Fixed Income

BSF Emerging Markets Flexi Dynamic 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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Distributions

Record Date Ex-Date Payable Date
View full table
  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

- 8.45 1.19 3.12 -0.80
Comparator Benchmark 1 (%)

as of Sep 30, 2022

- -0.37 -0.41 -0.55 -0.25
Comparator Benchmark 2 (%)

as of Sep 30, 2022

- 18.16 - 4.74 -8.26
  1Y 3Y 5Y 10y Incept.
0.54 1.73 - - 1.61
Comparator Benchmark 1 (%) -0.08 -0.35 - - -0.36
Comparator Benchmark 2 (%) -8.94 -3.86 - - -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
2.69 -1.04 -1.01 -0.41 0.54 5.29 - - 7.54
Comparator Benchmark 1 (%) 0.02 0.12 0.24 0.19 -0.08 -1.04 - - -1.61
Comparator Benchmark 2 (%) -9.75 -1.24 -3.51 -3.13 -8.94 -11.15 - - -
  2017 2018 2019 2020 2021
Total Return (%) - - 8.44 5.14 -4.38
Comparator Benchmark 1 (%) - - -0.39 -0.43 -0.56
Comparator Benchmark 2 (%) - - 16.42 -4.57 1.87
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 1,012,136,533
Share Class Inception Date Apr 11, 2018
Fund Inception Date Jun 12, 2013
Share Class Currency EUR
Base Currency USD
Asset Class Fixed Income
Comparator Benchmark 1 3 Month Euribor (Industry Standard) Index
Comparator Benchmark 2 50% JPMGBIEEU / 50% EMBIGDEUR Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 0.99%
Annual Management Fee -
Performance Fee -
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment EUR 1000
Distribution Frequency -
Use of Income Distributing
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 BSEFD5E
ISIN LU1800013283
SEDOL BYQL7P8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 230
12m Trailing Yield as of Oct 31, 2022 3.13%
Standard Deviation (3y) as of Oct 31, 2022 8.67%
3y Beta as of Oct 31, 2022 -0.761
Yield to Maturity as of Oct 31, 2022 7.95%
Modified Duration as of Oct 31, 2022 3.88 yrs
Yield to Worst as of Oct 31, 2022 7.94%
Effective Duration as of Oct 31, 2022 3.97 yrs
Weighted Avg Maturity as of Oct 31, 2022 5.33 yrs
WAL to Worst as of Oct 31, 2022 5.33 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 Sep 21, 2022 BB
MSCI ESG % Coverage as of Sep 21, 2022 86.45
MSCI ESG Quality Score (0-10) as of Sep 21, 2022 3.00
MSCI ESG Quality Score - Peer Percentile as of Sep 21, 2022 20.72
Fund Lipper Global Classification as of Sep 21, 2022 Bond Emerging Markets Global HC
Funds in Peer Group as of Sep 21, 2022 415
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Sep 21, 2022 1,841.88
MSCI Weighted Average Carbon Intensity % Coverage as of Sep 21, 2022 13.79
All data is from MSCI ESG Fund Ratings as of Sep 21, 2022, based on holdings as of Feb 28, 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.

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 Oct 31, 2022 0.00%
MSCI - UN Global Compact Violators as of Oct 31, 2022 7.40%
MSCI - Nuclear Weapons as of Oct 31, 2022 0.00%
MSCI - Thermal Coal as of Oct 31, 2022 0.00%
MSCI - Civilian Firearms as of Oct 31, 2022 0.00%
MSCI - Oil Sands as of Oct 31, 2022 0.00%
MSCI - Tobacco as of Oct 31, 2022 0.00%

Business Involvement Coverage as of Oct 31, 2022 13.52%
Percentage of Fund not covered as of Oct 31, 2022 86.67%
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 0.67% and for Oil Sands 0.00%.

