Fixed Income

BGF Euro 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.

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. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. 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.

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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 (%) -1.9 -8.9 0.0 14.9 -5.3 4.0 13.7 -11.1 -22.0 11.1
Constraint Benchmark 1 (%) -2.4 -9.3 0.3 14.6 -4.4 4.1 13.4 -9.7 -22.3 10.9

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

  1y 3y 5y 10y Incept.
3.20 -5.59 -2.69 -1.39 2.34
Constraint Benchmark 1 (%) 3.74 -5.16 -2.43 -1.18 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-1.72 -0.78 -2.68 1.93 3.20 -15.85 -12.76 -13.05 63.36
Constraint Benchmark 1 (%) -0.85 -0.80 -2.25 2.50 3.74 -14.70 -11.56 -11.16 -
  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

7.95 -2.81 -30.58 8.43 15.03
Constraint Benchmark 1 (%)

as of 30-Sep-2024

8.06 -2.24 -29.57 7.36 15.14

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 EUR.

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 13-Dec-2024
EUR 1,932,200,019
Fund Launch Date
31-Mar-1994
Fund Base Currency
EUR
Constraint Benchmark 1
BBG Euro Aggregate 500+ in USD
Ongoing Charges Figures
0.97%
ISIN
LU0172748641
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
EUR Diversified Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B441Z56
Share Class launch date
01-Sep-2003
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
MLYEBUA

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
782
Standard Deviation (3y)
as of 30-Nov-2024
12.47%
Yield to Maturity
as of 29-Nov-2024
3.02
Weighted Average YTM
as of 29-Nov-2024
2.97%
Weighted Avg Maturity
as of 29-Nov-2024
7.52
12 Month Trailing Dividend Distribution Yield
as of 30-Nov-2024
1.85
3y Beta
as of 30-Nov-2024
1.014
Modified Duration
as of 29-Nov-2024
6.58
Effective Duration
as of 29-Nov-2024
6.58
WAL to Worst
as of 29-Nov-2024
7.52

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-Nov-2024
A
MSCI ESG Quality Score (0-10)
as of 21-Nov-2024
6.86
Fund Lipper Global Classification
as of 21-Nov-2024
Bond EUR
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
60.21
MSCI ESG % Coverage
as of 21-Nov-2024
94.84
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-2024
45.32
Funds in Peer Group
as of 21-Nov-2024
278
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
40.41
All data is from MSCI ESG Fund Ratings as of 21-Nov-2024, based on holdings as of 30-Jun-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 29-Nov-2024
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.00%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.00%
MSCI - Tobacco
as of 29-Nov-2024
0.00%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
0.00%
MSCI - Thermal Coal
as of 29-Nov-2024
0.00%
MSCI - Oil Sands
as of 29-Nov-2024
0.00%

Business Involvement Coverage
as of 29-Nov-2024
42.39%
Percentage of Fund not covered
as of 29-Nov-2024
57.59%
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 0.52% and for Oil Sands 0.70%.

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

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

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Euro Bond Fund, Class A3, as of 30-Nov-2024 rated against 1308 EUR Diversified Bond Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - Silver
Morningstar has awarded the Fund a Silver medal. (Effective 06-Jul-2022)
Analyst-Driven % as of -
-
Data Coverage % as of -
-

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
FRANCE (REPUBLIC OF) 0.75 02/25/2028 2.46
ITALY (REPUBLIC OF) 4 04/30/2035 2.24
FRANCE (REPUBLIC OF) 2.75 02/25/2029 2.05
FRANCE (REPUBLIC OF) 0 02/25/2026 1.72
FRANCE (REPUBLIC OF) 0 02/25/2027 1.30
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 3.25 07/04/2042 1.29
SPAIN (KINGDOM OF) 0 01/31/2027 1.20
EUROPEAN FINANCIAL STABILITY FACIL MTN RegS 0.75 05/03/2027 1.18
FRANCE (REPUBLIC OF) 0.5 05/25/2029 1.16
KFW MTN RegS 2.375 10/04/2029 1.15
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
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 A3 USD 18.95 -0.14 -0.73 13-Dec-2024 20.17 18.63 LU0172748641
Class A4 GBP 20.29 0.02 0.10 13-Dec-2024 21.14 19.95 LU0204069685
Class D4 Hedged GBP 10.37 -0.05 -0.48 13-Dec-2024 10.45 9.96 LU1376384365
Class A4 EUR 24.34 -0.12 -0.49 13-Dec-2024 24.54 23.56 LU0430265933
Class D3 EUR 18.17 -0.08 -0.44 13-Dec-2024 18.31 17.47 LU0827877555
Class A2 USD 28.98 -0.21 -0.72 13-Dec-2024 30.69 28.12 LU0171279184
Class A2 Hedged USD 13.67 -0.06 -0.44 13-Dec-2024 13.77 12.88 LU0869650977
Class A1 USD 18.95 -0.14 -0.73 13-Dec-2024 20.15 18.61 LU0171278889
Class D4 GBP 20.43 0.01 0.05 13-Dec-2024 21.29 20.09 LU0827877712
Class D2 Hedged USD 14.27 -0.07 -0.49 13-Dec-2024 14.38 13.42 LU0869640077
Class A1 EUR 18.06 -0.09 -0.50 13-Dec-2024 18.21 17.37 LU0118259232
Class A3 EUR 18.07 -0.09 -0.50 13-Dec-2024 18.21 17.38 LU0172396516
Class D3 USD 19.05 -0.14 -0.73 13-Dec-2024 20.28 18.73 LU0827877639
Class D2 USD 30.84 -0.23 -0.74 13-Dec-2024 32.64 29.86 LU0827877472
Class AI2 EUR 9.41 -0.05 -0.53 13-Dec-2024 9.49 8.96 LU1960220827
Class D2 EUR 29.40 -0.14 -0.47 13-Dec-2024 29.63 27.91 LU0297941469
Class D4 EUR 10.83 -0.05 -0.46 13-Dec-2024 10.91 10.49 LU0938162699
Class A2 EUR 27.63 -0.13 -0.47 13-Dec-2024 27.85 26.28 LU0050372472

Portfolio Managers

Portfolio Managers

Ronald van Loon
Ronald van Loon
Giulia Artolli
Giulia Artolli
Georgie Merson
Georgie Merson

Literature

Literature