BlackRock Resources & Commodities Strategy Trust (NYSE: BCX) is a closed-end, non-diversified management investment company that seeks total return through exposure to commodities and natural resources equities. The trust employs a strategic blend of commodity-linked derivative instruments—primarily futures contracts on energy, metals and agricultural products—and equity investments in global natural resources companies. By combining these asset classes, BCX aims to provide investors with both capital appreciation and potential inflation protection over a full market cycle.
The trust’s investment strategy centers on delivering a targeted exposure to the S&P GSCI® Total Return Index, enhanced by the selective use of leverage and active management of roll yields, storage costs and counterparty risk. In addition to futures positions, BCX allocates a portion of its portfolio to publicly traded companies engaged in the exploration, production and distribution of oil, natural gas, precious metals, industrial metals and agricultural commodities. This dual-pronged approach is designed to capture both the short-term price movements of commodity markets and the longer-term growth prospects of resource-based businesses.
Established in October 2010, BCX forms part of BlackRock’s broader suite of closed-end funds that offer specialized commodity and alternative exposure. The trust is managed by BlackRock Advisors, LLC, drawing on the firm’s global commodity research capabilities and risk management infrastructure. Investment decisions are overseen by a team of seasoned commodity professionals, supported by BlackRock’s extensive network of sector analysts and quantitative specialists.
BCX invests across developed and emerging markets, including North America, Latin America, Europe and the Asia-Pacífico region, providing investors with diversified geographic exposure to key resource sectors. The trust’s independent board of trustees ensures robust corporate governance and ongoing alignment with shareholder interests. BCX may appeal to institutional and retail investors seeking a liquid, managed vehicle to participate in the commodities complex while leveraging BlackRock’s global investment platform.
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