Fixed Income

BGF US Dollar High Yield 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. Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixed income securities. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

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

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Distributions

Ex-Date Total Distribution
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  2019 2020 2021 2022 2023
Total Return (%) -11.30 13.31
Constraint Benchmark 1 (%) -11.18 13.44

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1Y 3Y 5Y 10y Incept.
11.03 1.74 - - 2.28
Constraint Benchmark 1 (%) 10.43 1.64 - - 2.18
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
3.27 1.08 1.25 3.27 11.03 5.31 - - 7.52
Constraint Benchmark 1 (%) 2.58 0.94 1.09 2.58 10.43 5.01 - - 7.18
  From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
From
30-Jun-2023
To
30-Jun-2024
Total Return (%)

as of Jun 30, 2024

- - -12.96 8.98 11.03
Constraint Benchmark 1 (%)

as of Jun 30, 2024

- - -12.82 9.07 10.43
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.

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in USD, hedged share class benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Key Facts

Key Facts

Net Assets of Fund
as of Jul 18, 2024
USD 1,918,180,907
Fund Inception Date
Oct 29, 1993
Base Currency
USD
Constraint Benchmark 1
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Initial Charge
0.00%
ISIN
LU2319962812
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGHYSR3
Share Class Inception Date
Apr 14, 2021
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Article 8
Ongoing Charge
0.68%
Annual Management Fee
0.35%
Minimum Initial Investment
USD 50000000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BMGDJ43

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jun 28, 2024
1140
Standard Deviation (3y)
as of Jun 30, 2024
8.27%
Modified Duration
as of Jun 28, 2024
3.84 yrs
Effective Duration
as of Jun 28, 2024
3.06 yrs
WAL to Worst
as of Jun 28, 2024
4.43 yrs
12m Trailing Yield
as of Jun 30, 2024
6.18%
Yield to Maturity
as of Jun 28, 2024
7.75%
Yield to Worst
as of Jun 28, 2024
7.58%
Weighted Avg Maturity
as of Jun 28, 2024
4.43 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 Jun 21, 2024
BBB
MSCI ESG Quality Score (0-10)
as of Jun 21, 2024
5.51
Fund Lipper Global Classification
as of Jun 21, 2024
Bond USD High Yield
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of Jun 21, 2024
190.31
MSCI ESG % Coverage
as of Jun 21, 2024
65.30
MSCI ESG Quality Score - Peer Percentile
as of Jun 21, 2024
62.70
Funds in Peer Group
as of Jun 21, 2024
445
MSCI Weighted Average Carbon Intensity % Coverage
as of Jun 21, 2024
66.15
All data is from MSCI ESG Fund Ratings as of Jun 21, 2024, based on holdings as of Jan 31, 2024. 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% (or 50% for bond funds and money market funds) 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.

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 Jun 28, 2024
0.00%
MSCI - Nuclear Weapons
as of Jun 28, 2024
0.00%
MSCI - Civilian Firearms
as of Jun 28, 2024
0.01%
MSCI - Tobacco
as of Jun 28, 2024
0.00%
MSCI - UN Global Compact Violators
as of Jun 28, 2024
0.01%
MSCI - Thermal Coal
as of Jun 28, 2024
0.00%
MSCI - Oil Sands
as of Jun 28, 2024
0.00%

Business Involvement Coverage
as of Jun 28, 2024
32.06%
Percentage of Fund not covered
as of Jun 28, 2024
67.92%
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 0.00% and for Oil Sands 0.06%.

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 financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for certain issuers under consideration for investment and certain existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third-party ESG information and research. Portfolio management teams may consider the sector and issuer ESG views and scores during portfolio construction. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include discussion of the portfolio's exposure to material ESG risks, where appropriate.

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Sep 5, 2023)

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Jun 28, 2024
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 1.44
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 1.22
CLOUD SOFTWARE GROUP INC 144A 6.5 03/31/2029 1.19
MAUSER PACKAGING SOLUTIONS HOLDING 144A 7.875 04/15/2027 1.07
HUB INTERNATIONAL LTD 144A 7.25 06/15/2030 1.00
Name Weight (%)
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.86
UKG INC 144A 6.875 02/01/2031 0.86
VENTURE GLOBAL LNG INC 144A 9.5 02/01/2029 0.76
EMRLD BORROWER LP 144A 6.625 12/15/2030 0.72
ATHENAHEALTH GROUP INC 144A 6.5 02/15/2030 0.70
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jun 28, 2024

