Fixed Income

BGF Emerging Markets Local Currency 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

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Reinvestments

This fund does not have any distributions data as of now.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -6.92 -14.17 12.99 13.90 -12.25 11.77 2.15 -8.24 -9.06 15.49
Constraint Benchmark 1 (%) -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75 -11.69 12.70

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

  1Y 3Y 5Y 10y Incept.
12.82 -0.80 0.51 -0.11 0.54
Constraint Benchmark 1 (%) 9.26 -2.61 -0.13 -0.04 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-2.27 -0.62 1.56 3.79 12.82 -2.39 2.55 -1.07 9.69
Constraint Benchmark 1 (%) -2.09 -0.57 1.05 2.25 9.26 -7.63 -0.65 -0.36 -
  From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
From
31-Dec-2022
To
31-Dec-2023
Total Return (%)

as of Dec 31, 2023

11.77 2.15 -8.24 -9.06 15.49
Constraint Benchmark 1 (%)

as of Dec 31, 2023

13.47 2.69 -8.75 -11.69 12.70
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 USD, hedged share class benchmark performance is displayed in USD.

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 Mar 28, 2024 USD 1,643,330,078
Share Class Inception Date Feb 2, 2007
Fund Inception Date Jun 26, 1997
Share Class Currency USD
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan GBI-EM Global Diversified Index (USD)
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 1.24%
ISIN LU0278470058
Annual Management Fee 1.00%
Performance Fee 0.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Emerging Markets Bond - Local Currency
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MLLEUA2
SEDOL B1PGSW7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Feb 29, 2024 185
Standard Deviation (3y) as of Feb 29, 2024 11.81%
Yield to Maturity as of Feb 29, 2024 7.42%
Modified Duration as of Feb 29, 2024 5.71 yrs
Yield to Worst as of Feb 29, 2024 7.42%
Effective Duration as of Feb 29, 2024 5.72 yrs
Weighted Avg Maturity as of Feb 29, 2024 7.35 yrs
WAL to Worst as of Feb 29, 2024 7.35 yrs

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 BGF Emerging Markets Local Currency Bond Fund, Class A2, as of Feb 29, 2024 rated against 888 Global Emerging Markets Bond - Local Currency Funds.

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Feb 29, 2024
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.63
PERU (REPUBLIC OF) 6.95 08/12/2031 2.36
POLAND (REPUBLIC OF) 6 10/25/2033 2.22
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.98
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.97
Name Weight (%)
TREASURY NOTE 4.625 06/30/2025 1.94
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.70
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.67
MEXICO (UNITED MEXICAN STATES) 7.5 06/03/2027 1.64
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2031 1.57
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 2024

