What is FALN?

FALN tracks a market value weighted index of bonds that were rated investment grade at issuance, but later downgraded to sub-investment grade.

PERFORMANCE [as of 03/22/23] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
FALN 0.20% 1.34% 1.75% -5.24% 13.54% 3.77% --
FALN (NAV) -0.21% 1.04% 1.58% -5.54% 3.64% 3.66% --
ICE BofAML U.S. Corporate & High Yield Index 1.99% 1.95% 3.00% -4.57% 2.77% 1.91% 2.61%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FALN Factset Analytics Insight

FALN invests in corporate ”fallen angels” corporate bonds that previously received an investment-grade rating, but have since been downgraded to sub-investment grade. Eligible securities must be USD-denominated, from developed-market issuers. Constituents are weighted by market value, with a cap of 3% per issuer. Unsurprisingly given the investment-grade origins of its holdings, the fund has a strong bias towards higher-rated BB and B bonds, with longer maturities and greater interest-rate exposure than most funds in the segment. The fallen-angel thesis revolves around total return: the bonds generate income, but also have the potential for capital appreciation if a constituent returns to investment-grade status.

FALN Summary Data

Blackrock
06/14/16
0.25%
$1.49B
Bloomberg US High Yield Fallen Angel 3% Capped Index
ICE BofAML U.S. Corporate & High Yield Index
Open-Ended Fund

Peers

ICE BofAML U.S. Corporate & High Yield Index

Fund Flows

-$0.01B 5 Days
-$0.02B 30 Days
-$0.20B 90 Days

FALN Portfolio Data

5.06
--
8.03%
N/A
--

FALN Index Data

Bloomberg US High Yield Fallen Angel 3% Capped Index
Market Value
Credit Downgrade
ICE BofAML U.S. Corporate & High Yield Index

FALN Portfolio Management

0.25%
--
--
--

FALN Tax Exposures

20.00% / 39.60%
--
Ordinary income
No

FALN Fund Structure

Open-Ended Fund
No
Yes
-- / --
N/A
N/A
Low
Daily

Factset Analytics Block Liquidity

As of 03/23/23

This measurement shows how easy it is to trade a $1 million USD block of FALN. FALN is rated a N/A out of 5.

FALN Tradability

1,052,400
$26.47M
810,710
$20.61M
0.04%
$0.01
0.04%
1.50% / -2.14%
None
100.00%
50,000
16.21
0.03%
--
12
$24.72
N/A

FALN Sector/Industry Breakdown

FALN Segment
Benchmark
26.19% --
14.28% --
13.49% --
6.68% --
6.29% --
4.91% --
4.65% --
4.54% --
4.15% --
3.12% --

FALN Top 10 Holdings

1.94%
1.89%
1.88%
1.60%
1.48%
1.44%
1.35%
1.14%
1.06%
1.06%
14.85%

FALN Performance Statistics

0.49
0.63
--
--
--

FALN Top 5 Countries

FALN Segment
Benchmark
78.57% --
4.07% --
3.68% --
3.13% --
3.05% --

FALN Top 5 Currencies

FALN Segment
Benchmark
78.57% --
4.07% --
3.68% --
3.13% --
3.05% --

FALN Avg Life Maturity Distribution

0.07%
15.36%
10.49%
17.52%
18.11%
10.89%
11.97%
6.73%
8.86%

FALN OAS Breakdown

0.11%
13.22%
32.75%
24.60%
10.66%
7.56%
2.93%
3.27%
1.08%
0.36%
3.44%

FALN Holdings Statistics

7.83 years
5.06
8.03%
5.11
--
--
3.82%