BlackRock Multi-Sector Income Trust
BIT
Market cap $572M

14.78 USD

-0.09

0.61%

At close Nov 12, 4:00 PM EST

After hours

14.70

-0.08

0.54%

1 day

-0.61%

5 days

-0.67%

1 month

-1.34%

3 months

0.00%

6 months

-3.90%

Year to date

-1.79%

1 year

2.14%

5 years

-14.27%

10 years

-16.69%

About: BlackRock Multi-Sector Income Trust is a closed-end investment management company. It invests on behalf of its clients. The fund's primary investment objective is to provide a high level of current income, with a secondary objective of capital appreciation. The company seeks to achieve its investment objectives by investing, under normal market conditions, a majority of its assets in loan and debt instruments and other investments with similar economic characteristics. Its portfolio consists of Corporate Bonds, Asset-Backed Securities, Preferred Securities and others.

0

Funds holding %

of 6,759 funds

–

Analysts bullish %

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

80% more first-time investments, than exits

New positions opened: 9 | Existing positions closed: 5

63% more repeat investments, than reductions

Existing positions increased: 31 | Existing positions reduced: 19

5% more funds holding

Funds holding: 75 [Q1] → 79 (+4) [Q2]

3.36% less ownership

Funds ownership: 22.68% [Q1] → 19.32% (-3.36%) [Q2]

21% less capital invested

Capital invested by funds: $135M [Q1] → $107M (-$28.1M) [Q2]

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Research analyst outlook

We haven’t received any recent analyst ratings for BIT.

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Financial journalist opinion

BIT: Good In Theory, But This Bond CEF Disappoints In Practice

The BlackRock Multi-Sector Income Trust offers a 9.80% yield but faces sustainability concerns due to recent distribution coverage issues. The fund's flexibility to invest in foreign bonds and currencies provides some inflation protection, but its current U.S.-centric portfolio limits this advantage. The fund is more diversified across sectors than some of BlackRock's other debt fund offerings, but it is not as good for investors looking for foreign exposure.

BIT: Good In Theory, But This Bond CEF Disappoints In Practice

BIT: Premium Normalization For This CEF, 10% Distribution (Rating Upgrade)

The BlackRock Multi-Sector Income Trust has seen a negative performance since our prior 'Sell' rating, with -6.9% price loss in the process. BIT has a multi-asset approach with a bar-belled portfolio, being long a pocket of BB and B names versus a sleeve of AAA-rated assets. The CEF has seen its premium to NAV normalize, a factor which has contributed to a better valuation framework.

BIT: Premium Normalization For This CEF, 10% Distribution (Rating Upgrade)

BIT: Might Be Time To Sell (Rating Downgrade)

The BlackRock Multi-Sector Income Trust generates high income from a multi-sector portfolio of fixed income securities. Investors who like the BIT fund appear to be too complacent, bidding credit spreads to cycle lows despite elevated defaults. With the economy slowing in 2024, I expect credit spreads to eventually catch up with defaults and negatively impact credit funds like the BIT.

BIT: Might Be Time To Sell (Rating Downgrade)

Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds

NEW YORK--(BUSINESS WIRE)---- $BBN--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. Certain BlackRock Funds previously declared their June distributions on May 20, 2024 BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT), BlackRock Capital Allocation Term Trust (NYSE: BCAT), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Science and Technology Term Trust (NYSE: BSTZ), and BlackRock Innovation and Growth Term Trust (NYSE: BIGZ) previous.

Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds

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A Sell Signal For CEF BIT: Its Historic High Premium (Downgrade)

BlackRock Multi-Sector Income Trust outperformed its peers during the recent monetary tightening regime by immunizing the fund from duration via interest rate swaps. The composition of BIT's portfolio follows a bar-belled approach, with high-yield exposure balanced by AAA assets. However, this methodology has encountered trouble in the current inflationary environment. BIT is currently trading at a generational high premium to NAV. Additionally, the fund is a chronic over-distributor, with a high percentage of its distribution coming from the return of capital.

A Sell Signal For CEF BIT: Its Historic High Premium (Downgrade)

Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds

NEW YORK--(BUSINESS WIRE)--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. Municipal Funds: Declaration- 3/1/2024 Ex-Date- 3/14/2024 Record- 3/15/2024 Payable- 4/1/2024 National Funds Ticker Distribution Change From Prior Distribution BlackRock Municipal Income Quality Trust* BYM $0.052500 - BlackRock Long-Term Municipal Advantage Trust* BTA $0.043500 - BlackRock MuniAssets Fund, Inc.* MUA $0.055500 - BlackRock Municipal Income Fund, Inc.

Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds

BIT: Safer Environment For Bonds But This CEF Is Still Overpriced

The BlackRock Multi-Sector Income Trust is a fixed-income closed-end fund that offers a high income for investors. The fund has a current yield of 9.72%, which compares pretty well to many other debt-focused closed-end funds. However, the fund's performance has been mixed, with a slight profit of 0.36% recently, but still better than the loss of the Bloomberg U.S. Aggregate Bond Index.

BIT: Safer Environment For Bonds But This CEF Is Still Overpriced

Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds

NEW YORK--(BUSINESS WIRE)--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. Certain BlackRock Municipal Funds previously declared their February distributions. Taxable Municipal Fund: Declaration- 2/1/2024 Ex-Date- 2/14/2024 Record- 2/15/2024 Payable- 2/29/2024 Fund Ticker Distribution Change From Prior Distribution BlackRock Taxable Municipal Bond Trust* BBN $0.092900 - Taxable Fixed Income Funds: Declaration- 2/1/2024 Ex-Date- 2/14/2024 Record-.

Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds

BIT: Some Attractive Characteristics, But The Market Has Overbid The Shares

The BlackRock Multi-Sector Income Trust offers a reasonable 9.80% yield for income-focused investors. The fund invests in safer securities than other funds with higher yields, making it attractive for risk-averse investors. The fund's recent performance has been decent, but its strength relies heavily on the Federal Reserve cutting interest rates, which seems unlikely.

BIT: Some Attractive Characteristics, But The Market Has Overbid The Shares

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