Fixed Income

BGF US Dollar 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

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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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  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 3.95 -3.18 14.45 7.48 -3.70 13.09 3.66 4.00
Constraint Benchmark 1 (%) 2.46 -4.43 17.13 7.50 -2.08 14.32 7.05 5.26
  1Y 3Y 5Y 10y Incept.
-12.98 -1.76 0.31 - 3.19
Constraint Benchmark 1 (%) -11.76 0.29 2.00 - 3.83
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-13.63 3.22 -3.44 -5.85 -12.98 -5.19 1.54 - 35.58
Constraint Benchmark 1 (%) -12.52 2.60 -3.74 -4.71 -11.76 0.87 10.39 - 43.94
  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
From
30-Sep-2021
To
30-Sep-2022
Total Return (%)

as of Sep 30, 2022

2.59 4.57 -0.04 9.70 -15.97
Constraint Benchmark 1 (%)

as of Sep 30, 2022

3.05 6.35 3.20 11.27 -14.15
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 Dec 2, 2022 USD 2,112,424,297
Share Class Inception Date Feb 20, 2013
Fund Inception Date Oct 29, 1993
Share Class Currency AUD
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 Bloomberg U.S. Corporate High Yield 2% Issuer Capped 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 BGUHA8A
ISIN LU0871640396
SEDOL B971ZF8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 1226
12m Trailing Yield as of Nov 30, 2022 6.06%
Standard Deviation (3y) as of Oct 31, 2022 11.17%
Yield to Maturity as of Oct 31, 2022 8.23%
Modified Duration as of Oct 31, 2022 4.34 yrs
Yield to Worst as of Oct 31, 2022 8.24%
Effective Duration as of Oct 31, 2022 4.03 yrs
Weighted Avg Maturity as of Oct 31, 2022 6.44 yrs
WAL to Worst as of Oct 31, 2022 6.44 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 Sep 21, 2022 BBB
MSCI ESG % Coverage as of Sep 21, 2022 68.57
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 5.36
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2022 55.38
Fund Lipper Global Classification as of Sep 21, 2022 Bond USD High Yield
Funds in Peer Group as of Sep 21, 2022 381
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 286.17
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 67.19
All data is from MSCI ESG Fund Ratings as of Sep 21, 2022, based on holdings as of Apr 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 Oct 31, 2022 0.00%
MSCI - UN Global Compact Violators as of Oct 31, 2022 0.00%
MSCI - Nuclear Weapons as of Oct 31, 2022 0.00%
MSCI - Thermal Coal as of Oct 31, 2022 0.00%
MSCI - Civilian Firearms as of Oct 31, 2022 0.00%
MSCI - Oil Sands as of Oct 31, 2022 0.00%
MSCI - Tobacco as of Oct 31, 2022 0.00%

Business Involvement Coverage as of Oct 31, 2022 41.12%
Percentage of Fund not covered as of Oct 31, 2022 58.83%
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 0.00% 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

Ratings

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Oct 9, 2019)

