Fixed Income

BGF Global High Yield 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.

Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixed income securities. 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

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Reinvestments

This product does not have any distributions data as of now.

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 (%) 2.0 -4.8 11.7 6.0 -5.5 11.6 5.1 2.0 -14.6 10.1
Target Benchmark 1 (%) 2.5 -2.0 16.2 8.0 -1.9 14.5 6.5 3.0 -11.4 13.0

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

  1y 3y 5y 10y Incept.
7.88 -1.42 1.26 1.82 5.51
Target Benchmark 1 (%) 10.03 0.88 3.31 4.28 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.12 -0.63 0.69 8.43 7.88 -4.21 6.48 19.77 122.61
Target Benchmark 1 (%) 1.32 -0.71 0.88 9.16 10.03 2.68 17.67 52.03 -
  From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
From
31-Mar-2021
To
31-Mar-2022
From
31-Mar-2022
To
31-Mar-2023
From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of 31-Mar-2024

-7.88 20.82 -3.33 -8.01 9.69
Target Benchmark 1 (%)

as of 31-Mar-2024

-7.35 24.05 -3.34 -3.13 11.60

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 EUR, 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 29-May-2024
USD 1,771,367,282
Fund Launch Date
22-Dec-1998
Fund Base Currency
USD
Target Benchmark 1
ICE BofA Global High Yield Constrained (HW0C) 100% USD Hedged Index
Ongoing Charges Figures
0.75%
Annual Management Fee
0.55%
Minimum Initial Investment
EUR 100,000.00
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Global High Yield Bond - EUR Hedged
Dealing Frequency
Daily, forward pricing basis
SEDOL
B39TX54
Share Class launch date
01-Jun-2009
Share Class Currency
EUR
Asset Class
Fixed Income
Initial Charge
5.00%
ISIN
LU0368267034
Performance Fee
0.00%
Minimum Subsequent Investment
EUR 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGGHED2

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30-Apr-2024
1411
3y Beta
as of 30-Apr-2024
0.998
Modified Duration
as of 30-Apr-2024
3.57
Effective Duration
as of 30-Apr-2024
3.09
WAL to Worst
as of 30-Apr-2024
4.37
Standard Deviation (3y)
as of 30-Apr-2024
8.04%
Yield to Maturity
as of 30-Apr-2024
7.92
Weighted Average YTM
as of 30-Apr-2024
7.82%
Weighted Avg Maturity
as of 30-Apr-2024
4.37

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 19-May-2024
BBB
MSCI ESG Quality Score (0-10)
as of 19-May-2024
5.64
Fund Lipper Global Classification
as of 19-May-2024
Bond Global High Yield USD
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19-May-2024
234.14
MSCI ESG % Coverage
as of 19-May-2024
69.23
MSCI ESG Quality Score - Peer Percentile
as of 19-May-2024
54.23
Funds in Peer Group
as of 19-May-2024
142
MSCI Weighted Average Carbon Intensity % Coverage
as of 19-May-2024
71.36
All data is from MSCI ESG Fund Ratings as of 19-May-2024, based on holdings as of 31-Dec-2023. 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-Apr-2024
0.00%
MSCI - Nuclear Weapons
as of 30-Apr-2024
0.00%
MSCI - Civilian Firearms
as of 30-Apr-2024
0.01%
MSCI - Tobacco
as of 30-Apr-2024
0.00%
MSCI - UN Global Compact Violators
as of 30-Apr-2024
0.00%
MSCI - Thermal Coal
as of 30-Apr-2024
0.00%
MSCI - Oil Sands
as of 30-Apr-2024
0.00%

Business Involvement Coverage
as of 30-Apr-2024
38.94%
Percentage of Fund not covered
as of 30-Apr-2024
61.55%
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 0.44% and for Oil Sands 0.11%.

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 the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for certain issuers under consideration for investment and certain existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third-party ESG information and research. Portfolio management teams may consider the sector and issuer ESG views and scores during portfolio construction. The Fund manager also considers ESG 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 discussion of the portfolio's 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

3 stars
Overall Morningstar Rating for BGF Global High Yield Bond Fund, Class D2 Hedged, as of 30-Apr-2024 rated against 637 Global High Yield Bond - EUR Hedged Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective 05-Sep-2023)

Holdings

Holdings

as of 30-Apr-2024
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 0.95
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 0.71
CLOUD SOFTWARE GROUP INC 144A 6.5 03/31/2029 0.71
MAUSER PACKAGING SOLUTIONS HOLDING 144A 7.875 04/15/2027 0.67
CARNIVAL HOLDINGS (BERMUDA) LTD 144A 10.375 05/01/2028 0.60
Name Weight (%)
HUB INTERNATIONAL LTD 144A 7.25 06/15/2030 0.59
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.53
UKG INC 144A 6.875 02/01/2031 0.51
CLARIOS GLOBAL LP 144A 8.5 05/15/2027 0.50
EMRLD BORROWER LP 144A 6.625 12/15/2030 0.46
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Apr-2024

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-2024

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-2024

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-2024

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-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 D2 Hedged EUR 19.07 -0.04 -0.21 29-May-2024 19.15 17.32 LU0368267034
Class D2 USD 32.34 -0.08 -0.25 29-May-2024 32.47 29.00 LU0297941899
Class A10 USD 10.03 -0.02 -0.20 29-May-2024 10.13 9.93 LU2725777812
Class D3 USD 7.42 -0.02 -0.27 29-May-2024 7.46 6.91 LU0827882126
Class A5 EUR 10.53 -0.01 -0.09 29-May-2024 10.62 9.75 LU1125545993
Class A6 USD 5.90 -0.01 -0.17 29-May-2024 5.94 5.53 LU0764618640
Class AI2 Hedged EUR 10.45 -0.02 -0.19 29-May-2024 10.49 9.53 LU1960223250
Class A2 USD 29.37 -0.07 -0.24 29-May-2024 29.49 26.51 LU0171284937
Class A2 Hedged GBP 19.81 -0.04 -0.20 29-May-2024 19.89 17.93 LU0567554463
Class D2 Hedged GBP 21.59 -0.05 -0.23 29-May-2024 21.67 19.45 LU0372548783
Class AI5 Hedged EUR 8.61 -0.02 -0.23 29-May-2024 8.70 8.06 LU1960223334
Class A1 Hedged EUR 4.34 -0.01 -0.23 29-May-2024 4.38 4.09 LU0118259661
Class A1 USD 7.31 -0.02 -0.27 29-May-2024 7.36 6.82 LU0171284770
Class D5 Hedged GBP 7.92 -0.02 -0.25 29-May-2024 7.99 7.36 LU1072327023
Class A2 Hedged EUR 17.38 -0.04 -0.23 29-May-2024 17.45 15.85 LU0093504206
Class A3 USD 7.38 -0.01 -0.14 29-May-2024 7.42 6.88 LU0172401969
Class D3 Hedged EUR 4.34 -0.01 -0.23 29-May-2024 4.37 4.08 LU0827882472
Class A3 Hedged EUR 4.31 -0.01 -0.23 29-May-2024 4.34 4.06 LU0172401704

Portfolio Managers

Portfolio Managers

David Delbos
David Delbos
Jose Aguilar
Jose Aguilar
Mitchell Garfin
Mitchell Garfin
James Turner
James Turner

Literature

Literature