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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Distributions

Record Date Ex-Date Payable Date
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  2017 2018 2019 2020 2021
Total Return (%) 1.30 -7.49
Constraint Benchmark 1 (%) 2.69 -8.75
  1Y 3Y 5Y 10y Incept.
-9.53 -4.39 - - -
Constraint Benchmark 1 (%) -12.21 -5.51 - - -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-10.65 6.73 1.92 -0.48 -9.53 -12.61 - - -
Constraint Benchmark 1 (%) -13.55 7.11 0.99 -3.36 -12.21 -15.64 - - -
  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

- - -3.68 4.27 -18.58
Constraint Benchmark 1 (%)

as of Sep 30, 2022

- - -1.45 2.63 -20.63
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 USD 1,404,000,848
Share Class Inception Date Mar 6, 2019
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 0.08%
Annual Management Fee -
Performance Fee -
Minimum Initial Investment GBP 10000000
Minimum Subsequent Investment GBP 1000
Distribution Frequency Quarterly
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 BEMX5GH
ISIN LU1954752702
SEDOL BJJCRD1

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Oct 31, 2022 170
12m Trailing Yield as of Nov 30, 2022 6.45%
Standard Deviation (3y) as of Nov 30, 2022 14.47%
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
Class X5 Hedged GBP Quarterly 7.36 0.04 0.55 Dec 2, 2022 8.77 6.65 LU1954752702 -
X2 GBP Accumulating 5.41 0.06 1.12 Dec 2, 2022 5.65 4.93 LU1688375267 -
A2 Hgd EUR Accumulating 6.30 0.04 0.64 Dec 2, 2022 7.32 5.71 LU0359002093 -
I5 USD Quarterly 7.38 0.04 0.54 Dec 2, 2022 8.65 6.65 LU1495982867 -
I5 EUR Quarterly 7.05 0.08 1.15 Dec 2, 2022 7.61 6.71 LU0995350831 -
A2 Hgd SGD Accumulating 7.28 0.04 0.55 Dec 2, 2022 8.29 6.58 LU0358998713 -
D2 USD Accumulating 22.97 0.13 0.57 Dec 2, 2022 25.83 20.70 LU0383940458 -
A2 CHF Accumulating 20.05 0.20 1.01 Dec 2, 2022 22.30 19.07 LU0938162186 -
Class I3 Hedged GBP Monthly 5.00 0.03 0.60 Dec 2, 2022 6.02 4.57 LU0995336418 -
A1 USD Monthly 2.95 0.01 0.34 Dec 2, 2022 3.47 2.68 LU0278477574 -
X2 AUD Accumulating 9.76 0.14 1.46 Dec 2, 2022 10.35 8.80 LU1554267051 -
D2 Hgd CHF Accumulating 7.48 0.03 0.40 Dec 2, 2022 8.63 6.78 LU1688375184 -
Class S3 Hedged GBP Monthly 7.61 0.04 0.53 Dec 2, 2022 9.10 6.95 LU1911699996 -
Class AI5 EUR Quarterly 8.44 0.09 1.08 Dec 2, 2022 9.11 8.05 LU1960220660 -
D2 CHF Accumulating 21.62 0.21 0.98 Dec 2, 2022 23.94 20.55 LU1065150267 -
D3 Hgd GBP Monthly 5.02 0.02 0.40 Dec 2, 2022 6.00 4.59 LU0995345831 -
A8 Hgd AUD Monthly 4.92 0.03 0.61 Dec 2, 2022 5.97 4.50 LU1133072774 -
X2 Hgd GBP Accumulating 8.85 0.05 0.57 Dec 2, 2022 10.06 8.00 LU1505939139 -
I2 EUR Accumulating 22.06 0.24 1.10 Dec 2, 2022 22.83 20.55 LU1559746307 -
C2 USD Accumulating 17.47 0.09 0.52 Dec 2, 2022 19.93 15.78 LU0278476923 -
D2 Hgd EUR Accumulating 6.53 0.03 0.46 Dec 2, 2022 7.57 5.92 LU0622213642 -
I2 GBP - 18.91 0.22 1.18 Dec 2, 2022 19.75 17.31 LU1741217027 -
A3 HKD Monthly 23.12 0.13 0.57 Dec 2, 2022 27.24 21.21 LU0388349754 -
