BGF Emerging Markets Bond Fund

Fixed Income

BGF Emerging Markets 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 70% of its total assets in fixed income securities. These include bonds and money market instruments.
Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.
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Performance

Performance

  From
30-Jun-2015
To
30-Jun-2016		 From
30-Jun-2016
To
30-Jun-2017		 From
30-Jun-2017
To
30-Jun-2018		 From
30-Jun-2018
To
30-Jun-2019		 From
30-Jun-2019
To
30-Jun-2020
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of Jun 30, 2020

7.03 4.78 -5.70 12.47 -1.93
Benchmark (%) Index: JP Morgan Global Diversified EMBI Index in EUR<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 Jun 30, 2020

10.11 3.29 -3.88 15.29 1.89
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 EUR. 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.

Distributions

Record Date Ex-Date Payable Date
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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 Jul 9, 2020 USD 1,625.328
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. as of Jun 30, 2020 3.72
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 Jun 30, 2020 282
Base Currency U.S. Dollar
Fund Inception Date Oct 1, 2004
Share Class Inception Date Jan 31, 2005
Asset Class Fixed Income
Morningstar Category Global Emerging Markets Bond
Benchmark Index JP Morgan Global Diversified EMBI Index in EUR
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. 1.47%
ISIN LU0200683703
Bloomberg Ticker MLEMEA1
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. 1.25%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B0347M9
Bloomberg Benchmark Ticker JPGCCOMP
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment -
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Jun 30, 2020 5.53%
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 Jun 30, 2020 7.13 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 Jun 30, 2020 7.15 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 Jun 30, 2020 13.36 yrs
3y Volatility - Benchmark as of Jun 30, 2020 10.51
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 Jun 30, 2020 1.209
5y Volatility - Benchmark as of Jun 30, 2020 9.42
5y Beta as of Jun 30, 2020 1.156
WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of Jun 30, 2020 13.36 yrs

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for BGF Emerging Markets Bond Fund, Class A1, as of Dec 31, 2017 rated against 789 Global Emerging Markets Bond Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Oct 5, 2017)
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 Jun 30, 2020
Name Weight (%)
UKRAINE (GOVERNMENT OF) RegS 0 05/31/2040 1.98
PETROLEOS MEXICANOS RegS 6.84 01/23/2030 1.53
QATAR (STATE OF) RegS 4.817 03/14/2049 1.38
EGYPT (ARAB REPUBLIC OF) MTN RegS 8.875 05/29/2050 1.23
RUSSIAN FEDERATION RegS 5.25 06/23/2047 1.21
Name Weight (%)
PANAMA REPUBLIC OF (GOVERNMENT) 3.875 03/17/2028 1.12
BRAZIL (FEDERATIVE REPUBLIC OF) 5 01/27/2045 1.09
PETROBRAS GLOBAL FINANCE BV 6.75 06/03/2050 1.07
CHILE (REPUBLIC OF) 2.55 01/27/2032 1.05
NIGERIA (FEDERAL REPUBLIC OF) MTN RegS 7.143 02/23/2030 1.04
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% 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
A1 EUR Daily 8.29 0.02 0.24 9.20 7.04 - LU0200683703 - -
X2 Hgd EUR Accumulating 18.85 0.03 0.16 19.97 15.18 - LU0343170543 - -
C1 USD Daily 9.39 0.02 0.21 9.99 7.60 - LU0200681327 - -
E2 USD Accumulating 17.15 0.03 0.18 18.07 13.80 - LU0200681830 - -
I2 Hgd GBP - 9.96 0.02 0.20 10.60 8.02 - LU1806518533 - -
I4 Hgd EUR - 9.80 0.01 0.10 10.41 7.91 - LU2075911060 - -
A4 EUR Annual 12.02 0.02 0.17 13.20 10.13 - LU1072326561 - -
X2 USD Accumulating 21.92 0.04 0.18 22.92 17.54 - LU0200682721 - -
E2 EUR Accumulating 15.14 0.02 0.13 16.65 12.78 - LU0200684180 - -
Class I5 Hedged EUR Quarterly 8.91 0.02 0.22 9.81 7.25 - LU1323999216 - -
A8 Hgd ZAR Monthly 89.67 0.17 0.19 98.19 73.95 - LU1109561420 - -
A2 EUR Accumulating 16.34 0.02 0.12 17.94 13.77 - LU0200683885 - -
CLASS AI5 EUR - 9.29 0.02 0.22 10.22 7.56 - LU1960220074 - -
A2 Hgd EUR Accumulating 16.07 0.03 0.19 17.11 12.99 - LU0413376566 - -
I4 Hgd GBP - 9.81 0.02 0.20 10.44 7.91 - LU2075910922 - -
A1 USD Daily 9.39 0.02 0.21 9.99 7.61 - LU0200680436 - -
A8 Hgd CNH Monthly 100.70 0.18 0.18 108.84 82.36 - LU1919856051 - -
A3 EUR Monthly 8.57 0.02 0.23 9.53 7.30 - LU0200684008 - -
A3 USD Monthly 9.70 0.01 0.10 10.36 7.88 - LU0200680782 - -
C2 USD Accumulating 15.20 0.03 0.20 16.05 12.26 - LU0200681673 - -
D2 USD Accumulating 20.00 0.03 0.15 20.98 16.04 - LU0297941386 - -
D2 EUR Accumulating 17.66 0.03 0.17 19.34 14.85 - LU0827877043 - -
Class I4 USD - 9.88 0.02 0.20 10.57 7.92 - LU1806518293 - -
D3 EUR Monthly 8.59 0.02 0.23 9.56 7.31 - LU0827877126 - -
Class X5 Hedged EUR Quarterly 8.58 0.02 0.23 9.45 6.98 - LU1722865000 - -
E2 Hgd EUR Accumulating 10.46 0.02 0.19 11.16 8.47 - LU1062842882 - -
D3 USD Monthly 9.72 0.01 0.10 10.38 7.90 - LU0827876821 - -
Class E5 Hedged EUR Quarterly 8.68 0.02 0.23 9.55 7.07 - LU1062842965 - -
Class X5 Hedged CHF - 9.69 0.01 0.10 10.70 7.89 - LU1904800973 - -
D2 Hgd EUR Accumulating 16.82 0.03 0.18 17.87 13.58 - LU0827877399 - -
I2 EUR Accumulating 15.93 0.03 0.19 17.44 13.40 - LU1048586868 - -
A6 USD Monthly 8.33 0.01 0.12 9.08 6.84 - LU0764617162 - -
I2 Hgd CHF Accumulating 9.55 0.01 0.10 10.12 7.70 - LU1618350562 - -
A8 Hgd AUD Monthly 8.02 0.01 0.12 8.88 6.59 - LU0871639893 - -
A6 Hgd HKD Monthly 62.11 0.10 0.16 67.74 50.92 - LU0764619960 - -
X2 EUR Accumulating 19.35 0.04 0.21 21.13 16.24 - LU0988581723 - -
A6 Hgd GBP Monthly 8.47 0.01 0.12 9.48 6.99 - LU1408527916 - -
Class AI2 EUR - 9.74 0.01 0.10 10.38 7.88 - LU1960219902 - -
A2 USD Accumulating 18.51 0.03 0.16 19.46 14.88 - LU0200680600 - -
A2 CZK Accumulating 435.33 -0.56 -0.13 452.50 382.21 - LU1791181735 - -
I2 Hgd EUR Accumulating 11.42 0.02 0.18 12.13 9.22 - LU1057294727 - -
A6 Hgd CAD Monthly 8.84 0.01 0.11 9.77 7.28 - LU1408528054 - -
A2 Hgd GBP Accumulating 11.41 0.02 0.18 12.19 9.22 - LU1057296771 - -
A8 Hgd NZD Monthly 8.88 0.02 0.23 9.81 7.29 - LU1408528138 - -
I2 USD Accumulating 18.04 0.03 0.17 18.92 14.47 - LU1180455567 - -

