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

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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 (%) 4.48 5.93 -3.92 10.52 5.66 -7.48 -16.44 5.06
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.
2.69 -6.03 -2.00 - 0.17
Constraint Benchmark 1 (%) 3.71 -2.01 0.93 - 2.42
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.62 -1.65 -0.04 7.45 2.69 -17.01 -9.61 - 1.53
Constraint Benchmark 1 (%) 0.24 -1.17 -0.03 6.64 3.71 -5.91 4.75 - 24.37
  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

-1.94 11.12 -13.84 -6.79 5.20
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 CAD, 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 May 24, 2024
USD 2,203,657,400
Fund Inception Date
Feb 2, 1996
Base Currency
USD
Constraint Benchmark 1
JP Morgan Asia Credit Index
Initial Charge
5.00%
ISIN
LU1200839881
Performance Fee
0.00%
Minimum Subsequent Investment
CAD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGATA8C
Share Class Inception Date
Mar 11, 2015
Share Class Currency
CAD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charge
1.19%
Annual Management Fee
1.00%
Minimum Initial Investment
CAD 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Other Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BVW21Z2

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Apr 30, 2024
418
Standard Deviation (3y)
as of Apr 30, 2024
7.52%
Yield to Maturity
as of Apr 30, 2024
6.53%
Yield to Worst
as of Apr 30, 2024
6.69%
Weighted Avg Maturity
as of Apr 30, 2024
5.06 yrs
12m Trailing Yield
as of Apr 30, 2024
4.86%
3y Beta
as of Apr 30, 2024
1.114
Modified Duration
as of Apr 30, 2024
4.71 yrs
Effective Duration
as of Apr 30, 2024
4.55 yrs
WAL to Worst
as of Apr 30, 2024
5.06 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 May 19, 2024
BBB
MSCI ESG Quality Score (0-10)
as of May 19, 2024
5.22
Fund Lipper Global Classification
as of May 19, 2024
Bond Asia Pacific HC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of May 19, 2024
547.22
MSCI ESG % Coverage
as of May 19, 2024
82.34
MSCI ESG Quality Score - Peer Percentile
as of May 19, 2024
47.68
Funds in Peer Group
as of May 19, 2024
151
MSCI Weighted Average Carbon Intensity % Coverage
as of May 19, 2024
77.69
All data is from MSCI ESG Fund Ratings as of May 19, 2024, based on holdings as of Dec 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 Apr 30, 2024
0.00%
MSCI - Nuclear Weapons
as of Apr 30, 2024
0.00%
MSCI - Civilian Firearms
as of Apr 30, 2024
0.00%
MSCI - Tobacco
as of Apr 30, 2024
0.00%
MSCI - UN Global Compact Violators
as of Apr 30, 2024
0.00%
MSCI - Thermal Coal
as of Apr 30, 2024
0.00%
MSCI - Oil Sands
as of Apr 30, 2024
0.34%

Business Involvement Coverage
as of Apr 30, 2024
67.18%
Percentage of Fund not covered
as of Apr 30, 2024
33.24%
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 2.55% and for Oil Sands 1.68%.

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

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Dec 22, 2016)

