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.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -5.99 -6.29 -13.60 13.70 14.65 -11.66 12.48 2.85 -7.62 -8.48
Constraint Benchmark 1 (%) -8.98 -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75 -11.69

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

  1Y 3Y 5Y 10y Incept.
13.43 -0.50 2.06 0.11 0.32
Constraint Benchmark 1 (%) 11.56 -3.07 0.77 -0.28 0.99
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
11.82 6.84 2.37 6.58 13.43 -1.48 10.72 1.13 4.39
Constraint Benchmark 1 (%) 9.20 5.27 1.19 4.61 11.56 -8.94 3.89 -2.81 14.20
  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
From
30-Sep-2022
To
30-Sep-2023
Total Return (%)

as of Sep 30, 2023

9.08 -1.94 4.20 -18.11 14.82
Constraint Benchmark 1 (%)

as of Sep 30, 2023

10.13 -1.45 2.63 -20.63 13.10
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 Dec 8, 2023 USD 1,606,705,287
Share Class Inception Date Jun 30, 2010
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 0.62%
ISIN LU0520955575
Annual Management Fee 0.50%
Performance Fee 0.00%
Minimum Initial Investment USD 10000000
Minimum Subsequent Investment -
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 BGLEMI2
SEDOL B3XYJF7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Nov 30, 2023 427
Standard Deviation (3y) as of Nov 30, 2023 11.88%
Yield to Maturity as of Nov 30, 2023 7.60%
Modified Duration as of Nov 30, 2023 5.78 yrs
Yield to Worst as of Nov 30, 2023 7.60%
Effective Duration as of Nov 30, 2023 5.80 yrs
Weighted Avg Maturity as of Nov 30, 2023 7.47 yrs
WAL to Worst as of Nov 30, 2023 7.47 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

4 stars
Overall Morningstar Rating for BGF Emerging Markets Local Currency Bond Fund, Class I2, as of Nov 30, 2023 rated against 885 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 Oct 31, 2023
Name Weight (%)
SOUTH AFRICA (REPUBLIC OF) 7 02/28/2031 3.15
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.29
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 2.12
PERU (REPUBLIC OF) 6.95 08/12/2031 2.04
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 2.01
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.81
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.69
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.66
MEXICO (UNITED MEXICAN STATES) 7.5 06/03/2027 1.62
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.58
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2023