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Oct 31, 2022
Name Weight (%)
CLARIOS GLOBAL LP 144A 8.5 05/15/2027 0.91
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.73
PICARD MIDCO INC 144A 6.5 03/31/2029 0.71
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.62
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.58
Name Weight (%)
SPRINT CAPITAL CORPORATION 8.75 03/15/2032 0.56
ELEMENT SOLUTIONS INC 144A 3.875 09/01/2028 0.56
ENTEGRIS ESCROW CORP 144A 4.75 04/15/2029 0.53
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.51
BIG RIVER STEEL LLC 144A 6.625 01/31/2029 0.50
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 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
A8 Hgd AUD Monthly 7.56 0.01 0.13 Dec 2, 2022 9.11 7.26 LU0871640396 -
D2 Hgd AUD Accumulating 18.07 0.01 0.06 Dec 2, 2022 20.45 17.18 LU0827886895 -
A3 Hgd NZD Monthly 9.58 0.00 0.00 Dec 2, 2022 11.32 9.19 LU0803752046 -
A6 USD Monthly 4.20 0.01 0.24 Dec 2, 2022 5.02 4.03 LU0738912566 -
A3 Hgd EUR Monthly 7.70 0.00 0.00 Dec 2, 2022 9.26 7.42 LU0578943853 -
D2 Hgd EUR Accumulating 216.27 0.09 0.04 Dec 2, 2022 247.68 206.40 LU0532707519 -
A3 Hgd AUD Monthly 9.70 0.00 0.00 Dec 2, 2022 11.53 9.31 LU0578942376 -
A2 Hgd CHF Accumulating 10.23 0.00 0.00 Dec 2, 2022 11.80 9.78 LU1090155554 -
A3 Hgd SGD Monthly 8.53 0.01 0.12 Dec 2, 2022 10.06 8.17 LU0578937376 -
A8 Hgd CNH Monthly 87.05 0.04 0.05 Dec 2, 2022 105.51 83.87 LU1919856218 -
C1 USD Monthly 5.14 0.00 0.00 Dec 2, 2022 6.02 4.93 LU0147389166 -
D4 Hgd GBP Annual 9.03 0.00 0.00 Dec 2, 2022 10.76 8.60 LU0681219902 -
A2 Hgd AUD Accumulating 16.89 0.01 0.06 Dec 2, 2022 19.24 16.08 LU0578947334 -
I2 USD Accumulating 15.41 0.01 0.06 Dec 2, 2022 17.19 14.60 LU0822668108 -
A4 Hgd GBP Annual 9.07 0.01 0.11 Dec 2, 2022 10.78 8.64 LU0706698544 -
A3 USD Monthly 5.18 0.00 0.00 Dec 2, 2022 6.08 4.96 LU0172419151 -
A2 Hgd SGD Accumulating 14.82 0.00 0.00 Dec 2, 2022 16.76 14.09 LU0578945809 -
X2 USD Accumulating 42.77 0.02 0.05 Dec 2, 2022 47.48 40.49 LU0147390172 -
A2 Hgd EUR Accumulating 200.05 0.09 0.05 Dec 2, 2022 230.57 191.15 LU0330917963 -
I2 Hgd EUR Accumulating 11.17 0.00 0.00 Dec 2, 2022 12.78 10.66 LU1111085798 -
A3 Hgd CAD Monthly 8.75 0.00 0.00 Dec 2, 2022 10.32 8.38 LU0803751741 -
A1 USD Monthly 5.14 0.00 0.00 Dec 2, 2022 6.01 4.92 LU0046675905 -
I4 Hgd GBP Annual 7.83 0.00 0.00 Dec 2, 2022 9.33 7.45 LU1111085442 -
E2 USD Accumulating 31.59 0.02 0.06 Dec 2, 2022 35.68 30.00 LU0147389919 -
A2 USD Accumulating 34.98 0.01 0.03 Dec 2, 2022 39.34 33.20 LU0046676465 -
C2 USD Accumulating 26.14 0.01 0.04 Dec 2, 2022 29.73 24.86 LU0147389596 -
D2 Hgd CHF Accumulating 10.81 0.01 0.09 Dec 2, 2022 12.39 10.31 LU1090156289 -
A8 Hgd ZAR Monthly 75.92 0.04 0.05 Dec 2, 2022 91.11 72.90 LU1023056127 -
A3 Hgd GBP Monthly 8.27 0.01 0.12 Dec 2, 2022 9.83 7.94 LU0580330818 -
X6 USD Monthly 9.41 0.00 0.00 Dec 2, 2022 11.10 9.01 LU1376384019 -
E2 EUR Accumulating 30.16 0.17 0.57 Dec 2, 2022 32.16 29.09 LU0277197595 -
D3 Hgd SGD Monthly 8.55 0.00 0.00 Dec 2, 2022 10.09 8.19 LU0827886978 -
D2 Hgd SGD Accumulating 15.82 0.01 0.06 Dec 2, 2022 17.77 15.01 LU0827887273 -
I3 USD Monthly 8.36 0.00 0.00 Dec 2, 2022 9.82 8.01 LU0764821012 -
A6 Hgd SGD Monthly 7.64 0.00 0.00 Dec 2, 2022 9.18 7.34 LU1314333441 -
A6 Hgd HKD Monthly 31.05 0.01 0.03 Dec 2, 2022 37.41 29.86 LU0764619531 -
D3 USD Monthly 8.88 0.00 0.00 Dec 2, 2022 10.43 8.50 LU0592702061 -
D2 USD Accumulating 37.81 0.02 0.05 Dec 2, 2022 42.25 35.84 LU0552552704 -

Portfolio Managers

Portfolio Managers

James Keenan
Chief Investment Officer & Global Head of Credit

James E. Keenan, CFA, Managing Director, is Chief Investment Officer and Global Co-Head of Credit within BlackRock Alternative Investors (BAI).

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.

Literature

Literature