Fixed Income

BGF US Dollar High Yield 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.
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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
  From
30-Jun-2016
To
30-Jun-2017
From
30-Jun-2017
To
30-Jun-2018
From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
Total Return (%)

as of Jun 30, 2021

12.26 3.43 6.42 0.63 14.82
  1Y 3Y 5Y 10y Incept.
14.82 7.13 7.38 6.21 5.99
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
3.33 1.32 3.02 14.82 22.95 42.76 82.62 81.04
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

Size of Fund (Millions) as of Jul 28, 2021 USD 3,558.728
12m Trailing Yield as of Jun 30, 2021 4.49
Number of Holdings as of Jun 30, 2021 1403
Base Currency U.S. Dollar
Fund Inception Date Oct 29, 1993
Share Class Inception Date Apr 19, 2011
Asset Class Fixed Income
Morningstar Category USD High Yield Bond
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 0.75%
ISIN LU0592702061
Bloomberg Ticker BGFHYD3
Annual Management Fee 0.55%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B402J84
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment USD 100000
Minimum Subsequent Investment USD 1000
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of Jun 30, 2021 4.71%
Modified Duration as of Jun 30, 2021 5.47 yrs
Effective Duration as of Jun 30, 2021 4.13 yrs
Weighted Avg Maturity as of Jun 30, 2021 4.68 yrs
WAL to Worst as of Jun 30, 2021 4.68 yrs

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Jul 7, 2021 BB
MSCI ESG Quality Score (0-10) as of Jul 7, 2021 4.22
MSCI ESG Quality Score - Peer Percentile as of Jul 7, 2021 61.48
MSCI ESG % Coverage as of Jul 7, 2021 77.51
Fund Lipper Global Classification as of Jul 7, 2021 Bond USD High Yield
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Jul 7, 2021 255.72
Funds in Peer Group as of Jul 7, 2021 405
All data is from MSCI ESG Fund Ratings as of Jul 7, 2021, based on holdings as of Jan 31, 2021. 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% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

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 Jun 30, 2021 0.30%
MSCI - UN Global Compact Violators as of Jun 30, 2021 0.85%
MSCI - Nuclear Weapons as of Jun 30, 2021 0.30%
MSCI - Thermal Coal as of Jun 30, 2021 0.00%
MSCI - Civilian Firearms as of Jun 30, 2021 0.01%
MSCI - Oil Sands as of Jun 30, 2021 0.11%
MSCI - Tobacco as of Jun 30, 2021 0.00%

Business Involvement Coverage as of Jun 30, 2021 43.04%
Percentage of Fund not covered as of Jun 30, 2021 57.32%
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 0.01% and for Oil Sands 0.24%.

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 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 the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF US Dollar High Yield Bond Fund, Class D3, as of Jun 30, 2021 rated against 604 USD High Yield Bond Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Sep 18, 2020)

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Jun 30, 2021
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 1.41
CONNECT FINCO SARL 144A 6.75 10/01/2026 0.71
PANTHER BF AGGREGATOR 2 LP 144A 8.5 05/15/2027 0.63
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.63
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.57
Name Weight (%)
RADIATE HOLDCO LLC / RADIATE FINAN 144A 6.5 09/15/2028 0.57
SPRINT CAPITAL CORPORATION 8.75 03/15/2032 0.51
TRIVIUM PACKAGING FINANCE BV 144A 8.5 08/15/2027 0.51
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.625 02/15/2025 0.50
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.49
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jun 30, 2021

% of Market Value

Type Fund
as of Jun 30, 2021

% of Market Value

Type Fund
as of Jun 30, 2021

% of Market Value

Type Fund
Allocations subject to change.
as of Jun 30, 2021

% of Market Value

Type Fund
as of Jun 30, 2021

% of Market Value

Type Fund
as of Jun 30, 2021

% of Market Value

Type Fund
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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
D3 USD Monthly 10.47 -0.01 -0.10 10.50 9.80 - LU0592702061 - -
A3 Hgd GBP Monthly 9.88 -0.01 -0.10 9.91 9.27 - LU0580330818 - -
D2 Hgd EUR Accumulating 245.21 -0.15 -0.06 245.92 222.67 - LU0532707519 - -
A1 USD Daily 6.03 -0.01 -0.17 6.06 5.65 - LU0046675905 - -
I2 Hgd EUR Accumulating 12.64 -0.01 -0.08 12.68 11.47 - LU1111085798 - -
A8 Hgd CNH Monthly 106.37 -0.07 -0.07 106.57 100.56 - LU1919856218 - -
A2 USD Accumulating 38.91 -0.02 -0.05 39.02 35.28 - LU0046676465 - -
A6 USD Monthly 5.08 -0.01 -0.20 5.11 4.85 - LU0738912566 - -
C2 USD Accumulating 29.56 -0.02 -0.07 29.66 27.09 - LU0147389596 - -
C1 USD Daily 6.04 -0.01 -0.17 6.07 5.66 - LU0147389166 - -
E2 USD Accumulating 35.37 -0.02 -0.06 35.47 32.20 - LU0147389919 - -
D2 Hgd AUD Accumulating 20.20 -0.01 -0.05 20.26 18.25 - LU0827886895 - -
A3 Hgd EUR Monthly 9.34 -0.01 -0.11 9.37 8.81 - LU0578943853 - -
A3 Hgd NZD Monthly 11.38 0.00 0.00 11.41 10.66 - LU0803752046 - -
E2 EUR Accumulating 30.01 0.05 0.17 30.05 27.31 - LU0277197595 - -
A2 Hgd EUR Accumulating 228.97 -0.15 -0.07 229.70 209.14 - LU0330917963 - -
I4 Hgd GBP Annual 9.64 0.00 0.00 9.66 8.70 - LU1111085442 - -
A3 Hgd CAD Monthly 10.37 -0.01 -0.10 10.40 9.73 - LU0803751741 - -
A2 Hgd SGD Accumulating 16.58 -0.01 -0.06 16.63 15.04 - LU0578945809 - -
D2 Hgd CHF Accumulating 12.27 -0.01 -0.08 12.31 11.17 - LU1090156289 - -
D2 USD Accumulating 41.66 -0.02 -0.05 41.76 37.55 - LU0552552704 - -
A2 Hgd CHF Accumulating 11.73 -0.01 -0.09 11.77 10.74 - LU1090155554 - -
A3 Hgd AUD Monthly 11.61 0.00 0.00 11.64 10.89 - LU0578942376 - -
A3 Hgd SGD Monthly 10.10 -0.01 -0.10 10.13 9.46 - LU0578937376 - -
D4 Hgd GBP Annual 11.10 -0.01 -0.09 11.13 10.03 - LU0681219902 - -
I2 USD Accumulating 16.94 -0.01 -0.06 16.98 15.25 - LU0822668108 - -
A2 Hgd AUD Accumulating 19.06 -0.01 -0.05 19.12 17.32 - LU0578947334 - -
A8 Hgd AUD Monthly 9.22 -0.01 -0.11 9.25 8.74 - LU0871640396 - -
A8 Hgd ZAR Monthly 91.59 -0.05 -0.05 91.67 86.32 - LU1023056127 - -
X6 USD Monthly 11.17 0.00 0.00 11.19 10.52 - LU1376384019 - -
A6 Hgd SGD Monthly 9.30 -0.01 -0.11 9.35 8.87 - LU1314333441 - -
I3 USD Monthly 9.86 0.00 0.00 9.88 9.23 - LU0764821012 - -
A6 Hgd HKD Monthly 37.93 -0.02 -0.05 38.15 36.18 - LU0764619531 - -
A4 Hgd GBP Annual 11.08 -0.01 -0.09 11.11 10.07 - LU0706698544 - -
A3 USD Monthly 6.11 0.00 0.00 6.12 5.72 - LU0172419151 - -
X2 USD Accumulating 46.67 -0.03 -0.06 46.78 41.83 - LU0147390172 - -
D2 Hgd SGD Accumulating 17.53 -0.01 -0.06 17.57 15.80 - LU0827887273 - -
D3 Hgd SGD Monthly 10.14 0.00 0.00 10.16 9.49 - LU0827886978 - -

Portfolio Managers

Portfolio Managers

Jimmy Keenan
Managing Director, Chief Investment Officer and Global Co-Head of Credit

Jimmy E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Co-Head of Credit within BlackRock Alternative Investors (BAI).

David Delbos
Co-Head of US High Yield, Global Credit

David Delbos

Mitchell S. Garfin
Co-Head of Leveraged Finance, BlackRock

Mitchell S. Garfin, CFA, Managing Director, is the Co-Head of Leveraged Finance within BlackRock's Global Credit team. He is responsible for managing US High Yield and Global strategies.

Literature

Literature