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 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 (%)
TREASURY NOTE 2.5 04/30/2024 13.16
TREASURY NOTE 0.125 12/31/2022 9.35
POLAND (REPUBLIC OF) 2.5 01/25/2023 6.63
CZECH REPUBLIC 0.45 10/25/2023 4.47
MEXICO (UNITED MEXICAN STATES) 8 12/07/2023 4.36
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 2.53
ECOPETROL SA 4.125 01/16/2025 1.90
GACI FIRST INVESTMENT CO MTN RegS 5 10/13/2027 1.87
MAF GLOBAL SECURITIES LTD RegS 7.875 12/31/2049 1.67
PETROLEOS MEXICANOS 6.7 02/16/2032 1.22
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2022

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
D5 EUR - 84.12 0.27 0.32 Nov 25, 2022 91.45 83.17 LU1800013283 -
X2 Hgd AUD Accumulating 100.31 -0.06 -0.06 Nov 25, 2022 111.51 96.48 LU1435395550 -
D5 USD Quarterly 76.41 -0.04 -0.05 Nov 25, 2022 87.23 73.41 LU1308276671 -
I5 EUR Quarterly 80.75 0.27 0.34 Nov 25, 2022 87.78 79.83 LU1722863567 -
A4 Hgd GBP Annual 69.86 -0.05 -0.07 Nov 25, 2022 80.27 67.35 LU1072457747 -
A2 Hgd SEK Accumulating 76.15 -0.04 -0.05 Nov 25, 2022 87.05 73.53 LU1715606080 -
D4 Hgd GBP Annual 69.50 -0.05 -0.07 Nov 25, 2022 80.01 66.96 LU1093538335 -
E2 Hgd EUR Accumulating 84.36 -0.05 -0.06 Nov 25, 2022 97.07 81.46 LU0949128143 -
D2 USD Accumulating 109.04 -0.06 -0.05 Nov 25, 2022 120.71 104.75 LU0949128572 -
I3 USD Monthly 65.06 -0.03 -0.05 Nov 25, 2022 74.50 62.76 LU1572169453 -
D2 Hgd EUR Accumulating 94.44 -0.05 -0.05 Nov 25, 2022 107.34 91.09 LU0949128226 -
Class X5 EUR Quarterly 81.63 0.27 0.33 Nov 25, 2022 88.74 80.63 LU1648246756 -
E2 USD Accumulating 96.62 -0.06 -0.06 Nov 25, 2022 108.32 92.93 LU0949128499 -
D5 Hgd EUR - 67.95 -0.04 -0.06 Nov 25, 2022 79.77 65.53 LU1814255391 -
Class AI2 Hedged EUR - 82.74 -0.05 -0.06 Nov 25, 2022 94.57 79.86 LU2008561636 -
A2 USD Accumulating 101.21 -0.06 -0.06 Nov 25, 2022 112.90 97.30 LU0940382277 -
D4 GBP Annual 84.84 0.38 0.45 Nov 25, 2022 93.47 81.31 LU0997362164 -
Class I5 Hedged EUR - 63.19 -0.04 -0.06 Nov 25, 2022 74.08 60.94 LU1781817264 -
X2 USD Accumulating 120.45 -0.06 -0.05 Nov 25, 2022 132.09 115.61 LU0946833604 -
I4 Hgd EUR Annual 68.20 -0.04 -0.06 Nov 25, 2022 79.64 65.77 LU1418627409 -
I2 Hgd EUR Accumulating 83.01 -0.05 -0.06 Nov 25, 2022 93.90 80.06 LU1648247721 -
X2 Hgd CAD - 88.76 -0.05 -0.06 Nov 25, 2022 97.95 85.27 LU1728553345 -
A2 Hgd EUR Accumulating 87.12 -0.05 -0.06 Nov 25, 2022 99.72 84.09 LU1072451542 -
I2 USD Accumulating 108.45 -0.06 -0.06 Nov 25, 2022 119.85 104.17 LU1118028742 -

Portfolio Managers

Portfolio Managers

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