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

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 (%) -4.93 3.18

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

  1Y 3Y 5Y 10y Incept.
4.59 -0.82 - - -0.62
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
3.74 0.55 1.18 3.74 4.59 -2.43 - - -1.96
  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

- - -7.39 0.73 4.59
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 SGD, hedged share class benchmark performance is displayed in CNH.

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 11, 2024
RMB 19,253,356,452
Fund Inception Date
Nov 11, 2011
Base Currency
CNH
SFDR Classification
Other
Ongoing Charge
0.68%
Annual Management Fee
0.40%
Minimum Initial Investment
SGD 100000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BMYLHK1
Share Class Inception Date
Apr 28, 2021
Share Class Currency
SGD
Asset Class
Fixed Income
Initial Charge
5.00%
ISIN
LU2325727282
Performance Fee
0.00%
Minimum Subsequent Investment
SGD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGBCBHS

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jun 28, 2024
436
Standard Deviation (3y)
as of Jun 30, 2024
3.40%
Modified Duration
as of Jun 28, 2024
5.55 yrs
Effective Duration
as of Jun 28, 2024
4.31 yrs
WAL to Worst
as of Jun 28, 2024
5.77 yrs
12m Trailing Yield
as of Jun 30, 2024
5.19%
Yield to Maturity
as of Jun 28, 2024
5.61%
Yield to Worst
as of Jun 28, 2024
5.58%
Weighted Avg Maturity
as of Jun 28, 2024
5.77 yrs

Sustainability Characteristics

Sustainability Characteristics

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. 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 Jun 28, 2024
0.00%
MSCI - Nuclear Weapons
as of Jun 28, 2024
0.00%
MSCI - Civilian Firearms
as of Jun 28, 2024
0.00%
MSCI - Tobacco
as of Jun 28, 2024
0.00%
MSCI - UN Global Compact Violators
as of Jun 28, 2024
0.11%
MSCI - Thermal Coal
as of Jun 28, 2024
0.23%
MSCI - Oil Sands
as of Jun 28, 2024
0.00%

Business Involvement Coverage
as of Jun 28, 2024
50.06%
Percentage of Fund not covered
as of Jun 28, 2024
49.61%
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 1.32% and for Oil Sands 1.09%.

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 combination with other information during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or 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 generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance 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 the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Ratings

