Fixed Income

BGF Emerging Markets Local Currency Bond Fund

  • NAV as of Dec 6, 2021 EUR 12.46
    52 WK: 12.35 - 13.29
  • 1 Day NAV Change as of Dec 6, 2021 0.02 (0.16%)
  • 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.
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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
  From
30-Sep-2016
To
30-Sep-2017		 From
30-Sep-2017
To
30-Sep-2018		 From
30-Sep-2018
To
30-Sep-2019		 From
30-Sep-2019
To
30-Sep-2020		 From
30-Sep-2020
To
30-Sep-2021
Total Return (%)

as of Sep 30, 2021

3.28 -11.60 15.68 -8.76 5.07
  1Y 3Y 5Y 10y Incept.
Total Return (%)

as of Nov 30, 2021

0.07 1.94 0.27 - 0.46
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
Total Return (%)

as of Nov 30, 2021

-1.84 -0.12 -2.48 0.07 5.95 1.35 - 4.28
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

Size of Fund (Millions) as of Dec 6, 2021 USD 2,137.563
12m Trailing Yield as of Nov 30, 2021 5.05
Number of Holdings as of Nov 30, 2021 167
Base Currency U.S. Dollar
Fund Inception Date Jun 26, 1997
Share Class Inception Date Oct 4, 2012
Asset Class Fixed Income
Morningstar Category Global Emerging Markets Bond - Local Currency
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 0.78%
ISIN LU0827884924
Bloomberg Ticker BGLED3E
Annual Management Fee 0.50%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B8G3149
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment -
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Worst as of Nov 30, 2021 6.87%
Modified Duration as of Nov 30, 2021 4.84 yrs
Effective Duration as of Nov 30, 2021 4.81 yrs
Weighted Avg Maturity as of Nov 30, 2021 7.00 yrs
WAL to Worst as of Nov 30, 2021 7.00 yrs

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Nov 5, 2021 BBB
MSCI ESG Quality Score (0-10) as of Nov 5, 2021 4.29
MSCI ESG Quality Score - Peer Percentile as of Nov 5, 2021 49.60
MSCI ESG % Coverage as of Nov 5, 2021 99.42
Fund Lipper Global Classification as of Nov 5, 2021 Bond Emerging Markets Global LC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 5, 2021 827.87
Funds in Peer Group as of Nov 5, 2021 252
All data is from MSCI ESG Fund Ratings as of Nov 5, 2021, based on holdings as of Jun 30, 2021. 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 covered 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.
Ratings Report

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Nov 30, 2021
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 2.81
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 2.55
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.28
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 2.06
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 1.86
Name Weight (%)
BRAZIL (FEDERATIVE REPUBLIC OF) 0 07/01/2022 1.77
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.68 05/21/2030 1.66
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.13 11/21/2029 1.65
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.62
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.51
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Nov 30, 2021

