Fixed Income

iShares ESG Overseas Corporate Bond Index Fund (UK)

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

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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 8.87 0.72 25.69 -0.92 3.07 7.27 6.65 -1.88 -5.40 3.22
Target Benchmark 1 (%) 9.34 2.11 25.17 -0.64 2.71 6.99 6.87 -1.94 -5.51 3.07

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

  1Y 3Y 5Y 10y Incept.
1.89 -0.16 1.25 4.18 3.86
Target Benchmark 1 (%) 1.90 -0.51 1.13 4.22 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-0.98 -1.03 -0.50 3.40 1.89 -0.49 6.40 50.56 57.49
Target Benchmark 1 (%) -1.12 -1.23 -0.75 3.20 1.90 -1.53 5.78 51.17 -
  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

6.11 1.23 -1.08 -0.98 3.31
Target Benchmark 1 (%)

as of Mar 31, 2024

6.77 -0.07 -1.45 -0.44 2.74
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 GBP, hedged share class benchmark performance is displayed in GBP.

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 17, 2024 GBP 3,536,294,316
Share Class Inception Date Apr 30, 2012
Fund Inception Date Jan 28, 2011
Share Class Currency GBP
Base Currency GBP
Asset Class Fixed Income
Target Benchmark 1 ICE ESG Global Corporate Ex GBP Index
SFDR Classification -
Initial Charge 0.00%
Ongoing Charge 0.01%
ISIN GB00B5W76K51
Annual Management Fee 0.00%
Performance Fee 0.00%
Minimum Initial Investment GBP 10000000
Minimum Subsequent Investment GBP 100
Use of Income Accumulating
Domicile United Kingdom
Regulatory Structure UCITS
Management Company BlackRock Fund Managers Ltd
Morningstar Category Global Corporate Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BOCBTXA
SEDOL B5W76K5

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Apr 30, 2024 8646
Standard Deviation (3y) as of Apr 30, 2024 5.47%
3y Beta as of Apr 30, 2024 0.923
Yield to Maturity as of Apr 30, 2024 5.17%
Modified Duration as of Apr 30, 2024 5.60 yrs
Yield to Worst as of Apr 30, 2024 5.11%
Effective Duration as of Apr 30, 2024 5.60 yrs
Weighted Avg Maturity as of Apr 30, 2024 7.94 yrs
WAL to Worst as of Apr 30, 2024 7.94 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 Apr 21, 2024 A
MSCI ESG % Coverage as of Apr 21, 2024 97.30
MSCI ESG Quality Score (0-10) as of Apr 21, 2024 6.95
MSCI ESG Quality Score - Peer Percentile as of Apr 21, 2024 56.60
Fund Lipper Global Classification as of Apr 21, 2024 Bond Global Corporates LC
Funds in Peer Group as of Apr 21, 2024 106
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Apr 21, 2024 73.79
MSCI Weighted Average Carbon Intensity % Coverage as of Apr 21, 2024 96.19
MSCI Implied Temperature Rise (0-3.0+ °C) as of Apr 21, 2024 > 2.0° - 2.5° C
MSCI Implied Temperature Rise % Coverage as of Apr 21, 2024 86.68

What is the Implied Temperature Rise (ITR) metric? Learn what the metric means, how it is calculated, and about the assumptions and limitations for this forward-looking climate-related metric.

To address climate change, many of the world's major countries have signed the Paris Agreement. The temperature goal of the Paris Agreement is to limit global warming to well below 2°C above pre-industrial levels, and ideally 1.5 °C, which will help us avoid the most severe impacts of climate change.


What is the ITR metric?

The ITR metric is used to provide an indication of alignment to the temperature goal of the Paris Agreement for a company or a portfolio. ITR employs open source 1.55° C decarbonization pathways derived from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). These pathways can be regional and sector specific and set a net zero target of 2050, in line with GFANZ (Glasgow Financial Alliance for Net Zero) industry standards. We make use of this feature for all GHG scopes. This enhanced ITR model was implemented by MSCI on February 19, 2024.


How is the ITR metric calculated?

The ITR metric is calculated by looking at the current emissions intensity of companies within the fund's portfolio as well as the potential for those companies to reduce its emissions over time. If emissions in the global economy followed the same trend as the emissions of companies within the fund's portfolio, global temperatures would ultimately rise within this band.


Note, only corporate issuers are covered within the calculation. A summary explanation of MSCI’s methodology and assumptions for its ITR metric can be found here.


Because the ITR metric is calculated in part by considering the potential for a company within the fund’s portfolio to reduce its emissions over time, it is forward-looking and prone to limitations. As a result, BlackRock publishes MSCI’s ITR metric for its funds in temperature range bands. The bands help to underscore the underlying uncertainty in the calculations and the variability of the metric.