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Managing Director, Head of BlackRock&#39;s Emerging Markets Fixed Income

Sergio Trigo Paz, Managing Director, is Head of BlackRock's Emerging Markets Fixed Income.

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Sergio Trigo Paz, Managing Director, is Head of BlackRock's Emerging Markets Fixed Income.

 

Prior to Joining BlackRock in 2012, he was CIO of Emerging Market Fixed Income at BNP Paribas Investment Partners. From 2004 to 2008, he managed a special situations and event driven EM hedge fund and was also responsible for total and absolute return EM strategies at Fortis Investments. In his early career from 1993 to 2004 he developed extensive experience in emerging markets debt as a proprietary and distressed trader and as a market maker.

 

Sergio graduated with an MSc in Economics, an MSc in Finance and an MPhil in Management from Paris Sorbonne University in 1993.

Michel Aubenas, CFA
Michel Aubenas, CFA
Managing Director, Portfolio Manager for Emerging Markets Debt

Michel Aubenas, CFA

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Michel Aubenas, CFA, Managing Director, Head of Emerging Markets Hard Currency Sovereign Debt investments within BlackRock's Global Fixed Income Group

 

He is the lead Portfolio Manager in his team and has the responsibility for managing and overseeing its activities. Mr Aubenas has more than 15 years of experience in emerging market debt portfolio management, research and strategy.

 

Prior to joining BlackRock in 2012, Mr Aubenas was a senior portfolio manager for the Emerging Markets Debt team at Fischer Francis Trees and Watts (part of the BNP-Paribas group), where he was managing Sovereign Debt Strategies and shared regional coverage of Eastern Europe, Latin America and Frontier markets. Prior to that, Mr Aubenas held several positions as an EM Debt Portfolio manager, where he gained a cross-assets investment expertise in external debt (Sovereign, quasi-Sovereign and Corporate), local rates and currencies.

 

Michel studied at Dauphine University in Paris, where he earned a Masters in Banking and Finance in 1999, and a MSc in Economics and a BSc in Applied Mathematics in 1998.

Literature

Literature