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 (%) 1.7 -4.7 11.9 6.2 -5.2 12.0 4.5 2.0 -14.1 11.0
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.
10.40 -0.34 1.90 2.13 3.74
Target Benchmark 1 (%) 11.60 1.48 3.73 4.44 5.83
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.91 1.07 1.91 8.04 10.40 -1.00 9.84 23.51 62.95
Target Benchmark 1 (%) 2.05 1.12 2.05 8.87 11.60 4.50 20.11 54.35 112.28
  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

-8.12 20.76 -3.26 -7.31 10.40
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 GBP, 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 17-Apr-2024 USD 1,659,691,179
Share Class launch date 14-Dec-2010
Fund Launch Date 22-Dec-1998
Share Class Currency GBP
Fund Base Currency USD
Asset Class Fixed Income
Target Benchmark 1 ICE BofA Global High Yield Constrained (HW0C) 100% USD Hedged Index (USD)
Initial Charge 5.00%
Ongoing Charges Figures 1.45%
ISIN LU0567554463
Annual Management Fee 1.25%
Performance Fee 0.00%
Minimum Initial Investment GBP 5,000.00
Minimum Subsequent Investment GBP 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global High Yield Bond - GBP Hedged
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGHYA2G
SEDOL B550203

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 28-Mar-2024 1419
Standard Deviation (3y) as of 31-Mar-2024 8.09%
3y Beta as of 31-Mar-2024 1.005
Yield to Maturity as of 28-Mar-2024 7.57
Modified Duration as of 28-Mar-2024 3.69
Weighted Average YTM as of 28-Mar-2024 7.44%
Effective Duration as of 28-Mar-2024 3.12
Weighted Avg Maturity as of 28-Mar-2024 4.35
WAL to Worst as of 28-Mar-2024 4.35

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-Mar-2024 BBB
MSCI ESG % Coverage as of 21-Mar-2024 69.53
MSCI ESG Quality Score (0-10) as of 21-Mar-2024 5.61
MSCI ESG Quality Score - Peer Percentile as of 21-Mar-2024 50.00
Fund Lipper Global Classification as of 21-Mar-2024 Bond Global High Yield USD
Funds in Peer Group as of 21-Mar-2024 142
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Mar-2024 251.70
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Mar-2024 70.75
All data is from MSCI ESG Fund Ratings as of 21-Mar-2024, based on holdings as of 31-Oct-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 28-Mar-2024 0.00%
MSCI - UN Global Compact Violators as of 28-Mar-2024 0.00%
MSCI - Nuclear Weapons as of 28-Mar-2024 0.00%
MSCI - Thermal Coal as of 28-Mar-2024 0.00%
MSCI - Civilian Firearms as of 28-Mar-2024 0.01%
MSCI - Oil Sands as of 28-Mar-2024 0.00%
MSCI - Tobacco as of 28-Mar-2024 0.00%

Business Involvement Coverage as of 28-Mar-2024 40.23%
Percentage of Fund not covered as of 28-Mar-2024 60.18%
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

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 28-Mar-2024
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 0.96
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 0.72
CLOUD SOFTWARE GROUP INC 144A 6.5 03/31/2029 0.69
MAUSER PACKAGING SOLUTIONS HOLDING 144A 7.875 08/15/2026 0.61
HUB INTERNATIONAL LTD 144A 7.25 06/15/2030 0.60
Name Weight (%)
CARNIVAL HOLDINGS (BERMUDA) LTD 144A 10.375 05/01/2028 0.57
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.54
EMRLD BORROWER LP 144A 6.625 12/15/2030 0.53
UKG INC 144A 6.875 02/01/2031 0.52
CLARIOS GLOBAL LP 144A 8.5 05/15/2027 0.49
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28-Mar-2024

% of Market Value

Type Fund Benchmark Net
as of 28-Mar-2024

% of Market Value

Type Fund Benchmark Net
as of 28-Mar-2024

% of Market Value

Type Fund Benchmark Net
as of 28-Mar-2024

% of Market Value

Type Fund Benchmark Net
as of 28-Mar-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 A2 Hedged GBP 19.49 -0.01 -0.05 17-Apr-2024 19.75 17.92 LU0567554463
Class D3 USD 7.33 -0.01 -0.14 17-Apr-2024 7.46 6.91 LU0827882126
Class A10 USD 9.93 0.00 0.00 17-Apr-2024 10.13 9.93 LU2725777812
Class AI5 Hedged EUR 8.48 0.00 0.00 17-Apr-2024 8.70 8.06 LU1960223334
Class AI2 Hedged EUR 10.29 -0.01 -0.10 17-Apr-2024 10.44 9.53 LU1960223250
Class D5 Hedged GBP 7.79 0.00 0.00 17-Apr-2024 7.99 7.36 LU1072327023
Class A5 EUR 10.55 -0.02 -0.19 17-Apr-2024 10.62 9.75 LU1125545993
Class A1 USD 7.24 0.00 0.00 17-Apr-2024 7.36 6.82 LU0171284770
Class D2 USD 31.79 -0.01 -0.03 17-Apr-2024 32.19 28.91 LU0297941899
Class A3 USD 7.29 -0.01 -0.14 17-Apr-2024 7.42 6.88 LU0172401969
Class D2 Hedged EUR 18.77 -0.01 -0.05 17-Apr-2024 19.02 17.32 LU0368267034
Class A6 USD 5.84 0.00 0.00 17-Apr-2024 5.94 5.53 LU0764618640
Class A1 Hedged EUR 4.30 -0.01 -0.23 17-Apr-2024 4.38 4.09 LU0118259661
Class D3 Hedged EUR 4.29 -0.01 -0.23 17-Apr-2024 4.37 4.08 LU0827882472
Class D2 Hedged GBP 21.22 -0.01 -0.05 17-Apr-2024 21.50 19.39 LU0372548783
Class A3 Hedged EUR 4.27 0.00 0.00 17-Apr-2024 4.34 4.06 LU0172401704
Class A2 Hedged EUR 17.12 -0.01 -0.06 17-Apr-2024 17.36 15.85 LU0093504206
Class A2 USD 28.90 -0.01 -0.03 17-Apr-2024 29.27 26.44 LU0171284937

Portfolio Managers

Portfolio Managers

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

Literature

Literature