Fixed Income

BGF Emerging Markets Local Currency Bond Fund

  • NAV as of Mar 27, 2023 PLN 9.10
    52 WK: 7.83 - 9.34
  • 1 Day NAV Change as of Mar 27, 2023 0.01 (0.11%)

Overview

Investment Approach

The Fund aims to maximize the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in fixed income securities denominated in local currencies of developing market countries. These include bonds and money market instruments.
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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Share Class performance displayed in PLN and Benchmark performance displayed in USD. Source: BlackRock. Performance is shown on a net asset value basis, with gross income reinvested. Past performance is not a guide to future performance.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -4.88 -5.03 -13.97 13.15 13.40 -13.85 10.50 0.48 -8.88 -7.10
Constraint Benchmark 1 (%) -8.98 -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75 -11.69
  1Y 3Y 5Y 10y Incept.
Total Return (%) -2.55 -3.79 -4.66 -2.36 -0.99
Constraint Benchmark 1 (%) -6.11 -4.29 -2.96 -1.97 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
Total Return (%) 0.23 -4.14 2.45 5.14 -2.55 -10.94 -21.24 -21.24 -12.10
Constraint Benchmark 1 (%) 0.99 -3.16 3.17 4.20 -6.11 -12.34 -13.96 -18.05 -
  From
31-Dec-2017
To
31-Dec-2018		 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
Total Return (%)

as of Dec 31, 2022

-13.85 10.50 0.48 -8.88 -7.10
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-6.21 13.47 2.69 -8.75 -11.69
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 PLN 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 27, 2023 USD 1,638,344,137
Share Class Inception Date Mar 8, 2010
Fund Inception Date Jun 26, 1997
Share Class Currency PLN
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 1.28%
Annual Management Fee 1.00%
Performance Fee 0.00%
Minimum Initial Investment PLN 5000
Minimum Subsequent Investment PLN 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGEMA2P
ISIN LU0480535052
SEDOL B602MQ7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Feb 28, 2023 179
Standard Deviation (3y) as of Feb 28, 2023 14.54%
Yield to Maturity as of Feb 28, 2023 8.72%
Modified Duration as of Feb 28, 2023 5.45 yrs
Yield to Worst as of Feb 28, 2023 8.72%
Effective Duration as of Feb 28, 2023 5.49 yrs
Weighted Avg Maturity as of Feb 28, 2023 7.42 yrs
WAL to Worst as of Feb 28, 2023 7.42 yrs

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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

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

Holdings

Holdings

as of Feb 28, 2023
Name Weight (%)
SOUTH AFRICA (REPUBLIC OF) 7 02/28/2031 3.01
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 2.74
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.54
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 2.18
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.94
Name Weight (%)
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.81
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 1.64
COLOMBIA (REPUBLIC OF) 7 06/30/2032 1.58
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.56
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.50
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Feb 28, 2023

