Fixed Income

BGF Emerging Markets Local Currency Bond Fund

  • NAV as of Apr 18, 2024 EUR 6.22
    52 WK: 5.84 - 6.62
  • 1 Day NAV Change as of Apr 18, 2024 0.03 (0.48%)

Overview

Investment Approach

The Fund aims to maximize 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 denominated in local currencies of developing market countries. These include bonds and money market instruments.
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

Performance chart data not available for display.
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Reinvestments

This fund does not have any distributions data as of now.
Ex-Date Total Distribution
For more information: +44 (0) 20 7743 3300 • www.blackrock.com • investor.services@blackrock.com

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -7.62 -15.63 10.67 10.84 -15.70 7.74 -0.53 -9.76 -12.44 11.84
Constraint Benchmark 1 (%) -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75 -11.69 12.70

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

  1Y 3Y 5Y 10y Incept.
Total Return (%) 4.39 -2.56 -2.05 -2.93 -2.59
Constraint Benchmark 1 (%) 4.91 -1.60 0.13 -0.32 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
Total Return (%) -2.87 -0.16 -2.87 7.00 4.39 -7.49 -9.83 -25.69 -31.26
Constraint Benchmark 1 (%) -2.12 -0.03 -2.12 5.79 4.91 -4.73 0.66 -3.11 -
  From
31-Mar-2019
To
31-Mar-2020		 From
31-Mar-2020
To
31-Mar-2021		 From
31-Mar-2021
To
31-Mar-2022		 From
31-Mar-2022
To
31-Mar-2023		 From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of Mar 31, 2024

-14.19 13.58 -10.37 -1.13 4.39
Constraint Benchmark 1 (%)

as of Mar 31, 2024

-6.52 13.03 -8.53 -0.72 4.91
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 EUR, 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 Apr 18, 2024 USD 1,594,581,151
Share Class Inception Date Dec 18, 2009
Fund Inception Date Jun 26, 1997
Share Class Currency EUR
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan GBI-EM Global Diversified Index (USD)
SFDR Classification Other
Initial Charge 3.00%
Ongoing Charge 1.73%
ISIN LU0474536231
Annual Management Fee 1.50%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGFLE2H
SEDOL B50RW76

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 28, 2024 190
Standard Deviation (3y) as of Mar 31, 2024 11.56%
Yield to Maturity as of Mar 28, 2024 7.66%
Modified Duration as of Mar 28, 2024 6.01 yrs
Yield to Worst as of Mar 28, 2024 7.66%
Effective Duration as of Mar 28, 2024 6.02 yrs
Weighted Avg Maturity as of Mar 28, 2024 7.45 yrs
WAL to Worst as of Mar 28, 2024 7.45 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.

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 in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Ratings

Risk Indicator

Risk Indicator

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

Holdings

Holdings

as of Mar 28, 2024
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.76
POLAND (REPUBLIC OF) 6 10/25/2033 2.60
PERU (REPUBLIC OF) 6.95 08/12/2031 2.31
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.94
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.93
Name Weight (%)
TREASURY NOTE 4.625 06/30/2025 1.91
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.70
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.67
MEXICO (UNITED MEXICAN STATES) 7.5 06/03/2027 1.67
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.64
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 28, 2024

