Fixed Income

BGF China 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
View full table

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -1.60 7.82 16.55 0.67 -11.59 -0.49

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

  1Y 3Y 5Y 10y Incept.
-0.92 -3.97 1.00 - 2.34
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
0.68 0.26 0.41 5.87 -0.92 -11.45 5.11 - 16.94
  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

-0.44 17.61 -1.14 -7.46 -1.92
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 USD, hedged share class benchmark performance is displayed in CNH.

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 21, 2024 RMB 19,947,763,784
Share Class Inception Date Jul 19, 2017
Fund Inception Date Nov 11, 2011
Share Class Currency USD
Base Currency CNH
Asset Class Fixed Income
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 0.52%
ISIN LU1648248299
Annual Management Fee 0.40%
Performance Fee 0.00%
Minimum Initial Investment USD 10000000
Minimum Subsequent Investment USD 1000
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category China Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGRBI3U
SEDOL BF0PYV8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Apr 30, 2024 412
12m Trailing Yield as of Apr 30, 2024 4.18%
Standard Deviation (3y) as of Apr 30, 2024 7.59%
Yield to Maturity as of Apr 30, 2024 5.27%
Modified Duration as of Apr 30, 2024 4.23 yrs
Yield to Worst as of Apr 30, 2024 5.29%
Effective Duration as of Apr 30, 2024 2.69 yrs
Weighted Avg Maturity as of Apr 30, 2024 4.76 yrs
WAL to Worst as of Apr 30, 2024 4.76 yrs

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 - UN Global Compact Violators as of Apr 30, 2024 0.00%
MSCI - Nuclear Weapons as of Apr 30, 2024 0.00%
MSCI - Thermal Coal as of Apr 30, 2024 0.24%
MSCI - Civilian Firearms as of Apr 30, 2024 0.00%
MSCI - Oil Sands as of Apr 30, 2024 0.00%
MSCI - Tobacco as of Apr 30, 2024 0.00%

Business Involvement Coverage as of Apr 30, 2024 56.40%
Percentage of Fund not covered as of Apr 30, 2024 43.96%
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 1.98% and for Oil Sands 1.26%.

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 Rating

4 stars
Overall Morningstar Rating for BGF China Bond Fund, Class I3, as of Apr 30, 2024 rated against 156 China Bond Funds.

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Apr 30, 2024
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.52 08/25/2033 3.04
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.12 10/25/2052 2.10
CHINA DEVELOPMENT BANK 2.63 01/08/2034 1.99
AGRICULTURAL DEVELOPMENT BANK OF C 2.96 04/17/2030 1.65
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.56
Name Weight (%)
AGRICULTURAL DEVELOPMENT BANK OF C 3.01 03/16/2030 1.29
CHINA DEVELOPMENT BANK 3.09 06/18/2030 1.06
CHINA DEVELOPMENT BANK 2.69 09/11/2033 1.03
BANK OF CHINA LTD 2.62 04/08/2034 1.00
DBS BANK CHINA LTD RegS 4.7 03/24/2031 0.98
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Apr 30, 2024

