Fixed Income

BGF Global Corporate 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 (%) 4.89 -3.75 10.96 6.56 -1.53 -15.42 8.68
Constraint Benchmark 1 (%) 5.70 -1.00 12.51 8.26 -0.79 -14.11 9.10

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

  1Y 3Y 5Y 10y Incept.
5.29 -2.10 0.62 - 1.07
Constraint Benchmark 1 (%) 5.89 -1.30 1.61 - 2.39
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.22 1.33 0.22 7.16 5.29 -6.17 3.16 - 8.82
Constraint Benchmark 1 (%) 0.10 1.26 0.10 7.64 5.89 -3.84 8.33 - 20.50
  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

1.17 8.68 -5.04 -6.15 5.29
Constraint Benchmark 1 (%)

as of Mar 31, 2024

3.16 9.21 -4.42 -4.98 5.89
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 GBP, 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 19, 2024 USD 923,612,364
Share Class Inception Date May 4, 2016
Fund Inception Date Oct 19, 2007
Share Class Currency GBP
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 BBG Global Agg Corporate Index, 100% USD Hedged
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 0.46%
ISIN LU1403442228
Annual Management Fee 0.40%
Performance Fee 0.00%
Minimum Initial Investment GBP 10000000
Minimum Subsequent Investment GBP 1000
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Corporate Bond - GBP Hedged
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGCI4GH
SEDOL BYZQBH4

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 437
12m Trailing Yield as of Mar 31, 2024 3.48%
Standard Deviation (3y) as of Mar 31, 2024 7.88%
3y Beta as of Mar 31, 2024 1.004
Yield to Maturity as of Mar 28, 2024 4.95%
Modified Duration as of Mar 28, 2024 6.32 yrs
Yield to Worst as of Mar 28, 2024 4.95%
Effective Duration as of Mar 28, 2024 6.22 yrs
Weighted Avg Maturity as of Mar 28, 2024 8.38 yrs
WAL to Worst as of Mar 28, 2024 8.38 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 A
MSCI ESG % Coverage as of Mar 21, 2024 96.70
MSCI ESG Quality Score (0-10) as of Mar 21, 2024 6.77
MSCI ESG Quality Score - Peer Percentile as of Mar 21, 2024 32.08
Fund Lipper Global Classification as of Mar 21, 2024 Bond Global Corporates USD
Funds in Peer Group as of Mar 21, 2024 106
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Mar 21, 2024 237.48
MSCI Weighted Average Carbon Intensity % Coverage as of Mar 21, 2024 93.01
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 1.27%
MSCI - UN Global Compact Violators as of Mar 28, 2024 0.16%
MSCI - Nuclear Weapons as of Mar 28, 2024 1.27%
MSCI - Thermal Coal as of Mar 28, 2024 0.62%
MSCI - Civilian Firearms as of Mar 28, 2024 0.00%
MSCI - Oil Sands as of Mar 28, 2024 0.00%
MSCI - Tobacco as of Mar 28, 2024 0.35%

Business Involvement Coverage as of Mar 28, 2024 88.72%
Percentage of Fund not covered as of Mar 28, 2024 11.94%
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 0.62% and for Oil Sands 1.49%.

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 in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

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 Mar 6, 2023)