% of Market Value

Type Fund
as of Feb 28, 2023

% of Market Value

Type Fund
as of Feb 28, 2023

% of Market Value

Type Fund
as of Feb 28, 2023

% of Market Value

Type Fund
as of Feb 28, 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
A2 Hgd PLN Accumulating 9.10 0.01 0.11 Mar 27, 2023 9.34 7.83 LU0480535052 -
A8 Hgd AUD Monthly 5.00 0.01 0.20 Mar 27, 2023 5.40 4.50 LU1133072774 -
Class I3 Hedged GBP Monthly 5.10 0.01 0.20 Mar 27, 2023 5.44 4.57 LU0995336418 -
C2 USD Accumulating 18.09 0.04 0.22 Mar 27, 2023 18.63 15.78 LU0278476923 -
D2 Hgd CHF Accumulating 7.68 0.02 0.26 Mar 27, 2023 7.94 6.78 LU1688375184 -
D3 Hgd GBP Monthly 5.13 0.01 0.20 Mar 27, 2023 5.43 4.59 LU0995345831 -
A1 USD Monthly 3.02 0.01 0.33 Mar 27, 2023 3.14 2.68 LU0278477574 -
Class S3 Hedged GBP Monthly 7.77 0.02 0.26 Mar 27, 2023 8.22 6.95 LU1911699996 -
I5 USD Quarterly 7.46 0.01 0.13 Mar 27, 2023 7.78 6.65 LU1495982867 -
A2 Hgd EUR Accumulating 6.47 0.01 0.15 Mar 27, 2023 6.68 5.71 LU0359002093 -
Class AI5 EUR Quarterly 8.30 -0.01 -0.12 Mar 27, 2023 8.75 8.05 LU1960220660 -
X2 AUD Accumulating 10.37 0.01 0.10 Mar 27, 2023 10.37 8.82 LU1554267051 -
X2 GBP Accumulating 5.62 -0.01 -0.18 Mar 27, 2023 5.78 5.02 LU1688375267 -
I2 EUR Accumulating 22.31 -0.02 -0.09 Mar 27, 2023 22.65 20.55 LU1559746307 -
A2 CHF Accumulating 20.29 0.00 0.00 Mar 27, 2023 20.78 19.07 LU0938162186 -
D2 USD Accumulating 23.90 0.04 0.17 Mar 27, 2023 24.55 20.70 LU0383940458 -
X2 Hgd GBP Accumulating 9.18 0.01 0.11 Mar 27, 2023 9.45 8.00 LU1505939139 -
A2 Hgd SGD Accumulating 7.53 0.01 0.13 Mar 27, 2023 7.76 6.58 LU0358998713 -
D2 CHF Accumulating 21.91 -0.01 -0.05 Mar 27, 2023 22.43 20.55 LU1065150267 -
I5 EUR Quarterly 6.92 -0.01 -0.14 Mar 27, 2023 7.31 6.71 LU0995350831 -
I2 GBP - 19.60 -0.04 -0.20 Mar 27, 2023 20.17 17.59 LU1741217027 -
A6 Hgd SGD Monthly 5.63 0.01 0.18 Mar 27, 2023 6.05 5.07 LU1676225185 -
A2 Hgd SEK Accumulating 77.13 0.13 0.17 Mar 27, 2023 79.67 67.97 LU1715605868 -
A3 HKD Monthly 23.91 0.04 0.17 Mar 27, 2023 24.77 21.21 LU0388349754 -
A3 EUR Monthly 2.83 0.00 0.00 Mar 27, 2023 2.95 2.73 LU0278457469 -
D2 Hgd EUR Accumulating 6.73 0.02 0.30 Mar 27, 2023 6.94 5.92 LU0622213642 -
D5 GBP Quarterly 7.21 -0.02 -0.28 Mar 27, 2023 7.54 6.84 LU1694209807 -
A4 EUR Annual 11.44 -0.01 -0.09 Mar 27, 2023 12.22 10.86 LU0478974834 -
A2 EUR Accumulating 20.52 -0.03 -0.15 Mar 27, 2023 20.86 19.02 LU0278457204 -
A6 USD Monthly 6.32 0.01 0.16 Mar 27, 2023 6.72 5.65 LU1408528211 -
D3 EUR Monthly 11.69 -0.01 -0.09 Mar 27, 2023 12.22 11.30 LU0827884924 -
I2 CHF - 22.05 -0.01 -0.05 Mar 27, 2023 22.57 20.66 LU1781817694 -
A4 USD Annual 12.33 0.02 0.16 Mar 27, 2023 12.86 10.70 LU0548402170 -
A1 EUR Monthly 2.80 0.00 0.00 Mar 27, 2023 2.93 2.71 LU0278461065 -
A3 USD Monthly 3.05 0.01 0.33 Mar 27, 2023 3.16 2.70 LU0278470132 -
Class E5 Hedged EUR Quarterly 4.66 0.00 0.00 Mar 27, 2023 5.03 4.22 LU1062843260 -
A2 USD Accumulating 22.13 0.04 0.18 Mar 27, 2023 22.75 19.21 LU0278470058 -
I2 Hgd EUR Accumulating 6.97 0.01 0.14 Mar 27, 2023 7.19 6.13 LU0473186707 -
D2 Hgd SGD Accumulating 7.94 0.01 0.13 Mar 27, 2023 8.18 6.92 LU0827884767 -
D2 EUR Accumulating 22.16 -0.03 -0.14 Mar 27, 2023 22.51 20.45 LU0329592702 -
C2 EUR Accumulating 16.77 -0.02 -0.12 Mar 27, 2023 17.14 15.71 LU0278457972 -
C1 USD Monthly 3.01 0.00 0.00 Mar 27, 2023 3.14 2.68 LU0278478119 -
D3 USD Monthly 12.60 0.02 0.16 Mar 27, 2023 13.09 11.18 LU0523291242 -
I2 USD Accumulating 24.05 0.04 0.17 Mar 27, 2023 24.71 20.82 LU0520955575 -
D3 Hgd AUD Monthly 4.84 0.00 0.00 Mar 27, 2023 5.14 4.34 LU0827884841 -
D4 EUR Annual 11.47 -0.02 -0.17 Mar 27, 2023 12.29 10.87 LU0827885145 -
D2 Hgd GBP Accumulating 12.98 0.02 0.15 Mar 27, 2023 13.37 11.34 LU0827885491 -
A6 Hgd GBP Monthly 5.64 0.01 0.18 Mar 27, 2023 6.12 5.10 LU1408528302 -
D2 Hgd PLN Accumulating 9.59 0.01 0.10 Mar 27, 2023 9.84 8.24 LU0827884684 -
A6 Hgd CAD Monthly 6.11 0.01 0.16 Mar 27, 2023 6.54 5.49 LU1408528641 -
A3 Hgd AUD Monthly 4.84 0.00 0.00 Mar 27, 2023 5.14 4.34 LU0575500318 -
X2 EUR Accumulating 6.39 -0.01 -0.16 Mar 27, 2023 6.49 5.86 LU0531082021 -
A6 Hgd HKD Monthly 61.95 0.11 0.18 Mar 27, 2023 66.59 55.67 LU1408528484 -
D3 HKD Monthly 98.94 0.19 0.19 Mar 27, 2023 102.44 87.75 LU0827885061 -
E2 EUR Accumulating 18.93 -0.03 -0.16 Mar 27, 2023 19.26 17.62 LU0278459671 -
A8 Hgd NZD Monthly 6.29 0.02 0.32 Mar 27, 2023 6.75 5.65 LU1408528724 -
A2 CZK Accumulating 486.85 1.41 0.29 Mar 27, 2023 512.09 471.20 LU1791177113 -
A2 Hgd CHF Accumulating 6.31 0.01 0.16 Mar 27, 2023 6.53 5.58 LU0623004180 -
D4 USD Annual 12.37 0.02 0.16 Mar 27, 2023 12.91 10.72 LU0827885228 -
Class AI2 EUR - 9.92 -0.01 -0.10 Mar 27, 2023 10.09 9.20 LU1960220587 -
E2 Hgd EUR Accumulating 6.07 0.01 0.17 Mar 27, 2023 6.27 5.36 LU0474536231 -
Class X5 Hedged GBP Quarterly 7.40 0.02 0.27 Mar 27, 2023 7.86 6.65 LU1954752702 -
E2 USD Accumulating 20.41 0.03 0.15 Mar 27, 2023 21.00 17.76 LU0374975414 -
X2 USD Accumulating 6.89 0.01 0.15 Mar 27, 2023 7.08 5.96 LU0344905624 -