% of Market Value

Type Fund
as of Mar 28, 2024

% of Market Value

Type Fund
as of Mar 28, 2024

% of Market Value

Type Fund
as of Mar 28, 2024

% of Market Value

Type Fund
as of Mar 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
E2 Hgd EUR 6.22 0.03 0.48 Apr 18, 2024 6.62 5.84 LU0474536231
Class S3 EUR 9.75 0.03 0.31 Apr 18, 2024 10.16 9.42 LU2624963687
I5 USD 7.42 0.03 0.41 Apr 18, 2024 8.02 7.07 LU1495982867
X2 GBP 5.93 0.03 0.51 Apr 18, 2024 6.10 5.59 LU1688375267
Class S2 USD 10.02 0.04 0.40 Apr 18, 2024 10.56 9.25 LU2624963760
A1 USD 2.99 0.02 0.67 Apr 18, 2024 3.22 2.86 LU0278477574
A2 Hgd EUR 6.67 0.03 0.45 Apr 18, 2024 7.08 6.25 LU0359002093
Class S2 EUR 9.40 0.02 0.21 Apr 18, 2024 9.62 8.80 LU2624963927
I5 EUR 6.96 0.02 0.29 Apr 18, 2024 7.27 6.73 LU0995350831
A2 Hgd SGD 7.80 0.03 0.39 Apr 18, 2024 8.29 7.31 LU0358998713
A8 Hgd AUD 4.88 0.02 0.41 Apr 18, 2024 5.33 4.70 LU1133072774
X2 AUD 11.47 0.05 0.44 Apr 18, 2024 11.73 10.43 LU1554267051
I2 EUR 24.03 0.07 0.29 Apr 18, 2024 24.59 22.28 LU1559746307
D2 CHF 23.13 0.07 0.30 Apr 18, 2024 23.78 21.14 LU1065150267
D3 Hgd GBP 5.01 0.02 0.40 Apr 18, 2024 5.45 4.80 LU0995345831
D2 Hgd CHF 7.77 0.02 0.26 Apr 18, 2024 8.30 7.35 LU1688375184
A2 CHF 21.31 0.07 0.33 Apr 18, 2024 21.90 19.52 LU0938162186
Class S2 Hedged EUR 9.83 0.03 0.31 Apr 18, 2024 10.43 9.18 LU2624963505
X2 Hgd GBP 9.71 0.03 0.31 Apr 18, 2024 10.25 8.98 LU1505939139
D2 USD 25.39 0.09 0.36 Apr 18, 2024 26.78 23.46 LU0383940458
C2 USD 18.86 0.07 0.37 Apr 18, 2024 20.00 17.59 LU0278476923
Class SR2 USD 9.75 0.04 0.41 Apr 18, 2024 10.28 9.00 LU2319963547
A3 HKD 23.59 0.09 0.38 Apr 18, 2024 25.42 22.51 LU0388349754
Class SR3 USD 8.21 0.04 0.49 Apr 18, 2024 8.87 7.83 LU2319963620
A4 USD 12.32 0.05 0.41 Apr 18, 2024 13.45 11.41 LU0548402170
I2 CHF 23.32 0.07 0.30 Apr 18, 2024 23.97 21.30 LU1781817694
Class AI5 EUR 8.35 0.03 0.36 Apr 18, 2024 8.71 8.07 LU1960220660
Class SR2 Hedged EUR 9.04 0.03 0.33 Apr 18, 2024 9.60 8.45 LU2319963380
I2 GBP 20.57 0.10 0.49 Apr 18, 2024 21.21 19.44 LU1741217027
A2 Hgd SEK 79.00 0.30 0.38 Apr 18, 2024 84.12 74.28 LU1715605868
A3 EUR 2.83 0.01 0.35 Apr 18, 2024 2.95 2.73 LU0278457469
A2 EUR 21.96 0.07 0.32 Apr 18, 2024 22.50 20.49 LU0278457204
D2 Hgd EUR 6.97 0.03 0.43 Apr 18, 2024 7.39 6.51 LU0622213642
