Fixed Income

BSF Emerging Markets Flexi Dynamic 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 (%) 0.42 3.41 12.77 5.51 -11.33 6.45 14.93 -11.60 -6.43 15.47
Comparator Benchmark 1 (%) 0.23 0.23 0.66 1.11 2.08 2.60 1.08 0.16 1.70 5.21
Comparator Benchmark 2 (%) 0.71 -7.14 10.16 12.74 -5.15 14.31 4.02 -5.32 -14.75 11.92

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

  1Y 3Y 5Y 10y Incept.
13.74 0.51 2.22 2.63 2.40
Comparator Benchmark 1 (%) 5.44 2.77 2.26 1.63 1.53
Comparator Benchmark 2 (%) 8.07 -1.47 0.46 1.41 1.60
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.30 1.34 0.30 12.20 13.74 1.55 11.62 29.61 28.96
Comparator Benchmark 1 (%) 1.35 0.46 1.35 2.74 5.44 8.55 11.84 17.51 17.71
Comparator Benchmark 2 (%) -0.05 1.03 -0.05 8.56 8.07 -4.35 2.32 15.01 18.57
  From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
From
31-Mar-2021
To
31-Mar-2022
From
31-Mar-2022
To
31-Mar-2023
From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of Mar 31, 2024

-3.16 13.51 -9.03 -1.85 13.74
Comparator Benchmark 1 (%)

as of Mar 31, 2024

2.38 0.64 0.13 2.82 5.44
Comparator Benchmark 2 (%)

as of Mar 31, 2024

-6.61 14.54 -7.96 -3.83 8.07
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 USD, 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 Apr 23, 2024 USD 1,147,398,305
Share Class Inception Date Jul 3, 2013
Fund Inception Date Jun 12, 2013
Share Class Currency USD
Base Currency USD
Asset Class Fixed Income
Comparator Benchmark 1 3 Month SOFR Compounded in Arrears
Comparator Benchmark 2 50% EMBIGLDIV / 50% JPMGBIEGDV Composite Index (USD)
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 1.04%
ISIN LU0949128572
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment USD 100000
Minimum Subsequent Investment USD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Emerging Markets Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BSEFD2U
SEDOL BBT33Y1

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 306
Standard Deviation (3y) as of Mar 31, 2024 7.97%
3y Beta as of Mar 31, 2024 5.046
Yield to Maturity as of Mar 28, 2024 6.99%
Modified Duration as of Mar 28, 2024 4.58 yrs
Yield to Worst as of Mar 28, 2024 6.95%
Effective Duration as of Mar 28, 2024 4.66 yrs
Weighted Avg Maturity as of Mar 28, 2024 7.74 yrs
WAL to Worst as of Mar 28, 2024 7.74 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 Apr 21, 2024 BB
MSCI ESG % Coverage as of Apr 21, 2024 86.50
MSCI ESG Quality Score (0-10) as of Apr 21, 2024 3.99
MSCI ESG Quality Score - Peer Percentile as of Apr 21, 2024 40.90
Fund Lipper Global Classification as of Apr 21, 2024 Bond Emerging Markets Global HC
Funds in Peer Group as of Apr 21, 2024 423
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Apr 21, 2024 764.41
MSCI Weighted Average Carbon Intensity % Coverage as of Apr 21, 2024 16.15
All data is from MSCI ESG Fund Ratings as of Apr 21, 2024, based on holdings as of Sep 30, 2023. 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% (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.

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 Mar 28, 2024 0.00%
MSCI - UN Global Compact Violators as of Mar 28, 2024 6.25%
MSCI - Nuclear Weapons as of Mar 28, 2024 0.00%
MSCI - Thermal Coal as of Mar 28, 2024 0.00%
MSCI - Civilian Firearms as of Mar 28, 2024 0.00%
MSCI - Oil Sands as of Mar 28, 2024 0.00%
MSCI - Tobacco as of Mar 28, 2024 0.00%

Business Involvement Coverage as of Mar 28, 2024 12.10%
Percentage of Fund not covered as of Mar 28, 2024 88.81%
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 0.31% 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 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

