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Before you proceed, please take a moment to review and accept the following Terms and Conditions.
This section includes investor type descriptions for professional clients and market counterparties.
Professional client
A Professional Client is either: (i) a ‘deemed’ professional client; (ii) serviced-based professional client; or (iii) an assessed professional Client
(i) Deemed Professional Client
A person is a “deemed” professional client if the person is:
- a supranational organisation whose members are either countries, central banks or national monetary authorities
• a government, government agency, central bank or other national monetary authority of any country or jurisdiction
• a public authority or state investment body
• an Authorised Market Institution, Regulated Exchange or regulated clearing house
• a Regulated Financial Institution or the management company of a regulated pension fund;
• a Collective Investment Fund or a regulated pension fund;
• a corporate body whose shares are listed or admitted to trading on any exchange of an IOCSO member country
• trustee of a trust which has, or had during the previous 12 months, assets of at least $10 million;
• a Single Family Office licensed under the Single Family Office Regulations
• a person classified as a ‘large undertaking’ who meetstwoof the following criteria (i) a balance sheet total of at least $20 million; (ii) a net annual turnover of at least $40 million or (iii) own funds or called up capital of at least $2 million
(ii) Service-based Professional Clients
A person is a ‘serviced-based’ professional client if
- the services provided to the client is in relation to the provision of credit including arranging and/or advising on credit
• the services provided to the client relates to corporate structuring and financing such as advice relating to an acquisition, disposal, structuring, restructuring, financing or refinancing of a corporation or other legal entity i.e. takeovers, mergers and capital raising
(iii) Assessed-based Professional Clients
Assessed-based professional clients can be either (i) individuals; or (ii) undertakings
Individuals
An individual (and associated joint account holders) would be classified as an ‘assessed-based professional client’ if:
- the individual (and primary account holder, if relevant) has net assets of at least $1 million; and
• the individual is, or has been, an employee of an authorised firm or a regulated financial institution in the past two years; or
• the individual can provide evidence which demonstrates that they have sufficient knowledge and experience of relevant markets, products and associated risks
Where there is a joint account in place, the secondary account holder must obtain confirmation in writing that investment decisions relating to the joint account are made for or on behalf of the secondary account holder
Undertakings
Undertakings, which are generally not individuals, would be classified as ‘assessed-based’ professional clients if it:
- has own funds or called up capital of at least $1 million; and
• can evidence that they have sufficient knowledge and experience of relevant markets, products and associated risks
Market counterparties
A Market Counterparty is any person who is either:
- authorised firm;
• regulated financial institution; or
• professional client
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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.
Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets. This Share Class may pay dividends or take charges from capital. While this may allow more income to be distributed, it may reduce the value of your holdings and impact the potential for long term capital growth. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.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.
Performance
Performance
Chart
Performance chart data not available for display.
Distributions
| Ex-Date | Total Distribution |
|---|
-
Returns
This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.
During this period performance was achieved under circumstances that no longer apply
*On 16-Sep-2021, the Fund changed its name and/or investment objective and policy..
*Prior to 16-Sep-2021, the Fund used a different benchmark which is reflected in the benchmark data.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 5.5 | 0.5 | 1.0 | 1.6 | -0.9 | 6.5 | 5.1 | -1.8 | -13.2 | 3.2 |
| Constraint Benchmark 1 (%) | 6.1 | 1.6 | 1.6 | 2.5 | 1.0 | 6.7 | 4.0 | -1.2 | -11.8 | 5.0 |
Missing calendar year returns data
Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
| 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|
| Total Return (%) | 6.05 | -3.02 | -1.07 | 0.27 | 4.32 |
| Constraint Benchmark 1 (%) | 7.33 | -1.61 | -0.36 | 1.11 | 5.70 |
Missing average annual returns data
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 2.06 | 1.47 | -0.91 | 4.54 | 6.05 | -8.80 | -5.24 | 2.78 | 427.79 |
| Constraint Benchmark 1 (%) | 2.89 | 1.33 | -0.37 | 5.12 | 7.33 | -4.76 | -1.80 | 11.71 | 784.30 |
Missing cumulative returns data
| 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 |
5.37 | -0.46 | -14.86 | -1.73 | 10.37 |
|
Constraint Benchmark 1 (%)
as of 30-Sep-2024 |
4.48 | -0.53 | -13.98 | -0.17 | 12.32 |
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 USD.
