Fixed Income

BGF China Bond Fund

Overview

Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.


Important Information:
Investors must read the Prospectus for any fund in which they wish to invest. Please contact us at the BlackRock Advisors UK Limited-Dubai Branch for the relevant Prospectus.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Performance

Performance

Chart

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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 1.4 -1.4 -1.1 16.7 -1.8 7.7 16.3 0.5 -11.7 -0.7
Comparator Benchmark 1 (%) -3.7 0.0 8.1 4.2 -6.9 -0.5

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
12.95 -2.12 2.95 2.95 3.66
Comparator Benchmark 1 (%) 1.51 1.50 1.50 2.21 2.59
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
7.92 2.50 6.88 7.49 12.95 -6.24 15.65 33.68 58.84
Comparator Benchmark 1 (%) 1.13 0.13 0.38 0.76 1.51 4.57 7.74 24.39 39.11
  From
30-Sep-2019
To
30-Sep-2020
From
30-Sep-2020
To
30-Sep-2021
From
30-Sep-2021
To
30-Sep-2022
From
30-Sep-2022
To
30-Sep-2023
From
30-Sep-2023
To
30-Sep-2024
Total Return (%)

as of 30-Sep-2024

13.40 8.77 -15.01 -2.32 12.95

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in USD, hedged share class benchmark performance is displayed in CNH.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Key Facts

Key Facts

Net Assets of Fund
as of 31-Oct-2024
RMB 17,861,892,157
Fund Launch Date
11-Nov-2011
Fund Base Currency
CNH
Comparator Benchmark 1
(USD)
Ongoing Charges Figures
0.65%
ISIN
LU0683067952
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
China Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B7664C0
Share Class launch date
11-Nov-2011
Share Class Currency
USD
Asset Class
Fixed Income
Initial Charge
5.00%
Management Fee
0.40
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGRBD3U

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30-Sep-2024
398
Standard Deviation (3y)
as of 30-Sep-2024
7.76%
Yield to Maturity
as of 30-Sep-2024
4.96
Weighted Average YTM
as of 30-Sep-2024
4.97%
Weighted Avg Maturity
as of 30-Sep-2024
4.45
12 Month Trailing Dividend Distribution Yield
as of 31-Oct-2024
4.04
3y Beta
as of 31-Jan-2022
0.689
Modified Duration
as of 30-Sep-2024
4.29
Effective Duration
as of 30-Sep-2024
3.42
WAL to Worst
as of 30-Sep-2024
4.45

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.

The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of 21-Sep-2024
BBB
MSCI ESG Quality Score (0-10)
as of 21-Sep-2024
4.43
Fund Lipper Global Classification
as of 21-Sep-2024
Bond Asia Pacific LC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Sep-2024
340.35
MSCI ESG % Coverage
as of 21-Sep-2024
65.83
MSCI ESG Quality Score - Peer Percentile
as of 21-Sep-2024
11.94
Funds in Peer Group
as of 21-Sep-2024
67
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Sep-2024
56.82
All data is from MSCI ESG Fund Ratings as of 21-Sep-2024, based on holdings as of 30-Apr-2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of 30-Sep-2024
0.00%
MSCI - Nuclear Weapons
as of 30-Sep-2024
0.00%
MSCI - Civilian Firearms
as of 30-Sep-2024
0.00%
MSCI - Tobacco
as of 30-Sep-2024
0.00%
MSCI - UN Global Compact Violators
as of 30-Sep-2024
0.20%
MSCI - Thermal Coal
as of 30-Sep-2024
0.31%
MSCI - Oil Sands
as of 30-Sep-2024
0.00%

Business Involvement Coverage
as of 30-Sep-2024
49.65%
Percentage of Fund not covered
as of 30-Sep-2024
50.54%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.69% and for Oil Sands 0.59%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

5 stars
Overall Morningstar Rating for BGF China Bond Fund, Class D3, as of 30-Sep-2024 rated against 166 China Bond Funds.

Holdings

Holdings

as of 30-Sep-2024
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.12 06/25/2031 3.55
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.52 08/25/2033 3.29
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.35 02/25/2034 1.88
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.75
MEITUAN RegS 4.625 10/02/2029 1.20
Name Weight (%)
DBS BANK CHINA LTD RegS 4.7 03/24/2031 1.10
HUAFA 2024 I COMPANY LTD RegS 6 12/31/2079 1.08
AGRICULTURAL BANK OF CHINA LTD RegS 2.24 08/30/2030 0.99
INDUSTRIAL AND COMMERCIAL BANK OF 3.02 08/22/2032 0.84
ISHARES USD ASIA HY BOND ETF 0.83
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Sep-2024

% of Market Value

Type Fund
as of 30-Sep-2024

% of Market Value

Type Fund
as of 30-Sep-2024

% of Market Value

Type Fund
as of 30-Sep-2024

% of Market Value

Type Fund
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class D3 USD 9.21 -0.02 -0.22 31-Oct-2024 9.43 8.61 LU0683067952
Class D6 Hedged USD 8.46 -0.03 -0.35 31-Oct-2024 8.49 8.01 LU2243824054
Class D2 Hedged USD 10.85 0.00 0.00 31-Oct-2024 10.85 9.78 LU2112292250
Class A8 Hedged USD 10.20 -0.04 -0.39 31-Oct-2024 10.25 9.83 LU2550100692
Class D2 USD 15.14 0.02 0.13 31-Oct-2024 15.41 13.58 LU0719319435
Class A6 Hedged EUR 7.50 -0.02 -0.27 31-Oct-2024 7.53 7.25 LU1847653224
Class A6 Hedged GBP 8.10 -0.03 -0.37 31-Oct-2024 8.13 7.74 LU2077746779
Class D2 EUR 13.94 0.00 0.00 31-Oct-2024 14.03 12.73 LU2290526164
Class A6 Hedged USD 8.49 -0.03 -0.35 31-Oct-2024 8.52 8.07 LU1847653141
Class AI2 Hedged EUR 10.29 0.01 0.10 31-Oct-2024 10.29 9.45 LU2131808789
Class A2 EUR 13.73 0.00 0.00 31-Oct-2024 13.82 12.57 LU2267099674
Class A2 USD 14.91 0.02 0.13 31-Oct-2024 15.18 13.42 LU0679941327
Class AI2 EUR 10.96 0.00 0.00 31-Oct-2024 11.03 10.04 LU2131808516
Class A10 Hedged USD 10.25 -0.05 -0.49 31-Oct-2024 10.31 9.99 LU2708802587
Class D2 Hedged EUR 10.07 0.00 0.00 31-Oct-2024 10.07 9.22 LU2112292417
Class A3 USD 9.17 -0.02 -0.22 31-Oct-2024 9.39 8.57 LU0679941673
Class A2 Hedged USD 10.93 0.01 0.09 31-Oct-2024 10.93 9.88 LU2070343392
Class D4 Hedged GBP 8.79 0.01 0.11 31-Oct-2024 8.96 8.26 LU2112292177

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Literature

Literature