Fixed Income

BGF Euro Corporate 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

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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 12.43 1.73 7.32 -0.14 4.34 1.98 -2.07 6.15 2.00 -2.32
Constraint Benchmark 1 (%) 13.03 2.39 8.25 -0.43 4.75 2.42 -1.14 6.25 2.65 -1.02
  1Y 3Y 5Y 10y Incept.
-16.50 -5.99 -2.92 0.20 1.43
Constraint Benchmark 1 (%) -14.88 -4.82 -1.99 0.90 2.39
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-16.40 0.23 -7.86 -8.87 -16.50 -16.92 -13.75 2.06 26.04
Constraint Benchmark 1 (%) -14.90 0.19 -7.40 -7.62 -14.88 -13.79 -9.57 9.43 46.81
  From
30-Sep-2017
To
30-Sep-2018
From
30-Sep-2018
To
30-Sep-2019
From
30-Sep-2019
To
30-Sep-2020
From
30-Sep-2020
To
30-Sep-2021
From
30-Sep-2021
To
30-Sep-2022
Total Return (%)

as of Sep 30, 2022

-0.20 5.09 -0.37 0.75 -17.51
Constraint Benchmark 1 (%)

as of Sep 30, 2022

0.06 6.12 0.21 1.59 -15.63
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

Net Assets of Fund as of Dec 2, 2022 EUR 2,899,504,866
Share Class Inception Date Jul 31, 2006
Fund Inception Date May 14, 2003
Share Class Currency EUR
Base Currency EUR
Asset Class Fixed Income
Constraint Benchmark 1 ICE BofA Euro Corporate Index (ER00)
SFDR Classification Other
Initial Charge 3.00%
Ongoing Charge 1.51%
Annual Management Fee 1.30%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category EUR Corporate Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MLCOREE
ISIN LU0162659931
SEDOL 7588695

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 454
Standard Deviation (3y) as of Oct 31, 2022 7.48%
3y Beta as of Oct 31, 2022 1.047
Yield to Maturity as of Oct 31, 2022 4.28%
Modified Duration as of Oct 31, 2022 4.98 yrs
Yield to Worst as of Oct 31, 2022 4.44%
Effective Duration as of Oct 31, 2022 4.76 yrs
Weighted Avg Maturity as of Oct 31, 2022 5.53 yrs
WAL to Worst as of Oct 31, 2022 5.53 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 Sep 21, 2022 AAA
MSCI ESG % Coverage as of Sep 21, 2022 92.99
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 8.95
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2022 45.55
Fund Lipper Global Classification as of Sep 21, 2022 Bond EUR Corporates
Funds in Peer Group as of Sep 21, 2022 292
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 192.48
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 87.45
All data is from MSCI ESG Fund Ratings as of Sep 21, 2022, based on holdings as of Apr 30, 2022. 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 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. 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 31, 2022 0.01%
MSCI - UN Global Compact Violators as of Oct 31, 2022 0.82%
MSCI - Nuclear Weapons as of Oct 31, 2022 0.01%
MSCI - Thermal Coal as of Oct 31, 2022 0.00%
MSCI - Civilian Firearms as of Oct 31, 2022 0.00%
MSCI - Oil Sands as of Oct 31, 2022 0.00%
MSCI - Tobacco as of Oct 31, 2022 1.53%

Business Involvement Coverage as of Oct 31, 2022 92.66%
Percentage of Fund not covered as of Oct 31, 2022 7.40%
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 0.82% and for Oil Sands 1.31%.