A2 EUR Accumulating 20.33 0.21 1.04 Dec 2, 2022 21.15 19.02 LU0278457204 -
A2 Hgd SEK Accumulating 74.98 0.40 0.54 Dec 2, 2022 87.25 67.97 LU1715605868 -
A1 EUR Monthly 2.82 0.03 1.08 Dec 2, 2022 3.05 2.71 LU0278461065 -
Class E5 Hedged EUR Quarterly 4.65 0.02 0.43 Dec 2, 2022 5.62 4.22 LU1062843260 -
A2 USD Accumulating 21.30 0.12 0.57 Dec 2, 2022 24.05 19.21 LU0278470058 -
D3 EUR Monthly 11.73 0.13 1.12 Dec 2, 2022 12.71 11.30 LU0827884924 -
I2 CHF - 21.74 0.21 0.98 Dec 2, 2022 24.06 20.66 LU1781817694 -
A6 USD Monthly 6.19 0.04 0.65 Dec 2, 2022 7.43 5.65 LU1408528211 -
D5 GBP Quarterly 7.16 0.08 1.13 Dec 2, 2022 7.66 6.83 LU1694209807 -
A4 EUR Annual 11.33 0.12 1.07 Dec 2, 2022 12.41 10.86 LU0478974834 -
A3 EUR Monthly 2.84 0.03 1.07 Dec 2, 2022 3.07 2.73 LU0278457469 -
A6 Hgd SGD Monthly 5.54 0.03 0.54 Dec 2, 2022 6.71 5.07 LU1676225185 -
A4 USD Annual 11.87 0.07 0.59 Dec 2, 2022 14.11 10.70 LU0548402170 -
A3 USD Monthly 2.97 0.02 0.68 Dec 2, 2022 3.49 2.70 LU0278470132 -
D3 USD Monthly 12.29 0.07 0.57 Dec 2, 2022 14.45 11.18 LU0523291242 -
D4 EUR Annual 11.35 0.12 1.07 Dec 2, 2022 12.45 10.87 LU0827885145 -
D3 Hgd AUD Monthly 4.76 0.03 0.63 Dec 2, 2022 5.68 4.34 LU0827884841 -
D2 Hgd GBP Accumulating 12.54 0.07 0.56 Dec 2, 2022 14.33 11.34 LU0827885491 -
D2 EUR Accumulating 21.93 0.24 1.11 Dec 2, 2022 22.72 20.45 LU0329592702 -
C2 EUR Accumulating 16.68 0.17 1.03 Dec 2, 2022 17.53 15.71 LU0278457972 -
I2 Hgd EUR Accumulating 6.77 0.04 0.59 Dec 2, 2022 7.83 6.13 LU0473186707 -
D2 Hgd SGD Accumulating 7.66 0.04 0.52 Dec 2, 2022 8.70 6.92 LU0827884767 -
I2 USD Accumulating 23.10 0.13 0.57 Dec 2, 2022 25.95 20.82 LU0520955575 -
C1 USD Monthly 2.95 0.01 0.34 Dec 2, 2022 3.47 2.68 LU0278478119 -
A6 Hgd GBP Monthly 5.56 0.03 0.54 Dec 2, 2022 6.79 5.10 LU1408528302 -
A8 Hgd NZD Monthly 6.17 0.03 0.49 Dec 2, 2022 7.46 5.65 LU1408528724 -
E2 EUR Accumulating 18.79 0.20 1.08 Dec 2, 2022 19.62 17.62 LU0278459671 -
Class AI2 EUR - 9.83 0.10 1.03 Dec 2, 2022 10.23 9.20 LU1960220587 -
A6 Hgd HKD Monthly 60.86 0.33 0.55 Dec 2, 2022 73.73 55.67 LU1408528484 -
A6 Hgd CAD Monthly 6.00 0.03 0.50 Dec 2, 2022 7.25 5.49 LU1408528641 -
X2 USD Accumulating 6.61 0.04 0.61 Dec 2, 2022 7.40 5.96 LU0344905624 -
A2 CZK Accumulating 495.40 5.33 1.09 Dec 2, 2022 527.61 473.17 LU1791177113 -
D3 HKD Monthly 95.63 0.57 0.60 Dec 2, 2022 112.67 87.75 LU0827885061 -
D4 USD Annual 11.89 0.07 0.59 Dec 2, 2022 14.16 10.72 LU0827885228 -
E2 Hgd EUR Accumulating 5.91 0.03 0.51 Dec 2, 2022 6.90 5.36 LU0474536231 -
A2 Hgd PLN Accumulating 8.68 0.05 0.58 Dec 2, 2022 9.68 7.83 LU0480535052 -
D2 Hgd PLN Accumulating 9.14 0.06 0.66 Dec 2, 2022 10.15 8.24 LU0827884684 -
X2 EUR Accumulating 6.31 0.07 1.12 Dec 2, 2022 6.51 5.86 LU0531082021 -
A3 Hgd AUD Monthly 4.76 0.03 0.63 Dec 2, 2022 5.68 4.34 LU0575500318 -
A2 Hgd CHF Accumulating 6.16 0.03 0.49 Dec 2, 2022 7.13 5.58 LU0623004180 -
E2 USD Accumulating 19.68 0.11 0.56 Dec 2, 2022 22.31 17.76 LU0374975414 -

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