Fixed Income

BGF European 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. Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Non-investment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. 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. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.
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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-Jun-2017
To
30-Jun-2018
From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
Total Return (%)

as of Jun 30, 2022

0.55 5.05 -0.96 12.97 -15.63
Benchmark (%)

as of Jun 30, 2022

0.86 5.41 -1.92 11.22 -13.87
  1Y 3Y 5Y 10y Incept.
-12.67 -1.13 0.51 - 1.65
Benchmark (%)

as of Aug 31, 2022

-11.44 -1.40 0.44 - 2.12
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
-12.54 -0.35 -3.61 -12.67 -3.36 2.56 - 12.30
Benchmark (%)

as of Aug 31, 2022

-11.12 -1.20 -3.39 -11.44 -4.13 2.24 - 16.09
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 Sep 23, 2022 EUR 289.358
12m Trailing Yield -
Number of Holdings as of Aug 31, 2022 320
Base Currency Euro
Fund Inception Date Jul 23, 2015
Share Class Inception Date Jul 23, 2015
Asset Class Fixed Income
Morningstar Category EUR High Yield Bond
Benchmark Index BBG Pan European HY 3% Issuer Constrained 100% EUR Hedged Index
SFDR Classification Article 8
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 1.23%
ISIN LU1191877379
Bloomberg Ticker BGEHYA2
Annual Management Fee 1.00%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL BYN89P6
Bloomberg Benchmark Ticker -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of Aug 31, 2022 8.73%
Modified Duration as of Aug 31, 2022 2.97 yrs
Effective Duration as of Aug 31, 2022 2.93 yrs
Weighted Avg Maturity as of Aug 31, 2022 5.26 yrs
3y Volatility - Benchmark as of Aug 31, 2022 10.89
3y Beta as of Aug 31, 2022 0.958
5y Volatility - Benchmark as of Aug 31, 2022 8.76
5y Beta as of Aug 31, 2022 0.959
WAL to Worst as of Aug 31, 2022 5.26 yrs

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

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF European High Yield Bond Fund, Class A2, as of Aug 31, 2022 rated against 731 EUR High Yield Bond Funds.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Aug 31, 2022
Name Weight (%)
CELLNEX TELECOM SA RegS 0.75 11/20/2031 1.75
RCI BANQUE SA RegS 2.625 02/18/2030 1.57
DEUTSCHE BANK AG MTN RegS 4 06/24/2032 1.22
INTESA SANPAOLO SPA PNC7.5 RegS 5.5 12/31/2049 1.19
COMMERZBANK AG RegS 6.125 12/31/2049 1.17
Name Weight (%)
AUTOSTRADE PER LITALIA SPA RegS 2 01/15/2030 1.16
CARNIVAL CORP RegS 10.125 02/01/2026 1.10
BELLIS ACQUISITION COMPANY PLC RegS 3.25 02/16/2026 1.09
ELECTRICITE DE FRANCE SA RegS 3.375 12/31/2049 1.02
BANCO BILBAO VIZCAYA ARGENTARIA SA RegS 6 12/31/2049 0.95
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Aug 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2022

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Aug 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Aug 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Aug 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 52wk High 52wk Low Bid Price ISIN Offer Price TIS
A2 EUR Accumulating 10.99 -0.04 -0.36 12.93 10.73 - LU1191877379 - -
X2 EUR Accumulating 12.04 -0.05 -0.41 14.00 11.73 - LU1264796209 - -
D2 EUR Accumulating 11.43 -0.05 -0.44 13.39 11.15 - LU1191877965 - -
D4 EUR Annual 8.68 -0.03 -0.34 10.60 8.68 - LU1258857561 - -
E2 EUR Accumulating 10.62 -0.04 -0.38 12.56 10.38 - LU1270846881 - -
E5 EUR Quarterly 8.66 -0.03 -0.35 10.56 8.54 - LU1270846964 - -
D4 Hgd GBP Annual 9.08 -0.03 -0.33 10.98 9.08 - LU1258858023 - -
A2 Hgd SEK Accumulating 109.00 -0.42 -0.38 128.32 106.43 - LU1258857645 - -
A2 Hgd CHF Accumulating 10.68 -0.04 -0.37 12.58 10.44 - LU1258857728 - -

Listings

Portfolio Managers

Portfolio Managers

Stephen Gough
Stephen Gough
Jose Aguilar
Managing Director

Jose Aguilar, Managing Director, is the head of European High Yield Strategies within BlackRock's Global Credit Platform.

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