A2 USD 23.39 0.09 0.39 Apr 18, 2024 24.71 21.66 LU0278470058
Class SR3 Hedged GBP 7.91 0.03 0.38 Apr 18, 2024 8.61 7.58 LU2319963463
A3 USD 3.01 0.01 0.33 Apr 18, 2024 3.26 2.87 LU0278470132
A1 EUR 2.80 0.01 0.36 Apr 18, 2024 2.92 2.71 LU0278461065
A4 EUR 11.56 0.03 0.26 Apr 18, 2024 12.19 10.85 LU0478974834
Class E5 Hedged EUR 4.51 0.01 0.22 Apr 18, 2024 4.97 4.36 LU1062843260
A6 Hgd SGD 5.40 0.02 0.37 Apr 18, 2024 5.97 5.24 LU1676225185
D5 GBP 7.07 0.04 0.57 Apr 18, 2024 7.42 6.90 LU1694209807
A6 USD 6.19 0.02 0.32 Apr 18, 2024 6.74 5.95 LU1408528211
D2 EUR 23.84 0.07 0.29 Apr 18, 2024 24.40 22.14 LU0329592702
D3 EUR 11.70 0.04 0.34 Apr 18, 2024 12.21 11.31 LU0827884924
D3 USD 12.46 0.05 0.40 Apr 18, 2024 13.47 11.89 LU0523291242
D2 Hgd GBP 13.63 0.05 0.37 Apr 18, 2024 14.41 12.65 LU0827885491
D3 Hgd AUD 4.69 0.02 0.43 Apr 18, 2024 5.14 4.52 LU0827884841
C1 USD 2.98 0.01 0.34 Apr 18, 2024 3.22 2.85 LU0278478119
I2 Hgd EUR 7.23 0.02 0.28 Apr 18, 2024 7.67 6.76 LU0473186707
D4 EUR 11.61 0.04 0.35 Apr 18, 2024 12.25 10.87 LU0827885145
C2 EUR 17.71 0.06 0.34 Apr 18, 2024 18.19 16.72 LU0278457972
D2 Hgd PLN 10.19 0.04 0.39 Apr 18, 2024 10.76 9.46 LU0827884684
A2 CZK 554.53 2.15 0.39 Apr 18, 2024 569.28 481.16 LU1791177113
Class AI2 EUR 10.62 0.04 0.38 Apr 18, 2024 10.88 9.91 LU1960220587
E2 EUR 20.15 0.06 0.30 Apr 18, 2024 20.67 18.89 LU0278459671
A2 Hgd CHF 6.35 0.02 0.32 Apr 18, 2024 6.79 6.02 LU0623004180
D3 HKD 97.58 0.37 0.38 Apr 18, 2024 105.15 93.09 LU0827885061
A6 Hgd CAD 5.92 0.02 0.34 Apr 18, 2024 6.49 5.71 LU1408528641
D2 Hgd SGD 8.26 0.03 0.36 Apr 18, 2024 8.77 7.72 LU0827884767
A2 Hgd PLN 9.61 0.03 0.31 Apr 18, 2024 10.17 8.95 LU0480535052
A6 Hgd GBP 5.46 0.02 0.37 Apr 18, 2024 5.98 5.27 LU1408528302
X2 EUR 6.93 0.03 0.43 Apr 18, 2024 7.08 6.39 LU0531082021
A6 Hgd HKD 59.94 0.23 0.39 Apr 18, 2024 65.68 57.86 LU1408528484
A8 Hgd NZD 6.15 0.03 0.49 Apr 18, 2024 6.71 5.92 LU1408528724
I2 USD 25.60 0.10 0.39 Apr 18, 2024 26.99 23.63 LU0520955575
A3 Hgd AUD 4.69 0.02 0.43 Apr 18, 2024 5.15 4.52 LU0575500318
Class X5 Hedged GBP 7.27 0.03 0.41 Apr 18, 2024 7.91 6.96 LU1954752702
E2 USD 21.46 0.08 0.37 Apr 18, 2024 22.70 19.93 LU0374975414
X2 USD 7.38 0.03 0.41 Apr 18, 2024 7.77 6.79 LU0344905624
D4 USD 12.37 0.05 0.41 Apr 18, 2024 13.51 11.42 LU0827885228

