Fixed Income

BlackRock Global High Yield Sustainable Credit Screened 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.

Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment grade fixed income securities can be more sensitive to changes in these risks than higher rated 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.

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

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Performance

Performance

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This chart shows the fund's performance as the percentage loss or gain per year over the last 2 years.

  2019 2020 2021 2022 2023
Total Return (%) -10.2 11.7
Constraint Benchmark 1 (%) -10.6 13.8

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

  1y 3y 5y 10y Incept.
10.01 - - - 0.71
Constraint Benchmark 1 (%) 11.30 - - - 1.30
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.63 0.13 3.82 6.21 10.01 - - - 1.70
Constraint Benchmark 1 (%) 0.62 0.36 4.15 6.69 11.30 - - - 3.11
  From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
From
31-Dec-2022
To
31-Dec-2023
Total Return (%)

as of 31-Dec-2023

- - - -10.18 11.72
Constraint Benchmark 1 (%)

as of 31-Dec-2023

- - - -10.56 13.78

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 AUD, 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 28-Mar-2024 USD 339,173,173
Share Class launch date 15-Oct-2021
Fund Launch Date 11-Apr-2019
Share Class Currency AUD
Fund Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 ICE BofA Developed Markets High Yield Constrained 100% USD Hedged Index
Initial Charge 0.00%
Ongoing Charges Figures 0.00%
ISIN IE000IA4D1S5
Annual Management Fee 0.00%
Performance Fee 0.00%
Minimum Initial Investment AUD 1,000,000.00
Minimum Subsequent Investment AUD 10,000.00
Use of Income Accumulating
Domicile Ireland
Regulatory Structure UCITS
Management Company BlackRock Asset Management Ireland Limited
Morningstar Category -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker SHR_XZ2OQJ
SEDOL BNG92N8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 29-Feb-2024 524
Standard Deviation (3y) as of - -
3y Beta as of - -
Yield to Maturity as of 29-Feb-2024 7.61
Modified Duration as of 29-Feb-2024 3.76
Weighted Average YTM as of 29-Feb-2024 7.50%
Effective Duration as of 29-Feb-2024 3.28
Weighted Avg Maturity as of 29-Feb-2024 4.30
WAL to Worst as of 29-Feb-2024 4.30

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 A
MSCI ESG % Coverage as of 21-Mar-2024 85.34
MSCI ESG Quality Score (0-10) as of 21-Mar-2024 6.65
MSCI ESG Quality Score - Peer Percentile as of 21-Mar-2024 95.07
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 136.68
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Mar-2024 85.69
All data is from MSCI ESG Fund Ratings as of 21-Mar-2024, based on holdings as of 30-Nov-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 29-Feb-2024 0.00%
MSCI - UN Global Compact Violators as of 29-Feb-2024 0.00%
MSCI - Nuclear Weapons as of 29-Feb-2024 0.00%
MSCI - Thermal Coal as of 29-Feb-2024 0.00%
MSCI - Civilian Firearms as of 29-Feb-2024 0.00%
MSCI - Oil Sands as of 29-Feb-2024 0.00%
MSCI - Tobacco as of 29-Feb-2024 0.00%

Business Involvement Coverage as of 29-Feb-2024 52.80%
Percentage of Fund not covered as of 29-Feb-2024 47.03%
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 0.00% and for Oil Sands 0.00%.

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 combination with other information in the research and due diligence stage of the investment process. The Fund manager has developed internal research signals to help evaluate corporate issuers on climate, governance and human capital issues. ESG information may be sourced from both internal and external sources. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. 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

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 29-Feb-2024
Name Weight (%)
DIRECTV FINANCING LLC 144A 5.875 08/15/2027 1.17
DAVITA INC 144A 4.625 06/01/2030 1.01
FMG RESOURCES (AUGUST 2006) PTY LT 144A 5.875 04/15/2030 0.93
COINBASE GLOBAL INC 144A 3.375 10/01/2028 0.86
UNITI GROUP LP 144A 10.5 02/15/2028 0.80
Name Weight (%)
ENCOMPASS HEALTH CORP 4.625 04/01/2031 0.79
1011778 BC UNLIMITED LIABILITY CO 144A 4 10/15/2030 0.78
NATIONSTAR MORTGAGE HOLDINGS INC 144A 5.75 11/15/2031 0.74
SEAGATE HDD CAYMAN 9.625 12/01/2032 0.71
ELDORADO GOLD CORPORATION 144A 6.25 09/01/2029 0.71
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Feb-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Feb-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Feb-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Feb-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Feb-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 X Hedged AUD 102.70 -0.05 -0.05 28-Mar-2024 102.75 91.50 IE000IA4D1S5
Class Z USD Dist USD 108.48 -0.04 -0.04 28-Mar-2024 108.78 100.04 IE000H009VT9
Class X USD 111.66 -0.04 -0.03 28-Mar-2024 111.69 98.11 IE00BMF76127
Class X Hedged EUR 111.38 -0.05 -0.05 28-Mar-2024 111.44 99.76 IE00BHQZ3M06
Class Z Hedged GBP 115.32 -0.04 -0.04 28-Mar-2024 115.36 102.35 IE00BF5HLL87
Class D USD 121.46 -0.04 -0.04 28-Mar-2024 121.50 107.02 IE00BF5HLF28
Class Z USD 121.74 -0.04 -0.04 28-Mar-2024 121.78 107.25 IE00BF5HLJ65
Class X Monthly Dis USD 108.23 -0.59 -0.54 28-Mar-2024 108.82 100.55 IE000O3XT4Y0
Class A USD 119.68 -0.04 -0.04 28-Mar-2024 119.72 105.77 IE00BF5HLB89
Class Z Hedged EUR 109.79 -0.06 -0.05 28-Mar-2024 109.85 98.68 IE00BF5HLK70

Portfolio Managers

Portfolio Managers

Riyadh Ali
Riyadh Ali
Alessandro Ferrante
Alessandro Ferrante
Group SFI LO EMEA
Group SFI LO EMEA
Group SFI LO US Credit
Group SFI LO US Credit

Literature

Literature