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

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Reinvestments

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

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 10.82 1.00 2.60 0.54 -1.19 5.50 3.52 -4.36 -17.67 6.75
Constraint Benchmark 1 (%) 11.11 1.00 3.31 0.67 0.42 6.00 4.07 -2.88 -17.22 7.19

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

  1Y 3Y 5Y 10y Incept.
4.24 -5.06 -2.28 0.08 2.34
Constraint Benchmark 1 (%) 4.64 -4.33 -1.56 0.74 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-0.55 1.20 -0.55 6.07 4.24 -14.44 -10.88 0.77 80.65
Constraint Benchmark 1 (%) -0.34 1.09 -0.34 6.22 4.64 -12.44 -7.58 7.61 -
  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 Mar 31, 2024

0.11 4.04 -7.91 -10.87 4.24
Constraint Benchmark 1 (%)

as of Mar 31, 2024

2.26 3.22 -6.35 -10.64 4.64
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

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 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 Apr 23, 2024 EUR 2,082,794,598
Share Class Inception Date Sep 1, 1998
Fund Inception Date Mar 31, 1994
Share Class Currency EUR
Base Currency EUR
Asset Class Fixed Income
Constraint Benchmark 1 BBG Euro Aggregate 500+ (EUR)
SFDR Classification Article 8
Initial Charge 3.00%
Ongoing Charge 1.45%
ISIN LU0090830810
Annual Management Fee 1.25%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category EUR Diversified Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MIGSEBE
SEDOL 5548992

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 687
Standard Deviation (3y) as of Mar 31, 2024 7.13%
3y Beta as of Mar 31, 2024 0.997
Yield to Maturity as of Mar 28, 2024 3.21%
Modified Duration as of Mar 28, 2024 6.81 yrs
Yield to Worst as of Mar 28, 2024 3.17%
Effective Duration as of Mar 28, 2024 6.86 yrs
Weighted Avg Maturity as of Mar 28, 2024 7.91 yrs
WAL to Worst as of Mar 28, 2024 7.91 yrs

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 Apr 21, 2024 A
MSCI ESG % Coverage as of Apr 21, 2024 92.77
MSCI ESG Quality Score (0-10) as of Apr 21, 2024 6.93
MSCI ESG Quality Score - Peer Percentile as of Apr 21, 2024 51.47
Fund Lipper Global Classification as of Apr 21, 2024 Bond EUR
Funds in Peer Group as of Apr 21, 2024 307
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Apr 21, 2024 66.34
MSCI Weighted Average Carbon Intensity % Coverage as of Apr 21, 2024 48.47
All data is from MSCI ESG Fund Ratings as of Apr 21, 2024, based on holdings as of Nov 30, 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 Mar 28, 2024 0.00%
MSCI - UN Global Compact Violators as of Mar 28, 2024 0.00%
MSCI - Nuclear Weapons as of Mar 28, 2024 0.00%
MSCI - Thermal Coal as of Mar 28, 2024 0.00%
MSCI - Civilian Firearms as of Mar 28, 2024 0.00%
MSCI - Oil Sands as of Mar 28, 2024 0.00%
MSCI - Tobacco as of Mar 28, 2024 0.00%

Business Involvement Coverage as of Mar 28, 2024 39.37%
Percentage of Fund not covered as of Mar 28, 2024 60.61%
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 0.46%.

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 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.

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jun 30, 2023)