% of Market Value

Type Fund
as of Apr 30, 2024

% of Market Value

Type Fund
as of Apr 30, 2024

% of Market Value

Type Fund
as of Apr 30, 2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
I3 USD 8.68 -0.01 -0.12 May 21, 2024 8.91 8.31 LU1648248299
X3 USD 8.87 -0.01 -0.11 May 21, 2024 9.10 8.49 LU2469414325
Class S2 Hedged EUR 10.42 0.01 0.10 May 21, 2024 10.42 9.86 LU2624964065
D2 CNH 104.92 0.03 0.03 May 21, 2024 104.92 99.50 LU0827885731
Class E8 Hedged EUR 8.41 0.00 0.00 May 21, 2024 8.45 8.17 LU2252214130
Class I6 Hedged SGD 8.41 0.01 0.12 May 21, 2024 8.46 8.18 LU2325727365
Class I6 CNH 88.12 0.03 0.03 May 21, 2024 89.03 85.80 LU1940842344
A2 EUR 13.16 -0.02 -0.15 May 21, 2024 13.34 12.30 LU2267099674
A8 Hgd USD 10.11 0.00 0.00 May 21, 2024 10.18 9.83 LU2550100692
A2 Hgd USD 10.49 0.00 0.00 May 21, 2024 10.49 9.86 LU2070343392
A2 CHF 13.00 0.01 0.08 May 21, 2024 13.00 11.80 LU0969580058
A2 Hgd SGD 10.39 0.01 0.10 May 21, 2024 10.39 9.86 LU2631410169
X2 Hgd USD 10.88 0.01 0.09 May 21, 2024 10.88 10.16 LU2092937064
Class D6 Hedged USD 8.31 0.00 0.00 May 21, 2024 8.31 8.01 LU2243824054
A6 Hgd CAD 8.08 0.00 0.00 May 21, 2024 8.09 7.83 LU2077746696
Class D6 Hedged SGD 8.37 0.01 0.12 May 21, 2024 8.43 8.14 LU2325727282
A8 Hgd HKD 100.90 0.04 0.04 May 21, 2024 101.56 98.16 LU2550100429
Class S2 Hedged USD 10.57 0.00 0.00 May 21, 2024 10.57 9.92 LU2624960667
A6 Hgd GBP 7.99 0.00 0.00 May 21, 2024 7.99 7.74 LU2077746779
D2 Hgd SGD 10.42 0.01 0.10 May 21, 2024 10.42 9.87 LU2631410243
A6 Hgd NZD 8.15 0.01 0.12 May 21, 2024 8.15 7.87 LU2077746340
I2 EUR 16.86 -0.01 -0.06 May 21, 2024 17.07 15.68 LU2011139461
Class SR2 Hedged USD 10.05 0.00 0.00 May 21, 2024 10.05 9.42 LU2319962069
A6 Hgd USD 8.36 0.01 0.12 May 21, 2024 8.36 8.07 LU1847653141
Class SR2 Hedged EUR 9.52 0.01 0.11 May 21, 2024 9.52 9.01 LU2319961764
Class A10 Hedged USD 10.18 0.01 0.10 May 21, 2024 10.20 9.99 LU2708802587
Class I5 Hedged EUR 8.32 0.00 0.00 May 21, 2024 8.33 8.03 LU2298320776
Class SR3 USD 7.97 -0.01 -0.13 May 21, 2024 8.18 7.63 LU2319961921
A6 Hgd EUR 7.44 0.00 0.00 May 21, 2024 7.53 7.25 LU1847653224
D2 EUR 13.35 -0.01 -0.07 May 21, 2024 13.52 12.43 LU2290526164
A6 Hgd AUD 7.98 0.00 0.00 May 21, 2024 8.04 7.77 LU1852331039
Class SR2 CNH 100.25 0.04 0.04 May 21, 2024 100.25 95.01 LU2319961681
A6 Hgd SGD 8.13 0.00 0.00 May 21, 2024 8.22 7.93 LU1847653497
Class SR4 Hedged GBP 8.94 0.00 0.00 May 21, 2024 8.94 8.40 LU2319961848
I2 Hgd EUR 9.79 0.01 0.10 May 21, 2024 9.79 9.26 LU2112292094
D2 Hgd EUR 9.73 0.00 0.00 May 21, 2024 9.73 9.21 LU2112292417
Class AI2 Hedged EUR 9.96 0.01 0.10 May 21, 2024 9.96 9.45 LU2131808789
A3 CNH 64.82 0.02 0.03 May 21, 2024 64.82 62.87 LU0679941160
I4 Hgd GBP 8.78 0.00 0.00 May 21, 2024 8.78 8.25 LU2112291872
Class E5 Hedged EUR 8.23 0.01 0.12 May 21, 2024 8.24 7.95 LU2038736463
I2 Hgd USD 10.48 0.01 0.10 May 21, 2024 10.48 9.82 LU2112291955
E5 EUR 9.27 -0.01 -0.11 May 21, 2024 9.57 8.90 LU2038736380
D2 Hgd USD 10.40 0.00 0.00 May 21, 2024 10.40 9.76 LU2112292250
A3 HKD 69.82 -0.08 -0.11 May 21, 2024 71.87 67.06 LU0690034276
I2 USD 18.29 -0.02 -0.11 May 21, 2024 18.32 17.14 LU1588882974
A2 USD 14.28 -0.02 -0.14 May 21, 2024 14.31 13.42 LU0679941327
A3 USD 8.95 -0.01 -0.11 May 21, 2024 9.18 8.57 LU0679941673
D4 Hgd GBP 8.77 0.00 0.00 May 21, 2024 8.77 8.24 LU2112292177
C2 USD 12.23 -0.02 -0.16 May 21, 2024 12.26 11.58 LU0683062482
I2 CNH 132.51 0.04 0.03 May 21, 2024 132.51 125.55 LU1574463128
A2 CNH 103.48 0.03 0.03 May 21, 2024 103.48 98.33 LU0679940949
X2 USD 11.61 -0.02 -0.17 May 21, 2024 11.63 10.85 LU1733225855
Class SR6 Hedged SGD 8.79 0.01 0.11 May 21, 2024 8.85 8.55 LU2391915415
Class I6 USD Hedged USD 8.80 0.00 0.00 May 21, 2024 8.80 8.48 LU2134542930
A6 Hgd HKD 79.98 0.03 0.04 May 21, 2024 80.29 77.69 LU1963769176
Class AI2 EUR 10.51 -0.01 -0.10 May 21, 2024 10.65 9.82 LU2131808516
Class SR6 CNH 88.53 0.03 0.03 May 21, 2024 89.36 86.22 LU2391915688
A6 CNH 87.05 0.03 0.03 May 21, 2024 88.33 85.00 LU1852330734
E2 Hgd EUR 10.04 0.01 0.10 May 21, 2024 10.04 9.55 LU0803752129
Class SR2 USD 13.84 -0.02 -0.14 May 21, 2024 13.86 12.97 LU2391915928
D6 CNH 84.45 0.03 0.04 May 21, 2024 85.45 82.30 LU2243823916
E2 EUR 16.03 -0.01 -0.06 May 21, 2024 16.25 15.04 LU0764816798
A3 SGD 12.05 -0.01 -0.08 May 21, 2024 12.36 11.67 LU2298379152
D3 USD 8.99 -0.01 -0.11 May 21, 2024 9.22 8.61 LU0683067952
Class SR6 Hedged EUR 8.53 0.00 0.00 May 21, 2024 8.60 8.30 LU2391915506
Class SR6 Hedged USD 8.99 0.00 0.00 May 21, 2024 8.99 8.66 LU2391915761
A2 Hgd JPY 891.00 0.00 0.00 May 21, 2024 891.00 865.00 LU2367605297
Class SR6 Hedged HKD 87.63 0.04 0.05 May 21, 2024 87.67 84.92 LU2391915332
D2 USD 14.48 -0.02 -0.14 May 21, 2024 14.51 13.58 LU0719319435

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Literature

Literature