Beacon Capital Management Lowers stake in BlackRock Floating Rate Income Strat. Fn (FRA)

BlackRock Floating Rate Income Strat. Fn (FRA) : Beacon Capital Management reduced its stake in BlackRock Floating Rate Income Strat. Fn by 32.67% during the most recent quarter end. The investment management company now holds a total of 3,400 shares of BlackRock Floating Rate Income Strat. Fn which is valued at $45,322 after selling 1,650 shares in BlackRock Floating Rate Income Strat. Fn , the firm said in a disclosure report filed with the SEC on Jul 8, 2016.

BlackRock Floating Rate Income Strat. Fn opened for trading at $13.34 and hit $13.4 on the upside on Wednesday, eventually ending the session at $13.33, with a gain of 0.54% or 0.071 points. The heightened volatility saw the trading volume jump to 1,89,004 shares. Company has a market cap of $242 M.

BlackRock Floating Rate Income Strategies Fund Inc. (the Fund) is a diversified closed-end management investment company. The Fund’s investment objective is to provide shareholders with high current income and such preservation of capital as is consistent with investment in a diversified leveraged portfolio consisting primarily of floating rate debt securities and instruments. The Fund invests under normal market conditions at least 80% of its assets in floating rate debt securities including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates. It invests a portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade. It may invest directly in floating rate debt securities or synthetically through the use of derivatives. The Fund’s manager is BlackRock Advisors LLC.

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