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

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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
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  2017 2018 2019 2020 2021
Total Return (%) 5.36 4.60 -5.51
  1Y 3Y 5Y 10y Incept.
-8.23 -2.97 - - -0.70
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-7.68 0.87 -2.71 -4.37 -8.23 -8.66 - - -3.05
  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

- 3.99 4.04 -0.45 -9.95
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 Dec 2, 2022 RMB 32,206,627,376
Share Class Inception Date Jul 4, 2018
Fund Inception Date Nov 11, 2011
Share Class Currency EUR
Base Currency CNH
Asset Class Fixed Income
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charge 1.00%
Annual Management Fee 0.75%
Performance Fee -
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Distribution Frequency Monthly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGRA6EH
ISIN LU1847653224
SEDOL BZ16GB4

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 530
12m Trailing Yield as of Nov 30, 2022 5.96%
Standard Deviation (3y) as of Nov 30, 2022 3.49%
Yield to Maturity as of Oct 31, 2022 7.71%
Modified Duration as of Oct 31, 2022 2.28 yrs
Yield to Worst as of Oct 31, 2022 7.96%
Effective Duration as of Oct 31, 2022 1.94 yrs
Weighted Avg Maturity as of Oct 31, 2022 3.34 yrs
WAL to Worst as of Oct 31, 2022 3.34 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.

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 0.00%
MSCI - Nuclear Weapons as of Oct 31, 2022 0.00%
MSCI - Thermal Coal as of Oct 31, 2022 0.23%
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 56.43%
Percentage of Fund not covered as of Oct 31, 2022 41.77%
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 0.77% 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 environmental, social and governance considerations across all steps of the investment process. In the initial idea generation and credit research process this includes an assessment of each company’s positive ESG attributes or material risks and 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 highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, the Fund manager also reviews ESG aggregate portfolio metrics through BlackRock’s Aladdin system. The Fund manager also considers environmental, social and governance criteria during portfolio 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.

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 (%)
CHINA CONSTRUCTION BANK CORP RegS 3.45 08/10/2031 1.96
ALIBABA GROUP HOLDING LTD 3.6 11/28/2024 1.78
BANK OF CHINA LTD RegS 4.2 09/21/2030 1.59
BANK OF COMMUNICATIONS CO LTD RegS 3.65 09/27/2031 1.35
CHINA DEVELOPMENT BANK 3.65 05/21/2029 1.35
Name Weight (%)
CHINA DEVELOPMENT BANK 3.48 01/08/2029 1.24
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.02 10/22/2025 1.22
BAIDU INC 4.375 05/14/2024 1.18
CHINA CONSTRUCTION BANK CORP RegS 4.25 02/27/2029 1.01
MINMETALS BOUNTEOUS FINANCE (BVI) RegS 3.375 12/31/2049 0.93
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
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
A6 Hgd EUR Monthly 7.57 0.02 0.26 Dec 2, 2022 8.71 7.45 LU1847653224 -
A2 Hgd USD Accumulating 9.61 0.02 0.21 Dec 2, 2022 10.27 9.39 LU2070343392 -
Class I6 CNH Monthly 89.20 0.17 0.19 Dec 2, 2022 99.03 87.68 LU1940842344 -
D2 CNH Accumulating 98.69 0.19 0.19 Dec 2, 2022 103.92 96.58 LU0827885731 -
A8 Hgd USD - 10.11 0.02 0.20 Dec 2, 2022 10.11 10.00 LU2550100692 -
X3 USD - 9.08 0.00 0.00 Dec 2, 2022 10.12 8.58 LU2469414325 -
A6 Hgd GBP Monthly 7.96 0.01 0.13 Dec 2, 2022 9.03 7.82 LU2077746779 -
A6 Hgd AUD Monthly 8.05 0.02 0.25 Dec 2, 2022 9.14 7.91 LU1852331039 -
A6 Hgd USD Monthly 8.25 0.02 0.24 Dec 2, 2022 9.30 8.09 LU1847653141 -
A6 Hgd SGD Monthly 8.20 0.02 0.24 Dec 2, 2022 9.26 8.06 LU1847653497 -
A3 CNH Monthly 64.61 0.12 0.19 Dec 2, 2022 70.78 63.46 LU0679941160 -
E5 EUR Quarterly 9.87 0.06 0.61 Dec 2, 2022 11.13 9.60 LU2038736380 -
I2 CNH Accumulating 124.36 0.24 0.19 Dec 2, 2022 130.75 121.69 LU1574463128 -
A2 CNH Accumulating 97.84 0.19 0.19 Dec 2, 2022 103.38 95.78 LU0679940949 -
A3 HKD Monthly 71.37 0.07 0.10 Dec 2, 2022 86.81 67.97 LU0690034276 -
C2 USD Accumulating 12.11 0.01 0.08 Dec 2, 2022 14.36 11.41 LU0683062482 -
I2 USD Accumulating 17.65 0.01 0.06 Dec 2, 2022 20.57 16.60 LU1588882974 -
A2 USD Accumulating 13.88 0.00 0.00 Dec 2, 2022 16.26 13.07 LU0679941327 -
D2 USD Accumulating 14.01 0.01 0.07 Dec 2, 2022 16.35 13.18 LU0719319435 -
E2 EUR Accumulating 16.26 0.09 0.56 Dec 2, 2022 18.21 15.81 LU0764816798 -
D3 USD Monthly 9.21 0.01 0.11 Dec 2, 2022 11.19 8.70 LU0683067952 -
Class E8 Hedged EUR Monthly 8.41 0.01 0.12 Dec 2, 2022 9.36 8.26 LU2252214130 -
A6 Hgd CAD Monthly 8.05 0.02 0.25 Dec 2, 2022 9.10 7.90 LU2077746696 -
A8 Hgd HKD - 101.06 0.19 0.19 Dec 2, 2022 101.06 100.00 LU2550100429 -
A2 CHF Accumulating 13.07 0.06 0.46 Dec 2, 2022 15.02 12.69 LU0969580058 -
A3 USD Monthly 9.17 0.01 0.11 Dec 2, 2022 11.14 8.66 LU0679941673 -
I2 EUR - 16.85 0.10 0.60 Dec 2, 2022 18.80 16.38 LU2011139461 -
A6 Hgd NZD Monthly 8.06 0.01 0.12 Dec 2, 2022 9.09 7.92 LU2077746340 -
Class E5 Hedged EUR Quarterly 8.20 0.01 0.12 Dec 2, 2022 9.26 8.04 LU2038736463 -
I3 USD Monthly 8.90 0.01 0.11 Dec 2, 2022 10.81 8.40 LU1648248299 -
A6 CNH Monthly 88.68 0.17 0.19 Dec 2, 2022 98.93 87.20 LU1852330734 -
E2 Hgd EUR Accumulating 9.54 0.02 0.21 Dec 2, 2022 10.43 9.34 LU0803752129 -
A6 Hgd HKD Monthly 80.28 0.15 0.19 Dec 2, 2022 91.29 78.90 LU1963769176 -
X2 USD - 11.14 0.01 0.09 Dec 2, 2022 12.94 10.48 LU1733225855 -

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan

Literature

Literature