Fixed Income

BGF Emerging Markets Local Currency 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

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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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  2017 2018 2019 2020 2021
Total Return (%) -6.75 8.96 -0.50 -6.62
Constraint Benchmark 1 (%) -0.38 9.09 -0.48 -7.91
  1Y 3Y 5Y 10y Incept.
0.00 -2.57 - - -
Constraint Benchmark 1 (%) -5.08 -4.57 - - -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-0.80 -2.00 1.42 4.97 0.00 -7.51 - - -
Constraint Benchmark 1 (%) -5.05 -3.90 -0.48 0.13 -5.08 -13.09 - - -
  From
30-Sep-2017
To
30-Sep-2018
From
30-Sep-2018
To
30-Sep-2019
From
30-Sep-2019
To
30-Sep-2020
From
30-Sep-2020
To
30-Sep-2021
From
30-Sep-2021
To
30-Sep-2022
Total Return (%)

as of Sep 30, 2022

- 15.30 -6.10 -0.62 -0.78
Constraint Benchmark 1 (%)

as of Sep 30, 2022

- 16.55 -6.06 -1.59 -4.13
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

Net Assets of Fund as of Nov 25, 2022 USD 1,374,176,070
Share Class Inception Date Dec 28, 2017
Fund Inception Date Jun 26, 1997
Share Class Currency GBP
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan GBI-EM Global Diversified Index in GBP
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charge 0.61%
Annual Management Fee 0.50%
Performance Fee 0.00%
Minimum Initial Investment GBP 10000000
Minimum Subsequent Investment GBP 10000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGLI2GU
ISIN LU1741217027
SEDOL BFN4QM7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 170
Standard Deviation (3y) as of Oct 31, 2022 10.55%
Yield to Maturity as of Oct 31, 2022 9.32%
Modified Duration as of Oct 31, 2022 4.53 yrs
Yield to Worst as of Oct 31, 2022 9.32%
Effective Duration as of Oct 31, 2022 4.54 yrs
Weighted Avg Maturity as of Oct 31, 2022 6.45 yrs
WAL to Worst as of Oct 31, 2022 6.45 yrs

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 Oct 31, 2022
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 3.94
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 2.34
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.12
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.99
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.74
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.70
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 1.54
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.52
COLOMBIA REPUBLIC OF (GOVERNMENT) 10 07/24/2024 1.43
MEXICO (UNITED MEXICAN STATES) 7.5 06/03/2027 1.39
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 2022

