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

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Distributions

Ex-Date Total Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 4.76 -1.81 0.98 2.19 -2.37 7.56 6.47 -3.14 -15.68 3.68
Constraint Benchmark 1 (%) 5.97 0.55 2.65 3.54 0.01 8.72 7.51 -1.54 -13.01 5.53

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

  1Y 3Y 5Y 10y Incept.
1.63 -4.85 -1.81 -0.36 1.31
Constraint Benchmark 1 (%) 2.63 -3.02 -0.23 1.35 3.31
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-0.54 1.50 0.23 -0.54 1.63 -13.86 -8.75 -3.51 33.24
Constraint Benchmark 1 (%) -0.71 0.95 0.07 -0.71 2.63 -8.80 -1.16 14.30 104.79
  From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
From
30-Jun-2023
To
30-Jun-2024
Total Return (%)

as of Jun 30, 2024

6.52 -0.56 -13.06 -2.51 1.63
Constraint Benchmark 1 (%)

as of Jun 30, 2024

8.74 -0.33 -10.29 -0.94 2.63
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 USD, 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 Jul 19, 2024
USD 510,639,030
Fund Inception Date
Apr 7, 1989
Base Currency
USD
Constraint Benchmark 1
BBG U.S. Aggregate Index (USD)
Initial Charge
0.00%
ISIN
LU0147418528
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MUSCOCD
Share Class Inception Date
Jul 1, 2002
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charge
2.30%
Annual Management Fee
2.10%
Minimum Initial Investment
USD 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
USD Diversified Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
7556818

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jun 28, 2024
1359
Standard Deviation (3y)
as of Jun 30, 2024
7.40%
Yield to Maturity
as of Jun 28, 2024
5.71%
Yield to Worst
as of Jun 28, 2024
5.70%
Weighted Avg Maturity
as of Jun 28, 2024
9.10 yrs
12m Trailing Yield
as of Jun 30, 2024
2.37%
3y Beta
as of Jun 30, 2024
0.980
Modified Duration
as of Jun 28, 2024
6.88 yrs
Effective Duration
as of Jun 28, 2024
6.51 yrs
WAL to Worst
as of Jun 28, 2024
9.10 yrs

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

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Jun 28, 2024
Name Weight (%)
UNITED STATES TREASURY 24.06
FEDERAL NATIONAL MORTGAGE ASSOCIATION 10.98
FEDERAL HOME LOAN MORTGAGE CORPORATION 8.16
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 4.88
UNIFORM MBS 4.10
Name Weight (%)
DIAMONDBACK ENERGY INC 1.37
GOLDMAN SACHS GROUP INC/THE 1.36
MORGAN STANLEY 1.24
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 1.20
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 1.14
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
¹Allocations are subject to change. Source: BlackRock
as of Jun 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Jun 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
C1 USD 14.07 -0.06 -0.42 Jul 19, 2024 14.32 13.15 LU0147418528
A2 Hgd SGD 10.52 -0.05 -0.47 Jul 19, 2024 10.58 9.91 LU2699150137
D3 USD 15.00 -0.07 -0.46 Jul 19, 2024 15.27 14.01 LU0592701923
I5 USD 8.90 -0.05 -0.56 Jul 19, 2024 9.06 8.31 LU1718847640
A3 USD 15.00 -0.07 -0.46 Jul 19, 2024 15.27 14.01 LU0172417379
A1 USD 14.95 -0.07 -0.47 Jul 19, 2024 15.22 13.97 LU0028835386
A2 CZK 760.42 -2.12 -0.28 Jul 19, 2024 765.84 682.38 LU1791174102
D2 USD 34.70 -0.16 -0.46 Jul 19, 2024 34.87 31.43 LU0548367084
A2 USD 32.78 -0.15 -0.46 Jul 19, 2024 32.94 29.78 LU0096258362
I2 Hgd EUR 9.34 -0.04 -0.43 Jul 19, 2024 9.39 8.57 LU1564327929
E2 USD 29.19 -0.14 -0.48 Jul 19, 2024 29.33 26.61 LU0147419096
Class X5 USD 8.84 -0.04 -0.45 Jul 19, 2024 9.00 8.25 LU1694209633
C2 USD 23.36 -0.11 -0.47 Jul 19, 2024 23.48 21.42 LU0147418874
X2 USD 10.99 -0.05 -0.45 Jul 19, 2024 11.04 9.91 LU0147419252
D2 Hgd GBP 10.25 -0.05 -0.49 Jul 19, 2024 10.30 9.32 LU1294567448
I2 USD 11.25 -0.05 -0.44 Jul 19, 2024 11.30 10.18 LU1165522647

Portfolio Managers

Portfolio Managers

Aidan Doyle
Managing Director, Global Fixed Income Team

  

Chi Chen
Managing Director

Chi Chen, Managing Director, is a Portfolio Manager in BlackRock's Global Fixed Income Investment Group

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.

Sam Summers
Director, Portfolio Manager

   

Literature

Literature