Fixed Income

BGF US Government Mortgage Impact 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. Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets. This Share Class may pay dividends or take charges from capital. While this may allow more income to be distributed, it may reduce the value of your holdings and impact the potential for long term capital growth. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

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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Distributions

Ex-Date Total Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 5.99 0.81 1.28 2.03 -0.53 6.85 5.41 -1.43 -12.92 3.66
Constraint Benchmark 1 (%) 6.12 1.56 1.59 2.47 1.01 6.68 4.03 -1.24 -11.81 5.05

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

  1Y 3Y 5Y 10y Incept.
0.69 -3.92 -0.69 0.68 1.14
Constraint Benchmark 1 (%) 1.39 -2.87 -0.33 1.14 1.47
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-1.12 1.07 -1.12 4.92 0.69 -11.30 -3.42 7.00 15.78
Constraint Benchmark 1 (%) -1.04 1.06 -1.04 6.36 1.39 -8.36 -1.66 12.05 20.83
  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

7.38 1.40 -6.08 -6.20 0.69
Constraint Benchmark 1 (%)

as of Mar 31, 2024

7.83 -0.49 -5.00 -4.85 1.39
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 Apr 19, 2024 USD 106,626,898
Share Class Inception Date Apr 19, 2011
Fund Inception Date Aug 2, 1985
Share Class Currency USD
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 Bloomberg US MBS Index
SFDR Classification Article 9
Initial Charge 5.00%
Ongoing Charge 0.60%
ISIN LU0592702145
Annual Management Fee 0.40%
Performance Fee 0.00%
Minimum Initial Investment USD 100000
Minimum Subsequent Investment USD 1000
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Government Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGFGMD3
SEDOL B3X5057

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 153
12m Trailing Yield as of Mar 31, 2024 3.19%
Standard Deviation (3y) as of Mar 31, 2024 7.40%
3y Beta as of Mar 31, 2024 0.930
Yield to Maturity as of Mar 28, 2024 5.11%
Modified Duration as of Mar 28, 2024 6.07 yrs
Yield to Worst as of Mar 28, 2024 5.11%
Effective Duration as of Mar 28, 2024 5.83 yrs
Weighted Avg Maturity as of Mar 28, 2024 8.23 yrs
WAL to Worst as of Mar 28, 2024 8.23 yrs

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 US Government Mortgage Impact Fund, Class D3, as of Mar 31, 2024 rated against 178 USD Government Bond Funds.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Mar 28, 2024
Name Weight (%)
GNMA2 30YR 49.89
FNMA 30YR UMBS 17.05
GNMA2 30YR TBA(REG C) 11.17
FHLMC 30YR UMBS SUPER 9.10
FHLMC 30YR UMBS 6.62
Name Weight (%)
GNMA2 30YR 2020 PRODUCTION 3.17
GNMA_21-191B BI 1.27
GNMA2 30YR 2023 PRODUCTION 0.73
FHMR_20-P003 A2 0.49
FNMA_17-76 PB 0.34
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
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
D3 USD 7.26 -0.01 -0.14 Apr 19, 2024 7.74 6.94 LU0592702145
Class SR5 Hedged EUR 9.73 -0.01 -0.10 Apr 19, 2024 10.29 9.69 LU2714841603
Class SR2 USD 9.90 -0.01 -0.10 Apr 19, 2024 10.32 9.86 LU2714841439
Class SR5 Hedged GBP 9.77 -0.02 -0.20 Apr 19, 2024 10.30 9.73 LU2714841785
A2 Hgd EUR 9.81 -0.01 -0.10 Apr 19, 2024 10.30 9.77 LU2714841868
Class SR2 Hedged EUR 9.83 -0.01 -0.10 Apr 19, 2024 10.30 9.79 LU2714841512
I3 USD 7.40 -0.01 -0.13 Apr 19, 2024 7.89 7.07 LU1456639035
E2 EUR 14.79 -0.04 -0.27 Apr 19, 2024 15.18 14.03 LU0277197322
Class I5 Hedged GBP 10.25 -0.01 -0.10 Apr 19, 2024 10.80 9.81 LU2677621471
Class SR5 USD 9.80 -0.01 -0.10 Apr 19, 2024 10.31 9.76 LU2714841355
A3 USD 7.24 -0.01 -0.14 Apr 19, 2024 7.72 6.92 LU0172418690
D2 USD 18.61 -0.02 -0.11 Apr 19, 2024 19.41 17.48 LU0424777026
A2 USD 17.68 -0.02 -0.11 Apr 19, 2024 18.46 16.63 LU0096258446
E2 USD 15.77 -0.03 -0.19 Apr 19, 2024 16.50 14.88 LU0147385842
X3 USD 7.39 -0.01 -0.14 Apr 19, 2024 7.88 7.06 LU1246652132
C2 USD 13.70 -0.01 -0.07 Apr 19, 2024 14.40 12.97 LU0147385503
I2 Hgd EUR 10.34 -0.02 -0.19 Apr 19, 2024 10.84 9.80 LU2677621554
A1 USD 7.23 -0.01 -0.14 Apr 19, 2024 7.72 6.91 LU0035308682
Class ZI2 Hedged EUR 10.03 -0.01 -0.10 Apr 19, 2024 10.55 9.49 LU2533725326
C1 USD 7.63 -0.01 -0.13 Apr 19, 2024 8.14 7.28 LU0147384878
I2 USD 9.31 -0.01 -0.11 Apr 19, 2024 9.71 8.74 LU2011139206
Class ZI2 USD 10.41 -0.01 -0.10 Apr 19, 2024 10.85 9.76 LU2533725599

Portfolio Managers

Portfolio Managers

Matthew Kraeger
Managing Director, Mortgage Portfolio Team

Matthew Kraeger, Managing Director, is lead portfolio manager for mortgage portfolios on BlackRock's Global Fixed Income platform. He is responsible for the Mortgage Portfolio Team.

Siddharth Mehta
Director, Mortgage Portfolio Team

Siddharth Mehta, Director,  is a member of the Mortgage Portfolio Team within BlackRock's Americas Fixed Income Alpha Strategies.

Literature

Literature