Fixed Income

BGF Emerging Markets Local Currency Bond Fund

  • NAV as of Feb 3, 2023 EUR 11.86
    52 WK: 11.30 - 12.71
  • 1 Day NAV Change as of Feb 3, 2023 -0.07 (-0.59%)
  • Morningstar Rating

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 and Benchmark performance displayed in EUR. Source: BlackRock. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested. Past performance is not a guide to future performance.

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -9.93 6.27 -3.92 17.14 0.69 -7.46 14.44 -6.08 -0.24 -3.05
Constraint Benchmark 1 (%) -12.91 7.37 -5.23 13.23 1.20 -1.48 15.56 -5.79 -1.82 -5.90
  1Y 3Y 5Y 10y Incept.
Total Return (%)

as of Dec 31, 2022

-3.05 -3.15 -0.77 0.43 0.27
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-5.90 -4.52 -0.18 0.06 0.29
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
Total Return (%)

as of Dec 31, 2022

-3.05 -1.50 0.30 3.66 -3.05 -9.16 -3.80 4.35 2.75
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-5.90 -1.44 -0.45 1.22 -5.90 -12.96 -0.90 0.63 3.04
  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

-7.46 14.44 -6.08 -0.24 -3.05
Constraint Benchmark 1 (%)

as of Dec 31, 2022

-1.48 15.56 -5.79 -1.82 -5.90
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 Feb 3, 2023 USD 1,503,458,195
Share Class Inception Date Oct 4, 2012
Fund Inception Date Jun 26, 1997
Share Class Currency EUR
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JPM GBIEM Global Diversified Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 0.77%
Annual Management Fee 0.50%
Performance Fee 0.00%
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment -
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 BGLED3E
ISIN LU0827884924
SEDOL B8G3149

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Dec 30, 2022 177
12m Trailing Yield as of Dec 31, 2022 5.48%
Standard Deviation (3y) as of Dec 31, 2022 11.00%
Yield to Maturity as of Dec 30, 2022 9.08%
Modified Duration as of Dec 30, 2022 4.89 yrs
Yield to Worst as of Dec 30, 2022 9.08%
Effective Duration as of Dec 30, 2022 4.91 yrs
Weighted Avg Maturity as of Dec 30, 2022 6.67 yrs
WAL to Worst as of Dec 30, 2022 6.67 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 Nov 21, 2022 BB
MSCI ESG % Coverage as of Nov 21, 2022 99.47
MSCI ESG Quality Score (0-10) as of Nov 21, 2022 4.26
MSCI ESG Quality Score - Peer Percentile as of Nov 21, 2022 31.06
Fund Lipper Global Classification as of Nov 21, 2022 Bond Emerging Markets Global LC
Funds in Peer Group as of Nov 21, 2022 264
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 21, 2022 1,228.27
MSCI Weighted Average Carbon Intensity % Coverage as of Nov 21, 2022 0.62
All data is from MSCI ESG Fund Ratings as of Nov 21, 2022, based on holdings as of Jul 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

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Emerging Markets Local Currency Bond Fund, Class D3, as of Feb 28, 2019 rated against 654 Global Emerging Markets Bond - Local Currency Funds.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Dec 30, 2022
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 3.47
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.28
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 2.07
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 1.95
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.67
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.65
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.64
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.61
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.59
SOUTH AFRICA (REPUBLIC OF) 8.25 03/31/2032 1.51
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Dec 30, 2022