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Managing Director, Head of Emerging Markets Local Debt Investments

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group.

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Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group. He is the lead Portfolio Manager in this team and has the responsibility for managing and overseeing its activities.

 

Prior to joining BlackRock in June 2012, Mr. Develay was senior a Portfolio Manager in the Emerging Markets Debt team at Fischer Francis Trees & Watts (FFTW, a BNP Paribas Investment Partner) with an alpha focus on EM currencies and regional research coverage of Latin America. Prior to the merger between BNP Paribas and Fortis, Mr. Develay was Head of the Currency and Commodity Trading team at Fortis Investments for five years in Paris and London with a strong focus on emerging markets currencies. Previously, Mr. Develay served as a Currency Trader at AXA Investment Managers where he started his career in 1999.

 

Mr. Develay earned Master in Finance in 1996 from the E.S.L.S.C.A. in Paris and a Certificate in Finance from UC Berkeley Extension in 1998.

Amer Bisat
Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets (EM) Fixed Income and a member of the Fundamental-GFI Executive Committee.

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Amer Bisat, PhD., Managing Director, is Head of Emerging Markets (EM) Fixed Income and a member of the Fundamental-GFI Executive Committee. In this role, he oversees the team managing the firm's EM portfolios across hard currency, local and corporate debt instruments. Mr. Bisat's service with the firm dates back to 2013. Prior to BlackRock, he was a partner in two macro hedge funds (Traxis and Rubicon) and held portfolio management responsibilities at Morgan Stanley and UBS. Between 1991 and 1998, he was a senior economist at the International Monetary Fund where he helped negotiate high profile programs with Russia, Ukraine and Egypt.

 

Mr. Bisat taught graduate level economics courses at Columbia University, co-authored a book on globalization, and academic and policy papers on growth and financial sector development. He is a trustee of a number of cultural and art institutions, sits on the Advisory Council of the Carnegie Middle East Center and is a member of the Council on Foreign Relations.

 

Mr. Bisat earned a BA in economics from the American University of Beirut and a PhD. in economics and finance from Columbia University.

Laurent Develay
Laurent Develay
Managing Director, Head of Emerging Markets Local Debt Investments

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group.

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Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group. He is the lead Portfolio Manager in this team and has the responsibility for managing and overseeing its activities.

 

Prior to joining BlackRock in June 2012, Mr. Develay was senior a Portfolio Manager in the Emerging Markets Debt team at Fischer Francis Trees & Watts (FFTW, a BNP Paribas Investment Partner) with an alpha focus on EM currencies and regional research coverage of Latin America. Prior to the merger between BNP Paribas and Fortis, Mr. Develay was Head of the Currency and Commodity Trading team at Fortis Investments for five years in Paris and London with a strong focus on emerging markets currencies. Previously, Mr. Develay served as a Currency Trader at AXA Investment Managers where he started his career in 1999.

 

Mr. Develay earned Master in Finance in 1996 from the E.S.L.S.C.A. in Paris and a Certificate in Finance from UC Berkeley Extension in 1998.

Michal Wozniak, CFA
Michal Wozniak, CFA
Vice President, Portfolio Manager for Emerging Markets Debt Portfolio Management team

Michal Wozniak, CFA, Director, is a Portfolio Manager for Emerging Markets Debt Portfolio Management team for Blackrock Global Fixed Income Group.

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Michal Wozniak, CFA, Director, is a Portfolio Manager for Emerging Markets Debt Portfolio Management team for Blackrock Global Fixed Income Group. He has responsibility for managing local rates within dedicated local currency bondportfolios and multi-segment strategies, including, local rates, sovereign debt emerging market currencies.

 

Prior to joining BlackRock in November 2013, Mr. Wozniak was working as a portfolio manager in Emerging Markets Debt teams in Lombard Odier Investment Managers and JPMorgan Asset Management, focusing on global local and hard currency fixed income strategies. Before that, he was responsible for Eastern European strategies in Fortis Investments in London. From 2002 until 2007 he was working in Credit Suisse Asset Management in Warsaw, initially as a portfolio manager and later heading the fixed income team. Michal started his professional career in 2000 as an equity analyst in ABN AMRO Asset Management.

 

Mr. Wozniak earned a Masters in Finance and Banking from the Warsaw School of Economics in 2001.

Literature

Literature