 171 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 62.81% |
| Bonds | 39.60% |
| Cash & short-term | 3.70% |
These positions come to 106.12% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
By sector
- International
- 34.5%
- Financials
- 14.4%
- Information Technology
- 8.8%
- Other
- 8.4%
- 10 other sectors
- 33.9%
- International
- 34.5%
- Financials
- 14.4%
- Information Technology
- 8.8%
- Other
- 8.4%
- Industrials
- 7.3%
- Health Care
- 6.2%
- Communication Services
- 4.2%
- Cash
- 3.5%
- Consumer Discretionary
- 3.3%
- Utilities
- 2.4%
- Materials
- 2.1%
- Consumer Staples
- 1.7%
- Real Estate
- 1.6%
- Energy
- 1.6%
How it has done
BMCIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.18%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.85% | +21.52% | +49.75% | +51.60% | -8.37% | |
| 1.10% | +21.18% | +48.60% | +49.62% | -8.42% | |
| 1.85% | +20.26% | +45.35% | +44.24% | -8.59% | |
| 0.80% | +21.53% | +49.95% | +51.76% | -8.32% |
These classes hold the same portfolio, so the 7.52pp spread over 5 years is the cost difference between them — roughly 1.50pp a year — not a difference in what they own.
Fees & fund details
BlackRock High Equity Income Fund is a moderate allocation fund. 5% of BMCIX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 83% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Moderate
- Expense ratio, by class
- 0.80% – 1.85%· BMCIX 0.85%
- Portfolio turnover
- 130.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
100 new· the largest 8
124 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-29
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 58% |
| Credit spreads | 42% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +0.01 yr |
| Investment grade | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 85% |
| 1 yr | 0.00 yr | 15% |
| 10 yr | 0.00 yr | 0% |
5 yr and 30 yr are NEGATIVE (-0.00 yr, -0.00 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 3 mo | 0.01 yr | 100% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.00 | +0.01 | $112 | $1.6k |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | -0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | -0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.01 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — BMCIX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”