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 (%)
BANQUE FEDERATIVE DU CREDIT MUTUEL MTN RegS 4.125 03/13/2029 1.06
ROLLS-ROYCE PLC MTN RegS 1.625 05/09/2028 0.95
TELEFONICA EUROPE BV RegS 3.875 12/31/2079 0.95
VOLKSWAGEN INTERNATIONAL FINANCE N MTN RegS 4.552 03/27/2026 0.90
TRATON FINANCE LUXEMBOURG SA MTN RegS 4.878 09/18/2025 0.87
Name Weight (%)
TOTALENERGIES SE MTN RegS 1.75 12/31/2079 0.79
JPMORGAN CHASE & CO 2.545 11/08/2032 0.74
SOUTHERN COMPANY (THE) 1.875 09/15/2081 0.70
SES SA RegS 2.875 12/31/2079 0.70
DANSKE BANK A/S MTN 144A 5.705 03/01/2030 0.67
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
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
I4 Hgd GBP 8.93 -0.01 -0.11 Apr 19, 2024 9.15 8.35 LU1403442228
A8 Hgd CNH 85.21 -0.10 -0.12 Apr 19, 2024 88.36 81.27 LU1220227653
Class A10 Hedged CNH 100.47 -0.13 -0.13 Apr 19, 2024 105.07 100.00 LU2708803395
A6 Hgd JPY 953.00 -1.00 -0.10 Apr 19, 2024 1,003.00 952.00 LU2725777739
Class B10 Hedged ZAR 98.86 -0.11 -0.11 Apr 19, 2024 100.54 98.63 LU2776655495
Class A10 USD 10.09 -0.01 -0.10 Apr 19, 2024 10.53 10.00 LU2708803122
A8 Hgd AUD 9.36 -0.02 -0.21 Apr 19, 2024 9.71 8.94 LU0871639976
A6 Hgd HKD 69.31 -0.07 -0.10 Apr 19, 2024 72.17 66.45 LU0788109550
A5 USD 9.98 -0.01 -0.10 Apr 19, 2024 10.33 9.48 LU0825403933
A3 Hgd NZD 10.69 -0.01 -0.09 Apr 19, 2024 11.07 10.18 LU0803752475
A8 Hgd NZD 8.28 -0.01 -0.12 Apr 19, 2024 8.59 7.90 LU1149717313
A2 Hgd EUR 11.79 -0.01 -0.08 Apr 19, 2024 12.12 11.11 LU0297942434
I2 Hgd EUR 9.60 -0.01 -0.10 Apr 19, 2024 9.86 9.03 LU1625162489
D2 Hgd GBP 9.87 -0.01 -0.10 Apr 19, 2024 10.11 9.23 LU1222731728
D2 USD 15.40 -0.02 -0.13 Apr 19, 2024 15.76 14.36 LU0326960662
A6 USD 9.55 -0.01 -0.10 Apr 19, 2024 9.91 9.12 LU0788109634
Class A10 Hedged ZAR 96.76 -0.09 -0.09 Apr 19, 2024 100.47 96.52 LU2725777655
D5 Hgd GBP 8.97 -0.01 -0.11 Apr 19, 2024 9.31 8.55 LU1814255474
Class A3G USD 9.97 -0.01 -0.10 Apr 19, 2024 10.35 9.53 LU2620702048
A6 Hgd SGD 8.19 -0.01 -0.12 Apr 19, 2024 8.55 7.89 LU1435395121
Class B10 USD 9.88 -0.01 -0.10 Apr 19, 2024 10.05 9.86 LU2776655222
E2 Hgd EUR 10.88 -0.01 -0.09 Apr 19, 2024 11.20 10.29 LU0307653898
I2 USD 11.90 -0.01 -0.08 Apr 19, 2024 12.17 11.08 LU1181254019
A2 USD 14.38 -0.01 -0.07 Apr 19, 2024 14.72 13.43 LU0297942194
X2 USD 16.83 -0.02 -0.12 Apr 19, 2024 17.20 15.64 LU0434566104
A3 Hgd GBP 9.13 -0.01 -0.11 Apr 19, 2024 9.45 8.71 LU0816460231
A3 Hgd CAD 9.73 -0.01 -0.10 Apr 19, 2024 10.09 9.29 LU0816460157
X4 Hgd GBP 8.30 -0.01 -0.12 Apr 19, 2024 8.50 7.74 LU0414062165
A4 Hgd EUR 7.63 -0.01 -0.13 Apr 19, 2024 7.85 7.20 LU0303846876
D2 Hgd EUR 12.62 -0.01 -0.08 Apr 19, 2024 12.96 11.87 LU0326951752
X2 Hgd EUR 13.81 -0.02 -0.14 Apr 19, 2024 14.17 12.96 LU0414062249
E2 USD 13.23 -0.01 -0.08 Apr 19, 2024 13.56 12.39 LU0326961470
A3 Hgd AUD 10.31 -0.01 -0.10 Apr 19, 2024 10.71 9.88 LU0816460074
I2 Hgd CAD 11.47 -0.01 -0.09 Apr 19, 2024 11.75 10.72 LU1153585614
A2 Hgd SEK 94.72 -0.11 -0.12 Apr 19, 2024 97.48 89.48 LU1162516634

Portfolio Managers

Portfolio Managers

Tom Mondelaers
Tom Mondelaers
Daniel Chen
Managing Director, US Investment Grade Credit Team

Daniel Chen, CFA, Managing Director, is a Portfolio Manager on the US Investment Grade Team within BlackRock's Fundamental Fixed Income Group.

Max Huefner
Max Huefner

Literature

Literature