Fixed Income

BGF Global High Yield 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. Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixed income securities. 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.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

Record Date Ex-Date Payable Date
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  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 4.01 -2.87 13.46 8.01 -3.79 13.04 4.58 1.79 -14.16
Target Benchmark 1 (%) 2.53 -2.03 16.21 7.99 -1.90 14.54 6.48 3.04 -11.38
  1Y 3Y 5Y 10y Incept.
-14.16 -2.96 -0.12 - 2.93
Target Benchmark 1 (%)

as of Dec 31, 2022

-11.38 -0.93 1.78 - 3.86
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-14.16 -0.30 4.10 1.96 -14.16 -8.62 -0.62 - 33.01
Target Benchmark 1 (%)

as of Dec 31, 2022

-11.38 -0.05 5.18 4.11 -11.38 -2.77 9.25 - 45.30
  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

-3.79 13.04 4.58 1.79 -14.16
Target Benchmark 1 (%)

as of Dec 31, 2022

-1.90 14.54 6.48 3.04 -11.38
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 Jan 27, 2023 USD 1,644,544,541
Share Class Inception Date Feb 20, 2013
Fund Inception Date Dec 22, 1998
Share Class Currency AUD
Base Currency USD
Asset Class Fixed Income
Target Benchmark 1 ICE BofA Global High Yield Constrained (HW0C) 100% USD Hedged Index
SFDR Classification Article 8
Initial Charge 5.00%
Ongoing Charge 1.46%
Annual Management Fee 1.25%
Performance Fee 0.00%
Minimum Initial Investment AUD 5000
Minimum Subsequent Investment AUD 1000
Distribution Frequency Monthly
Use of Income Distributing
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 BGHYA8A
ISIN LU0871640040
SEDOL B97FXL2

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Dec 30, 2022 1421
12m Trailing Yield as of Dec 31, 2022 6.02%
Standard Deviation (3y) as of Dec 31, 2022 11.34%
3y Beta as of Dec 31, 2022 0.991
Yield to Maturity as of Dec 30, 2022 8.43%
Modified Duration as of Dec 30, 2022 3.84 yrs
Yield to Worst as of Dec 30, 2022 8.55%
Effective Duration as of Dec 30, 2022 3.63 yrs
Weighted Avg Maturity as of Dec 30, 2022 5.78 yrs
WAL to Worst as of Dec 30, 2022 5.78 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 BBB
MSCI ESG % Coverage as of Nov 21, 2022 69.82
MSCI ESG Quality Score (0-10) as of Nov 21, 2022 5.44
MSCI ESG Quality Score - Peer Percentile as of Nov 21, 2022 34.51
Fund Lipper Global Classification as of Nov 21, 2022 Bond Global High Yield USD
Funds in Peer Group as of Nov 21, 2022 113
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Nov 21, 2022 351.51
MSCI Weighted Average Carbon Intensity % Coverage as of Nov 21, 2022 67.55
All data is from MSCI ESG Fund Ratings as of Nov 21, 2022, based on holdings as of Jun 30, 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.

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 Dec 30, 2022 0.00%
MSCI - UN Global Compact Violators as of Dec 30, 2022 0.00%
MSCI - Nuclear Weapons as of Dec 30, 2022 0.00%
MSCI - Thermal Coal as of Dec 30, 2022 0.00%
MSCI - Civilian Firearms as of Dec 30, 2022 0.00%
MSCI - Oil Sands as of Dec 30, 2022 0.00%
MSCI - Tobacco as of Dec 30, 2022 0.00%

Business Involvement Coverage as of Dec 30, 2022 45.73%
Percentage of Fund not covered as of Dec 30, 2022 54.07%
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 0.33% and for Oil Sands 0.00%.

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 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 the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and 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.

Ratings

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Dec 30, 2022
Name Weight (%)
CLARIOS GLOBAL LP 144A 8.5 05/15/2027 0.65
PICARD MIDCO INC 144A 6.5 03/31/2029 0.52
SPRINT CAPITAL CORPORATION 8.75 03/15/2032 0.47
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.46
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.44
Name Weight (%)
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.42
CONNECT FINCO SARL 144A 6.75 10/01/2026 0.40
ENTEGRIS ESCROW CORP 144A 4.75 04/15/2029 0.40
CHOBANI LLC 144A 7.5 04/15/2025 0.39
NFP CORP 144A 6.875 08/15/2028 0.37
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Dec 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Dec 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Dec 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Dec 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Dec 30, 2022