4 stars
Overall Morningstar Rating for BSF Emerging Markets Flexi Dynamic Bond Fund, Class D2, as of Mar 31, 2024 rated against 1512 Global Emerging Markets Bond Funds.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Mar 28, 2024
Name Weight (%)
MEXICO (UNITED MEXICAN STATES) (GO 8.5 05/31/2029 5.47
COLOMBIA (REPUBLIC OF) 7.5 08/26/2026 5.18
COLOMBIA REPUBLIC OF (GOVERNMENT) 6 04/28/2028 4.61
INDONESIA (REPUBLIC OF) 7 05/15/2027 2.71
POLAND (REPUBLIC OF) 2.75 10/25/2029 1.85
Name Weight (%)
EGYPT (ARAB REPUBLIC OF) MTN RegS 7.903 02/21/2048 1.71
INDONESIA (REPUBLIC OF) 7 09/15/2030 1.67
SOUTH AFRICA (REPUBLIC OF) 7 02/28/2031 1.64
UKRAINE (GOVERNMENT OF) RegS 7.75 08/01/2041 1.63
COLOMBIA (REPUBLIC OF) 5.75 11/03/2027 1.54
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
D2 USD 127.32 0.24 0.19 Apr 23, 2024 129.90 111.49 LU0949128572
X2 Hgd AUD 115.74 0.22 0.19 Apr 23, 2024 118.16 102.09 LU1435395550
I5 EUR 84.17 -0.38 -0.45 Apr 23, 2024 85.42 76.11 LU1722863567
A2 Hgd SEK 85.06 0.15 0.18 Apr 23, 2024 86.96 76.56 LU1715606080
A4 Hgd GBP 76.13 0.15 0.20 Apr 23, 2024 77.75 68.13 LU1072457747
E2 USD 110.85 0.21 0.19 Apr 23, 2024 113.16 98.18 LU0949128499
I3 USD 70.17 0.13 0.19 Apr 23, 2024 72.30 64.72 LU1572169453
I4 Hgd EUR 73.21 0.14 0.19 Apr 23, 2024 74.77 65.67 LU1418627409
D4 Hgd GBP 76.08 0.14 0.18 Apr 23, 2024 77.67 67.57 LU1093538335
D2 Hgd CHF 86.26 0.15 0.17 Apr 23, 2024 88.26 78.53 LU1567862849
X2 Hgd CAD 103.96 0.19 0.18 Apr 23, 2024 106.11 90.90 LU1728553345
D2 Hgd EUR 106.68 0.20 0.19 Apr 23, 2024 108.96 95.12 LU0949128226
D5 Hgd EUR 70.67 0.13 0.18 Apr 23, 2024 73.04 65.86 LU1814255391
A2 Hgd CHF 82.18 0.15 0.18 Apr 23, 2024 84.26 75.29 LU1567863144
Class AI2 Hedged EUR 92.50 0.16 0.17 Apr 23, 2024 94.52 83.02 LU2008561636
E2 Hgd EUR 93.61 0.17 0.18 Apr 23, 2024 95.66 84.45 LU0949128143
D5 EUR 87.70 -0.40 -0.45 Apr 23, 2024 89.00 79.29 LU1800013283
I2 USD 126.97 0.24 0.19 Apr 23, 2024 129.54 111.00 LU1118028742
A2 Hgd EUR 97.34 0.18 0.19 Apr 23, 2024 99.46 87.42 LU1072451542
X2 USD 142.51 0.28 0.20 Apr 23, 2024 145.35 123.73 LU0946833604
D5 USD 82.11 0.15 0.18 Apr 23, 2024 84.38 75.73 LU1308276671
I2 Hgd EUR 94.05 0.18 0.19 Apr 23, 2024 96.06 83.69 LU1648247721
D4 GBP 91.21 -0.79 -0.86 Apr 23, 2024 92.00 79.86 LU0997362164
Class I5 Hedged EUR 65.73 0.12 0.18 Apr 23, 2024 67.96 61.25 LU1781817264
A2 USD 116.93 0.21 0.18 Apr 23, 2024 119.34 103.10 LU0940382277
Class X5 EUR 85.03 -0.38 -0.44 Apr 23, 2024 86.27 76.87 LU1648246756

Portfolio Managers

Portfolio Managers

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