% of Market Value

Type Fund
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
A2 USD 24.09 -0.01 -0.04 Mar 28, 2024 24.71 21.66 LU0278470058
I5 EUR 7.06 0.01 0.14 Mar 27, 2024 7.27 6.73 LU0995350831
C2 USD 19.44 -0.01 -0.05 Mar 28, 2024 20.00 17.59 LU0278476923
Class S2 USD 10.32 -0.01 -0.10 Mar 27, 2024 10.56 9.25 LU2624963760
A2 Hgd SGD 8.05 0.00 0.00 Mar 28, 2024 8.29 7.31 LU0358998713
I5 USD 7.64 -0.01 -0.13 Mar 27, 2024 8.02 7.07 LU1495982867
X2 Hgd GBP 10.01 0.00 0.00 Mar 28, 2024 10.25 8.98 LU1505939139
D3 Hgd GBP 5.16 -0.03 -0.58 Mar 28, 2024 5.45 4.80 LU0995345831
X2 AUD 11.63 0.00 0.00 Mar 27, 2024 11.73 10.35 LU1554267051
A2 CHF 21.73 -0.09 -0.41 Mar 28, 2024 21.82 19.52 LU0938162186
D2 Hgd CHF 8.03 0.00 0.00 Mar 28, 2024 8.30 7.35 LU1688375184
A1 USD 3.09 0.00 0.00 Mar 28, 2024 3.22 2.86 LU0278477574
D2 CHF 23.68 0.04 0.17 Mar 27, 2024 23.68 21.14 LU1065150267
Class S2 EUR 9.55 0.01 0.10 Mar 28, 2024 9.62 8.80 LU2624963927
X2 GBP 6.01 -0.01 -0.17 Mar 28, 2024 6.10 5.59 LU1688375267
A2 Hgd EUR 6.88 0.00 0.00 Mar 28, 2024 7.08 6.25 LU0359002093
Class S3 EUR 9.94 0.02 0.20 Mar 27, 2024 10.16 9.42 LU2624963687
I2 EUR 24.41 0.03 0.12 Mar 28, 2024 24.59 22.28 LU1559746307
Class S2 Hedged EUR 10.14 -0.01 -0.10 Mar 27, 2024 10.43 9.18 LU2624963505
A8 Hgd AUD 5.06 -0.01 -0.20 Mar 27, 2024 5.33 4.70 LU1133072774
D2 USD 26.15 -0.01 -0.04 Mar 28, 2024 26.78 23.46 LU0383940458
Class SR3 USD 8.49 -0.01 -0.12 Mar 27, 2024 8.87 7.83 LU2319963620
A3 HKD 24.28 -0.11 -0.45 Mar 28, 2024 25.42 22.51 LU0388349754
A3 EUR 2.87 -0.01 -0.35 Mar 28, 2024 2.95 2.73 LU0278457469
I2 CHF 23.87 0.04 0.17 Mar 27, 2024 23.87 21.30 LU1781817694
A2 Hgd SEK 81.58 -0.09 -0.11 Mar 27, 2024 84.12 74.28 LU1715605868
Class SR2 Hedged EUR 9.33 0.00 0.00 Mar 28, 2024 9.60 8.45 LU2319963380
A4 USD 12.69 0.00 0.00 Mar 28, 2024 13.45 11.41 LU0548402170
D2 Hgd EUR 7.19 0.00 0.00 Mar 27, 2024 7.39 6.51 LU0622213642
I2 GBP 20.89 0.00 0.00 Mar 27, 2024 21.21 19.44 LU1741217027
A2 EUR 22.31 0.03 0.13 Mar 28, 2024 22.50 20.49 LU0278457204
Class SR3 Hedged GBP 8.16 -0.04 -0.49 Mar 28, 2024 8.61 7.58 LU2319963463
A4 EUR 11.75 0.01 0.09 Mar 28, 2024 12.19 10.85 LU0478974834
A1 EUR 2.86 0.01 0.35 Mar 28, 2024 2.92 2.71 LU0278461065
Class SR2 USD 10.04 -0.01 -0.10 Mar 27, 2024 10.28 9.00 LU2319963547
D5 GBP 7.18 0.00 0.00 Mar 27, 2024 7.42 6.90 LU1694209807
A6 Hgd SGD 5.61 0.00 0.00 Mar 27, 2024 5.97 5.24 LU1676225185
Class AI5 EUR 8.48 0.01 0.12 Mar 28, 2024 8.71 8.07 LU1960220660
A3 USD 3.10 -0.02 -0.64 Mar 28, 2024 3.26 2.87 LU0278470132
D3 EUR 11.93 0.02 0.17 Mar 27, 2024 12.21 11.31 LU0827884924
Class E5 Hedged EUR 4.66 -0.01 -0.21 Mar 27, 2024 4.97 4.36 LU1062843260
D2 EUR 24.21 0.02 0.08 Mar 28, 2024 24.40 22.14 LU0329592702
I2 Hgd EUR 7.46 0.00 0.00 Mar 28, 2024 7.67 6.76 LU0473186707
D4 EUR 11.79 0.01 0.08 Mar 28, 2024 12.25 10.87 LU0827885145
D2 Hgd GBP 14.05 0.00 0.00 Mar 28, 2024 14.41 12.65 LU0827885491
C1 USD 3.08 -0.01 -0.32 Mar 28, 2024 3.22 2.85 LU0278478119
D3 Hgd AUD 4.86 0.00 0.00 Mar 27, 2024 5.14 4.52 LU0827884841
D3 USD 12.83 -0.07 -0.54 Mar 28, 2024 13.47 11.89 LU0523291242
C2 EUR 18.00 0.02 0.11 Mar 28, 2024 18.19 16.72 LU0278457972
A6 USD 6.42 -0.01 -0.16 Mar 27, 2024 6.74 5.95 LU1408528211
I2 USD 26.36 -0.01 -0.04 Mar 28, 2024 26.99 23.63 LU0520955575
D4 USD 12.73 -0.01 -0.08 Mar 28, 2024 13.51 11.42 LU0827885228
Class AI2 EUR 10.77 0.02 0.19 Mar 27, 2024 10.88 9.91 LU1960220587
D2 Hgd PLN 10.50 -0.01 -0.10 Mar 27, 2024 10.76 9.46 LU0827884684
E2 Hgd EUR 6.42 0.00 0.00 Mar 28, 2024 6.62 5.84 LU0474536231
A6 Hgd GBP 5.63 -0.03 -0.53 Mar 28, 2024 5.98 5.27 LU1408528302
D3 HKD 100.90 -0.09 -0.09 Mar 27, 2024 105.15 93.09 LU0827885061
A2 CZK 564.23 1.42 0.25 Mar 27, 2024 569.28 480.77 LU1791177113
E2 USD 22.11 -0.01 -0.05 Mar 28, 2024 22.70 19.93 LU0374975414
E2 EUR 20.47 0.02 0.10 Mar 28, 2024 20.67 18.89 LU0278459671
D2 Hgd SGD 8.52 -0.01 -0.12 Mar 28, 2024 8.77 7.72 LU0827884767
X2 EUR 7.03 0.01 0.14 Mar 28, 2024 7.08 6.39 LU0531082021
A6 Hgd CAD 6.10 -0.04 -0.65 Mar 28, 2024 6.49 5.71 LU1408528641
A6 Hgd HKD 62.19 -0.06 -0.10 Mar 27, 2024 65.68 57.86 LU1408528484
A3 Hgd AUD 4.86 0.00 0.00 Mar 27, 2024 5.15 4.52 LU0575500318
A2 Hgd PLN 9.91 -0.01 -0.10 Mar 28, 2024 10.17 8.95 LU0480535052
Class X5 Hedged GBP 7.49 -0.01 -0.13 Mar 27, 2024 7.91 6.96 LU1954752702
X2 USD 7.59 -0.01 -0.13 Mar 28, 2024 7.77 6.79 LU0344905624
A2 Hgd CHF 6.56 -0.01 -0.15 Mar 27, 2024 6.79 6.02 LU0623004180
A8 Hgd NZD 6.38 0.00 0.00 Mar 27, 2024 6.71 5.92 LU1408528724

Portfolio Managers

Portfolio Managers

Laurent Develay
Managing Director, Head of Emerging Markets Local Debt Investments

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group.

Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets (EM) Fixed Income and a member of the Fundamental-GFI Executive Committee.

Laurent Develay
Managing Director, Head of Emerging Markets Local Debt Investments

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group.

Michal Wozniak, CFA
Vice President, Portfolio Manager for Emerging Markets Debt Portfolio Management team

Michal Wozniak, CFA, Director, is a Portfolio Manager for Emerging Markets Debt Portfolio Management team for Blackrock Global Fixed Income Group.

Literature

Literature