Thermometer-style chart of yellow to red temperature bands showing an investment’s position relative to the Paris Agreement temperature goals. Metric data source MSCI

What are the key assumptions and limitations of the ITR metric?

This forward-looking metric is calculated based on a model, which is dependent upon multiple assumptions. Also, there are limitations with the data inputs to the model. Importantly, an ITR metric may vary meaningfully across data providers for a variety of reasons due to methodological choices (e.g., differences in time horizons, the scope(s) of emissions included and portfolio aggregation calculations).

There is not a universally accepted way to calculate an ITR. There is not a universally agreed upon set of inputs for the calculation. At present, availability of input data varies across asset classes and markets. To the extent that data becomes more readily available and more accurate over time, we expect that ITR metric methodologies will evolve and may result in different outputs. Funds may change bands as methodologies evolve. Where data is not available, and / or if data changes, the estimation methods vary, particularly those related to a company’s future emissions.


The ITR metric estimates a fund’s alignment with the Paris Agreement temperature goal based on a credibility assessment of stated decarbonization targets. However, there is no guarantee that these estimates will be reached. The ITR metric is not a real time estimate and may change over time, therefore it is prone to variance and may not always reflect a current estimate.


The ITR metric is not an indication or estimate of a fund’s performance or risk. Investors should not rely on this metric when making an investment decision and instead should refer to a fund’s prospectus and governing documents. This estimate and the associated information is not intended as a recommendation to invest in any fund, nor is it intended to indicate any correlation between a fund’s ITR metric and its future investment performance.

All data is from MSCI ESG Fund Ratings as of Apr 21, 2024, based on holdings as of Nov 30, 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 - -
MSCI - UN Global Compact Violators as of - -
MSCI - Nuclear Weapons as of - -
MSCI - Thermal Coal as of - -
MSCI - Civilian Firearms as of - -
MSCI - Oil Sands as of - -
MSCI - Tobacco as of - -

Business Involvement Coverage as of - -
Percentage of Fund not covered as of - -
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 -% and for Oil Sands -%.

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.

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for iShares ESG Overseas Corporate Bond Index Fund (UK), Class X, as of Apr 30, 2024 rated against 153 Global Corporate Bond Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Nov 17, 2023)

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 (%)
JAPAN (GOVERNMENT OF) 10YR #346 0.1 03/20/2027 0.33
JAPAN (GOVERNMENT OF) 10YR #354 0.1 03/20/2029 0.17
ANHEUSER-BUSCH COMPANIES LLC 4.9 02/01/2046 0.10
JAPAN (GOVERNMENT OF) 20YR #169 0.3 06/20/2039 0.08
BANK OF AMERICA CORP 1.734 07/22/2027 0.07
Name Weight (%)
PFIZER INVESTMENT ENTERPRISES PTE 5.3 05/19/2053 0.07
CVS HEALTH CORP 5.05 03/25/2048 0.06
BANK OF AMERICA CORP MTN 5.288 04/25/2034 0.06
WARNERMEDIA HOLDINGS INC 5.141 03/15/2052 0.06
PFIZER INVESTMENT ENTERPRISES PTE 4.75 05/19/2033 0.06
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
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
X GBP 1.58 0.00 -0.21 May 17, 2024 1.59 1.47 GB00B5W76K51
H GBP 1.12 0.00 -0.21 May 17, 2024 1.15 1.09 GB00BPFJD743
H GBP 1.45 0.00 -0.21 May 17, 2024 1.46 1.36 GB00BPFJD529
D GBP 1.24 0.00 -0.21 May 17, 2024 1.27 1.20 GB00BNB74B95
Class S Hedged GBP 1.12 0.00 -0.25 May 17, 2024 1.12 1.03 GB00BN091370
L GBP 1.62 0.00 -0.21 May 17, 2024 1.63 1.51 GB00B58Z2382
Class X Hedged GBP 1.06 0.00 -0.25 May 17, 2024 1.08 0.99 GB00BN091594
D GBP 1.62 0.00 -0.21 May 17, 2024 1.63 1.51 GB00B58YKH53
Class S GBP 1.03 0.00 -0.21 May 17, 2024 1.03 0.96 GB00BN091487
Class D Hedged GBP 1.05 0.00 -0.25 May 17, 2024 1.06 0.97 GB00BN091N70
X GBP 1.15 0.00 -0.21 May 17, 2024 1.18 1.12 GB00B7Z14D76

Portfolio Managers

Portfolio Managers

Divya Manek
Divya Manek

Literature

Literature