Fixed Income

BGF Asian Tiger 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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Distributions

Ex-Date Total Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 3.92 5.12 -5.24 8.75 5.14 -7.69 -17.74 3.98
Constraint Benchmark 1 (%) 5.81 5.78 -0.77 11.34 6.33 -2.44 -11.02 7.02

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

  1Y 3Y 5Y 10y Incept.
4.43 -6.37 -2.54 - -0.51
Constraint Benchmark 1 (%) 5.87 -1.58 1.24 - -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
2.26 1.33 2.26 8.13 4.43 -17.91 -12.08 - -4.56
Constraint Benchmark 1 (%) 1.42 1.06 1.42 7.20 5.87 -4.66 6.36 - -
  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

-3.49 10.97 -13.96 -8.64 4.43
Constraint Benchmark 1 (%)

as of Mar 31, 2024

2.34 9.00 -7.49 -2.65 5.87
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 EUR, 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 18, 2024 USD 2,193,534,912
Share Class Inception Date Mar 4, 2015
Fund Inception Date Feb 2, 1996
Share Class Currency EUR
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan Asia Credit Index
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 0.54%
ISIN LU1196525700
Annual Management Fee 0.50%
Performance Fee 0.00%
Minimum Initial Investment EUR 10000000
Minimum Subsequent Investment EUR 1000
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 BGATI5E
SEDOL BW9HK61

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 430
12m Trailing Yield as of Mar 31, 2024 5.34%
Standard Deviation (3y) as of Mar 31, 2024 7.45%
3y Beta as of Mar 31, 2024 1.107
Yield to Maturity as of Mar 28, 2024 6.36%
Modified Duration as of Mar 28, 2024 5.05 yrs
Yield to Worst as of Mar 28, 2024 6.51%
Effective Duration as of Mar 28, 2024 4.88 yrs
Weighted Avg Maturity as of Mar 28, 2024 5.34 yrs
WAL to Worst as of Mar 28, 2024 5.34 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 Mar 21, 2024 BBB
MSCI ESG % Coverage as of Mar 21, 2024 82.03
MSCI ESG Quality Score (0-10) as of Mar 21, 2024 5.14
MSCI ESG Quality Score - Peer Percentile as of Mar 21, 2024 44.90
Fund Lipper Global Classification as of Mar 21, 2024 Bond Asia Pacific HC
Funds in Peer Group as of Mar 21, 2024 147
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Mar 21, 2024 501.97
MSCI Weighted Average Carbon Intensity % Coverage as of Mar 21, 2024 76.56
All data is from MSCI ESG Fund Ratings as of Mar 21, 2024, based on holdings as of Oct 31, 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 0.00%
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 0.33%
MSCI - Tobacco as of Mar 28, 2024 0.00%

Business Involvement Coverage as of Mar 28, 2024 64.71%
Percentage of Fund not covered as of Mar 28, 2024 35.72%
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 2.46% and for Oil Sands 1.65%.

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 during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Ratings

