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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.
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.
Performance
Performance
Growth of Hypothetical 10,000
Performance chart data not available for display.
Distributions
| Record Date | Ex-Date | Payable Date |
|---|
-
Returns
During this period performance was achieved under circumstances that no longer apply
Performance data is not currently available
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 EUR.
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 Mar 24, 2023
EUR 310,733,763
Share Class Inception Date
Aug 5, 2015
Fund Inception Date
Jul 23, 2015
Share Class Currency
EUR
Base Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Article 8
Initial Charge
3.00%
Performance Fee
0.00%
Minimum Initial Investment
EUR 5000
Minimum Subsequent Investment
-
Use of Income
Distributing
Domicile
Luxembourg
Regulatory Structure
UCITS
Management Company
BlackRock (Luxembourg) S.A.
Morningstar Category
EUR High Yield Bond
Dealing Settlement
Trade Date + 3 days
Dealing Frequency
Daily, forward pricing basis
Bloomberg Ticker
BGEHE5E
ISIN
LU1270846964
SEDOL
BYWZX23
Portfolio Characteristics
Portfolio Characteristics
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
Risk Indicator
Risk Indicator
1
2
3
4
5
6
7
Low Risk
High Risk
Low Yield
High Yield
Holdings
Holdings
as of Feb 28, 2023
| Name | Weight (%) |
|---|---|
| RCI BANQUE SA RegS 2.625 02/18/2030 | 1.53 |
| TELEFONICA EUROPE BV RegS 6.135 12/31/2079 | 1.16 |
| BELLIS ACQUISITION COMPANY PLC RegS 3.25 02/16/2026 | 1.06 |
| AZZURRA AEROPORTI SRL RegS 2.125 05/30/2024 | 1.01 |
| INTESA SANPAOLO SPA PNC7.5 RegS 5.5 12/31/2079 | 0.94 |
| Name | Weight (%) |
|---|---|
| BANCO BILBAO VIZCAYA ARGENTARIA SA RegS 6 12/31/2079 | 0.91 |
| BAYER AG NC5.5 RegS 4.5 03/25/2082 | 0.90 |
| COMMERZBANK AG RegS 6.125 12/31/2079 | 0.86 |
| DEUTSCHE BANK AG MTN RegS 4 06/24/2032 | 0.84 |
| LIBERTY MUTUAL GROUP INC RegS 3.625 05/23/2059 | 0.82 |
Holdings subject to change
Exposure Breakdowns
Exposure Breakdowns
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| E5 | EUR | Quarterly | 8.71 | -0.04 | -0.46 | Mar 24, 2023 | 9.89 | 8.30 | LU1270846964 | - |
| A2 | EUR | Accumulating | 11.32 | -0.05 | -0.44 | Mar 24, 2023 | 12.31 | 10.54 | LU1191877379 | - |
| E2 | EUR | Accumulating | 10.91 | -0.05 | -0.46 | Mar 24, 2023 | 11.92 | 10.19 | LU1270846881 | - |
| A2 Hgd | SEK | Accumulating | 112.34 | -0.54 | -0.48 | Mar 24, 2023 | 122.11 | 104.48 | LU1258857645 | - |
| D2 | EUR | Accumulating | 11.79 | -0.06 | -0.51 | Mar 24, 2023 | 12.78 | 10.97 | LU1191877965 | - |
| D4 | EUR | Annual | 8.96 | -0.04 | -0.44 | Mar 24, 2023 | 10.12 | 8.33 | LU1258857561 | - |
| D4 Hgd | GBP | Annual | 9.43 | -0.05 | -0.53 | Mar 24, 2023 | 10.52 | 8.71 | LU1258858023 | - |
| X2 | EUR | Accumulating | 12.47 | -0.06 | -0.48 | Mar 24, 2023 | 13.41 | 11.56 | LU1264796209 | - |
| A2 Hgd | CHF | Accumulating | 10.93 | -0.06 | -0.55 | Mar 24, 2023 | 11.97 | 10.25 | LU1258857728 | - |
Portfolio Managers
Portfolio Managers
Stephen Gough
Managing Director
Jose Aguilar, Managing Director, is the head of European High Yield Strategies within BlackRock's Global Credit Platform.
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.