% of Market Value

Type Fund
as of Nov 30, 2021

% of Market Value

Type Fund
as of Nov 30, 2021

% of Market Value

Type Fund
Allocations subject to change.
as of Nov 30, 2021

% of Market Value

Type Fund
as of Nov 30, 2021

% of Market Value

Type Fund
as of Nov 30, 2021

% 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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
D3 EUR Monthly 12.46 0.02 0.16 13.29 12.35 - LU0827884924 - -
Class S3 Hedged GBP Monthly 8.86 0.01 0.11 10.29 8.80 - LU1911699996 - -
X2 GBP Accumulating 5.38 0.01 0.19 5.79 5.25 - LU1688375267 - -
C2 USD Accumulating 19.30 0.03 0.16 21.72 19.10 - LU0278476923 - -
D2 USD Accumulating 24.92 0.03 0.12 27.61 24.65 - LU0383940458 - -
Class I3 Hedged GBP Monthly 5.87 0.02 0.34 6.81 5.83 - LU0995336418 - -
D2 Hgd CHF Accumulating 8.35 0.01 0.12 9.37 8.26 - LU1688375184 - -
A1 USD Daily 3.38 0.00 0.00 3.92 3.35 - LU0278477574 - -
X2 Hgd GBP Accumulating 9.70 0.01 0.10 10.70 9.59 - LU1505939139 - -
X2 AUD Accumulating 10.12 0.00 0.00 10.36 9.50 - LU1554267051 - -
D2 Hgd EUR Accumulating 7.32 0.01 0.14 8.18 7.24 - LU0622213642 - -
I2 CHF - 23.12 0.12 0.52 24.58 22.91 - LU1781817694 - -
A2 EUR Accumulating 20.58 0.04 0.19 21.15 20.21 - LU0278457204 - -
A4 USD Annual 13.63 0.02 0.15 15.83 13.48 - LU0548402170 - -
A4 EUR Annual 12.07 0.01 0.08 12.95 11.94 - LU0478974834 - -
A3 USD Monthly 3.40 0.00 0.00 3.94 3.38 - LU0278470132 - -
A2 Hgd SEK Accumulating 84.41 0.13 0.15 94.63 83.49 - LU1715605868 - -
Class AI5 EUR Quarterly 8.97 0.02 0.22 9.53 8.87 - LU1960220660 - -
A6 Hgd SGD Monthly 6.55 0.01 0.15 7.71 6.51 - LU1676225185 - -
A2 Hgd SGD Accumulating 8.00 0.01 0.13 8.92 7.92 - LU0358998713 - -
I2 EUR Accumulating 22.18 0.04 0.18 22.68 21.69 - LU1559746307 - -
Class E5 Hedged EUR Quarterly 5.50 0.01 0.18 6.41 5.44 - LU1062843260 - -
D5 GBP Quarterly 7.57 0.02 0.26 8.60 7.43 - LU1694209807 - -
A2 USD Accumulating 23.23 0.04 0.17 25.85 22.98 - LU0278470058 - -
D3 Hgd AUD Monthly 5.53 0.01 0.18 6.43 5.50 - LU0827884841 - -
D2 EUR Accumulating 22.08 0.04 0.18 22.61 21.61 - LU0329592702 - -
A3 EUR Monthly 3.01 0.00 0.00 3.21 2.99 - LU0278457469 - -
A6 USD Monthly 7.25 0.01 0.14 8.52 7.21 - LU1408528211 - -
C2 EUR Accumulating 17.09 0.02 0.12 17.75 16.91 - LU0278457972 - -
D2 Hgd GBP Accumulating 13.84 0.03 0.22 15.36 13.68 - LU0827885491 - -
A2 Hgd EUR Accumulating 7.09 0.01 0.14 7.97 7.01 - LU0359002093 - -
D4 EUR Annual 12.10 0.02 0.17 13.00 11.97 - LU0827885145 - -
D2 Hgd SGD Accumulating 8.39 0.01 0.12 9.31 8.30 - LU0827884767 - -
I2 USD Accumulating 25.04 0.04 0.16 27.69 24.76 - LU0520955575 - -
C1 USD Daily 3.38 0.01 0.30 3.91 3.35 - LU0278478119 - -
A3 HKD Monthly 26.52 0.06 0.23 30.55 26.34 - LU0388349754 - -
E2 USD Accumulating 21.57 0.03 0.14 24.12 21.34 - LU0374975414 - -
A1 EUR Daily 2.99 0.00 0.00 3.19 2.96 - LU0278461065 - -
D2 Hgd PLN Accumulating 9.76 0.02 0.21 10.90 9.65 - LU0827884684 - -
I2 GBP - 18.90 0.03 0.16 20.45 18.51 - LU1741217027 - -
A8 Hgd AUD Monthly 5.82 0.01 0.17 6.80 5.78 - LU1133072774 - -
I5 EUR Quarterly 7.49 0.01 0.13 7.95 7.40 - LU0995350831 - -
I5 USD Quarterly 8.45 0.01 0.12 9.74 8.36 - LU1495982867 - -
D3 Hgd GBP Monthly 5.85 0.01 0.17 6.79 5.81 - LU0995345831 - -
I2 Hgd EUR Accumulating 7.57 0.01 0.13 8.45 7.48 - LU0473186707 - -
D3 USD Monthly 14.06 0.02 0.14 16.30 13.97 - LU0523291242 - -
D2 CHF Accumulating 23.02 0.12 0.52 24.48 22.81 - LU1065150267 - -
D3 HKD Monthly 109.68 0.24 0.22 126.36 108.98 - LU0827885061 - -
E2 EUR Accumulating 19.11 0.03 0.16 19.72 18.83 - LU0278459671 - -
A6 Hgd GBP Monthly 6.63 0.01 0.15 7.81 6.59 - LU1408528302 - -
A2 Hgd PLN Accumulating 9.32 0.01 0.11 10.46 9.22 - LU0480535052 - -
A3 Hgd AUD Monthly 5.54 0.01 0.18 6.43 5.50 - LU0575500318 - -
A6 Hgd CAD Monthly 7.08 0.01 0.14 8.33 7.04 - LU1408528641 - -
D4 USD Annual 13.66 0.02 0.15 15.88 13.52 - LU0827885228 - -
X2 EUR Accumulating 6.31 0.01 0.16 6.43 6.16 - LU0531082021 - -
A2 CZK Accumulating 523.35 0.76 0.15 549.46 517.25 - LU1791177113 - -
X2 USD Accumulating 7.13 0.01 0.14 7.85 7.05 - LU0344905624 - -
E2 Hgd EUR Accumulating 6.69 0.01 0.15 7.55 6.61 - LU0474536231 - -
A2 Hgd CHF Accumulating 6.90 0.01 0.15 7.78 6.83 - LU0623004180 - -
A8 Hgd NZD Monthly 7.27 0.01 0.14 8.46 7.22 - LU1408528724 - -
A6 Hgd HKD Monthly 71.98 0.11 0.15 84.76 71.58 - LU1408528484 - -
Class X5 Hedged GBP Quarterly 8.58 0.01 0.12 9.92 8.48 - LU1954752702 - -
Class AI2 EUR - 9.95 0.01 0.10 10.23 9.77 - LU1960220587 - -

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Managing Director, Head of BlackRock's Emerging Markets Fixed Income

Sergio Trigo Paz, Managing Director, is Head of BlackRock's Emerging Markets Fixed Income.

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Sergio Trigo Paz, Managing Director, is Head of BlackRock's Emerging Markets Fixed Income.

 

Prior to Joining BlackRock in 2012, he was CIO of Emerging Market Fixed Income at BNP Paribas Investment Partners. From 2004 to 2008, he managed a special situations and event driven EM hedge fund and was also responsible for total and absolute return EM strategies at Fortis Investments. In his early career from 1993 to 2004 he developed extensive experience in emerging markets debt as a proprietary and distressed trader and as a market maker.

 

Sergio graduated with an MSc in Economics, an MSc in Finance and an MPhil in Management from Paris Sorbonne University in 1993.

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