BlackRock Global Long/Short Credit Absolute Return Credit
Performance Highlights
January
2018
February
2018
March
2018
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Contributors
Positioning in U.S. investment grade corporates,
particularly long financials and short industrials
U.S. idiosyncratic long positions, and event related trades
in the U.S. and Europe
U.S. carry strategies, including bank loans, CLOS, ABS and
CMBS
Idiosyncratic long and short positions in Europe
Directional long U.S. high yield positions
Short positions in low beta industrial credits within
technology, cable & satellite, healthcare, and tobacco
A short position in an investment grade CDX and a short
position in a European high yield crossover index
Event related trades in the U.S. and Europe
U.S. idiosyncratic short positions within technology and
pharmaceuticals
U.S. carry strategies, particularly bank loans and CLOS, as
well as European CLOS
European event related trades in the gaming sector
U.S. event related trades with a catalyst of liability
management or consolidation
A thematic trade in the U.S. around hard disk-drive (HDD)
consolidation
• U.S. idiosyncratic short positions within pharmaceuticals
and technology
BLACKROCK*
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Detractors
U.S. equity hedges in the form of ETFs
U.S. idiosyncratic short positions in pharmaceuticals and a retailer
European event related trade in a telecommunications credit
Directional positioning in high yield globally and European
investment grade corporates and financials
Relative value trades, particularly long positions in energy credits
A media consolidation thematic trade
Directional positioning in aggregate, more notably global high yield,
as well as European investment grade corporates and financials
across the capital structure
U.S. relative value trades, particularly long positions in energy
credits
Event related trades in media and telecommunications credit in the
U.S. and Europe
FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO THE GENERAL PUBLIC.
USR0418U-470515-1498457
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