Fixed Income

BGF US Government Mortgage 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
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  From
31-Mar-2016
To
31-Mar-2017
From
31-Mar-2017
To
31-Mar-2018
From
31-Mar-2018
To
31-Mar-2019
From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
Total Return (%)

as of Mar 31, 2021

-1.77 -1.43 1.89 5.71 -0.31
Benchmark (%)

as of Mar 31, 2021

0.06 0.77 4.48 7.83 -0.49
  1Y 3Y 5Y 10y Incept.
-0.73 2.53 0.76 0.97 1.78
Benchmark (%)

as of May 31, 2021

-0.47 3.93 2.50 2.68 4.02
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
-1.20 -0.29 -0.35 -0.73 7.79 3.88 10.14 39.55
Benchmark (%)

as of May 31, 2021

-0.84 -0.25 -0.13 -0.47 12.25 13.14 30.27 110.68
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 Jun 17, 2021 USD 145.755
12m Trailing Yield as of May 31, 2021 1.84
Number of Holdings as of May 28, 2021 378
Base Currency U.S. Dollar
Fund Inception Date Aug 2, 1985
Share Class Inception Date Jul 1, 2002
Asset Class Fixed Income
Morningstar Category USD Government Bond
Benchmark Index FTSE Mortgage Index
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 2.25%
ISIN LU0147384878
Bloomberg Ticker MUSGOCD
Annual Management Fee 2.00%
Initial Charge 0.00%
Performance Fee 0.00%
SEDOL 7557877
Bloomberg Benchmark Ticker SBMT
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Worst as of May 28, 2021 1.72%
Modified Duration as of May 28, 2021 4.26 yrs
Effective Duration as of May 28, 2021 4.60 yrs
Weighted Avg Maturity as of May 28, 2021 5.57 yrs
3y Volatility - Benchmark as of May 31, 2021 2.14
3y Beta as of May 31, 2021 0.886
5y Volatility - Benchmark as of May 31, 2021 2.18
5y Beta as of May 31, 2021 0.897
WAL to Worst as of May 28, 2021 5.57 yrs

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager 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, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Ratings

Ratings

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of May 28, 2021
Name Weight (%)
UMBS 30YR TBA(REG A) 34.16
GNMA2 30YR 28.50
FNMA 30YR 2020 PRODUCTION 13.07
FHLMC 30YR UMBS 12.90
GNMA2 30YR 2020 PRODUCTION 5.49
Name Weight (%)
UMBS 15YR TBA(REG B) 4.98
FNMA 30YR 2017 PRODUCTION 2.17
FGOLD 30YR 4% HLB 150K 2011 1.04
FNMA 30YR 3% LB200K 2020 0.74
FNMA 15YR 2.5% LB200K 2020 0.73
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% of Market Value

Type Fund Benchmark Net
as of May 28, 2021

% of Market Value

Type Fund Benchmark Net
as of May 28, 2021

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 28, 2021

% of Market Value

Type Fund Benchmark Net
as of May 28, 2021

% of Market Value

Type Fund Benchmark Net
as of May 28, 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
C1 USD Daily 9.66 -0.02 -0.21 9.98 9.66 - LU0147384878 - -
D2 USD Accumulating 21.57 -0.05 -0.23 21.85 21.48 - LU0424777026 - -
E2 EUR Accumulating 15.70 0.21 1.36 16.80 15.37 - LU0277197322 - -
X3 USD Monthly 9.35 -0.02 -0.21 9.65 9.35 - LU1246652132 - -
C2 USD Accumulating 16.61 -0.04 -0.24 16.93 16.61 - LU0147385503 - -
I2 USD - 10.74 -0.03 -0.28 10.88 10.68 - LU2011139206 - -
A3 USD Monthly 9.16 -0.02 -0.22 9.46 9.16 - LU0172418690 - -
E2 USD Accumulating 18.73 -0.04 -0.21 19.03 18.73 - LU0147385842 - -
A2 USD Accumulating 20.69 -0.05 -0.24 20.99 20.68 - LU0096258446 - -
D3 USD Monthly 9.18 -0.03 -0.33 9.49 9.18 - LU0592702145 - -
A1 USD Daily 9.15 -0.02 -0.22 9.46 9.15 - LU0035308682 - -
I3 USD Monthly 9.36 -0.02 -0.21 9.67 9.36 - LU1456639035 - -

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Head of Customized Multi-Sector Portfolios and co-Head of Global Inflation Linked Portfolios

Mr. Dickstein earned a BA degree in economics, summa cum laude, from Yale University in 1990, and an MA degree in physics from Princeton University in 1993.

Matthew Kraeger
Lead Portfolio Manager, Mortgage Portfolios

    

Bob Miller
Managing Director, Head of Americas Fundamental Fixed Income

Bob Miller, Managing Director, is head of Americas Fundamental Fixed Income within BlackRock's Global Fixed Income group and a member of the Global Fixed Income Executive Committee.

Literature

Literature