Fixed Income

BGF Global 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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Distributions

Record Date Ex-Date Payable Date
View full table
  From
30-Sep-2015
To
30-Sep-2016
From
30-Sep-2016
To
30-Sep-2017
From
30-Sep-2017
To
30-Sep-2018
From
30-Sep-2018
To
30-Sep-2019
From
30-Sep-2019
To
30-Sep-2020
Total Return (%)

as of Sep 30, 2020

6.87 6.24 -1.47 2.45 -0.36
Benchmark (%)

as of Sep 30, 2020

13.51 9.20 2.11 7.56 2.85
  1Y 3Y 5Y 10y Incept.
3.67 1.72 3.36 3.86 4.08
Benchmark (%)

as of Nov 30, 2020

6.43 5.60 7.53 7.07 7.28
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
2.32 3.92 2.94 3.67 5.26 17.95 46.08 53.04
Benchmark (%)

as of Nov 30, 2020

4.53 4.14 3.55 6.43 17.77 43.74 97.94 111.21
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 Dec 3, 2020 USD 1,807.215
12m Trailing Yield as of Nov 30, 2020 3.50
Number of Holdings as of Oct 30, 2020 1587
Base Currency U.S. Dollar
Fund Inception Date Dec 22, 1998
Share Class Inception Date Apr 12, 2010
Asset Class Fixed Income
Morningstar Category Global High Yield Bond - EUR Hedged
Benchmark Index ICE BofA Global High Yield Constrained (HW0C) 100% USD Hedged Index
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 1.96%
ISIN LU0500207039
Bloomberg Ticker BGGHE5H
Annual Management Fee 1.75%
Initial Charge 3.00%
Performance Fee 0.00%
SEDOL B5B39F0
Bloomberg Benchmark Ticker ML_GHYUSDH
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 Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Worst as of Oct 30, 2020 5.33%
Modified Duration as of Oct 30, 2020 5.20 yrs
Effective Duration as of Oct 30, 2020 4.48 yrs
Weighted Avg Maturity as of Oct 30, 2020 6.09 yrs
3y Volatility - Benchmark as of Nov 30, 2020 9.68
3y Beta as of Nov 30, 2020 0.960
5y Volatility - Benchmark as of Nov 30, 2020 8.10
5y Beta as of Nov 30, 2020 0.955
WAL to Worst as of Oct 30, 2020 6.09 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 Nov 1, 2020 BB
MSCI ESG Quality Score (0-10) as of Nov 1, 2020 3.48
MSCI ESG Quality Score - Peer Percentile as of Nov 1, 2020 44.53
MSCI ESG % Coverage as of Nov 1, 2020 77.15
Fund Lipper Global Classification as of Nov 1, 2020 Bond Global High Yield USD
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 1, 2020 280.08
Funds in Peer Group as of Nov 1, 2020 128
All data is from MSCI ESG Fund Ratings as of Nov 1, 2020, based on holdings as of Apr 30, 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 Oct 30, 2020 0.59%
MSCI - UN Global Compact Violators as of Oct 30, 2020 4.70%
MSCI - Nuclear Weapons as of Oct 30, 2020 0.59%
MSCI - Thermal Coal as of Oct 30, 2020 0.00%
MSCI - Civilian Firearms as of Oct 30, 2020 0.10%
MSCI - Oil Sands as of Oct 30, 2020 0.32%
MSCI - Tobacco as of Oct 30, 2020 0.00%

Business Involvement Coverage as of Oct 30, 2020 50.10%
Percentage of Fund not covered as of Oct 30, 2020 49.90%
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 0.91% and for Oil Sands 0.34%.

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

3
Overall Morningstar Rating for BGF Global High Yield Bond Fund, Class E5 Hedged, as of Nov 30, 2020 rated against 502 Global High Yield Bond - EUR Hedged Funds.

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 1.28
PETROLEOS MEXICANOS 6.375 01/23/2045 0.78
ALLIED UNIVERSAL HOLDCO LLC 144A 6.625 07/15/2026 0.45
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.42
PETROBRAS GLOBAL FINANCE BV 5.093 01/15/2030 0.42
Name Weight (%)
PETROLEOS MEXICANOS 3.5 01/30/2023 0.40
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.39
CONNECT FINCO SARL 144A 6.75 10/01/2026 0.38
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.37
ALTICE FINANCING SA 144A 7.5 05/15/2026 0.36
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Oct 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Oct 30, 2020

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Oct 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Oct 30, 2020

