Fixed Income

BGF Emerging Markets Local Currency 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.

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 (%) 3.57 -13.51 15.02 9.33 -11.26 9.49 -6.97 -4.75 -8.19 4.87
Constraint Benchmark 1 (%) 5.34 -14.29 11.63 10.47 -5.12 11.46 -6.26 -5.94 -10.32 2.52

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

  1Y 3Y 5Y 10y Incept.
0.82 -2.50 -2.50 -0.24 -2.04
Constraint Benchmark 1 (%) -0.64 -4.47 -3.09 -0.14 -1.87
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.48 0.48 2.97 -0.43 0.82 -7.31 -11.91 -2.40 -19.71
Constraint Benchmark 1 (%) 0.37 0.37 0.85 -0.96 -0.64 -12.82 -14.54 -1.35 -18.25
  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
From
31-Dec-2022
To
31-Dec-2023
Total Return (%)

as of Dec 31, 2023

9.49 -6.97 -4.75 -8.19 4.87
Constraint Benchmark 1 (%)

as of Dec 31, 2023

11.46 -6.26 -5.94 -10.32 2.52
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 CHF, 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 Feb 21, 2024 USD 1,615,944,588
Share Class Inception Date May 29, 2013
Fund Inception Date Jun 26, 1997
Share Class Currency CHF
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan GBI-EM Global Diversified Index in CHF
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 1.24%
ISIN LU0938162186
Annual Management Fee 1.00%
Performance Fee 0.00%
Minimum Initial Investment CHF 5000
Minimum Subsequent Investment -
Use of Income Accumulating
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 BGELA2C
SEDOL BB2BQ87

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Jan 31, 2024 182
Standard Deviation (3y) as of Jan 31, 2024 8.59%
Yield to Maturity as of Jan 31, 2024 7.38%
Modified Duration as of Jan 31, 2024 5.76 yrs
Yield to Worst as of Jan 31, 2024 7.38%
Effective Duration as of Jan 31, 2024 5.77 yrs
Weighted Avg Maturity as of Jan 31, 2024 7.55 yrs
WAL to Worst as of Jan 31, 2024 7.55 yrs

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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

3 stars
Overall Morningstar Rating for BGF Emerging Markets Local Currency Bond Fund, Class A2, as of Dec 31, 2017 rated against 602 Global Emerging Markets Bond - Local Currency Funds.

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Jan 31, 2024
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.63
PERU (REPUBLIC OF) 6.95 08/12/2031 2.43
SOUTH AFRICA (REPUBLIC OF) 7 02/28/2031 2.04
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.98
POLAND (REPUBLIC OF) 6 10/25/2033 1.97
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.96
TREASURY NOTE 4.625 06/30/2025 1.93
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.79
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.67
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.65
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jan 31, 2024