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
A8 Hgd AUD Monthly 5.58 0.01 0.18 Jan 27, 2023 6.50 5.22 LU0871640040 -
Class E5 Hedged EUR Quarterly 8.56 0.01 0.12 Jan 27, 2023 9.96 8.04 LU0500207039 -
C2 USD Accumulating 22.03 0.02 0.09 Jan 27, 2023 24.17 20.32 LU0331284447 -
D5 Hgd GBP Quarterly 7.75 0.01 0.13 Jan 27, 2023 8.89 7.23 LU1072327023 -
A1 USD Monthly 7.13 0.01 0.14 Jan 27, 2023 8.07 6.64 LU0171284770 -
X2 Hgd EUR Accumulating 20.49 0.01 0.05 Jan 27, 2023 22.55 18.95 LU0147394752 -
A2 Hgd EUR Accumulating 16.19 0.01 0.06 Jan 27, 2023 18.07 15.04 LU0093504206 -
D2 Hgd EUR Accumulating 17.60 0.01 0.06 Jan 27, 2023 19.50 16.31 LU0368267034 -
A6 Hgd SGD Monthly 8.08 0.01 0.12 Jan 27, 2023 9.39 7.57 LU1830001522 -
X2 USD Accumulating 11.76 0.01 0.09 Jan 27, 2023 12.57 10.77 LU0580566189 -
A5 EUR Quarterly 10.18 0.03 0.30 Jan 27, 2023 11.21 9.96 LU1125545993 -
D2 Hgd GBP Accumulating 19.58 0.02 0.10 Jan 27, 2023 21.39 18.05 LU0372548783 -
E2 Hgd EUR Accumulating 14.39 0.01 0.07 Jan 27, 2023 16.14 13.38 LU0093505864 -
X2 CAD - 15.68 -0.01 -0.06 Jan 27, 2023 15.80 15.09 LU2550100346 -
D3 USD Monthly 7.23 0.01 0.14 Jan 27, 2023 8.17 6.72 LU0827882126 -
D2 USD Accumulating 29.08 0.03 0.10 Jan 27, 2023 31.29 26.67 LU0297941899 -
C1 Hgd EUR Daily 5.44 0.01 0.18 Sep 10, 2021 5.45 5.13 LU0147394323 -
D3 Hgd EUR Monthly 4.34 0.01 0.23 Jan 27, 2023 5.05 4.07 LU0827882472 -
C2 Hgd EUR Accumulating 12.29 0.01 0.08 Jan 27, 2023 13.89 11.46 LU0147394596 -
A8 Hgd CNH Monthly 87.78 0.08 0.09 Jan 27, 2023 103.38 82.94 LU1919856135 -
A1 Hgd EUR Monthly 4.35 0.01 0.23 Jan 27, 2023 5.06 4.09 LU0118259661 -
A6 Hgd HKD Monthly 43.48 0.04 0.09 Jan 27, 2023 50.55 40.68 LU0784402520 -
A2 Hgd PLN Accumulating 14.81 0.01 0.07 Jan 27, 2023 15.58 13.46 LU0849758007 -
Class AI2 Hedged EUR - 9.74 0.01 0.10 Jan 27, 2023 10.86 9.04 LU1960223250 -
I2 Hgd EUR - 10.24 0.01 0.10 Jan 27, 2023 11.32 9.49 LU1791806000 -
E2 EUR Accumulating 21.80 0.06 0.28 Jan 27, 2023 23.41 21.27 LU0628613712 -
A6 USD Monthly 5.83 0.01 0.17 Jan 27, 2023 6.71 5.44 LU0764618640 -
E2 USD Accumulating 23.68 0.02 0.08 Jan 27, 2023 25.79 21.80 LU0171285157 -
Class AI5 Hedged EUR Quarterly 8.57 0.01 0.12 Jan 27, 2023 9.98 8.05 LU1960223334 -
A2 Hgd SEK Accumulating 12.91 0.01 0.08 Jan 27, 2023 14.37 11.98 LU0797429023 -
I2 Hgd CAD Accumulating 12.88 0.01 0.08 Jan 27, 2023 13.93 11.83 LU1153585705 -
I2 USD Accumulating 29.44 0.03 0.10 Jan 27, 2023 31.62 26.98 LU0369584726 -
A2 USD Accumulating 26.65 0.02 0.08 Jan 27, 2023 28.88 24.50 LU0171284937 -
A3 Hgd EUR Monthly 4.31 0.00 0.00 Jan 27, 2023 5.02 4.05 LU0172401704 -
A8 Hgd ZAR Monthly 76.24 0.09 0.12 Jan 27, 2023 88.62 71.23 LU1023055319 -
X4 Hgd EUR Annual 7.54 0.00 0.00 Jan 27, 2023 8.79 6.98 LU0984200880 -
A2 Hgd GBP Accumulating 18.14 0.02 0.11 Jan 27, 2023 19.95 16.75 LU0567554463 -
I3 USD Monthly 9.36 0.01 0.11 Jan 27, 2023 10.58 8.70 LU0764819032 -
A3 USD Monthly 7.19 0.01 0.14 Jan 27, 2023 8.12 6.68 LU0172401969 -
C1 USD Monthly 7.31 0.01 0.14 Jan 27, 2023 8.26 6.81 LU0331284363 -

Portfolio Managers

Portfolio Managers

James Keenan
Managing Director, CIO and Global Head of Credit for BlackRock Alternatives; Chairman and interim CEO of BlackRock Capital Investment Corporation

James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Head of Credit for BlackRock Alternatives and Chairman and interim Chief Executive Officer of the BlackRock Capital Investment Corporation.

Jose Aguilar
Managing Director

Jose Aguilar, Managing Director, is the head of European High Yield Strategies within BlackRock's Global Credit Platform.

David Delbos
Co-Head of US High Yield, Global Credit

David Delbos

Mitchell S. Garfin
Co-Head of Leveraged Finance, BlackRock

Mitchell S. Garfin, CFA, Managing Director, is the Co-Head of Leveraged Finance within BlackRock's Global Credit team. He is responsible for managing US High Yield and Global strategies.

James Turner
Managing Director

James Turner ACA, is Head of European Leveraged Finance, overseeing investment strategies across European High Yield, Long/Short Credit, CLOs, Leveraged Loans and the European Fundamental Credit Research team.

Literature

Literature