% 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
Class E5 Hedged EUR Quarterly 10.35 -0.01 -0.10 10.51 7.88 - LU0500207039 - -
D3 Hgd EUR Monthly 5.21 0.00 0.00 5.30 4.01 - LU0827882472 - -
E2 Hgd EUR Accumulating 16.11 -0.01 -0.06 16.12 12.05 - LU0093505864 - -
E2 EUR Accumulating 20.94 -0.15 -0.71 22.82 17.43 - LU0628613712 - -
A2 Hgd EUR Accumulating 17.93 -0.02 -0.11 17.95 13.37 - LU0093504206 - -
A6 Hgd SGD Monthly 9.79 -0.01 -0.10 10.07 7.59 - LU1830001522 - -
D2 Hgd GBP Accumulating 20.90 -0.02 -0.10 20.92 15.48 - LU0372548783 - -
C1 Hgd EUR Daily 5.36 0.00 0.00 5.44 4.11 - LU0147394323 - -
D2 USD Accumulating 30.46 -0.03 -0.10 30.49 22.31 - LU0297941899 - -
A1 USD Daily 8.25 -0.01 -0.12 8.26 6.24 - LU0171284770 - -
C2 Hgd EUR Accumulating 13.98 -0.02 -0.14 14.00 10.51 - LU0147394596 - -
X2 USD Accumulating 12.14 -0.01 -0.08 12.15 8.85 - LU0580566189 - -
D2 Hgd EUR Accumulating 19.20 -0.02 -0.10 19.22 14.24 - LU0368267034 - -
X2 Hgd EUR Accumulating 22.01 -0.03 -0.14 22.04 16.25 - LU0147394752 - -
C2 USD Accumulating 24.07 -0.02 -0.08 24.09 17.86 - LU0331284447 - -
D5 Hgd GBP Quarterly 9.17 -0.01 -0.11 9.33 6.96 - LU1072327023 - -
A8 Hgd CNH Monthly 106.65 -0.06 -0.06 107.45 81.45 - LU1919856135 - -
A1 EUR Daily 5.24 0.00 0.00 5.32 4.02 - LU0118259661 - -
D3 USD Monthly 8.34 0.00 0.00 8.35 6.33 - LU0827882126 - -
A5 EUR Quarterly 10.57 -0.08 -0.75 11.85 8.95 - LU1125545993 - -
Class AI5 Hedged EUR Quarterly 10.75 0.01 0.09 10.75 8.01 - LU1960223334 - -
A6 Hgd HKD Monthly 52.80 -0.05 -0.09 53.62 40.67 - LU0784402520 - -
I2 Hgd EUR - 11.13 -0.01 -0.09 11.14 8.25 - LU1791806000 - -
Class AI2 Hedged EUR - 10.79 0.02 0.19 10.79 8.03 - LU1960223250 - -
A8 Hgd AUD Monthly 6.73 -0.01 -0.15 6.92 5.19 - LU0871640040 - -
A6 USD Monthly 7.00 -0.01 -0.14 7.11 5.40 - LU0764618640 - -
A2 Hgd SEK Accumulating 14.22 -0.02 -0.14 14.24 10.56 - LU0797429023 - -
A2 Hgd PLN Accumulating 15.31 -0.01 -0.07 15.32 11.38 - LU0849758007 - -
A8 Hgd ZAR Monthly 90.78 -0.04 -0.04 93.35 70.34 - LU1023055319 - -
I3 USD Monthly 10.79 -0.01 -0.09 10.81 8.19 - LU0764819032 - -
I2 USD Accumulating 30.73 -0.03 -0.10 30.76 22.48 - LU0369584726 - -
A2 USD Accumulating 28.35 -0.02 -0.07 28.37 20.86 - LU0171284937 - -
I2 Hgd CAD Accumulating 13.56 -0.02 -0.15 13.58 10.00 - LU1153585705 - -
C1 USD Daily 8.45 -0.01 -0.12 8.46 6.40 - LU0331284363 - -
X4 Hgd EUR Annual 9.04 -0.01 -0.11 9.28 7.05 - LU0984200880 - -
E2 USD Accumulating 25.46 -0.03 -0.12 25.49 18.80 - LU0171285157 - -
A3 USD Monthly 8.29 -0.01 -0.12 8.30 6.29 - LU0172401969 - -
A2 Hgd GBP Accumulating 19.65 -0.02 -0.10 19.67 14.63 - LU0567554463 - -
A3 Hgd EUR Monthly 5.18 -0.01 -0.19 5.27 3.98 - LU0172401704 - -

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).

Jose Aguilar
Managing Director

Jose Aguilar, Managing Director, is the head of European High Yield Strategies within BlackRock's Global Credit Platform.

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.

James Turner
Managing Director

James Turner ACA, is Head of European Leveraged Finance, overseeing investment strategies across European High Yield, Long/Short Credit, CLOs, Leveraged Loans and the European Fundamental Credit Research team.

Literature

Literature