Fixed Income

BGF US Dollar High Yield Bond Fund

Overview

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.
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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.
  From
31-Dec-2015
To
31-Dec-2016
From
31-Dec-2016
To
31-Dec-2017
From
31-Dec-2017
To
31-Dec-2018
From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
Total Return (%)

as of Dec 31, 2020

12.15 4.84 -6.13 10.94 3.34
Benchmark (%)

as of Dec 31, 2020

17.13 7.50 -2.08 14.32 7.05
  1Y 3Y 5Y 10y Incept.
5.23 2.82 5.07 3.91 4.74
Benchmark (%)

as of Feb 28, 2021

9.31 6.55 8.95 6.49 7.44
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
0.37 0.29 1.72 5.23 8.69 28.05 46.80 84.43
Benchmark (%)

as of Feb 28, 2021

0.70 0.37 2.60 9.31 20.97 53.54 87.56 158.06
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 Mar 5, 2021 USD 3,688.347
12m Trailing Yield -
Number of Holdings as of Feb 26, 2021 1357
Base Currency U.S. Dollar
Fund Inception Date Oct 29, 1993
Share Class Inception Date Dec 14, 2007
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index BBG Barc US Corp High Yield 2% Issuer Capped Index
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 1.45%
ISIN LU0330917963
Bloomberg Ticker MERCAA2
Annual Management Fee 1.25%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B43DCV8
Bloomberg Benchmark Ticker LF89TRUU
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of Feb 26, 2021 4.86%
Modified Duration as of Feb 26, 2021 5.32 yrs
Effective Duration as of Feb 26, 2021 4.13 yrs
Weighted Avg Maturity as of Feb 26, 2021 4.98 yrs
3y Volatility - Benchmark as of Feb 28, 2021 9.33
3y Beta as of Feb 28, 2021 0.977
5y Volatility - Benchmark as of Feb 28, 2021 7.74
5y Beta as of Feb 28, 2021 0.959
WAL to Worst as of Feb 26, 2021 4.98 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 Feb 5, 2021 BB
MSCI ESG Quality Score (0-10) as of Feb 5, 2021 3.50
MSCI ESG Quality Score - Peer Percentile as of Feb 5, 2021 33.33
MSCI ESG % Coverage as of Feb 5, 2021 80.41
Fund Lipper Global Classification as of Feb 5, 2021 Bond USD High Yield
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 5, 2021 276.33
Funds in Peer Group as of Feb 5, 2021 393
All data is from MSCI ESG Fund Ratings as of Feb 5, 2021, based on holdings as of Aug 31, 2020. 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 Feb 26, 2021 0.82%
MSCI - UN Global Compact Violators as of Feb 26, 2021 0.07%
MSCI - Nuclear Weapons as of Feb 26, 2021 0.00%
MSCI - Thermal Coal as of Feb 26, 2021 0.00%
MSCI - Civilian Firearms as of Feb 26, 2021 0.02%
MSCI - Oil Sands as of Feb 26, 2021 0.00%
MSCI - Tobacco as of Feb 26, 2021 0.00%

Business Involvement Coverage as of Feb 26, 2021 45.35%
Percentage of Fund not covered as of Feb 26, 2021 54.65%
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 0.00%.

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

3
Overall Morningstar Rating for BGF US Dollar High Yield Bond Fund, Class A2 Hedged, as of Jul 31, 2018 rated against 1349 Other 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 Oct 9, 2019)

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Feb 26, 2021
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 3.49
CONNECT FINCO SARL 144A 6.75 10/01/2026 0.74
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.72
PANTHER BF AGGREGATOR 2 LP 144A 8.5 05/15/2027 0.66
ALLIED UNIVERSAL HOLDCO LLC 144A 6.625 07/15/2026 0.66
Name Weight (%)
RADIATE HOLDCO LLC / RADIATE FINAN 144A 6.5 09/15/2028 0.60
CSC HOLDINGS LLC 144A 4.625 12/01/2030 0.56
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.55
CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 5.125 08/15/2027 0.52
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.49
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Feb 26, 2021

