Fixed Income

BlackRock Absolute Return 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.

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

Loading

Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
View full chart

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -0.38 0.67 1.04 2.15 -2.10 2.15 4.39 -1.84 0.41 0.64
Comparator Benchmark 1 (%) 0.54 0.57 0.50 0.35 0.72 0.81 0.29 0.08 1.39 4.71

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

  1Y 3Y 5Y 10y Incept.
3.60 -0.09 1.20 0.81 1.12
Comparator Benchmark 1 (%) 5.09 2.48 1.66 1.11 1.02
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
1.50 1.18 1.50 4.90 3.60 -0.28 6.17 8.37 14.88
Comparator Benchmark 1 (%) 1.30 0.44 1.30 2.63 5.09 7.62 8.59 11.63 13.57
  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

-4.16 11.09 -3.55 -0.21 3.60
Comparator Benchmark 1 (%)

as of Mar 31, 2024

0.76 0.14 0.16 2.24 5.09
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 Apr 12, 2024 GBP 807,600,383
Share Class Inception Date Sep 30, 2011
Fund Inception Date Sep 30, 2011
Share Class Currency GBP
Base Currency GBP
Asset Class Fixed Income
Comparator Benchmark 1 3 month SONIA Compounded in Arrears
SFDR Classification -
Investment Association Category -
Initial Charge 5.00%
Ongoing Charge 1.07%
ISIN GB00B5LVV365
Annual Management Fee 1.00%
Performance Fee 0.00%
Minimum Initial Investment GBP 500
Minimum Subsequent Investment GBP 100
Use of Income Accumulating
Domicile United Kingdom
Regulatory Structure UCITS
Management Company BlackRock Fund Managers Ltd
Morningstar Category Global Flexible Bond - GBP Hedged
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BRARBPA
SEDOL B5LVV36
Ongoing Charges Figure ex. Discount 1.07%
The Ongoing Charge may be discounted depending on the size of the fund.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 721
Standard Deviation (3y) as of Mar 31, 2024 3.67%
3y Beta as of Mar 31, 2024 1.661
Yield to Maturity as of Mar 28, 2024 5.06%
Modified Duration as of Mar 28, 2024 1.58 yrs
Yield to Worst as of Mar 28, 2024 5.01%
Effective Duration as of Mar 28, 2024 1.28 yrs
Weighted Avg Maturity as of Mar 28, 2024 4.27 yrs
WAL to Worst as of Mar 28, 2024 4.27 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 Mar 21, 2024 A
MSCI ESG % Coverage as of Mar 21, 2024 73.61
MSCI ESG Quality Score (0-10) as of Mar 21, 2024 6.70
MSCI ESG Quality Score - Peer Percentile as of - -
Fund Lipper Global Classification as of Mar 21, 2024 Absolute Return Bond GBP
Funds in Peer Group as of Mar 21, 2024 17
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Mar 21, 2024 187.76
MSCI Weighted Average Carbon Intensity % Coverage as of Mar 21, 2024 57.11
All data is from MSCI ESG Fund Ratings as of Mar 21, 2024, based on holdings as of Aug 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 Mar 28, 2024 0.00%
MSCI - UN Global Compact Violators as of Mar 28, 2024 0.63%
MSCI - Nuclear Weapons as of Mar 28, 2024 0.00%
MSCI - Thermal Coal as of Mar 28, 2024 0.90%
MSCI - Civilian Firearms as of Mar 28, 2024 0.00%
MSCI - Oil Sands as of Mar 28, 2024 0.02%
MSCI - Tobacco as of Mar 28, 2024 0.62%

Business Involvement Coverage as of Mar 28, 2024 50.17%
Percentage of Fund not covered as of Mar 28, 2024 49.83%
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 0.92% and for Oil Sands 2.63%.

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

3 stars
Overall Morningstar Rating for BlackRock Absolute Return Bond Fund, Class P, as of Mar 31, 2024 rated against 618 Global Flexible Bond - GBP 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 Mar 28, 2024
Name Weight (%)
ISHARES CORPORATE BOND 0-5YR UCIT 5.31
BSF EM FLEXI DYNAMIC BD FD X2 USD 4.85
NATWEST GROUP PLC MTN RegS 3.622 08/14/2030 1.86
BABCOCK INTERNATIONAL GROUP PLC MTN RegS 1.875 10/05/2026 1.27
FORD MOTOR CREDIT COMPANY LLC MTN 4.535 03/06/2025 1.13
Name Weight (%)
TOTALENERGIES SE MTN RegS 1.75 12/31/2079 0.97
TRATON FINANCE LUXEMBOURG SA MTN RegS 5.625 01/16/2029 0.96
BP CAPITAL MARKETS PLC NC6 RegS 3.25 12/31/2079 0.96
JAPAN (GOVERNMENT OF) 30YR #81 1.6 12/20/2053 0.93
GLENCORE FINANCE (EUROPE) LTD MTN RegS 3.125 03/26/2026 0.92
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 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 Bid Price Offer Price ISIN
Class P GBP 1.14 1.15 GB00B5LVV365
X GBP 1.29 1.30 GB00B66YXP33
D GBP 1.21 1.21 GB00B618DS31

Portfolio Managers

Portfolio Managers

Leopold Lansing
Leopold Lansing
Simon Blundell
Simon Blundell
Joseph Di Censo
Managing Director

  

Rekesh Varsani
Rekesh Varsani

Literature

Literature