Fixed Income

BGF Emerging Markets 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. Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

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.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 20.67 10.34 16.83 -5.09 -1.91 15.03 -2.41 5.60 -11.25 12.01
Constraint Benchmark 1 (%) 22.34 12.71 13.45 -3.15 0.57 17.15 -3.43 5.66 -12.39 7.33

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

  1Y 3Y 5Y 10y Incept.
19.08 3.37 2.56 5.83 4.49
Constraint Benchmark 1 (%) 11.94 1.42 1.50 5.59 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
5.92 3.49 5.92 13.23 19.08 10.46 13.49 76.29 66.11
Constraint Benchmark 1 (%) 4.36 2.29 4.36 9.19 11.94 4.33 7.73 72.30 -
  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

-11.72 16.39 0.56 -7.75 19.08
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-4.66 8.30 -2.22 -4.68 11.94
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 EUR, 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 12, 2024 USD 1,146,347,303
Share Class Inception Date Sep 13, 2012
Fund Inception Date Oct 1, 2004
Share Class Currency EUR
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan Global Diversified EMBI Index in EUR
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 0.85%
ISIN LU0827877043
Annual Management Fee 0.65%
Performance Fee 0.00%
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Emerging Markets Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGEMD2E
SEDOL B86N213

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 300
Standard Deviation (3y) as of Mar 31, 2024 8.78%
3y Beta as of Mar 31, 2024 0.973
Yield to Maturity as of Mar 28, 2024 7.90%
Modified Duration as of Mar 28, 2024 5.57 yrs
Yield to Worst as of Mar 28, 2024 7.89%
Effective Duration as of Mar 28, 2024 5.65 yrs
Weighted Avg Maturity as of Mar 28, 2024 9.47 yrs
WAL to Worst as of Mar 28, 2024 9.47 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 Mar 21, 2024 BB
MSCI ESG % Coverage as of Mar 21, 2024 90.87
MSCI ESG Quality Score (0-10) as of Mar 21, 2024 3.75
MSCI ESG Quality Score - Peer Percentile as of Mar 21, 2024 13.02
Fund Lipper Global Classification as of Mar 21, 2024 Bond Emerging Markets Global HC
Funds in Peer Group as of Mar 21, 2024 430
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Mar 21, 2024 814.21
MSCI Weighted Average Carbon Intensity % Coverage as of Mar 21, 2024 14.36
All data is from MSCI ESG Fund Ratings as of Mar 21, 2024, based on holdings as of Oct 31, 2023. 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% (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.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, 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 methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of Mar 28, 2024 0.00%
MSCI - UN Global Compact Violators as of Mar 28, 2024 3.34%
MSCI - Nuclear Weapons as of Mar 28, 2024 0.00%
MSCI - Thermal Coal as of Mar 28, 2024 0.01%
MSCI - Civilian Firearms as of Mar 28, 2024 0.00%
MSCI - Oil Sands as of Mar 28, 2024 0.00%
MSCI - Tobacco as of Mar 28, 2024 0.00%

Business Involvement Coverage as of Mar 28, 2024 15.08%
Percentage of Fund not covered as of Mar 28, 2024 85.50%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.35% and for Oil Sands 0.04%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

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 Bond Fund, Class D2, as of Sep 30, 2018 rated against 855 Global Emerging Markets Bond Funds.

Morningstar Medalist Rating

Morningstar Medalist Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Oct 9, 2018)

