BGF Euro Short Duration Bond Fund

Fixed Income

BGF Euro Short Duration Bond Fund

Overview

Investment Approach

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 80% of its total assets in fixed income (FI) securities. The FI securities may be issued by governments and government agencies of, and companies and supranationals domiciled in countries inside or outside of the Eurozone.
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Performance

Performance

  • Returns

  From
31-Mar-2014
To
31-Mar-2015		 From
31-Mar-2015
To
31-Mar-2016		 From
31-Mar-2016
To
31-Mar-2017		 From
31-Mar-2017
To
31-Mar-2018		 From
31-Mar-2018
To
31-Mar-2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of Mar 31, 2019

1.85 -1.18 0.00 -0.28 -1.47
Benchmark (%) Index: BBG Barc Euro Aggregate 1-3 Years, 500 MM Minimum<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

as of Mar 31, 2019

1.52 0.45 0.16 0.06 0.11
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.

Growth of Hypothetical 10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.
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Share Class performance displayed in CHF and Benchmark performance displayed in EUR. Source: BlackRock. Performance is shown on a net asset value basis, with gross income reinvested. Past performance is not a guide to future performance.

Reinvestments

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.

Key Facts

Key Facts

Size of Fund (Millions) as of May 22, 2019 EUR 11,421.578
12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. -
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives exposures. Derivatives are contracts used by the fund to gain exposure to an investment without buying it directly. They can be used in a number of ways. For example a 'currency forward' derivative contract can be used to 'hedge' or aim to mitigate the effects of changes in exchange rates. as of Apr 30, 2019 498
Base Currency Euro
Fund Inception Date Dec 22, 1998
Share Class Inception Date Jul 28, 2010
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index BBG Barc Euro Aggregate 1-3 Years, 500 MM Minimum
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge Ongoing Charges Figure (OCF)- this is a measure of the total costs associated with managing and operating an investment fund. These costs consist primarily of management fees and other expenses such as trustee, custody, transaction and registration fees and other operating expenses. The total cost for the fund is divided by the fund’s total assets and expressed as a percentage which represents the OCF. 0.90%
ISIN LU0521028638
Bloomberg Ticker BGWSA2H
Annual Management Fee As reported in the fund's most recent Annual Management Report of Fund Performance. MER includes all management fees and GST/HST paid by the fund for the period, including fees paid indirectly as a result of holdings of other ETFs. 0.75%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B3YYXV0
Bloomberg Benchmark Ticker LEUR500M13
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment CHF 5000
Minimum Subsequent Investment CHF 1000
Use of Income Accumulating

Portfolio Characteristics

Portfolio Characteristics

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Apr 30, 2019 0.16%
Modified Duration Modified Duration is a measure of price sensitivity of a bond to changes in interest rates. It inversely indicates the expected change in the price of a bond, assuming a 1% change in interest rates. The Modified Duration of iShares ETFs is calculated as the average of the underlying bonds' modified duration values, weighted by the bond's weight in the fund. as of Apr 30, 2019 1.85 yrs
Effective Duration Effective Duration is the approximate percentage change in price for a 1% parallel shift of the yield curve. Effective duration adjusts for changes in projected cashflows as a result of yield changes, accounting for embedded optionality. as of Apr 30, 2019 1.75 yrs
Weighted Avg Maturity Weighted Average Maturity is the length of time until the average security in the fund will mature or be redeemed by its issuer. It indicates a fixed income fund's sensitivity to interest rate changes. Longer average weighted maturity implies greater volatility in response to interest rate changes. This metric considers the likelihood that bonds will be called or prepaid. as of Apr 30, 2019 3.92 yrs
3y Volatility - Benchmark as of Apr 30, 2019 0.42
3y Beta Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security&#39;s price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market.<br/><br/>Calculated vs. Benchmark Index as of Apr 30, 2019 0.698
5y Volatility - Benchmark as of Apr 30, 2019 0.43
5y Beta as of Apr 30, 2019 1.011
WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of Apr 30, 2019 3.92 yrs

Ratings

Ratings

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jul 27, 2018)
Ratings Report

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Apr 30, 2019
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 0 10/08/2021 7.41
ITALY (REPUBLIC OF) 1.65 04/23/2020 4.12
FRANCE (REPUBLIC OF) 0 05/25/2022 2.71
GERMANY (FEDERAL REPUBLIC OF) 0 04/08/2022 2.54
SPAIN (KINGDOM OF) 0.75 07/30/2021 2.40
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 0 04/09/2021 2.06
KFW MTN RegS 0 06/30/2022 1.99
KFW 0 06/30/2021 1.83
SPAIN (KINGDOM OF) 1.15 07/30/2020 1.62
GERMANY (FEDERAL REPUBLIC OF) 0 12/11/2020 1.60
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Apr 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2019

