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

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Distributions

Ex-Date Total Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -6.92 -14.04 12.80 14.02 -12.20 11.60 2.10 -8.09 -9.14 15.56
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.
6.78 -1.74 0.71 -0.71 0.07
Constraint Benchmark 1 (%) 5.09 -3.31 0.00 -0.66 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-3.38 1.54 -1.06 0.45 6.78 -5.13 3.61 -6.88 1.26
Constraint Benchmark 1 (%) -2.66 1.61 -0.59 0.46 5.09 -9.61 -0.02 -6.45 -
  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

-10.75 15.72 -8.48 3.00 7.03
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-6.52 13.03 -8.53 -0.72 4.91
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 Jun 14, 2024
USD 1,603,314,559
Fund Inception Date
Jun 26, 1997
Base Currency
USD
Constraint Benchmark 1
JP Morgan GBI-EM Global Diversified Index (USD)
Initial Charge
5.00%
ISIN
LU0278470132
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MLLEUA3
Share Class Inception Date
Feb 2, 2007
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charge
1.22%
Annual Management Fee
1.00%
Minimum Initial Investment
USD 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond - Local Currency
Dealing Frequency
Daily, forward pricing basis
SEDOL
B1PGT24

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of May 31, 2024
191
Standard Deviation (3y)
as of May 31, 2024
11.62%
Modified Duration
as of May 31, 2024
6.26 yrs
Effective Duration
as of May 31, 2024
6.29 yrs
WAL to Worst
as of May 31, 2024
7.65 yrs
12m Trailing Yield
as of May 31, 2024
6.36%
Yield to Maturity
as of May 31, 2024
8.52%
Yield to Worst
as of May 31, 2024
8.52%
Weighted Avg Maturity
as of May 31, 2024
7.65 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 A3, as of May 31, 2024 rated against 870 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 May 31, 2024
Name Weight (%)
POLAND (REPUBLIC OF) 6 10/25/2033 2.93
PERU (REPUBLIC OF) 6.95 08/12/2031 2.73
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.60
COLOMBIA (REPUBLIC OF) 13.25 02/09/2033 2.49
COLOMBIA (REPUBLIC OF) 7 03/26/2031 1.90
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.85
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.84
SOUTH AFRICA (REPUBLIC OF) 7 02/28/2031 1.69
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.63
MEXICO (UNITED MEXICAN STATES) 7.5 06/03/2027 1.62
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of May 31, 2024

