Fixed Income

BGF Emerging Markets Local Currency 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

Performance chart data not available for display.
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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 (%) 5.4 -4.2 16.4 0.4 -7.9 13.8 -6.7 -0.8 -3.4 11.6
Constraint Benchmark 1 (%) 7.4 -5.2 13.2 1.2 -1.5 15.6 -5.8 -1.8 -5.9 8.9

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

  1y 3y 5y 10y Incept.
6.07 2.66 1.35 1.92 1.09
Constraint Benchmark 1 (%) 5.09 0.87 0.68 2.00 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-1.73 -1.55 -1.68 4.52 6.07 8.19 6.94 20.89 20.57
Constraint Benchmark 1 (%) -1.04 -1.15 -1.18 2.88 5.09 2.64 3.43 21.87 -
  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

-8.37 8.02 -3.24 4.97 7.84
Constraint Benchmark 1 (%)

as of 31-Mar-2024

-4.34 5.52 -3.38 1.68 5.53

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 17-May-2024 USD 1,698,779,344
Share Class launch date 02-Feb-2007
Fund Launch Date 26-Jun-1997
Share Class Currency EUR
Fund Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan GBI-EM Global Diversified Index - in EUR (EUR)
Initial Charge 5.00%
Ongoing Charges Figures 1.23%
ISIN LU0278457469
Annual Management Fee 1.00%
Performance Fee 0.00%
Minimum Initial Investment EUR 5,000.00
Minimum Subsequent Investment -
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Emerging Markets Bond - Local Currency
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MLLEEA3
SEDOL B1PGSZ0

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 30-Apr-2024 196
12 Month Trailing Dividend Distribution Yield as of 30-Apr-2024 6.37
Standard Deviation (3y) as of 30-Apr-2024 6.90%
3y Beta as of 30-Apr-2024 1.081
Yield to Maturity as of 30-Apr-2024 8.18
Modified Duration as of 30-Apr-2024 6.07
Weighted Average YTM as of 30-Apr-2024 8.18%
Effective Duration as of 30-Apr-2024 6.09
Weighted Avg Maturity as of 30-Apr-2024 7.47
WAL to Worst as of 30-Apr-2024 7.47

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

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 Emerging Markets Local Currency Bond Fund, Class A3, as of 30-Apr-2024 rated against 877 Global Emerging Markets Bond - Local Currency Funds.

Holdings

Holdings

as of 30-Apr-2024
Name Weight (%)
POLAND (REPUBLIC OF) 6 10/25/2033 2.87
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.65
PERU (REPUBLIC OF) 6.95 08/12/2031 2.35
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.88
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.88
Name Weight (%)
COLOMBIA (REPUBLIC OF) 13.25 02/09/2033 1.76
SOUTH AFRICA (REPUBLIC OF) 7 02/28/2031 1.69
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.65
COLOMBIA (REPUBLIC OF) 7 03/26/2031 1.64
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.63
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 A3 EUR 2.87 0.00 0.00 17-May-2024 2.95 2.73 LU0278457469
Class D2 USD 26.41 -0.02 -0.08 17-May-2024 26.78 23.46 LU0383940458
Class D3 Hedged GBP 5.18 0.00 0.00 17-May-2024 5.45 4.80 LU0995345831
Class D2 Hedged EUR 7.24 -0.01 -0.14 17-May-2024 7.39 6.51 LU0622213642
Class A1 USD 3.09 0.00 0.00 17-May-2024 3.22 2.86 LU0278477574
Class A4 USD 12.81 -0.01 -0.08 17-May-2024 13.45 11.41 LU0548402170
Class D3 USD 12.88 -0.01 -0.08 17-May-2024 13.47 11.89 LU0523291242
Class A2 EUR 22.40 -0.02 -0.09 17-May-2024 22.50 20.61 LU0278457204
Class AI5 EUR 8.51 -0.01 -0.12 17-May-2024 8.71 8.07 LU1960220660
Class A1 EUR 2.85 0.00 0.00 17-May-2024 2.92 2.71 LU0278461065
Class D3 EUR 11.87 -0.01 -0.08 17-May-2024 12.21 11.31 LU0827884924
Class A2 Hedged EUR 6.92 -0.01 -0.14 17-May-2024 7.08 6.25 LU0359002093
Class A3 USD 3.12 0.00 0.00 17-May-2024 3.26 2.87 LU0278470132
Class A6 USD 6.40 0.00 0.00 17-May-2024 6.74 5.95 LU1408528211
Class A6 Hedged GBP 5.64 0.00 0.00 17-May-2024 5.98 5.27 LU1408528302
Class D2 EUR 24.33 -0.02 -0.08 17-May-2024 24.40 22.32 LU0329592702
Class A4 EUR 11.80 -0.01 -0.08 17-May-2024 12.19 10.85 LU0478974834
Class D4 EUR 11.85 -0.01 -0.08 17-May-2024 12.25 10.87 LU0827885145
Class D2 Hedged GBP 14.18 -0.01 -0.07 17-May-2024 14.41 12.65 LU0827885491
Class D5 GBP 7.22 -0.02 -0.28 17-May-2024 7.42 6.90 LU1694209807
Class A2 USD 24.32 -0.02 -0.08 17-May-2024 24.71 21.66 LU0278470058
Class D4 USD 12.86 -0.01 -0.08 17-May-2024 13.51 11.42 LU0827885228
Class AI2 EUR 10.83 -0.01 -0.09 17-May-2024 10.88 9.96 LU1960220587

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

Literature

Literature