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Source: BlackRock. Based on $6.52 trillion in AUM as of 03/31/19.

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BGF Emerging Markets Local Currency Bond Fund

Fixed Income

BGF Emerging Markets Local Currency 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 denominated in local currencies of developing market countries. These include bonds and money market instruments.
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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

-9.85 -0.10 6.99 10.15 -14.60
Benchmark (%) Index: JP Morgan GBI-EM Global Diversified Index<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

-11.14 -1.65 5.47 12.99 -7.58
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 GBP and Benchmark performance displayed in USD. Source: BlackRock. Performance is shown on a net asset value 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 May 22, 2019 USD 4,408.370
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 Apr 30, 2019 6.00
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 144
Base Currency U.S. Dollar
Fund Inception Date Jun 26, 1997
Share Class Inception Date Dec 4, 2013
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index JP Morgan GBI-EM Global Diversified Index
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. 0.81%
ISIN LU0995345831
Bloomberg Ticker BELCD3G
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. 0.50%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL BH0WJ85
Bloomberg Benchmark Ticker -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment GBP 100000
Minimum Subsequent Investment GBP 1000
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 Apr 30, 2019 5.87%
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 4.87 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 Apr 30, 2019 4.85 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 7.02 yrs
3y Volatility - Benchmark as of Apr 30, 2019 10.46
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 1.070
5y Volatility - Benchmark as of Apr 30, 2019 10.92
5y Beta as of Apr 30, 2019 1.039
WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of Apr 30, 2019 7.02 yrs

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for BGF Emerging Markets Local Currency Bond Fund, Class D3 Hedged, as of Jul 31, 2018 rated against 1349 Other Bond Funds.
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 (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 4.20
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2021 3.94
POLAND (REPUBLIC OF) 3.25 07/25/2025 2.23
HUNGARY (REPUBLIC OF) 3 06/26/2024 2.03
TREASURY NOTE 2.25 03/31/2020 1.97
Name Weight (%)
COLOMBIA REPUBLIC OF (GOVERNMENT) 10 07/24/2024 1.81
MEXICO (UNITED MEXICAN STATES) 8 06/11/2020 1.76
COLOMBIA (REPUBLIC OF) 7.5 08/26/2026 1.68
INDONESIA (REPUBLIC OF) 8.375 03/15/2024 1.68
CZECH REPUBLIC 0.95 05/15/2030 1.67
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
D3 Hgd GBP Monthly 6.69 0.03 0.45 7.58 6.43 - LU0995345831 - -
A1 EUR Daily 3.34 0.01 0.30 3.55 3.04 - LU0278461065 - -
I2 GBP - 19.20 0.24 1.27 19.37 17.03 - LU1741217027 - -
A2 CHF Accumulating 23.08 0.05 0.22 23.91 20.35 - LU0938162186 - -
I2 EUR Accumulating 21.73 0.08 0.37 22.09 19.00 - LU1559746307 - -
X2 GBP Accumulating 5.40 0.07 1.31 5.44 4.77 - LU1688375267 - -
D2 Hgd CHF Accumulating 8.59 0.04 0.47 9.30 8.05 - LU1688375184 - -
I5 EUR Quarterly 8.35 0.03 0.36 8.91 7.64 - LU0995350831 - -
Class AI5 EUR - - - - - - - LU1960220660 - -
X2 AUD Accumulating 9.91 0.03 0.30 9.91 8.61 - LU1554267051 - -
X2 Hgd GBP Accumulating 9.61 0.05 0.52 10.19 8.85 - LU1505939139 - -
A8 Hgd AUD Monthly 6.85 0.03 0.44 7.86 6.65 - LU1133072774 - -
D2 CHF Accumulating 24.45 0.05 0.20 25.20 21.48 - LU1065150267 - -
A1 USD Daily 3.73 0.02 0.54 4.13 3.54 - LU0278477574 - -
C2 USD Accumulating 19.62 0.09 0.46 20.87 18.11 - LU0278476923 - -
D2 USD Accumulating 24.24 0.11 0.46 25.34 22.10 - LU0383940458 - -
A2 Hgd SGD Accumulating 8.02 0.04 0.50 8.52 7.39 - LU0358998713 - -
Class S3 Hedged GBP - 10.15 0.05 0.50 10.71 10.00 - LU1911699996 - -
I5 USD Quarterly 9.32 0.04 0.43 10.36 8.89 - LU1495982867 - -
A2 Hgd EUR Accumulating 7.35 0.04 0.55 7.99 6.89 - LU0359002093 - -
Class I3 Hedged GBP Monthly 6.72 0.03 0.45 7.61 6.46 - LU0995336418 - -
D2 Hgd EUR Accumulating 7.49 0.04 0.54 8.10 6.99 - LU0622213642 - -
I2 CHF - 24.46 0.05 0.20 25.17 21.47 - LU1781817694 - -
I2 Hgd EUR Accumulating 7.72 0.04 0.52 8.33 7.19 - LU0473186707 - -
A3 EUR Monthly 3.37 0.01 0.30 3.58 3.06 - LU0278457469 - -
A2 EUR Accumulating 20.50 0.08 0.39 20.86 18.01 - LU0278457204 - -
A3 USD Monthly 3.76 0.02 0.53 4.17 3.56 - LU0278470132 - -
D5 GBP Quarterly 8.76 0.11 1.27 9.23 8.10 - LU1694209807 - -
A4 EUR Annual 13.82 0.05 0.36 14.88 12.14 - LU0478974834 - -
D3 Hgd AUD Monthly 6.32 0.03 0.48 7.07 6.02 - LU0827884841 - -
A2 USD Accumulating 22.88 0.10 0.44 24.04 20.93 - LU0278470058 - -
D2 EUR Accumulating 21.72 0.09 0.42 22.08 19.01 - LU0329592702 - -
A3 HKD Monthly 29.51 0.14 0.48 32.69 27.93 - LU0388349754 - -
A6 USD Monthly 8.44 0.04 0.48 9.60 8.14 - LU1408528211 - -
C1 USD Daily 3.73 0.02 0.54 4.12 3.53 - LU0278478119 - -
D4 EUR Annual 13.89 0.06 0.43 14.97 12.15 - LU0827885145 - -
A2 Hgd SEK Accumulating 87.23 0.40 0.46 95.03 81.81 - LU1715605868 - -
A6 Hgd SGD Monthly 7.75 0.04 0.52 8.91 7.54 - LU1676225185 - -
A4 USD Annual 15.42 0.07 0.46 17.30 14.11 - LU0548402170 - -
Class E5 Hedged EUR Quarterly 6.39 0.03 0.47 7.34 6.23 - LU1062843260 - -
D2 Hgd GBP Accumulating 13.93 0.06 0.43 14.88 12.90 - LU0827885491 - -
D3 USD Monthly 15.55 0.07 0.45 17.23 14.72 - LU0523291242 - -
C2 EUR Accumulating 17.58 0.07 0.40 17.95 15.58 - LU0278457972 - -
I2 USD Accumulating 24.25 0.11 0.46 25.31 22.08 - LU0520955575 - -
E2 EUR Accumulating 19.28 0.07 0.36 19.62 17.00 - LU0278459671 - -
D2 Hgd PLN Accumulating 9.79 0.05 0.51 10.38 9.01 - LU0827884684 - -
D3 EUR Monthly 13.93 0.05 0.36 14.83 12.66 - LU0827884924 - -
D2 Hgd SGD Accumulating 8.30 0.04 0.48 8.77 7.62 - LU0827884767 - -
E2 USD Accumulating 21.52 0.10 0.47 22.72 19.76 - LU0374975414 - -
A6 Hgd GBP Monthly 8.01 0.04 0.50 9.31 7.85 - LU1408528302 - -
D3 HKD Monthly 122.09 0.58 0.48 135.27 115.55 - LU0827885061 - -
Class X5 Hedged GBP - 9.80 0.04 0.41 10.12 9.76 - LU1954752702 - -
A2 Hgd CHF Accumulating 7.19 0.03 0.42 7.83 6.76 - LU0623004180 - -
X2 EUR Accumulating 6.11 0.02 0.33 6.21 5.32 - LU0531082021 - -
Class AI2 EUR - 9.91 0.04 0.41 10.08 9.83 - LU1960220587 - -
E2 Hgd EUR Accumulating 7.02 0.03 0.43 7.67 6.60 - LU0474536231 - -
A6 Hgd CAD Monthly 8.42 0.04 0.48 9.69 8.20 - LU1408528641 - -
A2 Hgd PLN Accumulating 9.47 0.05 0.53 10.09 8.75 - LU0480535052 - -
D4 USD Annual 15.50 0.07 0.45 17.40 14.13 - LU0827885228 - -
A2 CZK Accumulating 529.04 2.30 0.44 535.81 463.69 - LU1791177113 - -
A8 Hgd NZD Monthly 8.51 0.04 0.47 9.76 8.26 - LU1408528724 - -
A6 Hgd HKD Monthly 84.23 0.39 0.47 96.92 81.97 - LU1408528484 - -
A3 Hgd AUD Monthly 6.32 0.03 0.48 7.07 6.02 - LU0575500318 - -
X2 USD Accumulating 6.82 0.03 0.44 7.08 6.19 - LU0344905624 - -

