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

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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

  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 6.12 -7.73 -8.15 -15.24 11.48 12.70 -13.44 10.56 0.80 -9.32
Constraint Benchmark 1 (%) 16.76 -8.98 -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75
  1Y 3Y 5Y 10y Incept.
-17.89 -8.03 -5.62 -4.06 -1.98
Constraint Benchmark 1 (%) -20.27 -8.21 -3.54 -2.56 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-16.90 1.09 -3.90 -4.63 -17.89 -22.20 -25.13 -33.97 -26.98
Constraint Benchmark 1 (%) -19.29 -0.88 -5.84 -8.18 -20.27 -22.67 -16.49 -22.87 -
  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

-14.69 7.11 -3.97 2.19 -19.47
Constraint Benchmark 1 (%)

as of Sep 30, 2022

-7.40 10.13 -1.45 2.63 -20.63
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 USD 1,404,000,848
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
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 2.52%
Annual Management Fee 2.25%
Performance Fee 0.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Distribution Frequency Monthly
Use of Income Distributing
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 MLLEUC1
ISIN LU0278478119
SEDOL B1PGTK2

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 170
12m Trailing Yield as of Nov 30, 2022 3.68%
Standard Deviation (3y) as of Oct 31, 2022 13.57%
Yield to Maturity as of Oct 31, 2022 9.32%
Modified Duration as of Oct 31, 2022 4.53 yrs
Yield to Worst as of Oct 31, 2022 9.32%
Effective Duration as of Oct 31, 2022 4.54 yrs
Weighted Avg Maturity as of Oct 31, 2022 6.45 yrs
WAL to Worst as of Oct 31, 2022 6.45 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 BBB
MSCI ESG % Coverage as of Sep 21, 2022 99.52
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 4.42
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2022 43.70
Fund Lipper Global Classification as of Sep 21, 2022 Bond Emerging Markets Global LC
Funds in Peer Group as of Sep 21, 2022 254
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 1,222.31
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 0.59
All data is from MSCI ESG Fund Ratings as of Sep 21, 2022, based on holdings as of May 31, 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.

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 stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts 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

