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
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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.
  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

1.71 6.14 2.30 10.31 -16.87
Benchmark (%)

as of Sep 30, 2022

2.11 7.56 2.85 10.13 -16.02
  1Y 3Y 5Y 10y Incept.
-16.87 -2.11 0.26 - 2.20
Benchmark (%)

as of Sep 30, 2022

-16.02 -1.66 0.88 - 3.28
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
-16.63 -5.06 -1.66 -16.87 -6.19 1.28 - 18.30
Benchmark (%)

as of Sep 30, 2022

-15.74 -4.21 -1.02 -16.02 -4.88 4.47 - 28.33
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

Size of Fund (Millions) as of Oct 6, 2022 USD 1,530.649
12m Trailing Yield -
Number of Holdings as of Sep 30, 2022 1450
Base Currency U.S. Dollar
Fund Inception Date Dec 22, 1998
Share Class Inception Date Jan 7, 2015
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index ICE BofA Global High Yield Constrained (HW0C) 100% USD Hedged Index
SFDR Classification Article 8
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 0.62%
ISIN LU1153585705
Bloomberg Ticker BGHYI2C
Annual Management Fee 0.55%
Initial Charge 0.00%
Performance Fee 0.00%
SEDOL BTN1VV0
Bloomberg Benchmark Ticker -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment CAD 10000000
Minimum Subsequent Investment CAD 1000
Use of Income Accumulating

Portfolio Characteristics

Portfolio Characteristics

Yield to Worst as of Sep 30, 2022 9.28%
3y Volatility - Benchmark as of Sep 30, 2022 11.18
3y Beta as of Sep 30, 2022 0.974
5y Volatility - Benchmark as of Sep 30, 2022 9.05
5y Beta as of Sep 30, 2022 0.973

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 70.03
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 5.17
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2022 36.28
Fund Lipper Global Classification as of Sep 21, 2022 Bond Global High Yield USD
Funds in Peer Group as of Sep 21, 2022 113
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 359.60
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 68.16
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 Sep 30, 2022 0.00%
MSCI - UN Global Compact Violators as of Sep 30, 2022 0.00%
MSCI - Nuclear Weapons as of Sep 30, 2022 0.00%
MSCI - Thermal Coal as of Sep 30, 2022 0.00%
MSCI - Civilian Firearms as of Sep 30, 2022 0.00%
MSCI - Oil Sands as of Sep 30, 2022 0.00%
MSCI - Tobacco as of Sep 30, 2022 0.00%

Business Involvement Coverage as of Sep 30, 2022 42.94%
Percentage of Fund not covered as of Sep 30, 2022 57.85%
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 0.43% 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 Sep 30, 2022
Name Weight (%)
CLARIOS GLOBAL LP 144A 8.5 05/15/2027 0.70
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.48
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.47
SPRINT CAPITAL CORPORATION 8.75 03/15/2032 0.47
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.45
Name Weight (%)
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.42
PICARD MIDCO INC 144A 6.5 03/31/2029 0.39
ZAYO GROUP HOLDINGS INC 144A 6.125 03/01/2028 0.37
ENTEGRIS ESCROW CORP 144A 4.75 04/15/2029 0.37
ECOPETROL SA 4.625 11/02/2031 0.37
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 2022

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Sep 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 2022