% of Market Value

Type Fund
as of Oct 31, 2023

% of Market Value

Type Fund
as of Oct 31, 2023

% of Market Value

Type Fund
as of Oct 31, 2023

% of Market Value

Type Fund
as of Oct 31, 2023

% 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
I2 USD 25.98 -0.06 -0.23 Dec 8, 2023 26.28 22.94 LU0520955575
X2 AUD 11.35 -0.05 -0.44 Dec 8, 2023 11.41 9.59 LU1554267051
Class S2 USD 10.17 -0.02 -0.20 Dec 8, 2023 10.29 9.25 LU2624963760
Class S3 EUR 10.01 -0.01 -0.10 Dec 8, 2023 10.16 9.42 LU2624963687
I2 EUR 24.16 -0.01 -0.04 Dec 8, 2023 24.17 21.66 LU1559746307
A1 USD 3.10 -0.01 -0.32 Dec 8, 2023 3.22 2.86 LU0278477574
A2 CHF 20.91 -0.02 -0.10 Dec 8, 2023 21.05 19.52 LU0938162186
D2 CHF 22.66 -0.03 -0.13 Dec 8, 2023 22.81 21.14 LU1065150267
D2 Hgd CHF 8.02 -0.01 -0.12 Dec 8, 2023 8.26 7.35 LU1688375184
X2 GBP 5.97 0.00 0.00 Dec 8, 2023 5.97 5.32 LU1688375267
D2 USD 25.79 -0.05 -0.19 Dec 8, 2023 26.10 22.80 LU0383940458
D3 Hgd GBP 5.21 -0.01 -0.19 Dec 8, 2023 5.45 4.80 LU0995345831
Class S2 EUR 9.45 -0.01 -0.11 Dec 8, 2023 9.46 8.80 LU2624963927
A2 Hgd EUR 6.83 -0.02 -0.29 Dec 8, 2023 7.00 6.25 LU0359002093
A2 Hgd SGD 7.99 -0.02 -0.25 Dec 8, 2023 8.17 7.22 LU0358998713
C2 USD 19.27 -0.05 -0.26 Dec 8, 2023 19.64 17.34 LU0278476923
I5 USD 7.78 -0.01 -0.13 Dec 8, 2023 8.02 7.07 LU1495982867
X2 Hgd GBP 9.87 -0.02 -0.20 Dec 8, 2023 10.01 8.79 LU1505939139
I5 EUR 7.23 0.00 0.00 Dec 8, 2023 7.27 6.73 LU0995350831
A8 Hgd AUD 5.10 -0.01 -0.20 Dec 8, 2023 5.33 4.70 LU1133072774
Class S2 Hedged EUR 10.06 -0.02 -0.20 Dec 8, 2023 10.27 9.18 LU2624963505
I2 GBP 20.74 -0.01 -0.05 Dec 8, 2023 20.76 18.60 LU1741217027
Class AI5 EUR 8.66 0.00 0.00 Dec 8, 2023 8.71 8.07 LU1960220660
Class SR2 Hedged EUR 9.26 -0.02 -0.22 Dec 8, 2023 9.46 8.41 LU2319963380
Class SR3 USD 8.51 -0.02 -0.23 Dec 8, 2023 8.87 7.83 LU2319963620
D2 Hgd EUR 7.13 -0.02 -0.28 Dec 8, 2023 7.28 6.48 LU0622213642
Class SR3 Hedged GBP 8.23 -0.02 -0.24 Dec 8, 2023 8.61 7.58 LU2319963463
A3 EUR 2.91 0.00 0.00 Dec 8, 2023 2.95 2.73 LU0278457469
I2 CHF 22.83 -0.03 -0.13 Dec 8, 2023 22.98 21.30 LU1781817694
A1 EUR 2.89 0.00 0.00 Dec 8, 2023 2.92 2.71 LU0278461065
A2 USD 23.79 -0.05 -0.21 Dec 8, 2023 24.13 21.14 LU0278470058
A2 EUR 22.12 -0.01 -0.05 Dec 8, 2023 22.13 19.96 LU0278457204
A2 Hgd SEK 81.21 -0.19 -0.23 Dec 8, 2023 83.27 74.28 LU1715605868
A3 HKD 24.41 -0.06 -0.25 Dec 8, 2023 25.42 22.51 LU0388349754
Class SR2 USD 9.90 -0.02 -0.20 Dec 8, 2023 10.02 8.75 LU2319963547
A4 EUR 11.65 -0.01 -0.09 Dec 8, 2023 12.19 10.85 LU0478974834
Class E5 Hedged EUR 4.76 -0.01 -0.21 Dec 8, 2023 4.97 4.36 LU1062843260
A6 Hgd SGD 5.67 -0.01 -0.18 Dec 8, 2023 5.97 5.24 LU1676225185
A4 USD 12.53 -0.03 -0.24 Dec 8, 2023 13.45 11.41 LU0548402170
A3 USD 3.13 0.00 0.00 Dec 8, 2023 3.26 2.87 LU0278470132
D5 GBP 7.36 0.00 0.00 Dec 8, 2023 7.54 6.90 LU1694209807
A6 USD 6.45 -0.02 -0.31 Dec 8, 2023 6.74 5.95 LU1408528211
D3 EUR 12.02 0.00 0.00 Dec 8, 2023 12.21 11.31 LU0827884924
D3 USD 12.93 -0.02 -0.15 Dec 8, 2023 13.47 11.89 LU0523291242
D3 Hgd AUD 4.90 -0.01 -0.20 Dec 8, 2023 5.14 4.52 LU0827884841
D2 EUR 23.98 -0.01 -0.04 Dec 8, 2023 23.99 21.53 LU0329592702
D4 EUR 11.67 -0.01 -0.09 Dec 8, 2023 12.25 10.87 LU0827885145
C2 EUR 17.92 -0.01 -0.06 Dec 8, 2023 17.93 16.37 LU0278457972
C1 USD 3.10 -0.01 -0.32 Dec 8, 2023 3.22 2.85 LU0278478119
I2 Hgd EUR 7.40 -0.02 -0.27 Dec 8, 2023 7.55 6.72 LU0473186707
D2 Hgd GBP 13.89 -0.03 -0.22 Dec 8, 2023 14.11 12.45 LU0827885491
A3 Hgd AUD 4.90 -0.01 -0.20 Dec 8, 2023 5.15 4.52 LU0575500318
D4 USD 12.56 -0.02 -0.16 Dec 8, 2023 13.51 11.42 LU0827885228
A2 Hgd PLN 9.80 -0.02 -0.20 Dec 8, 2023 9.95 8.64 LU0480535052
X2 USD 7.47 -0.02 -0.27 Dec 8, 2023 7.55 6.57 LU0344905624
X2 EUR 6.95 0.00 0.00 Dec 8, 2023 6.95 6.20 LU0531082021
A2 Hgd CHF 6.56 -0.02 -0.30 Dec 8, 2023 6.77 6.02 LU0623004180
A6 Hgd CAD 6.19 -0.01 -0.16 Dec 8, 2023 6.49 5.71 LU1408528641
E2 Hgd EUR 6.38 -0.02 -0.31 Dec 8, 2023 6.55 5.84 LU0474536231
A6 Hgd HKD 62.68 -0.15 -0.24 Dec 8, 2023 65.68 57.86 LU1408528484
A8 Hgd NZD 6.42 -0.02 -0.31 Dec 8, 2023 6.71 5.92 LU1408528724
Class AI2 EUR 10.70 0.00 0.00 Dec 8, 2023 10.70 9.65 LU1960220587
A6 Hgd GBP 5.71 -0.01 -0.17 Dec 8, 2023 5.98 5.27 LU1408528302
A2 CZK 539.20 1.01 0.19 Dec 8, 2023 539.20 471.20 LU1791177113
E2 USD 21.87 -0.05 -0.23 Dec 8, 2023 22.22 19.53 LU0374975414
D2 Hgd PLN 10.36 -0.03 -0.29 Dec 8, 2023 10.50 9.09 LU0827884684
D3 HKD 100.97 -0.25 -0.25 Dec 8, 2023 105.15 93.09 LU0827885061
E2 EUR 20.33 -0.02 -0.10 Dec 8, 2023 20.35 18.44 LU0278459671
D2 Hgd SGD 8.45 -0.02 -0.24 Dec 8, 2023 8.63 7.61 LU0827884767
Class X5 Hedged GBP 7.65 -0.02 -0.26 Dec 8, 2023 7.91 6.96 LU1954752702

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