BlackRock High Yield Portfolio
BlackRock Funds V · Series S000062360
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net |
|---|---|---|
| C000202273 | 0.93% | 0.91% |
| C000202275 | 0.93% | 0.92% |
| C000202276 | 1.59% | 1.57% |
| C000202277 | 0.58% | 0.57% |
| C000202278 | 1.15% | 1.14% |
| C000202279 | 0.48% | 0.47% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 64.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: Meridian Arc Holdco LLC, Talen Energy Supply LLC ×2, Chobani LLC, PR RNO Property Owner 1 LLC, SE Cosmos LLC, CoreWeave Financing DDTL V LLC, Venture Global LNG, Inc.
Largest exited: Venture Global LNG, Inc. ×2, Chobani Holdco II LLC, WULF Compute LLC, Level 3 Financing, Inc., Frontier Communications Holdings LLC, Discovery Global Holdings, Inc., XPLR Infrastructure LP
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | iShares Trust | 3.60% | $988.84M | — |
| TSTXX | BlackRock Liquidity FundsTSTXX | 3.08% | $845.16M | — |
| — | Beignet Investor LLC6.58% · due 2049-05-30 | 1.36% | $374.01M | — |
| — | 1261229 BC Ltd.10.00% · due 2032-04-15 | 1.22% | $333.64M | — |
| — | Meridian Arc Holdco LLC6.25% · due 2031-04-30 | 1.12% | $307.57M | — |
| — | Talen Energy Supply LLC6.38% · 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 | — |
Top 10 positions are 14.16% of net assets, top 25 21.07%, across 810 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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