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Apr 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2019

% of Market Value

Type Fund Benchmark Net
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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
A2 Hgd CHF Accumulating 10.70 0.00 0.00 10.82 10.65 - LU0521028638 - -
Class AI2 EUR - 10.00 0.00 0.00 10.01 9.99 - LU1960221122 - -
A4 Hgd GBP Annual 11.05 0.00 0.00 11.06 10.94 - LU0448387455 - -
A3 EUR Monthly 12.17 0.00 0.00 12.26 12.10 - LU0172403825 - -
Class SI2 EUR EUR - 10.01 0.00 0.00 10.02 10.00 - LU1966276856 - -
E2 EUR Accumulating 14.38 -0.01 -0.07 14.56 14.33 - LU0093504115 - -
D2 Hgd CHF Accumulating 10.95 0.00 0.00 11.04 10.89 - LU0827877985 - -
A2 EUR Accumulating 15.81 0.00 0.00 15.92 15.72 - LU0093503810 - -
X2 EUR Accumulating 17.10 0.00 0.00 17.12 16.95 - LU0147388861 - -
D4 Hgd GBP Annual 11.16 0.00 0.00 11.17 11.03 - LU0555993434 - -
A2 Hgd USD Accumulating 12.21 0.00 0.00 12.21 11.90 - LU0456865749 - -
D3 EUR Monthly 12.22 0.00 0.00 12.29 12.14 - LU0827878017 - -
I5 EUR Quarterly 16.27 0.00 0.00 16.37 16.16 - LU1523256227 - -
D3 Hgd GBP Monthly 10.16 0.00 0.00 10.17 10.05 - LU0827891978 - -
D2 EUR Accumulating 16.45 -0.01 -0.06 16.52 16.34 - LU0329592371 - -
A4 Hgd USD Annual 11.45 0.00 0.00 11.46 11.17 - LU0448387703 - -
D2 Hgd USD Accumulating 10.85 -0.01 -0.09 10.86 10.55 - LU1202926330 - -
Class SI2 USD Hedged USD - 10.05 -0.01 -0.10 10.06 10.00 - LU1966277078 - -
A4 EUR Annual 14.84 0.00 0.00 14.95 14.76 - LU0448386994 - -
I2 EUR Accumulating 16.41 -0.01 -0.06 16.46 16.30 - LU0468289250 - -
C2 EUR Accumulating 12.27 0.00 0.00 12.51 12.25 - LU0147388606 - -
A1 EUR Daily 12.15 -0.01 -0.08 12.25 12.08 - LU0118255248 - -
I2 Hgd USD Accumulating 10.68 0.00 0.00 10.68 10.36 - LU1499592035 - -
D4 EUR Annual 14.91 -0.01 -0.07 15.00 14.81 - LU0827878108 - -
D4 Hgd USD Annual 11.06 0.00 0.00 11.06 10.77 - LU0903533064 - -

Portfolio Managers

Portfolio Managers

Michael Krautzberger
Michael Krautzberger
Head, BlackRock’s Pan-European Fixed Income Team

Michael Krautzberger, CFA, EFFAS, Managing Director. Michael is Head of the Fundamental Pan European Fixed Income team.

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Michael Krautzberger, CFA, EFFAS, Managing Director. Michael is Head of the Fundamental Pan European Fixed Income team within BlackRock's Global Fixed Income Group.

Mr. Krautzberger's service with the firm dates back to 2005, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. He joined MLIM as head of the European Fixed Income Aggregate portfolio team and was responsible for the UCITS III restructuring of the MLIIF Euro Bond Funds. From 2011 to 2014 he also served as Chief Investment Officer and member of the board of BlackRock Asset Management Deutschland AG. Prior to joining MLIM, Mr. Krautzberger was head of European fixed income at Union Investment in Frankfurt since 1999. Previously, he spent five years with Deutsche Bank's DWS, where he managed global fixed income portfolios and was responsible for the pre-Euro European currency unit and structured products.

Mr. Krautzberger earned a BA degree in business administration and computer science from the European Business School in 1994, and an MA degree in economics from the University of Hagen in 1996.

Christopher Allen
Christopher Allen

Literature

Literature

 

 

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