Fixed Income

BGF Emerging Markets 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

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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 (%) 3.82 19.51 13.68 -3.21 16.87 8.90 1.21
Constraint Benchmark 1 (%) 1.18 10.15 10.26 -4.26 15.04 5.26 -1.80
  1Y 3Y 5Y 10y Incept.
-22.82 -4.05 -0.56 - 3.99
Constraint Benchmark 1 (%) -24.19 -7.19 -2.66 - 0.60
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-22.49 0.34 -7.67 -13.23 -22.82 -11.67 -2.75 - 37.25
Constraint Benchmark 1 (%) -23.83 0.15 -7.11 -10.34 -24.19 -20.06 -12.61 - 4.98
  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

0.32 10.85 3.66 11.03 -23.52
Constraint Benchmark 1 (%)

as of Sep 30, 2022

-1.92 11.57 1.29 4.36 -24.28
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

Net Assets of Fund as of Dec 2, 2022 USD 949,537,704
Share Class Inception Date Sep 24, 2014
Fund Inception Date Oct 1, 2004
Share Class Currency ZAR
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan EMBI Global Diversified Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 1.47%
Annual Management Fee 1.25%
Performance Fee 0.00%
Minimum Initial Investment ZAR 5000
Minimum Subsequent Investment ZAR 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 BGEMA8Z
ISIN LU1109561420
SEDOL BQT3VS6

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 268
12m Trailing Yield as of Nov 30, 2022 11.05%
Standard Deviation (3y) as of Oct 31, 2022 15.85%
3y Beta as of Oct 31, 2022 1.207
Yield to Maturity as of Oct 31, 2022 9.11%
Modified Duration as of Oct 31, 2022 6.65 yrs
Yield to Worst as of Oct 31, 2022 9.12%
Effective Duration as of Oct 31, 2022 6.84 yrs
Weighted Avg Maturity as of Oct 31, 2022 12.75 yrs
WAL to Worst as of Oct 31, 2022 12.75 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 BB
MSCI ESG % Coverage as of Sep 21, 2022 91.97
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 2.88
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2022 15.66
Fund Lipper Global Classification as of Sep 21, 2022 Bond Emerging Markets Global HC
Funds in Peer Group as of Sep 21, 2022 415
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 1,014.12
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 15.21
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 4.52%
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 10.97%
Percentage of Fund not covered as of Oct 31, 2022 88.79%
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 0.35% 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 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 Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Sep 25, 2019)