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Mar 28, 2024
Name Weight (%)
ITALY (REPUBLIC OF) 4 04/30/2035 1.95
GERMANY (FEDERAL REPUBLIC OF) 2.3 02/15/2033 1.50
FRANCE (REPUBLIC OF) 0 02/25/2026 1.49
SPAIN (KINGDOM OF) 3.5 05/31/2029 1.33
GERMANY (FEDERAL REPUBLIC OF) 3.25 07/04/2042 1.20
Name Weight (%)
ITALY (REPUBLIC OF) 4.5 10/01/2053 1.16
FRANCE (REPUBLIC OF) 0.75 02/25/2028 1.16
FRANCE (REPUBLIC OF) 0 02/25/2027 1.12
GERMANY (FEDERAL REPUBLIC OF) 2.2 02/15/2034 1.08
SPAIN (KINGDOM OF) 3.25 04/30/2034 1.04
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 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
E2 EUR 23.35 0.03 0.13 Apr 23, 2024 23.87 22.06 LU0090830810
C2 USD 20.54 0.16 0.79 Apr 23, 2024 21.84 19.10 LU0331283399
Class AI2 EUR 9.03 0.01 0.11 Apr 23, 2024 9.21 8.51 LU1960220827
A4 GBP 20.50 -0.05 -0.24 Apr 23, 2024 21.14 19.42 LU0204069685
A3 USD 18.78 0.14 0.75 Apr 23, 2024 20.00 17.48 LU0172748641
A1 USD 18.76 0.14 0.75 Apr 23, 2024 19.98 17.49 LU0171278889
E2 USD 24.99 0.19 0.77 Apr 23, 2024 26.50 23.13 LU0171279937
D4 GBP 20.67 -0.05 -0.24 Apr 23, 2024 21.29 19.55 LU0827877712
I4 Hgd GBP 10.07 0.02 0.20 Apr 23, 2024 10.22 9.39 LU1376384282
A1 EUR 17.53 0.02 0.11 Apr 23, 2024 17.99 16.68 LU0118259232
Class SR2 EUR 8.73 0.01 0.11 Apr 23, 2024 8.90 8.20 LU2319963893
I4 Hgd USD 10.24 0.02 0.20 Apr 23, 2024 10.38 9.52 LU1808491812
D2 EUR 28.13 0.04 0.14 Apr 23, 2024 28.67 26.45 LU0297941469
A2 EUR 26.49 0.04 0.15 Apr 23, 2024 27.03 24.96 LU0050372472
A4 EUR 23.75 0.04 0.17 Apr 23, 2024 24.23 22.37 LU0430265933
Class S4 EUR 9.13 0.02 0.22 Apr 23, 2024 9.30 8.58 LU1722863484
E5 EUR 21.79 0.03 0.14 Apr 23, 2024 22.27 20.59 LU0500207468
D3 USD 18.89 0.15 0.80 Apr 23, 2024 20.11 17.58 LU0827877639
Class SR2 Hedged USD 9.21 0.02 0.22 Apr 23, 2024 9.34 8.57 LU2319963976
I2 EUR 13.59 0.02 0.15 Apr 23, 2024 13.84 12.76 LU0368229703
A3 EUR 17.55 0.02 0.11 Apr 23, 2024 18.01 16.67 LU0172396516
D4 EUR 10.57 0.01 0.09 Apr 23, 2024 10.78 9.94 LU0938162699
C2 EUR 19.20 0.03 0.16 Apr 23, 2024 19.67 18.21 LU0147393358
Class S3 EUR 10.34 0.01 0.10 Apr 23, 2024 10.61 9.82 LU2624963257
I2 Hgd JPY 909.00 1.00 0.11 Apr 23, 2024 939.00 874.00 LU1668661629
A2 Hgd JPY 879.00 1.00 0.11 Apr 23, 2024 910.00 848.00 LU1668663914
A2 USD 28.35 0.22 0.78 Apr 23, 2024 30.01 26.17 LU0171279184
D2 Hgd CHF 10.41 0.02 0.19 Apr 23, 2024 10.69 9.92 LU1266592374
I2 Hgd CHF 9.32 0.02 0.22 Apr 23, 2024 9.56 8.87 LU1180456292
A2 CZK 669.37 0.23 0.03 Apr 23, 2024 678.32 594.83 LU1791174284
D2 Hgd USD 13.52 0.02 0.15 Apr 23, 2024 13.72 12.59 LU0869640077
Class S2 USD 11.11 0.08 0.73 Apr 23, 2024 11.75 10.24 LU2624963174
A2 Hgd USD 12.98 0.02 0.15 Apr 23, 2024 13.18 12.11 LU0869650977
X2 EUR 30.90 0.04 0.13 Apr 23, 2024 31.44 28.96 LU0298377911
I2 Hgd USD 11.55 0.01 0.09 Apr 23, 2024 11.72 10.75 LU1376384100
Class I4 EUR 9.10 0.01 0.11 Apr 23, 2024 9.27 8.55 LU1808491655
A2 Hgd PLN 108.71 0.15 0.14 Apr 23, 2024 110.30 101.57 LU1499592381
D4 Hgd GBP 10.04 0.02 0.20 Apr 23, 2024 10.20 9.38 LU1376384365
Class S2 EUR 10.38 0.01 0.10 Apr 23, 2024 10.58 9.76 LU2624963414
D3 EUR 17.65 0.03 0.17 Apr 23, 2024 18.11 16.76 LU0827877555
D2 USD 30.10 0.23 0.77 Apr 23, 2024 31.84 27.74 LU0827877472

Portfolio Managers

Portfolio Managers

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

Literature

Literature