% of Market Value

Type Fund
as of Jun 28, 2024

% of Market Value

Type Fund
as of Jun 28, 2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class SR3 USD 9.18 0.01 0.11 Jul 18, 2024 9.18 8.41 LU2319962812
Class B6 Hedged JPY 996.00 0.00 0.00 Jul 18, 2024 1,002.00 984.00 LU2776654928
Class B8 Hedged ZAR 101.21 0.08 0.08 Jul 18, 2024 101.21 98.99 LU2776655065
A8 Hgd CNH 89.26 0.03 0.03 Jul 18, 2024 89.26 82.43 LU1919856218
D2 Hgd CHF 11.83 0.00 0.00 Jul 18, 2024 11.83 10.68 LU1090156289
A3 Hgd SGD 8.84 0.01 0.11 Jul 18, 2024 8.84 8.22 LU0578937376
D4 Hgd GBP 9.88 0.00 0.00 Jul 18, 2024 9.88 8.68 LU0681219902
A4 Hgd GBP 9.87 0.00 0.00 Jul 18, 2024 9.87 8.72 LU0706698544
A2 Hgd AUD 19.10 0.01 0.05 Jul 18, 2024 19.10 16.97 LU0578947334
A8 Hgd AUD 7.90 0.00 0.00 Jul 18, 2024 7.90 7.30 LU0871640396
I3 USD 8.91 0.00 0.00 Jul 18, 2024 8.91 8.17 LU0764821012
A6 Hgd SGD 7.78 0.00 0.00 Jul 18, 2024 7.83 7.30 LU1314333441
A6 Hgd HKD 31.86 0.02 0.06 Jul 18, 2024 31.98 29.71 LU0764619531
I2 USD 18.12 0.01 0.06 Jul 18, 2024 18.12 15.84 LU0822668108
A3 USD 5.52 0.00 0.00 Jul 18, 2024 5.52 5.06 LU0172419151
A6 Hgd JPY 985.00 0.00 0.00 Jul 18, 2024 1,007.00 973.00 LU2725778117
X2 USD 50.75 0.03 0.06 Jul 18, 2024 50.75 44.18 LU0147390172
D3 Hgd SGD 8.87 0.01 0.11 Jul 18, 2024 8.87 8.25 LU0827886978
Class SR2 GBP 10.22 0.01 0.10 Jul 18, 2024 10.22 9.95 LU2810381256
Class SR4 EUR 10.20 0.01 0.10 Jul 18, 2024 10.20 9.95 LU2810381173
E2 EUR 33.30 0.09 0.27 Jul 18, 2024 33.57 29.41 LU0277197595
A1 USD 5.45 0.00 0.00 Jul 18, 2024 5.45 5.00 LU0046675905
I2 Hgd EUR 12.69 0.00 0.00 Jul 18, 2024 12.69 11.24 LU1111085798
A3 Hgd NZD 10.15 0.01 0.10 Jul 18, 2024 10.15 9.32 LU0803752046
I4 Hgd GBP 8.58 0.01 0.12 Jul 18, 2024 8.58 7.52 LU1111085442
A3 Hgd CAD 9.22 0.01 0.11 Jul 18, 2024 9.22 8.49 LU0803751741
A2 Hgd EUR 224.03 0.07 0.03 Jul 18, 2024 224.03 199.65 LU0330917963
C2 USD 29.70 0.01 0.03 Jul 18, 2024 29.70 26.37 LU0147389596
A3 Hgd EUR 7.92 0.01 0.13 Jul 18, 2024 7.92 7.36 LU0578943853
A2 USD 40.57 0.02 0.05 Jul 18, 2024 40.57 35.69 LU0046676465
Class SR2 Hedged EUR 10.22 0.01 0.10 Jul 18, 2024 10.22 9.05 LU2319962572
E2 USD 36.34 0.02 0.06 Jul 18, 2024 36.34 32.08 LU0147389919
Class SR2 USD 10.91 0.00 0.00 Jul 18, 2024 10.91 9.54 LU2319962739
A8 Hgd ZAR 79.95 0.06 0.08 Jul 18, 2024 79.95 73.83 LU1023056127
D2 Hgd AUD 20.66 0.01 0.05 Jul 18, 2024 20.66 18.27 LU0827886895
E2 Hgd EUR 9.78 0.00 0.00 Jul 18, 2024 9.78 8.75 LU2331123724
D2 Hgd EUR 244.99 0.09 0.04 Jul 18, 2024 244.99 217.21 LU0532707519
Class SR4 Hedged GBP 9.37 0.01 0.11 Jul 18, 2024 9.37 8.22 LU2319962655
A2 Hgd CHF 11.08 0.00 0.00 Jul 18, 2024 11.08 10.05 LU1090155554
D3 USD 9.46 0.01 0.11 Jul 18, 2024 9.46 8.68 LU0592702061
A3 Hgd GBP 8.70 0.00 0.00 Jul 18, 2024 8.70 8.01 LU0580330818
D2 Hgd SGD 18.07 0.01 0.06 Jul 18, 2024 18.07 16.03 LU0827887273
A2 Hgd SGD 16.75 0.01 0.06 Jul 18, 2024 16.75 14.93 LU0578945809
Class B10 USD 10.09 0.01 0.10 Jul 18, 2024 10.09 9.89 LU2776655149
I2 Hgd GBP 11.30 0.00 0.00 Jul 18, 2024 11.30 9.91 LU2242188931
I2 Hgd CHF 9.79 0.00 0.00 Jul 18, 2024 9.79 8.82 LU2344713685
Class A10 USD 10.11 0.01 0.10 Jul 18, 2024 10.12 9.90 LU2725778034
C1 USD 5.46 0.00 0.00 Jul 18, 2024 5.46 5.01 LU0147389166
A3 Hgd AUD 10.07 0.00 0.00 Jul 18, 2024 10.07 9.33 LU0578942376
A6 USD 4.38 0.00 0.00 Jul 18, 2024 4.38 4.05 LU0738912566
D2 USD 44.35 0.02 0.05 Jul 18, 2024 44.35 38.82 LU0552552704
X6 USD 10.10 0.01 0.10 Jul 18, 2024 10.10 9.23 LU1376384019

Portfolio Managers

Portfolio Managers

David Delbos
Co-Head of US High Yield, Global Credit

David Delbos

Mitchell S. Garfin
Co-Head of Leveraged Finance, BlackRock

Mitchell S. Garfin, CFA, Managing Director, is the Co-Head of Leveraged Finance within BlackRock's Global Credit team. He is responsible for managing US High Yield and Global strategies.

Literature

Literature