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 (%)
FWD GROUP HOLDINGS LTD MTN RegS 8.4 04/05/2029 1.56
HDFC BANK LTD 7.69 01/27/2033 1.23
MINOR INTERNATIONAL PCL RegS 2.7 12/31/2079 1.09
CNAC HK FINBRIDGE CO LTD RegS 3 09/22/2030 0.97
STUDIO CITY CO LTD RegS 7 02/15/2027 0.95
Name Weight (%)
TONGYANG LIFE INSURANCE RegS 5.25 12/31/2079 0.84
STANDARD CHARTERED PLC RegS 6.301 01/09/2029 0.84
KOREA HYDRO & NUCLEAR POWER CO LTD MTN RegS 5 07/18/2028 0.80
INVENTIVE GLOBAL INVESTMENTS LTD MTN RegS 1.65 09/03/2025 0.80
MINEJESA CAPITAL BV RegS 4.625 08/10/2030 0.79
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
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
Class I5 EUR Hedged EUR 6.44 0.00 0.00 Apr 18, 2024 6.68 6.14 LU1196525700
A6 Hgd CNH 99.13 -0.01 -0.01 Apr 18, 2024 101.35 95.18 LU2644453024
A6 Hgd GBP 4.92 0.00 0.00 Apr 18, 2024 5.08 4.68 LU1200839618
X2 Hgd EUR 9.18 0.00 0.00 Apr 18, 2024 9.33 8.48 LU1559745671
A8 Hgd NZD 8.33 0.00 0.00 Apr 18, 2024 8.49 7.88 LU1200839709
I2 Hgd EUR 9.35 0.00 0.00 Apr 18, 2024 9.51 8.67 LU1250973911
A2 Hgd SGD 12.13 0.00 0.00 Apr 18, 2024 12.34 11.27 LU0540000063
C1 USD 9.87 0.00 0.00 Apr 18, 2024 10.06 9.32 LU0147399041
I4 Hgd GBP 7.34 0.00 0.00 Apr 18, 2024 7.48 6.75 LU1250978043
A6 Hgd SGD 6.46 0.00 0.00 Apr 18, 2024 6.73 6.17 LU1149717156
A8 Hgd CNH 68.44 0.00 0.00 Apr 18, 2024 71.02 65.01 LU1257007309
C2 USD 28.58 0.00 0.00 Apr 18, 2024 29.07 26.49 LU0147399470
A3 Hgd NZD 8.54 0.00 0.00 Apr 18, 2024 8.71 8.08 LU0803752632
A3 Hgd AUD 7.89 0.00 0.00 Apr 18, 2024 8.14 7.51 LU0841155764
A2 Hgd EUR 8.81 0.00 0.00 Apr 18, 2024 8.96 8.19 LU1250980452
A6 Hgd EUR 6.34 0.00 0.00 Apr 18, 2024 6.63 6.06 LU1200839535
D4 Hgd GBP 7.33 0.00 0.00 Apr 18, 2024 7.47 6.75 LU1250979793
X3 USD 8.15 0.00 0.00 Apr 18, 2024 8.31 7.70 LU0984171172
A2 USD 38.68 0.00 0.00 Apr 18, 2024 39.31 35.63 LU0063729296
A2 Hgd HKD 80.89 0.00 0.00 Apr 18, 2024 82.26 74.85 LU2290525943
A8 Hgd CAD 7.62 0.00 0.00 Apr 18, 2024 7.80 7.21 LU1200839881
D2 Hgd SGD 11.96 0.00 0.00 Apr 18, 2024 12.16 11.09 LU0969580215
A3 Hgd SGD 7.37 0.00 0.00 Apr 18, 2024 7.63 7.03 LU0830182670
I2 Hgd CHF 8.76 0.00 0.00 Apr 18, 2024 8.92 8.21 LU2127175250
Class A10 USD 10.26 0.00 0.00 Apr 18, 2024 10.47 10.00 LU2708802660
E2 USD 34.71 0.00 0.00 Apr 18, 2024 35.29 32.06 LU0147399801
A8 Hgd AUD 7.85 0.00 0.00 Apr 18, 2024 8.03 7.44 LU0871639620
I3 USD 8.47 0.00 0.00 Apr 18, 2024 8.63 8.00 LU1456638573
A1 USD 9.73 0.00 0.00 Apr 18, 2024 9.91 9.19 LU0063728728
A3 USD 9.76 0.00 0.00 Apr 18, 2024 9.95 9.22 LU0172393414
I2 Hgd SGD 9.42 0.00 0.00 Apr 18, 2024 9.58 8.72 LU1728037687
D3 Hgd SGD 7.24 0.00 0.00 Apr 18, 2024 7.50 6.91 LU2250419038
A6 Hgd HKD 59.41 0.00 0.00 Apr 18, 2024 61.44 56.54 LU0784395997
A3 Hgd HKD 8.19 0.00 0.00 Apr 18, 2024 8.41 7.77 LU0496654236
D2 Hgd EUR 10.46 0.00 0.00 Apr 18, 2024 10.64 9.70 LU0969580132
I2 USD 11.73 0.00 0.00 Apr 18, 2024 11.92 10.77 LU1111085012
D2 USD 13.16 0.00 0.00 Apr 18, 2024 13.37 12.09 LU0776122383
Class SR3 USD 7.52 0.00 0.00 Apr 18, 2024 7.66 7.10 LU2319960956
E2 Hgd EUR 9.03 0.00 0.00 Apr 18, 2024 9.19 8.41 LU1062842700
Class SR2 Hedged EUR 8.04 0.00 0.00 Apr 18, 2024 8.18 7.45 LU2319960527
E2 EUR 32.59 -0.02 -0.06 Apr 18, 2024 32.82 29.83 LU0277197249
Class SR4 Hedged GBP 7.55 0.00 0.00 Apr 18, 2024 7.69 6.95 LU2319960790
D3 USD 9.77 0.00 0.00 Apr 18, 2024 9.96 9.23 LU0827875344
Class SR2 USD 8.56 0.00 0.00 Apr 18, 2024 8.70 7.86 LU2319960873
D3 Hgd HKD 8.20 0.00 0.00 Apr 18, 2024 8.42 7.78 LU0827875690
D6 USD 8.71 0.00 0.00 Apr 18, 2024 8.88 8.23 LU0827875427
A8 Hgd ZAR 75.32 0.03 0.04 Apr 18, 2024 76.82 71.24 LU1023054775
A3 Hgd EUR 6.40 0.00 0.00 Apr 18, 2024 6.64 6.10 LU0841166456
A6 USD 8.15 0.00 0.00 Apr 18, 2024 8.34 7.72 LU0764618053

Portfolio Managers

Portfolio Managers

Neeraj Seth
CIO and Head of Asia-Pacific Fundamental Fixed Income

Neeraj Seth, Managing Director, is BlackRock's Chief Investment Officer and Head of APAC Fundamental Fixed Income.

Stephen Gough
Stephen Gough
Venn Saltirov
Venn Saltirov
Yii Hui Wong
Yii Hui Wong

Literature

Literature