% of Market Value

Type Fund
as of Jan 31, 2024

% of Market Value

Type Fund
as of Jan 31, 2024

% of Market Value

Type Fund
as of Jan 31, 2024

% of Market Value

Type Fund
as of Jan 31, 2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A2 CHF 21.31 0.08 0.38 Feb 21, 2024 21.31 19.52 LU0938162186
Class S2 USD 10.36 0.04 0.39 Feb 21, 2024 10.56 9.25 LU2624963760
Class S2 EUR 9.58 0.04 0.42 Feb 21, 2024 9.62 8.80 LU2624963927
I5 EUR 7.22 0.04 0.56 Feb 21, 2024 7.27 6.73 LU0995350831
A8 Hgd AUD 5.12 0.02 0.39 Feb 21, 2024 5.33 4.70 LU1133072774
D2 USD 26.27 0.09 0.34 Feb 21, 2024 26.78 23.06 LU0383940458
Class S3 EUR 10.03 0.05 0.50 Feb 21, 2024 10.16 9.42 LU2624963687
Class S2 Hedged EUR 10.21 0.04 0.39 Feb 21, 2024 10.43 9.18 LU2624963505
A2 Hgd EUR 6.93 0.03 0.43 Feb 21, 2024 7.08 6.25 LU0359002093
X2 AUD 11.64 0.07 0.61 Feb 21, 2024 11.73 9.72 LU1554267051
D2 CHF 23.12 0.09 0.39 Feb 21, 2024 23.12 21.14 LU1065150267
C2 USD 19.57 0.07 0.36 Feb 21, 2024 20.00 17.47 LU0278476923
I5 USD 7.80 0.02 0.26 Feb 21, 2024 8.02 7.07 LU1495982867
A2 Hgd SGD 8.10 0.02 0.25 Feb 21, 2024 8.29 7.28 LU0358998713
D2 Hgd CHF 8.10 0.03 0.37 Feb 21, 2024 8.30 7.35 LU1688375184
X2 Hgd GBP 10.06 0.04 0.40 Feb 21, 2024 10.25 8.87 LU1505939139
Class AI5 EUR 8.65 0.05 0.58 Feb 21, 2024 8.71 8.07 LU1960220660
I2 EUR 24.49 0.12 0.49 Feb 21, 2024 24.59 21.84 LU1559746307
A1 USD 3.12 0.01 0.32 Feb 21, 2024 3.22 2.86 LU0278477574
D3 Hgd GBP 5.24 0.02 0.38 Feb 21, 2024 5.45 4.80 LU0995345831
X2 GBP 6.04 0.03 0.50 Feb 21, 2024 6.10 5.48 LU1688375267
Class SR2 Hedged EUR 9.39 0.03 0.32 Feb 21, 2024 9.60 8.45 LU2319963380
Class SR3 Hedged GBP 8.28 0.03 0.36 Feb 21, 2024 8.61 7.58 LU2319963463
Class SR2 USD 10.09 0.04 0.40 Feb 21, 2024 10.28 8.85 LU2319963547
I2 GBP 20.98 0.12 0.58 Feb 21, 2024 21.21 19.13 LU1741217027
Class E5 Hedged EUR 4.76 0.01 0.21 Feb 21, 2024 4.97 4.36 LU1062843260
Class SR3 USD 8.57 0.03 0.35 Feb 21, 2024 8.87 7.83 LU2319963620
I2 CHF 23.30 0.09 0.39 Feb 21, 2024 23.30 21.30 LU1781817694
A3 HKD 24.62 0.09 0.37 Feb 21, 2024 25.42 22.51 LU0388349754
A3 EUR 2.91 0.01 0.34 Feb 21, 2024 2.95 2.73 LU0278457469
A2 EUR 22.40 0.11 0.49 Feb 21, 2024 22.50 20.10 LU0278457204
D2 Hgd EUR 7.23 0.02 0.28 Feb 21, 2024 7.39 6.51 LU0622213642
A6 Hgd SGD 5.68 0.02 0.35 Feb 21, 2024 5.97 5.24 LU1676225185
A3 USD 3.15 0.01 0.32 Feb 21, 2024 3.26 2.87 LU0278470132
D5 GBP 7.34 0.05 0.69 Feb 21, 2024 7.42 6.90 LU1694209807
A2 Hgd SEK 82.16 0.29 0.35 Feb 21, 2024 84.12 74.28 LU1715605868
A4 USD 12.75 0.04 0.31 Feb 21, 2024 13.45 11.41 LU0548402170
A1 EUR 2.89 0.02 0.70 Feb 21, 2024 2.92 2.71 LU0278461065
A4 EUR 11.80 0.06 0.51 Feb 21, 2024 12.19 10.85 LU0478974834
A2 USD 24.22 0.09 0.37 Feb 21, 2024 24.71 21.36 LU0278470058
D3 EUR 12.04 0.06 0.50 Feb 21, 2024 12.21 11.31 LU0827884924
A6 USD 6.49 0.02 0.31 Feb 21, 2024 6.74 5.95 LU1408528211
D3 Hgd AUD 4.91 0.02 0.41 Feb 21, 2024 5.14 4.52 LU0827884841
D4 EUR 11.83 0.06 0.51 Feb 21, 2024 12.25 10.87 LU0827885145
D3 USD 13.02 0.05 0.39 Feb 21, 2024 13.47 11.89 LU0523291242
I2 Hgd EUR 7.51 0.03 0.40 Feb 21, 2024 7.67 6.74 LU0473186707
D2 EUR 24.30 0.12 0.50 Feb 21, 2024 24.40 21.70 LU0329592702
C2 EUR 18.10 0.09 0.50 Feb 21, 2024 18.19 16.44 LU0278457972
C1 USD 3.12 0.01 0.32 Feb 21, 2024 3.22 2.85 LU0278478119
D2 Hgd GBP 14.13 0.05 0.36 Feb 21, 2024 14.41 12.54 LU0827885491
I2 USD 26.48 0.09 0.34 Feb 21, 2024 26.99 23.20 LU0520955575
E2 USD 22.24 0.08 0.36 Feb 21, 2024 22.70 19.71 LU0374975414
Class AI2 EUR 10.83 0.06 0.56 Feb 21, 2024 10.88 9.72 LU1960220587
A2 Hgd PLN 9.97 0.04 0.40 Feb 21, 2024 10.17 8.78 LU0480535052
D4 USD 12.79 0.04 0.31 Feb 21, 2024 13.51 11.42 LU0827885228
E2 EUR 20.57 0.10 0.49 Feb 21, 2024 20.67 18.55 LU0278459671
D3 HKD 101.85 0.37 0.36 Feb 21, 2024 105.15 93.09 LU0827885061
A3 Hgd AUD 4.91 0.01 0.20 Feb 21, 2024 5.15 4.52 LU0575500318
X2 USD 7.63 0.03 0.39 Feb 21, 2024 7.77 6.65 LU0344905624
A6 Hgd CAD 6.22 0.03 0.48 Feb 21, 2024 6.49 5.71 LU1408528641
X2 EUR 7.05 0.03 0.43 Feb 21, 2024 7.08 6.26 LU0531082021
A2 Hgd CHF 6.62 0.02 0.30 Feb 21, 2024 6.79 6.02 LU0623004180
A2 CZK 567.25 1.70 0.30 Feb 21, 2024 569.28 471.20 LU1791177113
A8 Hgd NZD 6.45 0.02 0.31 Feb 21, 2024 6.71 5.92 LU1408528724
D2 Hgd SGD 8.58 0.03 0.35 Feb 21, 2024 8.77 7.67 LU0827884767
A6 Hgd GBP 5.73 0.02 0.35 Feb 21, 2024 5.98 5.27 LU1408528302
D2 Hgd PLN 10.55 0.03 0.29 Feb 21, 2024 10.76 9.25 LU0827884684
E2 Hgd EUR 6.46 0.02 0.31 Feb 21, 2024 6.62 5.84 LU0474536231
Class X5 Hedged GBP 7.67 0.03 0.39 Feb 21, 2024 7.91 6.96 LU1954752702
A6 Hgd HKD 62.97 0.23 0.37 Feb 21, 2024 65.68 57.86 LU1408528484

Portfolio Managers

Portfolio Managers

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.

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.

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.

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.

Literature

Literature