% of Market Value

Type Fund Benchmark Net
as of Feb 26, 2021

% of Market Value

Type Fund Benchmark Net
as of Feb 26, 2021

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Feb 26, 2021

% of Market Value

Type Fund Benchmark Net
as of Feb 26, 2021

% of Market Value

Type Fund Benchmark Net
as of Feb 26, 2021

% 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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
A2 Hgd EUR Accumulating 223.14 -0.57 -0.25 225.44 164.13 - LU0330917963 - -
A8 Hgd CNH Monthly 104.95 -0.27 -0.26 106.51 79.95 - LU1919856218 - -
A3 Hgd GBP Monthly 9.73 -0.03 -0.31 9.86 7.44 - LU0580330818 - -
A6 USD Monthly 5.04 -0.01 -0.20 5.11 3.88 - LU0738912566 - -
A3 Hgd NZD Monthly 11.19 -0.03 -0.27 11.34 8.55 - LU0803752046 - -
D2 Hgd EUR Accumulating 238.30 -0.61 -0.26 240.68 174.13 - LU0532707519 - -
C2 USD Accumulating 28.87 -0.07 -0.24 29.17 21.14 - LU0147389596 - -
I2 Hgd EUR Accumulating 12.28 -0.03 -0.24 12.40 8.96 - LU1111085798 - -
A2 Hgd CHF Accumulating 11.44 -0.03 -0.26 11.56 8.42 - LU1090155554 - -
D2 Hgd AUD Accumulating 19.58 -0.05 -0.25 19.77 14.22 - LU0827886895 - -
I4 Hgd GBP Annual 9.34 -0.02 -0.21 9.43 7.16 - LU1111085442 - -
D2 Hgd CHF Accumulating 11.94 -0.03 -0.25 12.06 8.73 - LU1090156289 - -
A2 USD Accumulating 37.80 -0.09 -0.24 38.18 27.35 - LU0046676465 - -
E2 EUR Accumulating 28.90 0.23 0.80 29.06 23.21 - LU0277197595 - -
A2 Hgd SGD Accumulating 16.11 -0.04 -0.25 16.27 11.72 - LU0578945809 - -
A3 Hgd CAD Monthly 10.21 -0.03 -0.29 10.34 7.76 - LU0803751741 - -
E2 USD Accumulating 34.43 -0.09 -0.26 34.78 25.03 - LU0147389919 - -
A1 USD Daily 5.95 -0.02 -0.34 6.02 4.48 - LU0046675905 - -
C1 USD Daily 5.96 -0.02 -0.33 6.03 4.49 - LU0147389166 - -
A3 Hgd AUD Monthly 11.43 -0.03 -0.26 11.57 8.71 - LU0578942376 - -
A3 Hgd EUR Monthly 9.22 -0.03 -0.32 9.34 7.07 - LU0578943853 - -
D2 USD Accumulating 40.36 -0.10 -0.25 40.75 29.02 - LU0552552704 - -
A3 Hgd SGD Monthly 9.94 -0.03 -0.30 10.07 7.54 - LU0578937376 - -
I2 USD Accumulating 16.40 -0.04 -0.24 16.56 11.77 - LU0822668108 - -
A8 Hgd ZAR Monthly 90.03 -0.22 -0.24 91.38 69.42 - LU1023056127 - -
D4 Hgd GBP Annual 10.76 -0.03 -0.28 10.86 8.24 - LU0681219902 - -
A2 Hgd AUD Accumulating 18.53 -0.04 -0.22 18.71 13.54 - LU0578947334 - -
D3 USD Monthly 10.30 -0.03 -0.29 10.44 7.77 - LU0592702061 - -
A8 Hgd AUD Monthly 9.12 -0.02 -0.22 9.25 7.04 - LU0871640396 - -
A4 GBP Annual 10.77 -0.03 -0.28 10.88 8.25 - LU0706698544 - -
X2 USD Accumulating 45.09 -0.11 -0.24 45.51 32.20 - LU0147390172 - -
I3 USD Monthly 9.70 -0.02 -0.21 9.83 7.32 - LU0764821012 - -
D2 Hgd SGD Accumulating 16.97 -0.05 -0.29 17.14 12.27 - LU0827887273 - -
A6 Hgd SGD Monthly 9.21 -0.03 -0.32 9.35 7.15 - LU1314333441 - -
A6 Hgd HKD Monthly 37.59 -0.09 -0.24 38.15 28.98 - LU0764619531 - -
X6 USD Monthly 11.00 -0.03 -0.27 11.16 8.37 - LU1376384019 - -
A3 USD Monthly 6.01 -0.01 -0.17 6.09 4.53 - LU0172419151 - -
D3 Hgd SGD Monthly 9.97 -0.03 -0.30 10.10 7.57 - 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