BlackRock High Yield Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, BlackRock High Yield Portfolio held 1,463 positions with $27.43B in net assets. Its ten largest holdings made up 14.2% of the fund. Its share classes cost 0.47%–1.57% a year. Over the 12 months to May 2026, it returned 7.9%, with dividends reinvested. In 2026 Q2 it added 198 new positions and exited 161.
The investment objective of the BlackRock High Yield Portfolio (the High Yield Fund or the Fund) is to seek to maximize total return, consistent with income generation and prudent investment management.
The fund invests primarily in non-investment grade bonds rated BB or lower, with maturities of ten years or less, seeking to maximize total return through income and capital appreciation. The fund normally holds at least 80% of assets in high yield investments including corporate bonds, bank loans, asset-backed securities, and convertible debt, and may allocate up to 30% to non-dollar denominated bonds and up to 10% to distressed or defaulted securities. Because the fund's returns depend on the credit quality and performance of the lower-rated issuers it selects, credit deterioration or defaults among holdings will reduce fund value.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
iShares Trust | 3.60% | $988.84M | — |
TSTXXBlackRock Liquidity Funds | 3.08% | $845.16M | — |
Beignet Investor LLC 6.58% · due 2049-05-30 | 1.36% | $374.01M | — |
1261229 BC Ltd. 10.00% · due 2032-04-15 | 1.22% | $333.64M | — |
Meridian Arc Holdco LLC 6.25% · due 2031-04-30 | 1.12% | $307.57M | — |
Talen Energy Supply LLC 6.38% · due 2033-05-01 | 0.98% | $269.09M | — |
HUB International Ltd. 7.38% · due 2032-01-31 | 0.86% | $236.70M | — |
HUB International Ltd. 7.25% · due 2030-06-15 | 0.70% | $191.64M | — |
EchoStar Corp. 10.75% · due 2029-11-30 | 0.64% | $175.41M | — |
Mauser Packaging Solutions Holding Co. 7.88% · due 2030-04-15 | 0.59% | $162.41M | — |
The 200 largest of 1,463 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%.
| Bonds | 85.35% |
| Loans | 6.37% |
| Other | 3.89% |
| Cash & short-term | 3.35% |
| 3 smaller | 1.41% |
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 57.3%
- International
- 13.9%
- Utilities
- 4.4%
- Financials
- 3.6%
- 12 other sectors
- 20.7%
- Other
- 57.3%
- International
- 13.9%
- Utilities
- 4.4%
- Financials
- 3.6%
- Communication Services
- 3.6%
- Cash
- 3.3%
- Consumer Discretionary
- 2.7%
- Industrials
- 2.7%
- Energy
- 2.2%
- Materials
- 1.9%
- Health Care
- 1.3%
- Real Estate
- 1.1%
- Information Technology
- 1.1%
- Consumer Staples
- 0.5%
- Securitized
- 0.1%
- Government
- 0.0%
How it has done
C000202273 share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.73%. Past returns are a record, not a forecast.
Jun 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.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
BlackRock High Yield Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Features
- Fund of funds
- Expense ratio, by class
- 0.47% – 1.57%
- Portfolio turnover
- 64.00% a year · as of 2026 Q2
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.
198 new· the largest 7
161 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 86.7% |
| Floating rate | 13.1% |
| Zero-coupon or unclassified | 0.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.5% |
| 1-3y | 12.6% |
| 3-5y | 35.3% |
| 5-10y | 46.7% |
| 10y+ | 3.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 65% |
| Interest rates | 35% |
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 | +3.03 yr |
| Investment grade | +0.32 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 | 0.03 yr | 1% |
| 1 yr | 0.28 yr | 16% |
| 5 yr | 1.33 yr | 75% |
| 10 yr | 0.11 yr | 6% |
| 30 yr | 0.02 yr | 1% |
| 3 mo | 0.35 yr | 11% |
| 1 yr | 0.27 yr | 8% |
| 5 yr | 2.35 yr | 70% |
| 10 yr | 0.32 yr | 9% |
| 30 yr | 0.06 yr | 2% |
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 | +0.03 | +0.00 | +0.35 | $11.6k | $960.0k |
| 1 yr | +0.28 | +0.00 | +0.27 | $8.0k | $729.1k |
| 5 yr | +1.33 | +0.11 | +2.24 | $309.1k | $6.15m |
| 10 yr | +0.11 | +0.16 | +0.15 | $449.8k | $416.5k |
| 30 yr | +0.02 | +0.03 | +0.02 | $91.6k | $60.3k |
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 1.77 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.
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