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

Holdings

Holdings

as of Oct 31, 2022
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 3.94
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 2.34
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.12
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.99
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.74
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.70
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 1.54
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.52
COLOMBIA REPUBLIC OF (GOVERNMENT) 10 07/24/2024 1.43
MEXICO (UNITED MEXICAN STATES) 7.5 06/03/2027 1.39
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
C1 USD Monthly 2.95 0.01 0.34 Dec 2, 2022 3.47 2.68 LU0278478119 -
D2 Hgd CHF Accumulating 7.48 0.03 0.40 Dec 2, 2022 8.63 6.78 LU1688375184 -
Class I3 Hedged GBP Monthly 5.00 0.03 0.60 Dec 2, 2022 6.02 4.57 LU0995336418 -
D3 Hgd GBP Monthly 5.02 0.02 0.40 Dec 2, 2022 6.00 4.59 LU0995345831 -
I2 EUR Accumulating 22.06 0.24 1.10 Dec 2, 2022 22.83 20.55 LU1559746307 -
A2 CHF Accumulating 20.05 0.20 1.01 Dec 2, 2022 22.30 19.07 LU0938162186 -
X2 Hgd GBP Accumulating 8.85 0.05 0.57 Dec 2, 2022 10.06 8.00 LU1505939139 -
A2 Hgd SGD Accumulating 7.28 0.04 0.55 Dec 2, 2022 8.29 6.58 LU0358998713 -
A2 Hgd EUR Accumulating 6.30 0.04 0.64 Dec 2, 2022 7.32 5.71 LU0359002093 -
I5 EUR Quarterly 7.05 0.08 1.15 Dec 2, 2022 7.61 6.71 LU0995350831 -
I5 USD Quarterly 7.38 0.04 0.54 Dec 2, 2022 8.65 6.65 LU1495982867 -
D2 CHF Accumulating 21.62 0.21 0.98 Dec 2, 2022 23.94 20.55 LU1065150267 -
X2 AUD Accumulating 9.76 0.14 1.46 Dec 2, 2022 10.35 8.80 LU1554267051 -
A1 EUR Monthly 2.82 0.03 1.08 Dec 2, 2022 3.05 2.71 LU0278461065 -
I2 GBP - 18.91 0.22 1.18 Dec 2, 2022 19.75 17.31 LU1741217027 -
A3 HKD Monthly 23.12 0.13 0.57 Dec 2, 2022 27.24 21.21 LU0388349754 -
I2 CHF - 21.74 0.21 0.98 Dec 2, 2022 24.06 20.66 LU1781817694 -
A2 USD Accumulating 21.30 0.12 0.57 Dec 2, 2022 24.05 19.21 LU0278470058 -
D2 Hgd EUR Accumulating 6.53 0.03 0.46 Dec 2, 2022 7.57 5.92 LU0622213642 -
A4 EUR Annual 11.33 0.12 1.07 Dec 2, 2022 12.41 10.86 LU0478974834 -
A4 USD Annual 11.87 0.07 0.59 Dec 2, 2022 14.11 10.70 LU0548402170 -
A2 Hgd SEK Accumulating 74.98 0.40 0.54 Dec 2, 2022 87.25 67.97 LU1715605868 -
A8 Hgd AUD Monthly 4.92 0.03 0.61 Dec 2, 2022 5.97 4.50 LU1133072774 -
D3 EUR Monthly 11.73 0.13 1.12 Dec 2, 2022 12.71 11.30 LU0827884924 -
D3 USD Monthly 12.29 0.07 0.57 Dec 2, 2022 14.45 11.18 LU0523291242 -
A6 USD Monthly 6.19 0.04 0.65 Dec 2, 2022 7.43 5.65 LU1408528211 -
D2 Hgd GBP Accumulating 12.54 0.07 0.56 Dec 2, 2022 14.33 11.34 LU0827885491 -
A1 USD Monthly 2.95 0.01 0.34 Dec 2, 2022 3.47 2.68 LU0278477574 -
I2 Hgd EUR Accumulating 6.77 0.04 0.59 Dec 2, 2022 7.83 6.13 LU0473186707 -
C2 EUR Accumulating 16.68 0.17 1.03 Dec 2, 2022 17.53 15.71 LU0278457972 -
I2 USD Accumulating 23.10 0.13 0.57 Dec 2, 2022 25.95 20.82 LU0520955575 -
D4 EUR Annual 11.35 0.12 1.07 Dec 2, 2022 12.45 10.87 LU0827885145 -
C2 USD Accumulating 17.47 0.09 0.52 Dec 2, 2022 19.93 15.78 LU0278476923 -
E2 USD Accumulating 19.68 0.11 0.56 Dec 2, 2022 22.31 17.76 LU0374975414 -
X2 GBP Accumulating 5.41 0.06 1.12 Dec 2, 2022 5.65 4.93 LU1688375267 -
D2 USD Accumulating 22.97 0.13 0.57 Dec 2, 2022 25.83 20.70 LU0383940458 -
D2 Hgd SGD Accumulating 7.66 0.04 0.52 Dec 2, 2022 8.70 6.92 LU0827884767 -
Class S3 Hedged GBP Monthly 7.61 0.04 0.53 Dec 2, 2022 9.10 6.95 LU1911699996 -
D3 Hgd AUD Monthly 4.76 0.03 0.63 Dec 2, 2022 5.68 4.34 LU0827884841 -
D2 EUR Accumulating 21.93 0.24 1.11 Dec 2, 2022 22.72 20.45 LU0329592702 -
A3 USD Monthly 2.97 0.02 0.68 Dec 2, 2022 3.49 2.70 LU0278470132 -
Class E5 Hedged EUR Quarterly 4.65 0.02 0.43 Dec 2, 2022 5.62 4.22 LU1062843260 -
D5 GBP Quarterly 7.16 0.08 1.13 Dec 2, 2022 7.66 6.83 LU1694209807 -
A6 Hgd SGD Monthly 5.54 0.03 0.54 Dec 2, 2022 6.71 5.07 LU1676225185 -
A2 EUR Accumulating 20.33 0.21 1.04 Dec 2, 2022 21.15 19.02 LU0278457204 -
A3 EUR Monthly 2.84 0.03 1.07 Dec 2, 2022 3.07 2.73 LU0278457469 -
Class AI5 EUR Quarterly 8.44 0.09 1.08 Dec 2, 2022 9.11 8.05 LU1960220660 -
D3 HKD Monthly 95.63 0.57 0.60 Dec 2, 2022 112.67 87.75 LU0827885061 -
X2 EUR Accumulating 6.31 0.07 1.12 Dec 2, 2022 6.51 5.86 LU0531082021 -
A3 Hgd AUD Monthly 4.76 0.03 0.63 Dec 2, 2022 5.68 4.34 LU0575500318 -
D2 Hgd PLN Accumulating 9.14 0.06 0.66 Dec 2, 2022 10.15 8.24 LU0827884684 -
A2 Hgd CHF Accumulating 6.16 0.03 0.49 Dec 2, 2022 7.13 5.58 LU0623004180 -
A6 Hgd HKD Monthly 60.86 0.33 0.55 Dec 2, 2022 73.73 55.67 LU1408528484 -
Class X5 Hedged GBP Quarterly 7.36 0.04 0.55 Dec 2, 2022 8.77 6.65 LU1954752702 -
A6 Hgd CAD Monthly 6.00 0.03 0.50 Dec 2, 2022 7.25 5.49 LU1408528641 -
Class AI2 EUR - 9.83 0.10 1.03 Dec 2, 2022 10.23 9.20 LU1960220587 -
A8 Hgd NZD Monthly 6.17 0.03 0.49 Dec 2, 2022 7.46 5.65 LU1408528724 -
E2 Hgd EUR Accumulating 5.91 0.03 0.51 Dec 2, 2022 6.90 5.36 LU0474536231 -
A2 CZK Accumulating 495.40 5.33 1.09 Dec 2, 2022 527.61 473.17 LU1791177113 -
X2 USD Accumulating 6.61 0.04 0.61 Dec 2, 2022 7.40 5.96 LU0344905624 -
A6 Hgd GBP Monthly 5.56 0.03 0.54 Dec 2, 2022 6.79 5.10 LU1408528302 -
E2 EUR Accumulating 18.79 0.20 1.08 Dec 2, 2022 19.62 17.62 LU0278459671 -
A2 Hgd PLN Accumulating 8.68 0.05 0.58 Dec 2, 2022 9.68 7.83 LU0480535052 -
D4 USD Annual 11.89 0.07 0.59 Dec 2, 2022 14.16 10.72 LU0827885228 -

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 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