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 (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 3 10/15/2053 3.27
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.52 08/25/2033 3.22
AGRICULTURAL DEVELOPMENT BANK OF C 2.96 04/17/2030 1.75
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.64
AGRICULTURAL DEVELOPMENT BANK OF C 3.01 03/16/2030 1.37
Name Weight (%)
CHINA DEVELOPMENT BANK 3.09 06/18/2030 1.10
BANK OF CHINA LTD 2.62 04/08/2034 1.07
DBS BANK CHINA LTD RegS 4.7 03/24/2031 1.04
ISHARES USD ASIA HY BOND ETF 0.95
CHINA DEVELOPMENT BANK 3.49 11/08/2041 0.91
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
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 D6 Hedged SGD 8.34 0.00 0.00 Jul 11, 2024 8.40 8.14 LU2325727282
A8 Hgd HKD 100.58 0.09 0.09 Jul 11, 2024 101.18 98.16 LU2550100429
X3 USD 8.82 0.04 0.46 Jul 11, 2024 8.95 8.49 LU2469414325
X2 Hgd USD 10.98 0.01 0.09 Jul 11, 2024 10.98 10.17 LU2092937064
A6 Hgd CAD 8.07 0.01 0.12 Jul 11, 2024 8.09 7.83 LU2077746696
Class I6 Hedged SGD 8.38 0.00 0.00 Jul 11, 2024 8.43 8.18 LU2325727365
I3 USD 8.64 0.04 0.47 Jul 11, 2024 8.76 8.31 LU1648248299
A2 Hgd SGD 10.44 0.01 0.10 Jul 11, 2024 10.44 9.86 LU2631410169
A6 Hgd NZD 8.14 0.00 0.00 Jul 11, 2024 8.16 7.87 LU2077746340
Class S2 Hedged EUR 10.48 0.00 0.00 Jul 11, 2024 10.48 9.86 LU2624964065
Class S2 Hedged USD 10.67 0.01 0.09 Jul 11, 2024 10.67 9.92 LU2624960667
A2 CHF 12.76 -0.05 -0.39 Jul 11, 2024 13.04 11.80 LU0969580058
Class I6 CNH 87.80 0.08 0.09 Jul 11, 2024 88.61 85.80 LU1940842344
A2 Hgd USD 10.58 0.01 0.09 Jul 11, 2024 10.58 9.86 LU2070343392
D2 CNH 105.41 0.09 0.09 Jul 11, 2024 105.41 99.50 LU0827885731
A8 Hgd USD 10.08 0.01 0.10 Jul 11, 2024 10.15 9.83 LU2550100692
Class D6 Hedged USD 8.31 0.00 0.00 Jul 11, 2024 8.33 8.01 LU2243824054
D2 Hgd SGD 10.48 0.01 0.10 Jul 11, 2024 10.48 9.87 LU2631410243
Class E8 Hedged EUR 8.39 0.01 0.12 Jul 11, 2024 8.41 8.17 LU2252214130
A6 Hgd GBP 7.98 0.00 0.00 Jul 11, 2024 8.00 7.74 LU2077746779
A2 EUR 13.14 -0.02 -0.15 Jul 11, 2024 13.37 12.30 LU2267099674
I2 EUR 16.84 -0.02 -0.12 Jul 11, 2024 17.13 15.68 LU2011139461
A6 Hgd USD 8.36 0.01 0.12 Jul 11, 2024 8.37 8.07 LU1847653141
Class SR2 CNH 100.72 0.08 0.08 Jul 11, 2024 100.72 95.01 LU2319961681
Class SR2 Hedged USD 10.14 0.01 0.10 Jul 11, 2024 10.14 9.42 LU2319962069
Class SR2 Hedged EUR 9.58 0.01 0.10 Jul 11, 2024 9.58 9.01 LU2319961764
A6 Hgd EUR 7.42 0.01 0.13 Jul 11, 2024 7.50 7.25 LU1847653224
D2 EUR 13.33 -0.02 -0.15 Jul 11, 2024 13.56 12.43 LU2290526164
A6 Hgd AUD 7.97 0.01 0.13 Jul 11, 2024 8.01 7.77 LU1852331039
A6 Hgd SGD 8.10 0.00 0.00 Jul 11, 2024 8.19 7.93 LU1847653497
Class I5 Hedged EUR 8.28 0.00 0.00 Jul 11, 2024 8.36 8.03 LU2298320776
D2 Hgd EUR 9.80 0.01 0.10 Jul 11, 2024 9.80 9.21 LU2112292417
Class SR3 USD 7.93 0.03 0.38 Jul 11, 2024 8.04 7.63 LU2319961921
Class A10 Hedged USD 10.15 0.01 0.10 Jul 11, 2024 10.20 9.99 LU2708802587
A3 CNH 64.70 0.05 0.08 Jul 11, 2024 64.88 62.87 LU0679941160
I2 Hgd EUR 9.85 0.01 0.10 Jul 11, 2024 9.85 9.26 LU2112292094
Class SR4 Hedged GBP 9.02 0.01 0.11 Jul 11, 2024 9.02 8.40 LU2319961848
Class E5 Hedged EUR 8.20 0.00 0.00 Jul 11, 2024 8.26 7.95 LU2038736463
Class AI2 Hedged EUR 10.02 0.01 0.10 Jul 11, 2024 10.02 9.45 LU2131808789
I2 Hgd USD 10.57 0.01 0.09 Jul 11, 2024 10.57 9.82 LU2112291955
I4 Hgd GBP 8.86 0.01 0.11 Jul 11, 2024 8.86 8.25 LU2112291872
E5 EUR 9.17 -0.01 -0.11 Jul 11, 2024 9.41 8.90 LU2038736380
D4 Hgd GBP 8.84 0.01 0.11 Jul 11, 2024 8.84 8.24 LU2112292177
D2 Hgd USD 10.49 0.01 0.10 Jul 11, 2024 10.49 9.76 LU2112292250
I2 CNH 133.16 0.12 0.09 Jul 11, 2024 133.16 125.55 LU1574463128
A2 CNH 103.91 0.09 0.09 Jul 11, 2024 103.91 98.33 LU0679940949
A3 HKD 69.53 0.28 0.40 Jul 11, 2024 70.58 67.06 LU0690034276
A2 USD 14.30 0.06 0.42 Jul 11, 2024 14.31 13.42 LU0679941327
I2 USD 18.33 0.08 0.44 Jul 11, 2024 18.33 17.14 LU1588882974
A3 USD 8.91 0.04 0.45 Jul 11, 2024 9.03 8.57 LU0679941673
C2 USD 12.23 0.06 0.49 Jul 11, 2024 12.26 11.58 LU0683062482
Class I6 USD Hedged USD 8.81 0.01 0.11 Jul 11, 2024 8.82 8.48 LU2134542930
A2 Hgd JPY 891.00 1.00 0.11 Jul 11, 2024 892.00 865.00 LU2367605297
D3 USD 8.95 0.04 0.45 Jul 11, 2024 9.07 8.61 LU0683067952
A3 SGD 11.95 -0.01 -0.08 Jul 11, 2024 12.15 11.67 LU2298379152
Class AI2 EUR 10.49 -0.01 -0.10 Jul 11, 2024 10.67 9.82 LU2131808516
E2 EUR 15.99 -0.02 -0.12 Jul 11, 2024 16.27 15.04 LU0764816798
Class SR6 CNH 88.20 0.08 0.09 Jul 11, 2024 88.96 86.22 LU2391915688
A6 Hgd HKD 79.79 0.06 0.08 Jul 11, 2024 80.07 77.69 LU1963769176
Class SR6 Hedged USD 8.99 0.00 0.00 Jul 11, 2024 9.01 8.66 LU2391915761
A6 CNH 86.68 0.08 0.09 Jul 11, 2024 87.89 85.00 LU1852330734
D2 USD 14.51 0.07 0.48 Jul 11, 2024 14.51 13.58 LU0719319435
Class SR6 Hedged SGD 8.77 0.01 0.11 Jul 11, 2024 8.81 8.55 LU2391915415
D6 CNH 84.11 0.07 0.08 Jul 11, 2024 85.04 82.30 LU2243823916
Class SR6 Hedged HKD 87.49 0.08 0.09 Jul 11, 2024 87.72 84.92 LU2391915332
Class SR2 USD 13.86 0.06 0.43 Jul 11, 2024 13.86 12.97 LU2391915928
Class SR6 Hedged EUR 8.52 0.01 0.12 Jul 11, 2024 8.56 8.30 LU2391915506
X2 USD 11.64 0.05 0.43 Jul 11, 2024 11.64 10.85 LU1733225855
E2 Hgd EUR 10.09 0.01 0.10 Jul 11, 2024 10.09 9.55 LU0803752129

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Literature

Literature