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 combination with other information in the research and due diligence phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves 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

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Oct 31, 2022
Name Weight (%)
MORGAN STANLEY 0.637 07/26/2024 1.19
BNP PARIBAS SA MTN RegS 2.5 03/31/2032 1.07
CREDIT SUISSE GROUP AG MTN RegS 0.65 01/14/2028 0.98
FRAPORT AG FRANKFURT AIRPORT SERVI RegS 1.875 03/31/2028 0.94
HSBC HOLDINGS PLC RegS 3.019 06/15/2027 0.93
Name Weight (%)
GOLDMAN SACHS GROUP INC/THE MTN RegS 0.875 05/09/2029 0.86
CHORUS LTD MTN RegS 1.125 10/18/2023 0.82
JPMORGAN CHASE & CO MTN RegS 1.963 03/23/2030 0.78
INTERNATIONAL FLAVORS & FRAGRANCES 1.8 09/25/2026 0.74
SANTANDER UK GROUP HOLDINGS PLC MTN RegS 0.391 02/28/2025 0.71
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
E2 EUR Accumulating 13.90 0.00 0.00 Dec 2, 2022 16.10 13.10 LU0162659931 -
A2 CZK Accumulating 373.19 -0.03 -0.01 Dec 2, 2022 449.49 353.38 LU1791176222 -
D2 EUR Accumulating 16.21 -0.01 -0.06 Dec 2, 2022 18.63 15.27 LU0368266499 -
A1 EUR Monthly 12.30 0.00 0.00 Dec 2, 2022 14.26 11.60 LU0162660350 -
Class AI2 EUR - 9.09 0.00 0.00 Dec 2, 2022 10.48 8.56 LU1960221049 -
I2 EUR Accumulating 10.27 0.00 0.00 Dec 2, 2022 11.78 9.67 LU1373033965 -
A3 EUR Monthly 12.08 0.00 0.00 Dec 2, 2022 14.01 11.40 LU0172394222 -
E5 EUR Quarterly 12.81 0.00 0.00 Dec 2, 2022 14.85 12.08 LU0500207542 -
X2 EUR Accumulating 17.55 0.00 0.00 Dec 2, 2022 20.05 16.51 LU0414062595 -
I2 Hgd CHF Accumulating 9.52 0.00 0.00 Dec 2, 2022 10.96 8.97 LU1445719757 -
A2 EUR Accumulating 15.32 0.00 0.00 Dec 2, 2022 17.67 14.43 LU0162658883 -
I5 EUR Quarterly 9.22 0.00 0.00 Dec 2, 2022 10.68 8.68 LU1502568287 -
C2 EUR Accumulating 12.02 0.00 0.00 Dec 2, 2022 14.03 11.34 LU0162661242 -
A2 Hgd USD Accumulating 10.67 0.00 0.00 Dec 2, 2022 12.06 10.01 LU1445717389 -
D2 Hgd GBP Accumulating 10.14 0.00 0.00 Dec 2, 2022 11.53 9.54 LU1445719088 -
D2 Hgd USD Accumulating 10.93 0.00 0.00 Dec 2, 2022 12.31 10.25 LU1445718437 -
D3 EUR Monthly 12.08 0.00 0.00 Dec 2, 2022 14.01 11.40 LU0827877803 -
A2 Hgd GBP Accumulating 9.91 0.00 0.00 Dec 2, 2022 11.30 9.32 LU1445718197 -
A2 Hgd CHF Accumulating 9.16 -0.01 -0.11 Dec 2, 2022 10.61 8.64 LU1445717629 -
D2 Hgd CHF Accumulating 9.41 0.00 0.00 Dec 2, 2022 10.86 8.88 LU1445718783 -
A2 Hgd SEK Accumulating 93.72 -0.01 -0.01 Dec 2, 2022 107.95 88.22 LU1622601463 -
I2 Hgd JPY - 928.00 0.00 0.00 Dec 2, 2022 1,067.00 875.00 LU1963773012 -
I2 Hgd GBP Accumulating 10.25 0.00 0.00 Dec 2, 2022 11.64 9.64 LU1445719328 -
Class X5 EUR Quarterly 9.09 -0.01 -0.11 Dec 2, 2022 10.54 8.56 LU1760134277 -

Portfolio Managers

Portfolio Managers

Tom Mondelaers
Tom Mondelaers
Georgie Merson
Georgie Merson

Literature

Literature