BlackRock High Equity Income Fund
BlackRock Funds · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q3
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.
| Share class | Gross | Net |
|---|---|---|
| BMCIX | 0.98% | 0.85% |
| BMEAX | 1.22% | 1.10% |
| BMECX | 1.97% | 1.85% |
| C000219259 | 0.89% | 0.80% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 130.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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%.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 34.5% |
| Financials | 14.4% |
| Information Technology | 8.8% |
| Other | 8.4% |
| 10 smaller | 33.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: CITIGROUP GLOBAL MARKETS INC., SG AMERICAS SECURITIES, LLC, BNP PARIBAS SECURITIES CORP., JPM, BARCLAYS CAPITAL INC., MIZUHO SECURITIES USA LLC, J.P. MORGAN SECURITIES LLC, NOMURA SECURITIES INTERNATIONAL, INC.
Largest exited: GOLDMAN SACHS & CO. LLC ×2, SSNC, Teck Resources Limited, FIS, SG AMERICAS SECURITIES, LLC, D, BARCLAYS CAPITAL INC.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +23.18% | +39.54% | +52.11% | 11.31% | -8.37% | |
| +22.88% | +38.42% | +50.11% | 11.30% | -8.42% | |
| +21.99% | +35.46% | +44.68% | 11.33% | -8.59% | |
| +23.25% | +39.67% | +52.28% | 11.30% | -8.32% |
These classes hold the same portfolio, so the 7.60pp spread over 5 years is the cost difference between them — roughly 1.52pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| TSTXX | BLACKROCK LIQUIDITY FUNDSTSTXX | 3.69% | — | $77.34M | — |
| — | SAMSUNG ELECTRONICS CO LTD | 3.38% | $5,304.88 | $70.89M | 13.4K |
| C | CITIGROUP INCC | 2.69% | $125.90 | $56.41M | 448.0K |
| AMZN | AMAZON.COM INCAMZN | 1.94% | $270.64 | $40.67M | 150.3K |
| WDC | WESTERN DIGITAL CORPWDC | 1.89% | $531.21 | $39.54M | 74.4K |
| WFC | WELLS FARGO & COMPANYWFC | 1.86% | $77.54 | $38.86M | 501.2K |
| CVS | CVS HEALTH CORPCVS | 1.77% | $90.98 | $37.18M | 408.7K |
| FDX | FEDEX CORPFDX | 1.68% | $411.75 | $35.17M | 85.4K |
| — | BRITISH AMERICAN TOBACCO PLC | 1.67% | $61.88 | $34.87M | 563.6K |
| MSFT | MICROSOFT CORPMSFT | 1.60% | $450.24 | $33.54M | 74.5K |
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.
Top 10 positions are 22.18% of net assets, top 25 41.28%, across 100 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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