% of Market Value

Type Fund
as of Oct 31, 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 NAV As Of 52wk High 52wk Low ISIN TIS
I2 GBP - 18.73 0.14 0.75 Nov 25, 2022 19.75 17.31 LU1741217027 -
Class S3 Hedged GBP Monthly 7.49 0.02 0.27 Nov 25, 2022 9.10 6.95 LU1911699996 -
X2 GBP Accumulating 5.36 0.04 0.75 Nov 25, 2022 5.65 4.93 LU1688375267 -
A2 CHF Accumulating 19.79 0.18 0.92 Nov 25, 2022 22.30 19.07 LU0938162186 -
I2 EUR Accumulating 21.80 0.14 0.65 Nov 25, 2022 22.83 20.55 LU1559746307 -
Class I3 Hedged GBP Monthly 4.93 0.01 0.20 Nov 25, 2022 6.02 4.57 LU0995336418 -
D2 Hgd CHF Accumulating 7.34 0.02 0.27 Nov 25, 2022 8.63 6.78 LU1688375184 -
X2 Hgd GBP Accumulating 8.67 0.02 0.23 Nov 25, 2022 10.06 8.00 LU1505939139 -
A8 Hgd AUD Monthly 4.85 0.01 0.21 Nov 25, 2022 5.97 4.50 LU1133072774 -
I2 CHF - 21.46 0.19 0.89 Nov 25, 2022 24.06 20.66 LU1781817694 -
D2 Hgd EUR Accumulating 6.41 0.02 0.31 Nov 25, 2022 7.57 5.92 LU0622213642 -
A3 HKD Monthly 22.84 0.07 0.31 Nov 25, 2022 27.24 21.21 LU0388349754 -
D2 USD Accumulating 22.50 0.05 0.22 Nov 25, 2022 25.83 20.70 LU0383940458 -
A3 EUR Monthly 2.81 0.01 0.36 Nov 25, 2022 3.07 2.73 LU0278457469 -
A1 EUR Monthly 2.79 0.02 0.72 Nov 25, 2022 3.05 2.71 LU0278461065 -
A2 Hgd SGD Accumulating 7.13 0.01 0.14 Nov 25, 2022 8.29 6.58 LU0358998713 -
A4 USD Annual 11.63 0.03 0.26 Nov 25, 2022 14.11 10.70 LU0548402170 -
A6 Hgd SGD Monthly 5.46 0.01 0.18 Nov 25, 2022 6.71 5.07 LU1676225185 -
A2 EUR Accumulating 20.10 0.13 0.65 Nov 25, 2022 21.15 19.02 LU0278457204 -
Class E5 Hedged EUR Quarterly 4.56 0.01 0.22 Nov 25, 2022 5.62 4.22 LU1062843260 -
A6 USD Monthly 6.10 0.01 0.16 Nov 25, 2022 7.43 5.65 LU1408528211 -
C2 USD Accumulating 17.12 0.03 0.18 Nov 25, 2022 19.93 15.78 LU0278476923 -
D5 GBP Quarterly 7.09 0.05 0.71 Nov 25, 2022 7.66 6.83 LU1694209807 -
D3 Hgd AUD Monthly 4.68 0.01 0.21 Nov 25, 2022 5.68 4.34 LU0827884841 -
D2 EUR Accumulating 21.67 0.13 0.60 Nov 25, 2022 22.72 20.45 LU0329592702 -
I5 USD Quarterly 7.23 0.02 0.28 Nov 25, 2022 8.65 6.65 LU1495982867 -
C2 EUR Accumulating 16.49 0.10 0.61 Nov 25, 2022 17.53 15.71 LU0278457972 -
D2 Hgd GBP Accumulating 12.29 0.03 0.24 Nov 25, 2022 14.33 11.34 LU0827885491 -
I2 Hgd EUR Accumulating 6.64 0.02 0.30 Nov 25, 2022 7.83 6.13 LU0473186707 -
C1 USD Monthly 2.89 0.00 0.00 Nov 25, 2022 3.47 2.68 LU0278478119 -
D2 Hgd SGD Accumulating 7.51 0.01 0.13 Nov 25, 2022 8.70 6.92 LU0827884767 -
A1 USD Monthly 2.90 0.01 0.35 Nov 25, 2022 3.47 2.68 LU0278477574 -
I2 USD Accumulating 22.63 0.05 0.22 Nov 25, 2022 25.95 20.82 LU0520955575 -
E2 USD Accumulating 19.28 0.04 0.21 Nov 25, 2022 22.31 17.76 LU0374975414 -
A2 Hgd EUR Accumulating 6.18 0.02 0.32 Nov 25, 2022 7.32 5.71 LU0359002093 -
D3 Hgd GBP Monthly 4.94 0.01 0.20 Nov 25, 2022 6.00 4.59 LU0995345831 -
D2 CHF Accumulating 21.33 0.18 0.85 Nov 25, 2022 23.94 20.55 LU1065150267 -
D4 EUR Annual 11.22 0.07 0.63 Nov 25, 2022 12.45 10.87 LU0827885145 -
D3 USD Monthly 12.09 0.03 0.25 Nov 25, 2022 14.45 11.18 LU0523291242 -
D3 EUR Monthly 11.64 0.07 0.61 Nov 25, 2022 12.71 11.30 LU0827884924 -
A4 EUR Annual 11.20 0.07 0.63 Nov 25, 2022 12.41 10.86 LU0478974834 -
A3 USD Monthly 2.92 0.00 0.00 Nov 25, 2022 3.49 2.70 LU0278470132 -
I5 EUR Quarterly 6.96 0.04 0.58 Nov 25, 2022 7.61 6.71 LU0995350831 -
X2 AUD Accumulating 9.60 0.06 0.63 Nov 25, 2022 10.35 8.80 LU1554267051 -
A2 Hgd SEK Accumulating 73.50 0.15 0.20 Nov 25, 2022 87.25 67.97 LU1715605868 -
A2 USD Accumulating 20.86 0.04 0.19 Nov 25, 2022 24.05 19.21 LU0278470058 -
Class AI5 EUR Quarterly 8.34 0.05 0.60 Nov 25, 2022 9.11 8.05 LU1960220660 -
E2 EUR Accumulating 18.57 0.11 0.60 Nov 25, 2022 19.62 17.62 LU0278459671 -
A6 Hgd GBP Monthly 5.48 0.01 0.18 Nov 25, 2022 6.79 5.10 LU1408528302 -
D4 USD Annual 11.65 0.03 0.26 Nov 25, 2022 14.16 10.72 LU0827885228 -
X2 USD Accumulating 6.48 0.02 0.31 Nov 25, 2022 7.40 5.96 LU0344905624 -
E2 Hgd EUR Accumulating 5.80 0.02 0.35 Nov 25, 2022 6.90 5.36 LU0474536231 -
A2 Hgd CHF Accumulating 6.04 0.02 0.33 Nov 25, 2022 7.13 5.58 LU0623004180 -
A6 Hgd CAD Monthly 5.92 0.02 0.34 Nov 25, 2022 7.25 5.49 LU1408528641 -
X2 EUR Accumulating 6.24 0.04 0.65 Nov 25, 2022 6.51 5.86 LU0531082021 -
Class AI2 EUR - 9.72 0.06 0.62 Nov 25, 2022 10.23 9.20 LU1960220587 -
A8 Hgd NZD Monthly 6.08 0.01 0.16 Nov 25, 2022 7.46 5.65 LU1408528724 -
Class X5 Hedged GBP Quarterly 7.21 0.01 0.14 Nov 25, 2022 8.77 6.65 LU1954752702 -
D2 Hgd PLN Accumulating 8.96 0.02 0.22 Nov 25, 2022 10.15 8.24 LU0827884684 -
A2 CZK Accumulating 489.35 2.21 0.45 Nov 25, 2022 527.61 473.17 LU1791177113 -
A6 Hgd HKD Monthly 59.99 0.13 0.22 Nov 25, 2022 73.73 55.67 LU1408528484 -
D3 HKD Monthly 94.48 0.28 0.30 Nov 25, 2022 112.67 87.75 LU0827885061 -
A2 Hgd PLN Accumulating 8.51 0.01 0.12 Nov 25, 2022 9.68 7.83 LU0480535052 -
A3 Hgd AUD Monthly 4.68 0.01 0.21 Nov 25, 2022 5.68 4.34 LU0575500318 -

Portfolio Managers

Portfolio Managers

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.

Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

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.

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.

Literature

Literature