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Apr 30, 2024
Name Weight (%)
HDFC BANK LTD 7.69 01/27/2033 1.28
MINOR INTERNATIONAL PCL RegS 2.7 12/31/2079 1.13
HYUNDAI CARD CO LTD RegS 5.75 04/24/2029 1.02
STUDIO CITY CO LTD RegS 7 02/15/2027 0.98
MINEJESA CAPITAL BV RegS 4.625 08/10/2030 0.90
Name Weight (%)
TONGYANG LIFE INSURANCE RegS 5.25 12/31/2079 0.87
STANDARD CHARTERED PLC RegS 6.301 01/09/2029 0.86
FWD GROUP HOLDINGS LTD MTN RegS 8.4 04/05/2029 0.85
INVENTIVE GLOBAL INVESTMENTS LTD MTN RegS 1.65 09/03/2025 0.82
KOREA HYDRO & NUCLEAR POWER CO LTD MTN RegS 5 07/18/2028 0.81
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 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
A8 Hgd CAD 7.69 -0.03 -0.39 May 24, 2024 7.77 7.21 LU1200839881
A3 Hgd NZD 8.63 -0.02 -0.23 May 24, 2024 8.71 8.08 LU0803752632
C2 USD 28.97 -0.09 -0.31 May 24, 2024 29.11 26.49 LU0147399470
C1 USD 9.97 -0.03 -0.30 May 24, 2024 10.06 9.32 LU0147399041
A6 Hgd GBP 4.97 -0.02 -0.40 May 24, 2024 5.02 4.68 LU1200839618
D4 Hgd GBP 7.44 -0.02 -0.27 May 24, 2024 7.47 6.75 LU1250979793
A8 Hgd NZD 8.41 -0.03 -0.36 May 24, 2024 8.49 7.88 LU1200839709
A6 Hgd CNH 100.02 -0.34 -0.34 May 24, 2024 101.35 95.18 LU2644453024
A2 Hgd EUR 8.92 -0.03 -0.34 May 24, 2024 8.97 8.19 LU1250980452
D3 Hgd SGD 7.31 -0.02 -0.27 May 24, 2024 7.39 6.91 LU2250419038
A1 USD 9.83 -0.03 -0.30 May 24, 2024 9.91 9.19 LU0063728728
A8 Hgd AUD 7.93 -0.03 -0.38 May 24, 2024 8.01 7.44 LU0871639620
A3 Hgd SGD 7.43 -0.03 -0.40 May 24, 2024 7.52 7.03 LU0830182670
D2 Hgd EUR 10.60 -0.04 -0.38 May 24, 2024 10.65 9.70 LU0969580132
E2 EUR 32.46 -0.14 -0.43 May 24, 2024 32.82 29.83 LU0277197249
Class I5 EUR Hedged EUR 6.53 -0.02 -0.31 May 24, 2024 6.63 6.14 LU1196525700
A2 Hgd HKD 81.94 -0.28 -0.34 May 24, 2024 82.35 74.85 LU2290525943
I3 USD 8.56 -0.03 -0.35 May 24, 2024 8.63 8.00 LU1456638573
I2 Hgd CHF 8.86 -0.03 -0.34 May 24, 2024 8.92 8.21 LU2127175250
A6 Hgd HKD 59.89 -0.20 -0.33 May 24, 2024 60.63 56.54 LU0784395997
A2 USD 39.25 -0.13 -0.33 May 24, 2024 39.43 35.63 LU0063729296
I2 USD 11.91 -0.04 -0.33 May 24, 2024 11.96 10.77 LU1111085012
E2 Hgd EUR 9.15 -0.03 -0.33 May 24, 2024 9.19 8.41 LU1062842700
Class SR3 USD 7.60 -0.02 -0.26 May 24, 2024 7.66 7.10 LU2319960956
Class SR2 Hedged EUR 8.15 -0.03 -0.37 May 24, 2024 8.19 7.45 LU2319960527
Class SR2 USD 8.69 -0.03 -0.34 May 24, 2024 8.73 7.86 LU2319960873
Class SR4 Hedged GBP 7.66 -0.03 -0.39 May 24, 2024 7.70 6.95 LU2319960790
A6 Hgd SGD 6.51 -0.02 -0.31 May 24, 2024 6.61 6.17 LU1149717156
D3 USD 9.87 -0.04 -0.40 May 24, 2024 9.96 9.23 LU0827875344
D3 Hgd HKD 8.27 -0.03 -0.36 May 24, 2024 8.36 7.78 LU0827875690
A6 USD 8.23 -0.03 -0.36 May 24, 2024 8.31 7.72 LU0764618053
A3 Hgd EUR 6.46 -0.02 -0.31 May 24, 2024 6.54 6.10 LU0841166456
A8 Hgd ZAR 76.07 -0.25 -0.33 May 24, 2024 76.82 71.24 LU1023054775
A8 Hgd CNH 69.20 -0.23 -0.33 May 24, 2024 69.79 65.01 LU1257007309
A3 Hgd AUD 7.96 -0.03 -0.38 May 24, 2024 8.05 7.51 LU0841155764
D6 USD 8.80 -0.03 -0.34 May 24, 2024 8.88 8.23 LU0827875427
A3 Hgd HKD 8.26 -0.03 -0.36 May 24, 2024 8.35 7.77 LU0496654236
A3 USD 9.86 -0.04 -0.40 May 24, 2024 9.95 9.22 LU0172393414
E2 USD 35.21 -0.11 -0.31 May 24, 2024 35.37 32.06 LU0147399801
D2 Hgd SGD 12.12 -0.04 -0.33 May 24, 2024 12.18 11.09 LU0969580215
Class A10 USD 10.36 -0.03 -0.29 May 24, 2024 10.47 10.00 LU2708802660
I2 Hgd EUR 9.48 -0.04 -0.42 May 24, 2024 9.53 8.67 LU1250973911
I2 Hgd SGD 9.54 -0.04 -0.42 May 24, 2024 9.59 8.72 LU1728037687
D2 USD 13.36 -0.04 -0.30 May 24, 2024 13.42 12.09 LU0776122383
X3 USD 8.24 -0.03 -0.36 May 24, 2024 8.31 7.70 LU0984171172
A2 Hgd SGD 12.28 -0.04 -0.32 May 24, 2024 12.34 11.27 LU0540000063
X2 Hgd EUR 9.31 -0.03 -0.32 May 24, 2024 9.35 8.48 LU1559745671
I4 Hgd GBP 7.45 -0.02 -0.27 May 24, 2024 7.48 6.75 LU1250978043
A6 Hgd EUR 6.39 -0.02 -0.31 May 24, 2024 6.50 6.06 LU1200839535

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