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Head of BlackRock Emerging Markets Fixed Income
Read More

Sergio Trigo Paz, Managing Director, is the Head of Emerging Markets Portfolio Management for BlackRock's Global Fixed Income group.

 

Prior to joining BlackRock in 2012, he was CIO of Emerging Market Fixed Income at BNP Paribas Investment Partners where he also managed a special situations and event driven EM hedge fund and was responsible for total and absolute return EM strategies.

 

During his career, Mr. Trigo Paz has extensive experience in emerging markets debt as a proprietary trader, market maker and exotic/distressed debt trader and has also worked at Banca Intesa Sub, ANZ, LTCB and Societe Generale. He has developed an innovative thematic investment process combining a global factors approach with on-the-ground due diligence and special situations scenario analysis. His unique investment process is now being applied to emerging market funds, differentiating it from more traditional top-down/bottom-up approaches.

 

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

Laurent Develay
Laurent Develay
Director, Emerging Markets Debt team within BlackRock&#39;s Portfolio Management Group

Laurent Develay

Read More

Laurent Develay, Director, is a portfolio manager on the Emerging Markets Debt team within BlackRock's Portfolio Management Group. He has responsibility for managing emerging market currencies and local debt investments.

Prior to joining BlackRock in June 2012, Mr. Develay was 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
Michal Wozniak
Director, Emerging Markets Debt team within BlackRock Fundamental Fixed Income

Michal Wozniak

Read More

Michal Wozniak, Director, is a portfolio manager in the Emerging Markets Debt team within BlackRock Fundamental Fixed Income. He has responsibility for managing multi-segment strategies, including sovereign debt, local debt and emerging market currencies investments.

 

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

 

 

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Financial professional
I professionally manage portfolios on behalf of individual investors and provide financial advisory services. Examples of financial professionals include financial advisors, private bankers, etc.

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I professionally manage portfolios on behalf of institutions such as pension funds, sovereign funds, insurance companies, etc.

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.