Fixed Income

BGF US Dollar 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.

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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Distributions

Record Date Ex-Date Payable Date
View full table

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -2.61 4.76 -1.81 0.98 2.19 -2.37 7.56 6.47 -3.14 -15.68
Constraint Benchmark 1 (%) -2.02 5.97 0.55 2.65 3.54 0.01 8.72 7.51 -1.54 -13.01
  1Y 3Y 5Y 10y Incept.
-15.68 -4.55 -1.80 -0.58 1.26
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-13.01 -2.71 0.02 1.06 3.32
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-15.68 0.18 0.81 -3.92 -15.68 -13.05 -8.69 -5.62 29.21
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-13.01 -0.45 1.87 -2.97 -13.01 -7.92 0.12 11.08 95.45
  From
31-Dec-2017
To
31-Dec-2018
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
Total Return (%)

as of Dec 31, 2022

-2.37 7.56 6.47 -3.14 -15.68
Constraint Benchmark 1 (%)

as of Dec 31, 2022

0.01 8.72 7.51 -1.54 -13.01
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.

Key Facts

Key Facts

Net Assets of Fund as of Jan 30, 2023 USD 521,817,090
Share Class Inception Date Jul 1, 2002
Fund Inception Date Apr 7, 1989
Share Class Currency USD
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 BBG U.S. Aggregate Index
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 2.33%
Annual Management Fee 2.10%
Performance Fee 0.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Distribution Frequency Monthly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Diversified Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MUSCOCD
ISIN LU0147418528
SEDOL 7556818

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Dec 30, 2022 1392
12m Trailing Yield as of Dec 31, 2022 0.46%
Standard Deviation (3y) as of Dec 31, 2022 6.48%
3y Beta as of Dec 31, 2022 1.010
Yield to Maturity as of Dec 30, 2022 5.45%
Modified Duration as of Dec 30, 2022 6.18 yrs
Yield to Worst as of Dec 30, 2022 5.45%
Effective Duration as of Dec 30, 2022 6.19 yrs
Weighted Avg Maturity as of Dec 30, 2022 7.48 yrs
WAL to Worst as of Dec 30, 2022 7.48 yrs

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG 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 phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion 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

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Dec 30, 2022
Name Weight (%)
UNITED STATES TREASURY 19.26
FEDERAL NATIONAL MORTGAGE ASSOCIATION 16.27
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 5.78
FEDERAL HOME LOAN MORTGAGE CORPORATION 4.39
UNIFORM MBS 1.74
Name Weight (%)
MORGAN STANLEY 1.71
BANK OF AMERICA CORP 1.57
GOLDMAN SACHS GROUP INC/THE 1.12
JPMORGAN CHASE & CO 0.83
DIAMONDBACK ENERGY INC 0.64
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Dec 30, 2022

% of Market Value

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settlement 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.
as of Dec 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Dec 30, 2022

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
C1 USD Monthly 14.47 -0.01 -0.07 Jan 30, 2023 16.38 13.47 LU0147418528 -
A2 USD Accumulating 32.01 -0.01 -0.03 Jan 30, 2023 35.59 29.59 LU0096258362 -
A3 USD Monthly 15.42 0.00 0.00 Jan 30, 2023 17.44 14.34 LU0172417379 -
I2 Hgd EUR Accumulating 9.33 -0.01 -0.11 Jan 30, 2023 10.60 8.70 LU1564327929 -
Class X5 USD Quarterly 9.08 0.00 0.00 Jan 30, 2023 10.29 8.44 LU1694209633 -
A2 CZK Accumulating 701.61 0.56 0.08 Jan 30, 2023 824.91 700.54 LU1791174102 -
D3 USD Monthly 15.42 0.00 0.00 Jan 30, 2023 17.44 14.34 LU0592701923 -
C2 USD Accumulating 23.24 0.00 0.00 Jan 30, 2023 26.16 21.55 LU0147418874 -
I2 USD Accumulating 10.90 0.00 0.00 Jan 30, 2023 12.05 10.05 LU1165522647 -
E2 USD Accumulating 28.71 -0.01 -0.03 Jan 30, 2023 32.08 26.57 LU0147419096 -
A1 USD Monthly 15.38 0.00 0.00 Jan 30, 2023 17.43 14.31 LU0028835386 -
D2 USD Accumulating 33.68 0.00 0.00 Jan 30, 2023 37.30 31.09 LU0548367084 -
D2 Hgd GBP Accumulating 10.06 0.00 0.00 Jan 30, 2023 11.27 9.34 LU1294567448 -
X2 USD Accumulating 10.58 0.00 0.00 Jan 30, 2023 11.64 9.75 LU0147419252 -
I5 USD Quarterly 9.15 0.00 0.00 Jan 30, 2023 10.36 8.51 LU1718847640 -

Portfolio Managers

Portfolio Managers

Bob Miller
Managing Director, Global Fixed Income Group

   

Aidan Doyle
Managing Director, Global Fixed Income Team

  

David Rogal
Managing Director, Multi-Sector Fixed Income

David Rogal, Managing Director, is a member of the Multi-Sector Mutual Fund team within BlackRock's Global Fixed Income Group.

Chi Chen
Director, Global Fixed Income Investment Group

 Chi Chen, Director, is a Portfolio Manager in BlackRock's Global Fixed Income Investment Group, focusing on US multi-sector fixed income mandates and global government bond mandates.

Sam Summers
Director, Portfolio Manager

   

Literature

Literature