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 12-Dec-2024
USD 114,389,349
Fund Launch Date
02-Aug-1985
Fund Base Currency
USD
Constraint Benchmark 1
Bloomberg US MBS Index
Ongoing Charges Figures
1.00%
ISIN
LU0035308682
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
USD Government Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
4909556
Share Class launch date
02-Aug-1985
Share Class Currency
USD
Asset Class
Fixed Income
Initial Charge
5.00%
Management Fee
0.75%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MERFSAI
Portfolio Characteristics
Portfolio Characteristics
Number of Holdings
as of 29-Nov-2024
168
Standard Deviation (3y)
as of 30-Nov-2024
8.21%
Yield to Maturity
as of 29-Nov-2024
5.06
Weighted Average YTM
as of 29-Nov-2024
5.06%
Weighted Avg Maturity
as of 29-Nov-2024
7.83
12 Month Trailing Dividend Distribution Yield
as of 30-Nov-2024
3.16
3y Beta
as of 30-Nov-2024
0.936
Modified Duration
as of 29-Nov-2024
5.84
Effective Duration
as of 29-Nov-2024
5.52
WAL to Worst
as of 29-Nov-2024
7.83
ESG Integration
ESG Integration
BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.
Risk Indicator
Risk Indicator
1
2
3
4
5
6
7
Low Risk
High Risk
Typically low rewards
Typically high rewards
Ratings
Ratings
Holdings
Holdings
as of 29-Nov-2024
| Name | Weight (%) |
|---|---|
| GNMA2 30YR | 43.85 |
| FNMA 30YR UMBS | 19.86 |
| FHLMC 30YR UMBS | 11.24 |
| GNMA2 30YR TBA(REG C) | 10.41 |
| FHLMC 30YR UMBS SUPER | 7.24 |
| Name | Weight (%) |
|---|---|
| GNMA2 30YR 2020 PRODUCTION | 2.57 |
| GNMA_21-191B BI | 1.08 |
| GNMA2 30YR 2023 PRODUCTION | 0.59 |
| FHMR_20-P003 A2 | 0.42 |
| FHLMC_4398 ZX | 0.29 |
Holdings subject to change
Exposure Breakdowns
Exposure Breakdowns
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 A1 | USD | 7.50 | -0.04 | -0.53 | 12-Dec-2024 | 7.78 | 7.19 | LU0035308682 |
| Class A2 Hedged | EUR | 10.27 | -0.07 | -0.68 | 12-Dec-2024 | 10.62 | 9.76 | LU2714841868 |
| Class D3 | USD | 7.52 | -0.05 | -0.66 | 12-Dec-2024 | 7.81 | 7.22 | LU0592702145 |
| Class D2 | USD | 19.75 | -0.13 | -0.65 | 12-Dec-2024 | 20.33 | 18.51 | LU0424777026 |
| Class A3 | USD | 7.50 | -0.05 | -0.66 | 12-Dec-2024 | 7.79 | 7.20 | LU0172418690 |
| Class A2 | USD | 18.72 | -0.12 | -0.64 | 12-Dec-2024 | 19.28 | 17.59 | LU0096258446 |
Portfolio Managers
Portfolio Managers
Matthew Kraeger
Siddharth Mehta
Literature
Literature
Important Information
Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1ESG Fund Ratings; 2Index Carbon Footprint Metrics; 3Business Involvement Screening Research; 4ESG Screened Index Methodology; 5ESG Controversies; 6MSCI Implied Temperature Rise
For funds with an investment objective that include the integration of ESG criteria, there may be corporate actions or other situations that may cause the fund or index to passively hold securities that may not comply with ESG criteria. Please refer to the fund’s prospectus for more information. The screening applied by the fund's index provider may include revenue thresholds set by the index provider. The information displayed on this website may not include all of the screens that apply to the relevant index or the relevant fund. These screens are described in more detail in the fund’s prospectus, other fund documents, and the relevant index methodology document.
Certain information contained herein (the “Information”) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries (“MSCI”)), or third party suppliers (each an “Information Provider”), and it may not be reproduced or redisseminated in whole or in part without prior written permission. The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between equity index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.
The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held. The fund(s) may invest in structured credit products such as asset backed securities (‘ABS’) which pool together mortgages and other debts into single or multiple series credit products which are then passed on to investors, normally in return for interest payments based on the cash flows from the underlying assets. These securities have similar characteristics to corporate bonds but carry greater risk as the details of the underlying loans is unknown, although loans with similar terms are typically packaged together. The stability of returns from ABS are not only dependent on changes in interest-rates but also changes in the repayments of the underlying loans as a result of changes in economic conditions or the circumstances of the holder of the loan. These securities can therefore be more sensitive to economic events, may be subject to severe price movements and can be more difficult and/or more expensive to sell in difficult markets.
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