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

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

Record Date Ex-Date Payable Date
View full table

  2018 2019 2020 2021 2022
Total Return (%) 10.08 0.57 -7.92 -10.16
Constraint Benchmark 1 (%) 13.47 2.69 -8.75 -11.69
  1Y 3Y 5Y 10y Incept.
-6.13 -4.17 - - -0.48
Constraint Benchmark 1 (%) -7.89 -4.38 - - 0.05
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
4.50 4.50 12.79 8.10 -6.13 -12.00 - - -1.97
Constraint Benchmark 1 (%) 4.29 4.29 14.12 7.45 -7.89 -12.56 - - 0.22
  From
31-Dec-2017
To
31-Dec-2018
From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
Total Return (%)

as of Dec 31, 2022

- 10.08 0.57 -7.92 -10.16
Constraint Benchmark 1 (%)

as of Dec 31, 2022

- 13.47 2.69 -8.75 -11.69
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 Feb 8, 2023 USD 1,488,108,365
Share Class Inception Date Nov 28, 2018
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
SFDR Classification Other
Initial Charge -
Ongoing Charge 0.71%
Annual Management Fee -
Performance Fee -
Minimum Initial Investment GBP 50000000
Minimum Subsequent Investment GBP 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 BGELS3H
ISIN LU1911699996
SEDOL BHJYDQ8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Jan 31, 2023 425
12m Trailing Yield as of Jan 31, 2023 5.30%
Standard Deviation (3y) as of Jan 31, 2023 14.52%
Yield to Maturity as of Jan 31, 2023 8.72%
Modified Duration as of Jan 31, 2023 5.15 yrs
Yield to Worst as of Jan 31, 2023 8.72%
Effective Duration as of Jan 31, 2023 5.17 yrs
Weighted Avg Maturity as of Jan 31, 2023 7.26 yrs
WAL to Worst as of Jan 31, 2023 7.26 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 Jan 31, 2023
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 3.05
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.31
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 2.07
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 1.91
SOUTH AFRICA (REPUBLIC OF) 7 02/28/2031 1.74
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.73
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.67
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.64
COLOMBIA (REPUBLIC OF) 7 06/30/2032 1.60
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.55
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jan 31, 2023