Portfolio Managers

Portfolio Managers

Laurent Develay
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.

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Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group. He is the lead Portfolio Manager in this team and has the responsibility for managing and overseeing its activities.

 

Prior to joining BlackRock in June 2012, Mr. Develay was senior a Portfolio Manager in the Emerging Markets Debt team at Fischer Francis Trees & Watts (FFTW, a BNP Paribas Investment Partner) with an alpha focus on EM currencies and regional research coverage of Latin America. Prior to the merger between BNP Paribas and Fortis, Mr. Develay was Head of the Currency and Commodity Trading team at Fortis Investments for five years in Paris and London with a strong focus on emerging markets currencies. Previously, Mr. Develay served as a Currency Trader at AXA Investment Managers where he started his career in 1999.

 

Mr. Develay earned Master in Finance in 1996 from the E.S.L.S.C.A. in Paris and a Certificate in Finance from UC Berkeley Extension in 1998.

Amer Bisat
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.

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Amer Bisat, PhD., Managing Director, is Head of Emerging Markets (EM) Fixed Income and a member of the Fundamental-GFI Executive Committee. In this role, he oversees the team managing the firm's EM portfolios across hard currency, local and corporate debt instruments. Mr. Bisat's service with the firm dates back to 2013. Prior to BlackRock, he was a partner in two macro hedge funds (Traxis and Rubicon) and held portfolio management responsibilities at Morgan Stanley and UBS. Between 1991 and 1998, he was a senior economist at the International Monetary Fund where he helped negotiate high profile programs with Russia, Ukraine and Egypt.

 

Mr. Bisat taught graduate level economics courses at Columbia University, co-authored a book on globalization, and academic and policy papers on growth and financial sector development. He is a trustee of a number of cultural and art institutions, sits on the Advisory Council of the Carnegie Middle East Center and is a member of the Council on Foreign Relations.

 

Mr. Bisat earned a BA in economics from the American University of Beirut and a PhD. in economics and finance from Columbia University.

Laurent Develay
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.

Read More

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group. He is the lead Portfolio Manager in this team and has the responsibility for managing and overseeing its activities.

 

Prior to joining BlackRock in June 2012, Mr. Develay was senior a Portfolio Manager in the Emerging Markets Debt team at Fischer Francis Trees & Watts (FFTW, a BNP Paribas Investment Partner) with an alpha focus on EM currencies and regional research coverage of Latin America. Prior to the merger between BNP Paribas and Fortis, Mr. Develay was Head of the Currency and Commodity Trading team at Fortis Investments for five years in Paris and London with a strong focus on emerging markets currencies. Previously, Mr. Develay served as a Currency Trader at AXA Investment Managers where he started his career in 1999.

 

Mr. Develay earned Master in Finance in 1996 from the E.S.L.S.C.A. in Paris and a Certificate in Finance from UC Berkeley Extension in 1998.

Michal Wozniak, CFA
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.

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Michal Wozniak, CFA, Director, is a Portfolio Manager for Emerging Markets Debt Portfolio Management team for Blackrock Global Fixed Income Group. He has responsibility for managing local rates within dedicated local currency bondportfolios and multi-segment strategies, including, local rates, sovereign debt emerging market currencies.

 

Prior to joining BlackRock in November 2013, Mr. Wozniak was working as a portfolio manager in Emerging Markets Debt teams in Lombard Odier Investment Managers and JPMorgan Asset Management, focusing on global local and hard currency fixed income strategies. Before that, he was responsible for Eastern European strategies in Fortis Investments in London. From 2002 until 2007 he was working in Credit Suisse Asset Management in Warsaw, initially as a portfolio manager and later heading the fixed income team. Michal started his professional career in 2000 as an equity analyst in ABN AMRO Asset Management.

 

Mr. Wozniak earned a Masters in Finance and Banking from the Warsaw School of Economics in 2001.

Literature

Literature