Risk Indicator

Risk Indicator

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2
3
4
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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Oct 31, 2022
Name Weight (%)
OMAN SULTANATE OF (GOVERNMENT) RegS 6.5 03/08/2047 1.46
PERU (REPUBLIC OF) 3 01/15/2034 1.38
DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 1.33
BRAZIL (FEDERATIVE REPUBLIC OF) 5 01/27/2045 1.26
COLOMBIA REPUBLIC OF (GOVERNMENT) 5 06/15/2045 1.24
Name Weight (%)
SOUTH AFRICA (REPUBLIC OF) 8.75 02/28/2048 1.20
OMAN SULTANATE OF (GOVERNMENT) RegS 6.75 01/17/2048 1.10
QATAR (STATE OF) RegS 3.75 04/16/2030 1.08
EGYPT (ARAB REPUBLIC OF) MTN RegS 7.625 05/29/2032 1.07
QATAR (STATE OF) RegS 4.817 03/14/2049 1.02
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 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 ZAR Monthly 69.48 0.31 0.45 Dec 2, 2022 89.91 61.58 LU1109561420 -
A8 Hgd CNH Monthly 78.04 0.35 0.45 Dec 2, 2022 101.36 69.11 LU1919856051 -
E2 EUR Accumulating 14.32 0.14 0.99 Dec 2, 2022 16.04 13.30 LU0200684180 -
A2 EUR Accumulating 15.64 0.15 0.97 Dec 2, 2022 17.44 14.52 LU0200683885 -
Class AI5 Hedged EUR Quarterly 7.26 0.04 0.55 Dec 2, 2022 9.37 6.37 LU1960220074 -
Class I4 USD Annual 7.82 0.04 0.51 Dec 2, 2022 9.82 6.81 LU1806518293 -
I2 Hgd GBP - 8.78 0.04 0.46 Dec 2, 2022 10.65 7.68 LU1806518533 -
D3 USD Monthly 7.91 0.04 0.51 Dec 2, 2022 9.89 6.95 LU0827876821 -
A1 EUR Monthly 7.30 0.07 0.97 Dec 2, 2022 8.46 6.81 LU0200683703 -
D2 EUR Accumulating 17.14 0.16 0.94 Dec 2, 2022 19.00 15.90 LU0827877043 -
I4 Hgd GBP Annual 7.65 0.04 0.53 Dec 2, 2022 9.77 6.69 LU2075910922 -
I4 Hgd EUR Annual 7.44 0.03 0.40 Dec 2, 2022 9.67 6.52 LU2075911060 -
A2 Hgd GBP Accumulating 9.88 0.05 0.51 Dec 2, 2022 12.07 8.64 LU1057296771 -
D2 USD Accumulating 17.96 0.09 0.50 Dec 2, 2022 21.46 15.64 LU0297941386 -
Class I5 Hedged EUR Quarterly 6.97 0.03 0.43 Dec 2, 2022 9.00 6.11 LU1323999216 -
E2 USD Accumulating 15.00 0.07 0.47 Dec 2, 2022 18.12 13.08 LU0200681830 -
A1 USD Monthly 7.64 0.03 0.39 Dec 2, 2022 9.55 6.70 LU0200680436 -
X2 USD Accumulating 20.06 0.09 0.45 Dec 2, 2022 23.78 17.46 LU0200682721 -
A2 Hgd EUR Accumulating 13.55 0.06 0.44 Dec 2, 2022 16.84 11.89 LU0413376566 -
E2 Hgd EUR Accumulating 8.71 0.03 0.35 Dec 2, 2022 10.88 7.65 LU1062842882 -
Class X5 Hedged CHF Quarterly 7.61 0.04 0.53 Dec 2, 2022 9.77 6.66 LU1904800973 -
A6 Hgd HKD Monthly 47.86 0.22 0.46 Dec 2, 2022 61.70 42.26 LU0764619960 -
A6 USD Monthly 6.49 0.03 0.46 Dec 2, 2022 8.29 5.72 LU0764617162 -
Class X5 Hedged EUR Quarterly 6.71 0.03 0.45 Dec 2, 2022 8.67 5.88 LU1722865000 -
X2 EUR Accumulating 19.16 0.19 1.00 Dec 2, 2022 21.06 17.75 LU0988581723 -
Class AI2 Hedged EUR - 8.22 0.04 0.49 Dec 2, 2022 10.21 7.21 LU1960219902 -
A2 CZK Accumulating 381.13 3.74 0.99 Dec 2, 2022 443.84 355.65 LU1791181735 -
A2 USD Accumulating 16.38 0.07 0.43 Dec 2, 2022 19.69 14.28 LU0200680600 -
A3 USD Monthly 7.90 0.04 0.51 Dec 2, 2022 9.87 6.94 LU0200680782 -
A6 Hgd CAD Monthly 6.80 0.04 0.59 Dec 2, 2022 8.75 6.00 LU1408528054 -
A8 Hgd NZD Monthly 6.86 0.03 0.44 Dec 2, 2022 8.87 6.07 LU1408528138 -
I2 USD Accumulating 16.26 0.07 0.43 Dec 2, 2022 19.40 14.16 LU1180455567 -
A8 Hgd AUD Monthly 6.19 0.02 0.32 Dec 2, 2022 8.01 5.47 LU0871639893 -
I2 Hgd EUR Accumulating 9.80 0.04 0.41 Dec 2, 2022 12.09 8.59 LU1057294727 -
I2 EUR Accumulating 15.53 0.15 0.98 Dec 2, 2022 17.18 14.40 LU1048586868 -
D3 EUR Monthly 7.55 0.07 0.94 Dec 2, 2022 8.76 7.07 LU0827877126 -
X2 Hgd EUR Accumulating 16.44 0.07 0.43 Dec 2, 2022 20.15 14.40 LU0343170543 -
X2 CAD - 27.01 0.20 0.75 Dec 2, 2022 27.01 26.00 LU2545636172 -
D2 Hgd EUR Accumulating 14.39 0.06 0.42 Dec 2, 2022 17.77 12.62 LU0827877399 -
A3 EUR Monthly 7.54 0.07 0.94 Dec 2, 2022 8.74 7.05 LU0200684008 -
C2 USD Accumulating 13.06 0.06 0.46 Dec 2, 2022 15.89 11.40 LU0200681673 -
A6 Hgd GBP Monthly 6.44 0.03 0.47 Dec 2, 2022 8.37 5.70 LU1408527916 -
Class E5 Hedged EUR Quarterly 6.78 0.03 0.44 Dec 2, 2022 8.75 5.95 LU1062842965 -
I2 Hgd CHF Accumulating 8.23 0.04 0.49 Dec 2, 2022 10.09 7.21 LU1618350562 -
A4 EUR Annual 10.35 0.10 0.98 Dec 2, 2022 12.03 9.60 LU1072326561 -
C1 USD Monthly 7.64 0.03 0.39 Dec 2, 2022 9.55 6.70 LU0200681327 -

Portfolio Managers

Portfolio Managers

Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

Michel Aubenas, CFA
Managing Director, Portfolio Manager for Emerging Markets Debt

Michel Aubenas, CFA

Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

Literature

Literature