% of Market Value

Type Fund
as of May 31, 2024

% of Market Value

Type Fund
as of May 31, 2024

% of Market Value

Type Fund
as of May 31, 2024

% of Market Value

Type Fund
as of May 31, 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
A3 USD 2.99 -0.01 -0.33 Jun 14, 2024 3.26 2.87 LU0278470132
Class S3 EUR 9.64 0.06 0.63 Jun 14, 2024 10.16 9.42 LU2624963687
I5 EUR 6.97 0.05 0.72 Jun 14, 2024 7.27 6.73 LU0995350831
X2 Hgd GBP 9.76 -0.03 -0.31 Jun 14, 2024 10.25 8.98 LU1505939139
D2 Hgd CHF 7.74 -0.04 -0.51 Jun 14, 2024 8.30 7.35 LU1688375184
A2 CHF 20.89 -0.18 -0.85 Jun 14, 2024 22.17 19.52 LU0938162186
Class SR3 USD 8.13 -0.04 -0.49 Jun 14, 2024 8.87 7.83 LU2319963620
Class SR2 Hedged EUR 9.05 -0.04 -0.44 Jun 14, 2024 9.60 8.45 LU2319963380
Class SR3 Hedged GBP 7.85 -0.03 -0.38 Jun 14, 2024 8.61 7.58 LU2319963463
Class S2 Hedged EUR 9.84 -0.04 -0.40 Jun 14, 2024 10.43 9.18 LU2624963505
A1 EUR 2.78 0.02 0.72 Jun 14, 2024 2.92 2.71 LU0278461065
I2 GBP 20.28 0.10 0.50 Jun 14, 2024 21.21 19.44 LU1741217027
D2 Hgd EUR 6.97 -0.03 -0.43 Jun 14, 2024 7.39 6.51 LU0622213642
I2 CHF 22.89 -0.20 -0.87 Jun 14, 2024 24.28 21.30 LU1781817694
A3 EUR 2.80 0.02 0.72 Jun 14, 2024 2.95 2.73 LU0278457469
Class S2 USD 10.05 -0.04 -0.40 Jun 14, 2024 10.56 9.25 LU2624963760
A2 EUR 21.96 0.15 0.69 Jun 14, 2024 22.50 20.61 LU0278457204
A4 USD 12.34 -0.05 -0.40 Jun 14, 2024 13.45 11.41 LU0548402170
A2 Hgd SEK 79.06 -0.33 -0.42 Jun 14, 2024 84.12 74.28 LU1715605868
A2 USD 23.43 -0.10 -0.42 Jun 14, 2024 24.71 21.66 LU0278470058
A6 Hgd SGD 5.32 -0.03 -0.56 Jun 14, 2024 5.97 5.24 LU1676225185
Class E5 Hedged EUR 4.51 -0.02 -0.44 Jun 14, 2024 4.97 4.36 LU1062843260
D5 GBP 6.97 0.03 0.43 Jun 14, 2024 7.42 6.89 LU1694209807
A3 HKD 23.33 -0.09 -0.38 Jun 14, 2024 25.42 22.51 LU0388349754
Class SR2 USD 9.78 -0.04 -0.41 Jun 14, 2024 10.28 9.00 LU2319963547
I5 USD 7.44 -0.03 -0.40 Jun 14, 2024 8.02 7.07 LU1495982867
Class AI5 EUR 8.35 0.06 0.72 Jun 14, 2024 8.71 8.07 LU1960220660
X2 AUD 11.22 0.03 0.27 Jun 14, 2024 11.73 10.52 LU1554267051
I2 EUR 24.06 0.16 0.67 Jun 14, 2024 24.59 22.48 LU1559746307
A8 Hgd AUD 4.83 -0.02 -0.41 Jun 14, 2024 5.33 4.70 LU1133072774
A2 Hgd SGD 7.79 -0.04 -0.51 Jun 14, 2024 8.29 7.31 LU0358998713
A6 USD 6.13 -0.02 -0.33 Jun 14, 2024 6.74 5.95 LU1408528211
D2 Hgd GBP 13.68 -0.05 -0.36 Jun 14, 2024 14.41 12.65 LU0827885491
D2 EUR 23.86 0.16 0.68 Jun 14, 2024 24.40 22.32 LU0329592702
D3 Hgd AUD 4.64 -0.01 -0.22 Jun 14, 2024 5.14 4.52 LU0827884841
D3 USD 12.35 -0.05 -0.40 Jun 14, 2024 13.47 11.89 LU0523291242
C2 EUR 17.68 0.12 0.68 Jun 14, 2024 18.19 16.73 LU0278457972
C2 USD 18.86 -0.08 -0.42 Jun 14, 2024 20.00 17.59 LU0278476923
I2 Hgd EUR 7.24 -0.03 -0.41 Jun 14, 2024 7.67 6.76 LU0473186707
D4 EUR 11.62 0.08 0.69 Jun 14, 2024 12.25 10.87 LU0827885145
X2 GBP 5.85 0.03 0.52 Jun 14, 2024 6.10 5.59 LU1688375267
A1 USD 2.96 -0.02 -0.67 Jun 14, 2024 3.22 2.86 LU0278477574
D2 USD 25.46 -0.11 -0.43 Jun 14, 2024 26.78 23.46 LU0383940458
D2 CHF 22.70 -0.20 -0.87 Jun 14, 2024 24.08 21.14 LU1065150267
Class S2 EUR 9.41 0.06 0.64 Jun 14, 2024 9.62 8.80 LU2624963927
D3 Hgd GBP 4.97 -0.02 -0.40 Jun 14, 2024 5.45 4.80 LU0995345831
C1 USD 2.96 -0.01 -0.34 Jun 14, 2024 3.22 2.85 LU0278478119
D3 EUR 11.57 0.08 0.70 Jun 14, 2024 12.21 11.31 LU0827884924
A4 EUR 11.57 0.08 0.70 Jun 14, 2024 12.19 10.85 LU0478974834
A2 Hgd EUR 6.66 -0.03 -0.45 Jun 14, 2024 7.08 6.25 LU0359002093
I2 USD 25.68 -0.10 -0.39 Jun 14, 2024 26.99 23.63 LU0520955575
A2 CZK 543.12 3.98 0.74 Jun 14, 2024 569.28 502.29 LU1791177113
X2 EUR 6.94 0.05 0.73 Jun 14, 2024 7.08 6.46 LU0531082021
A6 Hgd HKD 59.14 -0.24 -0.40 Jun 14, 2024 65.68 57.86 LU1408528484
A2 Hgd CHF 6.32 -0.03 -0.47 Jun 14, 2024 6.79 6.02 LU0623004180
Class X5 Hedged GBP 7.30 -0.03 -0.41 Jun 14, 2024 7.91 6.96 LU1954752702
A6 Hgd CAD 5.85 -0.02 -0.34 Jun 14, 2024 6.49 5.71 LU1408528641
A6 Hgd GBP 5.40 -0.02 -0.37 Jun 14, 2024 5.98 5.27 LU1408528302
E2 Hgd EUR 6.21 -0.03 -0.48 Jun 14, 2024 6.62 5.84 LU0474536231
A2 Hgd PLN 9.63 -0.04 -0.41 Jun 14, 2024 10.17 8.95 LU0480535052
D2 Hgd PLN 10.21 -0.05 -0.49 Jun 14, 2024 10.76 9.46 LU0827884684
A3 Hgd AUD 4.64 -0.02 -0.43 Jun 14, 2024 5.15 4.52 LU0575500318
E2 EUR 20.14 0.14 0.70 Jun 14, 2024 20.67 18.96 LU0278459671
D4 USD 12.40 -0.05 -0.40 Jun 14, 2024 13.51 11.42 LU0827885228
D2 Hgd SGD 8.27 -0.03 -0.36 Jun 14, 2024 8.77 7.72 LU0827884767
Class AI2 EUR 10.62 0.07 0.66 Jun 14, 2024 10.88 9.96 LU1960220587
E2 USD 21.49 -0.08 -0.37 Jun 14, 2024 22.70 19.93 LU0374975414
A8 Hgd NZD 6.09 -0.02 -0.33 Jun 14, 2024 6.71 5.92 LU1408528724
X2 USD 7.41 -0.03 -0.40 Jun 14, 2024 7.77 6.79 LU0344905624
D3 HKD 96.47 -0.37 -0.38 Jun 14, 2024 105.15 93.09 LU0827885061

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