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 Mar 28, 2024
Name Weight (%)
UKRAINE (GOVERNMENT OF) RegS 0 09/01/2026 1.27
ARGENTINA REPUBLIC OF GOVERNMENT 3.625 07/09/2035 1.21
ROMANIA (REPUBLIC OF) MTN RegS 5.25 11/25/2027 1.19
POLAND (REPUBLIC OF) 5.5 11/16/2027 1.13
PETROLEOS DE VENEZUELA SA RegS 0 05/17/2035 1.07
Name Weight (%)
PERU (REPUBLIC OF) 3 01/15/2034 1.04
COLOMBIA (REPUBLIC OF) 7.5 02/02/2034 1.02
ARGENTINA REPUBLIC OF GOVERNMENT 4.25 01/09/2038 0.98
MEXICO (UNITED MEXICAN STATES) (GO 4.875 05/19/2033 0.98
DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 0.97
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
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
D2 EUR 20.07 0.16 0.80 Apr 12, 2024 20.07 16.22 LU0827877043
D3 EUR 8.27 0.06 0.73 Apr 12, 2024 8.27 7.04 LU0827877126
A3 EUR 8.25 0.06 0.73 Apr 12, 2024 8.25 7.02 LU0200684008
A1 EUR 7.98 0.07 0.88 Apr 12, 2024 7.98 6.78 LU0200683703
C2 USD 15.14 -0.01 -0.07 Apr 12, 2024 15.29 12.86 LU0200681673
X2 CAD 33.17 0.13 0.39 Apr 12, 2024 33.18 26.94 LU2545636172
I2 EUR 18.21 0.14 0.77 Apr 12, 2024 18.21 14.70 LU1048586868
E2 EUR 16.51 0.13 0.79 Apr 12, 2024 16.51 13.49 LU0200684180
Class I4 USD 8.87 0.00 0.00 Apr 12, 2024 8.95 7.52 LU1806518293
I4 Hgd EUR 8.17 0.00 0.00 Apr 12, 2024 8.25 7.00 LU2075911060
A8 Hgd AUD 6.71 -0.01 -0.15 Apr 12, 2024 6.78 5.90 LU0871639893
Class I5 Hedged EUR 7.44 0.00 0.00 Apr 12, 2024 7.51 6.54 LU1323999216
A2 Hgd GBP 11.49 -0.01 -0.09 Apr 12, 2024 11.60 9.72 LU1057296771
A8 Hgd CNH 82.61 -0.05 -0.06 Apr 12, 2024 83.47 72.73 LU1919856051
I2 Hgd EUR 11.31 0.00 0.00 Apr 12, 2024 11.42 9.61 LU1057294727
D2 Hgd EUR 16.56 -0.01 -0.06 Apr 12, 2024 16.72 14.09 LU0827877399
A2 EUR 18.16 0.14 0.78 Apr 12, 2024 18.16 14.76 LU0200683885
D3 USD 8.80 -0.01 -0.11 Apr 12, 2024 8.89 7.67 LU0827876821
X2 Hgd EUR 19.14 0.00 0.00 Apr 12, 2024 19.32 16.17 LU0343170543
I2 Hgd GBP 10.33 0.00 0.00 Apr 12, 2024 10.43 8.67 LU1806518533
Class AI5 Hedged EUR 7.75 -0.01 -0.13 Apr 12, 2024 7.83 6.82 LU1960220074
I4 Hgd GBP 8.55 -0.01 -0.12 Apr 12, 2024 8.64 7.28 LU2075910922
X2 USD 24.11 -0.01 -0.04 Apr 12, 2024 24.34 20.02 LU0200682721
E2 USD 17.57 -0.01 -0.06 Apr 12, 2024 17.74 14.83 LU0200681830
A6 USD 7.07 -0.01 -0.14 Apr 12, 2024 7.14 6.20 LU0764617162
A6 Hgd HKD 51.27 -0.03 -0.06 Apr 12, 2024 51.78 45.18 LU0764619960
Class X5 Hedged CHF 7.90 0.00 0.00 Apr 12, 2024 7.98 7.02 LU1904800973
Class X5 Hedged EUR 7.16 -0.01 -0.14 Apr 12, 2024 7.23 6.30 LU1722865000
C1 USD 8.49 0.00 0.00 Apr 12, 2024 8.57 7.40 LU0200681327
E2 Hgd EUR 9.88 0.00 0.00 Apr 12, 2024 9.98 8.49 LU1062842882
A1 USD 8.49 0.00 0.00 Apr 12, 2024 8.57 7.40 LU0200680436
A3 USD 8.78 -0.01 -0.11 Apr 12, 2024 8.87 7.65 LU0200680782
A8 Hgd ZAR 75.62 -0.03 -0.04 Apr 12, 2024 76.33 66.17 LU1109561420
A4 EUR 11.52 0.10 0.88 Apr 12, 2024 11.52 9.76 LU1072326561
I2 Hgd CHF 9.24 -0.01 -0.11 Apr 12, 2024 9.34 8.01 LU1618350562
A2 Hgd EUR 15.47 -0.01 -0.06 Apr 12, 2024 15.62 13.24 LU0413376566
D2 USD 21.35 -0.01 -0.05 Apr 12, 2024 21.56 17.85 LU0297941386
A6 Hgd GBP 6.90 -0.01 -0.14 Apr 12, 2024 6.97 6.07 LU1408527916
X2 EUR 22.66 0.18 0.80 Apr 12, 2024 22.66 18.18 LU0988581723
A2 USD 19.32 -0.01 -0.05 Apr 12, 2024 19.51 16.24 LU0200680600
Class AI2 Hedged EUR 9.38 -0.01 -0.11 Apr 12, 2024 9.47 8.03 LU1960219902
A2 CZK 460.71 3.75 0.82 Apr 12, 2024 460.71 346.29 LU1791181735
A6 Hgd CAD 7.33 0.00 0.00 Apr 12, 2024 7.40 6.44 LU1408528054
I2 USD 19.38 -0.01 -0.05 Apr 12, 2024 19.56 16.18 LU1180455567
A8 Hgd NZD 7.49 0.00 0.00 Apr 12, 2024 7.56 6.57 LU1408528138
Class E5 Hedged EUR 7.25 0.00 0.00 Apr 12, 2024 7.32 6.38 LU1062842965

Portfolio Managers

Portfolio Managers

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.

Michel Aubenas, CFA
Managing Director, Portfolio Manager for Emerging Markets Debt

Michel Aubenas, CFA

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.

Literature

Literature