Fixed Income

BGF Emerging Markets Local Currency Bond Fund

  • NAV as of Aug 10, 2022 GBP 5.72
    52 WK: 5.32 - 7.21
  • 1 Day NAV Change as of Aug 10, 2022 0.07 (1.24%)

Overview

Investment Approach

The Fund aims to maximize the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in fixed income securities denominated in local currencies of developing market countries. These include bonds and money market instruments.
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.
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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Share Class and Benchmark performance displayed in GBP. Source: BlackRock. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested. Past performance is not a guide to future performance.

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution
  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

-9.03 2.78 -8.21 8.33 -19.30
  1Y 3Y 5Y 10y Incept.
Total Return (%)

as of Jul 31, 2022

-17.38 -6.67 -5.49 - -2.78
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
Total Return (%)

as of Jul 31, 2022

-13.30 1.73 -0.80 -17.38 -18.71 -24.58 - -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 Aug 10, 2022 USD 1,469.589
12m Trailing Yield as of Jul 31, 2022 7.58
Number of Holdings as of Jul 29, 2022 176
Base Currency U.S. Dollar
Fund Inception Date Jun 26, 1997
Share Class Inception Date May 11, 2016
Asset Class Fixed Income
Morningstar Category Other Bond
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 1.27%
ISIN LU1408528302
Bloomberg Ticker BGELA6G
Annual Management Fee 1.00%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL BZBVQB9
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment GBP 5000
Minimum Subsequent Investment -
Use of Income Distributing

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 Jul 21, 2022 BBB
MSCI ESG % Coverage as of Jul 21, 2022 99.48
MSCI ESG Quality Score (0-10) as of Jul 21, 2022 4.43
MSCI ESG Quality Score - Peer Percentile as of Jul 21, 2022 47.13
Fund Lipper Global Classification as of Jul 21, 2022 Bond Emerging Markets Global LC
Funds in Peer Group as of Jul 21, 2022 261
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Jul 21, 2022 911.10
MSCI Weighted Average Carbon Intensity % Coverage as of Jul 21, 2022 0.60
All data is from MSCI ESG Fund Ratings as of Jul 21, 2022, based on holdings as of Mar 31, 2022. 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% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

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 combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager 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, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Ratings

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Jul 29, 2022
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 3.44
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 2.54
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.21
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 1.94
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.91
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.72
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.71
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.70
COLOMBIA REPUBLIC OF (GOVERNMENT) 10 07/24/2024 1.45
SOUTH AFRICA (REPUBLIC OF) 8.75 02/28/2048 1.35
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jul 29, 2022