% of Market Value

Type Fund
as of Jan 31, 2023

% of Market Value

Type Fund
as of Jan 31, 2023

% of Market Value

Type Fund
as of Jan 31, 2023

% of Market Value

Type Fund
as of Jan 31, 2023

% 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
Class S3 Hedged GBP Monthly 7.82 0.04 0.51 Feb 8, 2023 9.10 6.95 LU1911699996 -
D2 Hgd CHF Accumulating 7.71 0.03 0.39 Feb 8, 2023 8.63 6.78 LU1688375184 -
X2 GBP Accumulating 5.70 -0.02 -0.35 Feb 8, 2023 5.78 4.93 LU1688375267 -
Class I3 Hedged GBP Monthly 5.14 0.03 0.59 Feb 8, 2023 6.02 4.57 LU0995336418 -
C2 USD Accumulating 18.10 0.07 0.39 Feb 8, 2023 19.93 15.78 LU0278476923 -
D2 USD Accumulating 23.87 0.10 0.42 Feb 8, 2023 25.83 20.70 LU0383940458 -
I2 EUR Accumulating 22.39 0.00 0.00 Feb 8, 2023 22.83 20.55 LU1559746307 -
D3 Hgd GBP Monthly 5.16 0.02 0.39 Feb 8, 2023 6.00 4.59 LU0995345831 -
A1 USD Monthly 3.04 0.01 0.33 Feb 8, 2023 3.47 2.68 LU0278477574 -
A2 CHF Accumulating 20.36 -0.05 -0.24 Feb 8, 2023 22.30 19.07 LU0938162186 -
A2 Hgd SGD Accumulating 7.54 0.03 0.40 Feb 8, 2023 8.29 6.58 LU0358998713 -
A2 Hgd EUR Accumulating 6.50 0.03 0.46 Feb 8, 2023 7.32 5.71 LU0359002093 -
D2 CHF Accumulating 21.98 -0.05 -0.23 Feb 8, 2023 23.94 20.55 LU1065150267 -
I5 USD Quarterly 7.57 0.04 0.53 Feb 8, 2023 8.65 6.65 LU1495982867 -
X2 Hgd GBP Accumulating 9.19 0.04 0.44 Feb 8, 2023 10.06 8.00 LU1505939139 -
I5 EUR Quarterly 7.05 0.00 0.00 Feb 8, 2023 7.61 6.71 LU0995350831 -
X2 AUD Accumulating 9.90 -0.03 -0.30 Feb 8, 2023 10.34 8.80 LU1554267051 -
Class AI5 EUR Quarterly 8.45 0.00 0.00 Feb 8, 2023 9.11 8.05 LU1960220660 -
A1 EUR Monthly 2.83 0.00 0.00 Feb 8, 2023 3.05 2.71 LU0278461065 -
A8 Hgd AUD Monthly 5.04 0.02 0.40 Feb 8, 2023 5.97 4.50 LU1133072774 -
D2 Hgd EUR Accumulating 6.74 0.02 0.30 Feb 8, 2023 7.57 5.92 LU0622213642 -
I2 CHF - 22.12 -0.05 -0.23 Feb 8, 2023 24.06 20.66 LU1781817694 -
A3 HKD Monthly 24.01 0.11 0.46 Feb 8, 2023 27.24 21.21 LU0388349754 -
A3 EUR Monthly 2.85 0.00 0.00 Feb 8, 2023 3.07 2.73 LU0278457469 -
A2 EUR Accumulating 20.62 0.00 0.00 Feb 8, 2023 21.15 19.02 LU0278457204 -
A2 USD Accumulating 22.11 0.09 0.41 Feb 8, 2023 24.05 19.21 LU0278470058 -
A2 Hgd SEK Accumulating 77.38 0.31 0.40 Feb 8, 2023 87.25 67.97 LU1715605868 -
A4 USD Annual 12.32 0.05 0.41 Feb 8, 2023 14.11 10.70 LU0548402170 -
A6 Hgd SGD Monthly 5.67 0.02 0.35 Feb 8, 2023 6.71 5.07 LU1676225185 -
A3 USD Monthly 3.06 0.01 0.33 Feb 8, 2023 3.49 2.70 LU0278470132 -
I2 GBP - 19.91 -0.06 -0.30 Feb 8, 2023 20.17 17.31 LU1741217027 -
Class E5 Hedged EUR Quarterly 4.74 0.02 0.42 Feb 8, 2023 5.62 4.22 LU1062843260 -
D5 GBP Quarterly 7.44 -0.02 -0.27 Feb 8, 2023 7.56 6.83 LU1694209807 -
D3 EUR Monthly 11.80 0.01 0.08 Feb 8, 2023 12.71 11.30 LU0827884924 -
A6 USD Monthly 6.35 0.03 0.47 Feb 8, 2023 7.43 5.65 LU1408528211 -
D3 Hgd AUD Monthly 4.88 0.02 0.41 Feb 8, 2023 5.68 4.34 LU0827884841 -
A4 EUR Annual 11.49 0.00 0.00 Feb 8, 2023 12.41 10.86 LU0478974834 -
D3 USD Monthly 12.65 0.05 0.40 Feb 8, 2023 14.45 11.18 LU0523291242 -
D2 EUR Accumulating 22.25 0.00 0.00 Feb 8, 2023 22.72 20.45 LU0329592702 -
C2 EUR Accumulating 16.88 0.00 0.00 Feb 8, 2023 17.53 15.71 LU0278457972 -
D2 Hgd GBP Accumulating 13.00 0.06 0.46 Feb 8, 2023 14.33 11.34 LU0827885491 -
C1 USD Monthly 3.04 0.02 0.66 Feb 8, 2023 3.47 2.68 LU0278478119 -
I2 Hgd EUR Accumulating 6.99 0.03 0.43 Feb 8, 2023 7.83 6.13 LU0473186707 -
D4 EUR Annual 11.52 0.00 0.00 Feb 8, 2023 12.45 10.87 LU0827885145 -
I2 USD Accumulating 24.02 0.10 0.42 Feb 8, 2023 25.95 20.82 LU0520955575 -
D2 Hgd SGD Accumulating 7.95 0.03 0.38 Feb 8, 2023 8.70 6.92 LU0827884767 -
E2 USD Accumulating 20.41 0.08 0.39 Feb 8, 2023 22.31 17.76 LU0374975414 -
A6 Hgd GBP Monthly 5.68 0.02 0.35 Feb 8, 2023 6.79 5.10 LU1408528302 -
Class X5 Hedged GBP Quarterly 7.53 0.03 0.40 Feb 8, 2023 8.77 6.65 LU1954752702 -
E2 EUR Accumulating 19.03 0.00 0.00 Feb 8, 2023 19.62 17.62 LU0278459671 -
D3 HKD Monthly 99.30 0.43 0.43 Feb 8, 2023 112.67 87.75 LU0827885061 -
A2 CZK Accumulating 489.71 -1.49 -0.30 Feb 8, 2023 515.79 473.17 LU1791177113 -
Class AI2 EUR - 9.97 0.00 0.00 Feb 8, 2023 10.23 9.20 LU1960220587 -
A6 Hgd CAD Monthly 6.15 0.02 0.33 Feb 8, 2023 7.25 5.49 LU1408528641 -
D4 USD Annual 12.36 0.05 0.41 Feb 8, 2023 14.16 10.72 LU0827885228 -
A3 Hgd AUD Monthly 4.88 0.02 0.41 Feb 8, 2023 5.68 4.34 LU0575500318 -
A6 Hgd HKD Monthly 62.45 0.25 0.40 Feb 8, 2023 73.73 55.67 LU1408528484 -
A2 Hgd CHF Accumulating 6.34 0.03 0.48 Feb 8, 2023 7.13 5.58 LU0623004180 -
D2 Hgd PLN Accumulating 9.57 0.04 0.42 Feb 8, 2023 10.15 8.24 LU0827884684 -
X2 USD Accumulating 6.88 0.03 0.44 Feb 8, 2023 7.40 5.96 LU0344905624 -
X2 EUR Accumulating 6.41 0.00 0.00 Feb 8, 2023 6.51 5.86 LU0531082021 -
A8 Hgd NZD Monthly 6.32 0.02 0.32 Feb 8, 2023 7.46 5.65 LU1408528724 -
A2 Hgd PLN Accumulating 9.08 0.04 0.44 Feb 8, 2023 9.68 7.83 LU0480535052 -
E2 Hgd EUR Accumulating 6.09 0.02 0.33 Feb 8, 2023 6.90 5.36 LU0474536231 -

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 (EM) 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