# BlackRock Resources & Commodities Strategy Trust BlackRock Resources & Commodities Strategy Trust is an Asset Manager based in Wilmington, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Wilmington, United States - **Region:** North America - **Address:** Wilmington, DE, United States - **Founded:** 2011 - **Assets under management:** Undisclosed - **Website:** blackrock.com ## Regulatory record - **Reports private funds:** No ## About BlackRock Resources & Commodities Strategy Trust (BCX) launched in 2011 as part of BlackRock's closed-end fund platform, overseen by President and CEO John Perlowski. Portfolio managers Christopher Accettella and Alastair Bishop run the day-to-day strategy, which combines long-only equity positions in natural resources companies with an options overlay that sells covered calls against the portfolio and commodity index-linked notes to generate distributable income. The wealth backing the trust comes from public shareholders — it is an exchange-listed vehicle, not a privately funded family office. The trust's mandate spans energy, materials, and agriculture, typically holding 40 to 60 stocks diversified across integrated oil, exploration and production, mining, and agribusiness. Top reported positions have included ExxonMobil, Chevron, BHP Group, Rio Tinto, and Archer-Daniels-Midland (per the fund's annual report, 2024). The commodity-linked derivative sleeve uses total return swaps and options referencing broad commodity indexes, which gives the portfolio partial exposure to spot-price movements without requiring physical custody or futures-account maintenance. Geographically, the equity book tilts heavily toward North American operators but maintains positions in European miners and select emerging-market resource firms, as of the latest filings. As a registered closed-end fund, the trust publishes monthly holdings data and files quarterly reports with the SEC, offering a level of transparency uncommon in private resource vehicles. The fund employs modest leverage — typically under 25% of managed assets — to amplify yield on the derivative overlay. April 2024: The trust declared its regular monthly distribution of $0.0518 per share, continuing a payout policy funded through a combination of option premiums, dividends from portfolio stocks, and capital gains (per the firm, April 2024). The vehicle does not operate adjacent philanthropic arms or club-investment structures. The defining structural differentiator for allocators is the closed-end wrapper itself: shares trade on the NYSE and can diverge materially from net asset value. This creates periodic entry and exit opportunities that are unavailable in open-end mutual funds or ETFs with the same mandate. The options-writing program further distinguishes its return stream from long-only commodity equity funds, historically delivering a yield premium in exchange for capped upside during commodity rallies. ## Sectors - Energy Transition & Renewables - Metals & Mining - Agriculture ## People - John Perlowski — President and Chief Executive Officer - Christopher Accettella — Portfolio Manager - Alastair Bishop — Portfolio Manager ## Questions ### Who runs investment decisions for the BlackRock Resources & Commodities Strategy Trust? Day-to-day portfolio management is handled by Christopher Accettella and Alastair Bishop within BlackRock's Fundamental Equity division. John Perlowski serves as President and CEO of the trust, overseeing the broader closed-end fund platform. The managers operate within BlackRock's systematic and fundamental natural resources team, drawing on the firm's global research infrastructure. ### How does the trust generate its monthly distribution? The distribution is funded through three sources: option premiums from selling covered calls against portfolio holdings, dividends paid by the underlying resource-company stocks, and realized capital gains. The trust employs a managed distribution policy that smooths payouts over time rather than distributing only the income actually received in a given quarter. The portion of each distribution that constitutes a return of capital can vary significantly year to year, disclosed in the fund's Section 19 notices. ### How does the closed-end structure affect an investor's experience? Unlike an open-end mutual fund, shares of BCX trade on the New York Stock Exchange at a market price that can diverge from net asset value — the discount or premium to NAV fluctuates with sentiment toward commodities and the trust itself. This structure avoids forced selling during redemptions but can leave shareholders exposed to wider drawdowns if the discount widens during a sector sell-off. The trust also uses modest leverage, which magnifies gains and losses relative to the underlying portfolio. ### What fees does the trust charge, and how are they structured? As a closed-end fund, BCX charges a gross management fee to BlackRock, which is disclosed in the annual report — recent filings show a gross expense ratio in the 1.0% to 1.3% range including leverage costs. There is no performance fee; the advisor earns a flat management fee on managed assets. Because the trust is exchange-traded, investors also incur standard brokerage commissions when buying or selling shares. ## Related profiles - [Syensqo](https://altss.com/profile/syensqo-saadr) - [Unitil](https://altss.com/profile/unitil-corp) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/blackrock-resources-and-commodities-strategy-trust Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology