Fixed Income

BGF Euro Short Duration 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.

Loading

Performance

Performance

Growth of Hypothetical 10,000

View full chart

Reinvestments

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

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 3.27 1.58 1.38 1.18 -0.76 1.41 1.10 -0.63 -4.80 5.16
Constraint Benchmark 1 (%) 1.79 0.58 0.58 -0.13 -0.15 0.43 0.16 -0.54 -4.96 3.99

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

  1Y 3Y 5Y 10y Incept.
3.71 -0.12 0.26 0.70 1.72
Constraint Benchmark 1 (%) 2.92 -0.52 -0.29 0.07 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.12 -0.17 0.00 2.36 3.71 -0.35 1.29 7.17 28.75
Constraint Benchmark 1 (%) -0.06 -0.15 -0.17 1.87 2.92 -1.57 -1.46 0.70 -
  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

-1.87 3.76 -2.24 -1.88 4.14
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-0.76 0.94 -1.72 -2.93 3.28
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 May 24, 2024
EUR 3,461,137,328
Fund Inception Date
Jan 4, 1999
Base Currency
EUR
Constraint Benchmark 1
BBG Euro Aggregate 1-3 Years, 500 MM Minimum (EUR)
Initial Charge
0.00%
ISIN
LU0147388861
Performance Fee
0.00%
Minimum Subsequent Investment
EUR 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGFESDX
Share Class Inception Date
Jul 6, 2009
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Article 8
Ongoing Charge
0.04%
Annual Management Fee
0.00%
Minimum Initial Investment
EUR 10000000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
EUR Diversified Bond - Short Term
Dealing Frequency
Daily, forward pricing basis
SEDOL
7354272

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Apr 30, 2024
444
3y Beta
as of Apr 30, 2024
1.150
Modified Duration
as of Apr 30, 2024
2.32 yrs
Effective Duration
as of Apr 30, 2024
2.30 yrs
WAL to Worst
as of Apr 30, 2024
2.76 yrs
Standard Deviation (3y)
as of Apr 30, 2024
2.41%
Yield to Maturity
as of Apr 30, 2024
3.62%
Yield to Worst
as of Apr 30, 2024
3.55%
Weighted Avg Maturity
as of Apr 30, 2024
2.76 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 May 19, 2024
A
MSCI ESG Quality Score (0-10)
as of May 19, 2024
7.02
Fund Lipper Global Classification
as of May 19, 2024
Bond EUR Short Term
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of May 19, 2024
81.75
MSCI ESG % Coverage
as of May 19, 2024
90.95
MSCI ESG Quality Score - Peer Percentile
as of May 19, 2024
44.12
Funds in Peer Group
as of May 19, 2024
204
MSCI Weighted Average Carbon Intensity % Coverage
as of May 19, 2024
42.88
All data is from MSCI ESG Fund Ratings as of May 19, 2024, based on holdings as of Dec 31, 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 Apr 30, 2024
0.00%
MSCI - Nuclear Weapons
as of Apr 30, 2024
0.00%
MSCI - Civilian Firearms
as of Apr 30, 2024
0.00%
MSCI - Tobacco
as of Apr 30, 2024
0.00%
MSCI - UN Global Compact Violators
as of Apr 30, 2024
0.00%
MSCI - Thermal Coal
as of Apr 30, 2024
0.00%
MSCI - Oil Sands
as of Apr 30, 2024
0.00%

Business Involvement Coverage
as of Apr 30, 2024
38.57%
Percentage of Fund not covered
as of Apr 30, 2024
61.40%
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 0.26%.

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 Rating

4 stars
Overall Morningstar Rating for BGF Euro Short Duration Bond Fund, Class X2, as of Apr 30, 2024 rated against 562 EUR Diversified Bond - Short Term Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jul 19, 2019)

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Apr 30, 2024
Name Weight (%)
FRANCE (REPUBLIC OF) 0 02/25/2025 4.60
SPAIN (KINGDOM OF) 0 05/31/2025 3.91
FRANCE (REPUBLIC OF) 2.5 09/24/2026 3.26
SPAIN (KINGDOM OF) 2.8 05/31/2026 2.64
GERMANY (FEDERAL REPUBLIC OF) 3.1 12/12/2025 2.46
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 2.2 12/12/2024 2.16
GERMANY (FEDERAL REPUBLIC OF) 0.5 02/15/2026 2.07
SPAIN (KINGDOM OF) 0 01/31/2026 2.01
GERMANY (FEDERAL REPUBLIC OF) 0 04/11/2025 2.01
FRANCE (REPUBLIC OF) 1 11/25/2025 1.86
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 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
X2 EUR 17.36 -0.02 -0.12 May 24, 2024 17.41 16.65 LU0147388861
I2 Hgd CHF 9.50 -0.01 -0.11 May 24, 2024 9.59 9.34 LU2092627384
Class AI2 EUR 9.73 -0.01 -0.10 May 24, 2024 9.76 9.40 LU1960221122
Class S3 EUR 10.13 -0.01 -0.10 May 24, 2024 10.22 9.97 LU2624962523
A2 Hgd CHF 9.95 -0.01 -0.10 May 24, 2024 10.05 9.82 LU0521028638
Class S4 EUR 10.32 -0.01 -0.10 May 24, 2024 10.35 9.97 LU2624962440
Class S2 EUR 10.35 -0.01 -0.10 May 24, 2024 10.38 9.97 LU2624962796
Class SI2 USD Hedged USD 10.96 -0.01 -0.09 May 24, 2024 10.99 10.38 LU1966277078
A2 EUR 15.39 -0.02 -0.13 May 24, 2024 15.44 14.87 LU0093503810
E2 EUR 13.66 -0.01 -0.07 May 24, 2024 13.70 13.25 LU0093504115
A1 EUR 11.58 -0.01 -0.09 May 24, 2024 11.67 11.36 LU0118255248
A4 Hgd GBP 11.20 -0.01 -0.09 May 24, 2024 11.23 10.79 LU0448387455
I5 EUR 15.77 -0.02 -0.13 May 24, 2024 15.88 15.42 LU1523256227
D4 Hgd GBP 11.44 -0.01 -0.09 May 24, 2024 11.47 11.02 LU0555993434
D2 EUR 16.31 -0.01 -0.06 May 24, 2024 16.35 15.70 LU0329592371
A4 EUR 14.33 -0.01 -0.07 May 24, 2024 14.37 13.94 LU0448386994
I2 EUR 16.33 -0.02 -0.12 May 24, 2024 16.38 15.72 LU0468289250
A3 EUR 11.61 -0.01 -0.09 May 24, 2024 11.70 11.38 LU0172403825
A4 Hgd USD 12.02 -0.01 -0.08 May 24, 2024 12.05 11.55 LU0448387703
A2 Hgd USD 12.92 -0.01 -0.08 May 24, 2024 12.96 12.31 LU0456865749
Class SI2 EUR EUR 10.03 -0.01 -0.10 May 24, 2024 10.06 9.64 LU1966276856
C2 EUR 11.22 -0.01 -0.09 May 24, 2024 11.28 10.96 LU0147388606
D3 EUR 11.79 -0.01 -0.08 May 24, 2024 11.88 11.55 LU0827878017
D4 EUR 14.57 -0.02 -0.14 May 24, 2024 14.62 14.15 LU0827878108
Class S2 USD 11.23 0.00 0.00 May 24, 2024 11.48 10.53 LU2624962879
I2 Hgd USD 11.55 -0.01 -0.09 May 24, 2024 11.58 10.96 LU1499592035
D2 Hgd CHF 10.36 -0.01 -0.10 May 24, 2024 10.46 10.20 LU0827877985
D3 Hgd GBP 10.28 -0.01 -0.10 May 24, 2024 10.32 9.96 LU0827891978
D2 Hgd USD 11.70 -0.01 -0.09 May 24, 2024 11.73 11.11 LU1202926330
Class S2 Hedged USD 10.44 -0.01 -0.10 May 24, 2024 10.47 9.99 LU2624963844
D4 Hgd USD 11.75 -0.01 -0.09 May 24, 2024 11.78 11.29 LU0903533064

Portfolio Managers

Portfolio Managers

Johan Sjogren
Johan Sjogren
Giulia Artolli
Giulia Artolli
Georgie Merson
Georgie Merson

Literature

Literature