% of Market Value

Type Fund
as of Dec 30, 2022

% of Market Value

Type Fund
as of Dec 30, 2022

% of Market Value

Type Fund
as of Dec 30, 2022

% of Market Value

Type Fund
as of Dec 30, 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
D3 EUR Monthly 11.86 -0.07 -0.59 Feb 3, 2023 12.71 11.30 LU0827884924 -
X2 GBP Accumulating 5.78 0.01 0.17 Feb 3, 2023 5.78 4.93 LU1688375267 -
A2 Hgd SGD Accumulating 7.66 -0.10 -1.29 Feb 3, 2023 8.29 6.58 LU0358998713 -
I5 USD Quarterly 7.68 -0.10 -1.29 Feb 3, 2023 8.65 6.65 LU1495982867 -
D2 USD Accumulating 24.24 -0.31 -1.26 Feb 3, 2023 25.83 20.70 LU0383940458 -
I2 EUR Accumulating 22.51 -0.14 -0.62 Feb 3, 2023 22.83 20.55 LU1559746307 -
X2 Hgd GBP Accumulating 9.33 -0.12 -1.27 Feb 3, 2023 10.06 8.00 LU1505939139 -
I5 EUR Quarterly 7.09 -0.05 -0.70 Feb 3, 2023 7.61 6.71 LU0995350831 -
Class AI5 EUR Quarterly 8.50 -0.05 -0.58 Feb 3, 2023 9.11 8.05 LU1960220660 -
C2 USD Accumulating 18.39 -0.24 -1.29 Feb 3, 2023 19.93 15.78 LU0278476923 -
A2 Hgd EUR Accumulating 6.60 -0.08 -1.20 Feb 3, 2023 7.32 5.71 LU0359002093 -
Class I3 Hedged GBP Monthly 5.22 -0.06 -1.14 Feb 3, 2023 6.02 4.57 LU0995336418 -
A8 Hgd AUD Monthly 5.12 -0.06 -1.16 Feb 3, 2023 5.97 4.50 LU1133072774 -
D2 Hgd CHF Accumulating 7.84 -0.10 -1.26 Feb 3, 2023 8.63 6.78 LU1688375184 -
D3 Hgd GBP Monthly 5.24 -0.07 -1.32 Feb 3, 2023 6.00 4.59 LU0995345831 -
A1 USD Monthly 3.09 -0.04 -1.28 Feb 3, 2023 3.47 2.68 LU0278477574 -
Class S3 Hedged GBP Monthly 7.94 -0.10 -1.24 Feb 3, 2023 9.10 6.95 LU1911699996 -
X2 AUD Accumulating 10.05 0.07 0.70 Feb 3, 2023 10.35 8.80 LU1554267051 -
A2 CHF Accumulating 20.78 0.03 0.14 Feb 3, 2023 22.30 19.07 LU0938162186 -
D2 CHF Accumulating 22.43 0.03 0.13 Feb 3, 2023 23.94 20.55 LU1065150267 -
D2 Hgd EUR Accumulating 6.85 -0.09 -1.30 Feb 3, 2023 7.57 5.92 LU0622213642 -
A1 EUR Monthly 2.85 -0.02 -0.70 Feb 3, 2023 3.05 2.71 LU0278461065 -
A2 Hgd SEK Accumulating 78.64 -1.03 -1.29 Feb 3, 2023 87.25 67.97 LU1715605868 -
A3 HKD Monthly 24.38 -0.30 -1.22 Feb 3, 2023 27.24 21.21 LU0388349754 -
A2 USD Accumulating 22.46 -0.29 -1.27 Feb 3, 2023 24.05 19.21 LU0278470058 -
A2 EUR Accumulating 20.73 -0.13 -0.62 Feb 3, 2023 21.15 19.02 LU0278457204 -
A3 EUR Monthly 2.87 -0.02 -0.69 Feb 3, 2023 3.07 2.73 LU0278457469 -
A6 Hgd SGD Monthly 5.76 -0.07 -1.20 Feb 3, 2023 6.71 5.07 LU1676225185 -
E2 USD Accumulating 20.73 -0.27 -1.29 Feb 3, 2023 22.31 17.76 LU0374975414 -
A4 USD Annual 12.52 -0.16 -1.26 Feb 3, 2023 14.11 10.70 LU0548402170 -
I2 CHF - 22.57 0.03 0.13 Feb 3, 2023 24.06 20.66 LU1781817694 -
D5 GBP Quarterly 7.54 0.02 0.27 Feb 3, 2023 7.56 6.83 LU1694209807 -
