BGF US Dollar Short Duration Bond Fund

Fixed Income

BGF US Dollar 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 the United States (US) government and its agencies, non-US, governments and government agencies, and companies and supranationals domiciled inside or outside of the US.
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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

1.91 1.01 2.29 1.40 3.45
Benchmark (%) Index: ICE BofAML Government Corporate 1-3 Yr Index (B1A0)<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

1.13 1.06 0.70 0.28 3.06
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 and Benchmark performance displayed in USD. Source: BlackRock. Performance is shown on a Net Asset Value (NAV) 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 Apr 25, 2019 USD 1,760.406
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 Mar 29, 2019 499
Base Currency U.S. Dollar
Fund Inception Date Oct 31, 2002
Share Class Inception Date Mar 24, 2006
Asset Class Fixed Income
Morningstar Category USD Diversified Bond - Short Term
Benchmark Index ICE BofAML Government Corporate 1-3 Yr Index (B1A0)
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. 0.05%
ISIN LU0245444947
Bloomberg Ticker BGFUDX2
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. 0.00%
Initial Charge 0.00%
Performance Fee 0.00%
SEDOL B678BK5
Bloomberg Benchmark Ticker ML1-3GC
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment USD 10000000
Minimum Subsequent Investment USD 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 Mar 29, 2019 3.01%
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 Mar 29, 2019 1.87 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 Mar 29, 2019 1.81 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 Mar 29, 2019 2.42 yrs
3y Volatility - Benchmark as of Mar 31, 2019 0.84
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 Mar 31, 2019 0.767
5y Volatility - Benchmark as of Mar 31, 2019 0.79
5y Beta as of Mar 31, 2019 0.783
WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of Mar 29, 2019 2.42 yrs

Ratings

Ratings

Morningstar Rating

5
Overall Morningstar Rating for BGF US Dollar Short Duration Bond Fund, Class X2, as of Mar 31, 2019 rated against 213 USD Diversified Bond - Short Term Funds.

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Mar 29, 2019
Name Weight (%)
TREASURY NOTE 1.25 02/29/2020 4.25
TREASURY NOTE 1.375 02/29/2020 2.27
FNMA 15YR TBA(REG B) 2.5 04/15/2019 1.84
SOFI_17-D A2FX 144A 1.19
TREASURY NOTE 1.375 03/31/2020 1.14
Name Weight (%)
TREASURY NOTE 1.25 01/31/2020 1.14
TREASURY NOTE (OLD) 2.5 02/15/2022 1.09
TREASURY NOTE 1 11/30/2019 1.00
SHIRE ACQUISITIONS INVESTMENTS IRE 1.9 09/23/2019 0.97
TREASURY NOTE (OTR) 2.375 03/15/2022 0.95
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 29, 2019

% of Market Value

Type Fund Benchmark Net
as of Mar 29, 2019

% of Market Value

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settlement 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.
as of Mar 29, 2019

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Mar 29, 2019

% of Market Value

Type Fund Benchmark Net
as of Mar 29, 2019

% of Market Value

Type Fund Benchmark Net
as of Mar 29, 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
X2 USD Accumulating 15.04 0.01 0.07 15.04 14.51 - LU0245444947 - -
Class AI2 EUR - 8.94 0.02 0.22 8.94 8.84 - LU1960224142 - -
Class AI2 USD - 10.01 0.00 0.00 10.01 10.00 - LU1960224225 - -
D3 USD Monthly 9.73 0.00 0.00 9.74 9.59 - LU0592702228 - -
A3 USD Monthly 8.47 0.00 0.00 8.48 8.35 - LU0172419748 - -
E2 USD Accumulating 12.33 0.01 0.08 12.33 12.05 - LU0154237738 - -
A3 Hgd SGD Monthly 9.59 0.01 0.10 9.64 9.48 - LU1062843773 - -
E2 EUR Accumulating 11.06 0.05 0.45 11.06 9.89 - LU0171298564 - -
I2 USD Accumulating 10.50 0.01 0.10 10.50 10.17 - LU1479925726 - -
A2 USD Accumulating 13.48 0.01 0.07 13.48 13.12 - LU0154237225 - -
A3 EUR Monthly 7.60 0.03 0.40 7.60 6.92 - LU0172420597 - -
D2 USD Accumulating 13.79 0.01 0.07 13.79 13.37 - LU0827887356 - -
D2 Hgd EUR Accumulating 9.86 0.00 0.00 9.88 9.75 - LU1423762027 - -
A1 USD Daily 8.46 0.00 0.00 8.47 8.35 - LU0155445546 - -
C2 USD Accumulating 10.98 0.01 0.09 10.98 10.79 - LU0331289081 - -
I2 Hgd EUR Accumulating 9.90 0.01 0.10 9.91 9.78 - LU1423762613 - -
Class I5 USD USD - 10.11 0.00 0.00 10.12 9.96 - LU1883300532 - -
C1 USD Daily 8.48 0.01 0.12 8.49 8.37 - LU0155447161 - -
A2 Hgd EUR Accumulating 9.94 0.00 0.00 9.99 9.84 - LU0839485744 - -

Portfolio Managers

Portfolio Managers

Scott MacLellan
Scott MacLellan
Thomas Musmanno, CFA
Thomas Musmanno, CFA
Managing Director, Head of US Short Duration

Thomas Musmanno

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Thomas Musmanno, CFA, Managing Director, is Head of Short Duration within the Multi-Sector Institutional division of Americas Fixed Income Alpha Strategies.

Mr. Musmanno's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a fixed income and money market portfolio manager. Mr. Musmanno joined MLIM in 1991 as an analyst and held a variety of positions, including fixed income research analyst in trust accounting in Merrill Lynch's Private Client Group.

Mr. Musmanno earned a BS degree in finance in 1991 from Siena College and an MBA degree in finance from St. John's University in 1993.

Literature

Literature

 

 

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Individual investor
I buy and sell securities for my personal account, not for another company or organization. I am not a financial professional nor an institutional investor.