% of Market Value

Type Fund
as of Jul 29, 2022

% of Market Value

Type Fund
as of Jul 29, 2022

% of Market Value

Type Fund
Allocations subject to change.
as of Jul 29, 2022

% of Market Value

Type Fund
as of Jul 29, 2022

% of Market Value

Type Fund
as of Jul 29, 2022

% of Market Value

Type Fund
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
A6 Hgd GBP Monthly 5.72 0.07 1.24 7.21 5.32 - LU1408528302 - -
D2 Hgd CHF Accumulating 7.53 0.09 1.21 8.96 6.96 - LU1688375184 - -
Class AI5 EUR Quarterly 8.63 0.04 0.47 9.26 8.05 - LU1960220660 - -
D3 Hgd GBP Monthly 5.13 0.06 1.18 6.34 4.76 - LU0995345831 - -
I5 EUR Quarterly 7.20 0.03 0.42 7.74 6.71 - LU0995350831 - -
A1 USD Monthly 2.99 0.04 1.36 3.66 2.76 - LU0278477574 - -
A2 CHF Accumulating 19.95 0.04 0.20 22.77 19.14 - LU0938162186 - -
X2 Hgd GBP Accumulating 8.85 0.11 1.26 10.36 8.16 - LU1505939139 - -
X2 AUD Accumulating 9.28 0.00 0.00 10.36 8.80 - LU1554267051 - -
X2 GBP Accumulating 5.36 0.02 0.37 5.51 4.93 - LU1688375267 - -
A8 Hgd AUD Monthly 5.05 0.06 1.20 6.33 4.69 - LU1133072774 - -
D2 USD Accumulating 22.81 0.29 1.29 26.64 21.03 - LU0383940458 - -
D2 CHF Accumulating 21.48 0.05 0.23 24.40 20.60 - LU1065150267 - -
A2 Hgd SGD Accumulating 7.27 0.09 1.25 8.57 6.71 - LU0358998713 - -
A2 Hgd EUR Accumulating 6.35 0.07 1.11 7.61 5.87 - LU0359002093 - -
C2 USD Accumulating 17.45 0.22 1.28 20.72 16.11 - LU0278476923 - -
Class S3 Hedged GBP Monthly 7.77 0.09 1.17 9.61 7.21 - LU1911699996 - -
I2 EUR Accumulating 22.22 0.11 0.50 22.83 20.55 - LU1559746307 - -
Class I3 Hedged GBP Monthly 5.13 0.07 1.38 6.36 4.76 - LU0995336418 - -
I5 USD Quarterly 7.43 0.09 1.23 9.16 6.85 - LU1495982867 - -
A1 EUR Monthly 2.89 0.01 0.35 3.09 2.71 - LU0278461065 - -
I2 CHF - 21.60 0.05 0.23 24.50 20.71 - LU1781817694 - -
A2 USD Accumulating 21.18 0.26 1.24 24.86 19.54 - LU0278470058 - -
A4 USD Annual 12.43 0.16 1.30 15.06 11.46 - LU0548402170 - -
A2 EUR Accumulating 20.52 0.09 0.44 21.15 19.02 - LU0278457204 - -
A3 USD Monthly 3.01 0.04 1.35 3.68 2.79 - LU0278470132 - -
A4 EUR Annual 12.04 0.05 0.42 12.77 11.16 - LU0478974834 - -
A3 EUR Monthly 2.91 0.01 0.34 3.11 2.73 - LU0278457469 - -
I2 GBP - 18.76 0.07 0.37 19.39 17.31 - LU1741217027 - -
A3 HKD Monthly 23.59 0.29 1.24 28.64 21.87 - LU0388349754 - -
D2 Hgd EUR Accumulating 6.58 0.08 1.23 7.85 6.08 - LU0622213642 - -
A2 Hgd SEK Accumulating 75.55 0.93 1.25 90.59 69.90 - LU1715605868 - -
D5 GBP Quarterly 7.21 0.02 0.28 7.87 6.83 - LU1694209807 - -
A6 Hgd SGD Monthly 5.68 0.07 1.25 7.12 5.27 - LU1676225185 - -
D3 EUR Monthly 12.05 0.06 0.50 12.86 11.30 - LU0827884924 - -
Class E5 Hedged EUR Quarterly 4.76 0.06 1.28 5.98 4.40 - LU1062843260 - -
A6 USD Monthly 6.31 0.07 1.12 7.88 5.86 - LU1408528211 - -
D2 Hgd GBP Accumulating 12.56 0.15 1.21 14.80 11.60 - LU0827885491 - -
D3 USD Monthly 12.44 0.16 1.30 15.23 11.52 - LU0523291242 - -
D2 EUR Accumulating 22.10 0.11 0.50 22.72 20.45 - LU0329592702 - -
C1 USD Monthly 2.98 0.03 1.02 3.66 2.76 - LU0278478119 - -
D2 Hgd SGD Accumulating 7.65 0.10 1.32 8.98 7.06 - LU0827884767 - -
I2 USD Accumulating 22.93 0.29 1.28 26.75 21.14 - LU0520955575 - -
D4 EUR Annual 12.11 0.05 0.41 12.85 11.21 - LU0827885145 - -
D3 Hgd AUD Monthly 4.85 0.05 1.04 6.00 4.51 - LU0827884841 - -
C2 EUR Accumulating 16.90 0.07 0.42 17.53 15.71 - LU0278457972 - -
I2 Hgd EUR Accumulating 6.81 0.08 1.19 8.11 6.29 - LU0473186707 - -
A3 Hgd AUD Monthly 4.86 0.06 1.25 6.01 4.51 - LU0575500318 - -
X2 EUR Accumulating 6.35 0.03 0.47 6.51 5.86 - LU0531082021 - -
A8 Hgd NZD Monthly 6.33 0.07 1.12 7.89 5.88 - LU1408528724 - -
X2 USD Accumulating 6.55 0.08 1.24 7.61 6.04 - LU0344905624 - -
Class X5 Hedged GBP Quarterly 7.48 0.09 1.22 9.31 6.90 - LU1954752702 - -
E2 Hgd EUR Accumulating 5.97 0.07 1.19 7.19 5.52 - LU0474536231 - -
A2 Hgd CHF Accumulating 6.21 0.08 1.31 7.41 5.74 - LU0623004180 - -
A6 Hgd HKD Monthly 62.35 0.78 1.27 78.28 57.93 - LU1408528484 - -
Class AI2 EUR - 9.92 0.04 0.40 10.23 9.20 - LU1960220587 - -
D3 HKD Monthly 97.58 1.19 1.23 118.44 90.45 - LU0827885061 - -
E2 EUR Accumulating 18.99 0.09 0.48 19.62 17.62 - LU0278459671 - -
A2 Hgd PLN Accumulating 8.58 0.11 1.30 10.00 7.90 - LU0480535052 - -
A2 CZK Accumulating 500.41 -0.46 -0.09 534.05 473.17 - LU1791177113 - -
D4 USD Annual 12.50 0.16 1.30 15.15 11.53 - LU0827885228 - -
D2 Hgd PLN Accumulating 9.02 0.12 1.35 10.45 8.29 - LU0827884684 - -
A6 Hgd CAD Monthly 6.15 0.08 1.32 7.70 5.71 - LU1408528641 - -
E2 USD Accumulating 19.60 0.25 1.29 23.12 18.08 - LU0374975414 - -