A3 USD Monthly 3.11 -0.04 -1.27 Feb 3, 2023 3.49 2.70 LU0278470132 -
A6 USD Monthly 6.45 -0.08 -1.23 Feb 3, 2023 7.43 5.65 LU1408528211 -
D3 USD Monthly 12.85 -0.17 -1.31 Feb 3, 2023 14.45 11.18 LU0523291242 -
I2 GBP - 20.17 0.04 0.20 Feb 3, 2023 20.17 17.31 LU1741217027 -
A4 EUR Annual 11.55 -0.07 -0.60 Feb 3, 2023 12.41 10.86 LU0478974834 -
Class E5 Hedged EUR Quarterly 4.82 -0.06 -1.23 Feb 3, 2023 5.62 4.22 LU1062843260 -
C1 USD Monthly 3.09 -0.04 -1.28 Feb 3, 2023 3.47 2.68 LU0278478119 -
D3 Hgd AUD Monthly 4.95 -0.07 -1.39 Feb 3, 2023 5.68 4.34 LU0827884841 -
C2 EUR Accumulating 16.97 -0.11 -0.64 Feb 3, 2023 17.53 15.71 LU0278457972 -
D2 EUR Accumulating 22.37 -0.14 -0.62 Feb 3, 2023 22.72 20.45 LU0329592702 -
D2 Hgd GBP Accumulating 13.20 -0.17 -1.27 Feb 3, 2023 14.33 11.34 LU0827885491 -
D4 EUR Annual 11.58 -0.07 -0.60 Feb 3, 2023 12.45 10.87 LU0827885145 -
I2 Hgd EUR Accumulating 7.10 -0.09 -1.25 Feb 3, 2023 7.83 6.13 LU0473186707 -
I2 USD Accumulating 24.39 -0.32 -1.30 Feb 3, 2023 25.95 20.82 LU0520955575 -
D2 Hgd SGD Accumulating 8.08 -0.10 -1.22 Feb 3, 2023 8.70 6.92 LU0827884767 -
A2 Hgd PLN Accumulating 9.23 -0.11 -1.18 Feb 3, 2023 9.68 7.83 LU0480535052 -
E2 EUR Accumulating 19.14 -0.12 -0.62 Feb 3, 2023 19.62 17.62 LU0278459671 -
D4 USD Annual 12.55 -0.16 -1.26 Feb 3, 2023 14.16 10.72 LU0827885228 -
A3 Hgd AUD Monthly 4.96 -0.06 -1.20 Feb 3, 2023 5.68 4.34 LU0575500318 -
A2 Hgd CHF Accumulating 6.44 -0.09 -1.38 Feb 3, 2023 7.13 5.58 LU0623004180 -
X2 EUR Accumulating 6.45 -0.04 -0.62 Feb 3, 2023 6.51 5.86 LU0531082021 -
A6 Hgd HKD Monthly 63.44 -0.84 -1.31 Feb 3, 2023 73.73 55.67 LU1408528484 -
Class X5 Hedged GBP Quarterly 7.64 -0.10 -1.29 Feb 3, 2023 8.77 6.65 LU1954752702 -
A6 Hgd CAD Monthly 6.25 -0.08 -1.26 Feb 3, 2023 7.25 5.49 LU1408528641 -
D2 Hgd PLN Accumulating 9.72 -0.12 -1.22 Feb 3, 2023 10.15 8.24 LU0827884684 -
A2 CZK Accumulating 491.98 -3.41 -0.69 Feb 3, 2023 515.79 473.17 LU1791177113 -
A8 Hgd NZD Monthly 6.43 -0.08 -1.23 Feb 3, 2023 7.46 5.65 LU1408528724 -
Class AI2 EUR - 10.02 -0.07 -0.69 Feb 3, 2023 10.23 9.20 LU1960220587 -
E2 Hgd EUR Accumulating 6.19 -0.08 -1.28 Feb 3, 2023 6.90 5.36 LU0474536231 -
D3 HKD Monthly 100.82 -1.25 -1.22 Feb 3, 2023 112.67 87.75 LU0827885061 -
A6 Hgd GBP Monthly 5.77 -0.08 -1.37 Feb 3, 2023 6.79 5.10 LU1408528302 -
X2 USD Accumulating 6.99 -0.09 -1.27 Feb 3, 2023 7.40 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.

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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.

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