% of Market Value

Type Fund Benchmark Net
as of Sep 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 52wk High 52wk Low Bid Price ISIN Offer Price TIS
I2 Hgd CAD Accumulating 12.06 0.01 0.08 14.19 11.83 - LU1153585705 - -
C2 Hgd EUR Accumulating 11.69 0.01 0.09 14.25 11.49 - LU0147394596 - -
A1 USD Monthly 6.78 0.01 0.15 8.31 6.66 - LU0171284770 - -
A1 Hgd EUR Monthly 4.18 0.00 0.00 5.23 4.11 - LU0118259661 - -
X2 Hgd EUR Accumulating 19.33 0.02 0.10 22.98 18.99 - LU0147394752 - -
D3 Hgd EUR Monthly 4.15 0.00 0.00 5.20 4.08 - LU0827882472 - -
E2 Hgd EUR Accumulating 13.65 0.01 0.07 16.52 13.42 - LU0093505864 - -
D2 USD Accumulating 27.18 0.02 0.07 31.89 26.68 - LU0297941899 - -
X2 USD Accumulating 10.97 0.01 0.09 12.80 10.77 - LU0580566189 - -
A8 Hgd CNH Monthly 84.52 0.06 0.07 106.54 82.94 - LU1919856135 - -
A5 EUR Quarterly 10.67 0.04 0.38 11.38 10.14 - LU1125545993 - -
E2 EUR Accumulating 22.61 0.09 0.40 23.41 21.27 - LU0628613712 - -
I3 USD Monthly 8.87 0.01 0.11 10.87 8.70 - LU0764819032 - -
D2 Hgd GBP Accumulating 18.40 0.01 0.05 21.80 18.08 - LU0372548783 - -
A8 Hgd AUD Monthly 5.33 0.01 0.19 6.72 5.23 - LU0871640040 - -
A6 USD Monthly 5.54 0.00 0.00 6.94 5.44 - LU0764618640 - -
I2 Hgd EUR - 9.67 0.00 0.00 11.55 9.50 - LU1791806000 - -
Class AI5 Hedged EUR Quarterly 8.21 0.01 0.12 10.29 8.07 - LU1960223334 - -
I2 USD Accumulating 27.50 0.02 0.07 32.23 26.99 - LU0369584726 - -
A8 Hgd ZAR Monthly 72.65 0.08 0.11 91.02 71.23 - LU1023055319 - -
E2 USD Accumulating 22.22 0.02 0.09 26.33 21.81 - LU0171285157 - -
A3 Hgd EUR Monthly 4.13 0.00 0.00 5.18 4.06 - LU0172401704 - -
A2 USD Accumulating 24.97 0.02 0.08 29.45 24.51 - LU0171284937 - -
X4 Hgd EUR Annual 7.11 0.00 0.00 8.96 6.99 - LU0984200880 - -
A2 Hgd GBP Accumulating 17.08 0.01 0.06 20.35 16.78 - LU0567554463 - -
A3 USD Monthly 6.81 0.00 0.00 8.35 6.69 - LU0172401969 - -
A6 Hgd HKD Monthly 41.48 0.03 0.07 52.28 40.72 - LU0784402520 - -
C1 USD Monthly 6.95 0.01 0.14 8.51 6.82 - LU0331284363 - -
A2 Hgd SEK Accumulating 12.22 0.01 0.08 14.69 11.99 - LU0797429023 - -
A2 Hgd PLN Accumulating 13.72 0.01 0.07 15.86 13.46 - LU0849758007 - -
Class E5 Hedged EUR Quarterly 8.20 0.00 0.00 10.28 8.06 - LU0500207039 - -
D3 USD Monthly 6.85 0.01 0.15 8.40 6.72 - LU0827882126 - -
D5 Hgd GBP Quarterly 7.37 0.00 0.00 9.14 7.24 - LU1072327023 - -
D2 Hgd EUR Accumulating 16.64 0.01 0.06 19.90 16.35 - LU0368267034 - -
C1 Hgd EUR Daily 5.44 0.01 0.18 5.45 5.13 - LU0147394323 - -
C2 USD Accumulating 20.71 0.01 0.05 24.73 20.34 - LU0331284447 - -
A6 Hgd SGD Monthly 7.72 0.01 0.13 9.70 7.57 - LU1830001522 - -
A2 Hgd EUR Accumulating 15.34 0.01 0.07 18.47 15.07 - LU0093504206 - -
Class AI2 Hedged EUR - 9.22 0.01 0.11 11.10 9.06 - LU1960223250 - -

Listings

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).

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