Listings

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Managing Director, Head of Emerging Markets Local Debt Investments

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group.

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Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group. He is the lead Portfolio Manager in this team and has the responsibility for managing and overseeing its activities.

 

Prior to joining BlackRock in June 2012, Mr. Develay was senior a Portfolio Manager in the Emerging Markets Debt team at Fischer Francis Trees & Watts (FFTW, a BNP Paribas Investment Partner) with an alpha focus on EM currencies and regional research coverage of Latin America. Prior to the merger between BNP Paribas and Fortis, Mr. Develay was Head of the Currency and Commodity Trading team at Fortis Investments for five years in Paris and London with a strong focus on emerging markets currencies. Previously, Mr. Develay served as a Currency Trader at AXA Investment Managers where he started his career in 1999.

 

Mr. Develay earned Master in Finance in 1996 from the E.S.L.S.C.A. in Paris and a Certificate in Finance from UC Berkeley Extension in 1998.

Amer Bisat
Amer Bisat
Laurent Develay
Laurent Develay
Managing Director, Head of Emerging Markets Local Debt Investments

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group.

Read More

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group. He is the lead Portfolio Manager in this team and has the responsibility for managing and overseeing its activities.

 

Prior to joining BlackRock in June 2012, Mr. Develay was senior a Portfolio Manager in the Emerging Markets Debt team at Fischer Francis Trees & Watts (FFTW, a BNP Paribas Investment Partner) with an alpha focus on EM currencies and regional research coverage of Latin America. Prior to the merger between BNP Paribas and Fortis, Mr. Develay was Head of the Currency and Commodity Trading team at Fortis Investments for five years in Paris and London with a strong focus on emerging markets currencies. Previously, Mr. Develay served as a Currency Trader at AXA Investment Managers where he started his career in 1999.

 

Mr. Develay earned Master in Finance in 1996 from the E.S.L.S.C.A. in Paris and a Certificate in Finance from UC Berkeley Extension in 1998.

Michal Wozniak, CFA
Michal Wozniak, CFA
Vice President, Portfolio Manager for Emerging Markets Debt Portfolio Management team

Michal Wozniak, CFA, Director, is a Portfolio Manager for Emerging Markets Debt Portfolio Management team for Blackrock Global Fixed Income Group.

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Michal Wozniak, CFA, Director, is a Portfolio Manager for Emerging Markets Debt Portfolio Management team for Blackrock Global Fixed Income Group. He has responsibility for managing local rates within dedicated local currency bondportfolios and multi-segment strategies, including, local rates, sovereign debt emerging market currencies.

 

Prior to joining BlackRock in November 2013, Mr. Wozniak was working as a portfolio manager in Emerging Markets Debt teams in Lombard Odier Investment Managers and JPMorgan Asset Management, focusing on global local and hard currency fixed income strategies. Before that, he was responsible for Eastern European strategies in Fortis Investments in London. From 2002 until 2007 he was working in Credit Suisse Asset Management in Warsaw, initially as a portfolio manager and later heading the fixed income team. Michal started his professional career in 2000 as an equity analyst in ABN AMRO Asset Management.

 

Mr. Wozniak earned a Masters in Finance and Banking from the Warsaw School of Economics in 2001.

Literature

Literature