Fixed Income

BGF Euro Bond Fund

Overview

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

Loading

Performance

Performance

Chart

Performance chart data not available for display.
View full chart

This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 12.2 3.1 11.8 1.9 3.5 1.4 -0.3 6.4 4.4 -3.5
Constraint Benchmark 1 (%) 11.2 2.2 11.1 1.0 3.3 0.7 0.4 6.0 4.1 -2.9
  1y 3y 5y 10y Incept.
-14.96 -4.96 -1.82 1.30 3.12
Constraint Benchmark 1 (%) -15.11 -4.82 -1.68 1.06 2.72
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-14.24 2.63 -0.98 -4.57 -14.96 -14.16 -8.78 13.77 60.92
Constraint Benchmark 1 (%) -14.07 2.42 -1.26 -4.47 -15.11 -13.78 -8.11 11.13 51.46
  From
30.Sep.2017
To
30.Sep.2018
From
30.Sep.2018
To
30.Sep.2019
From
30.Sep.2019
To
30.Sep.2020
From
30.Sep.2020
To
30.Sep.2021
From
30.Sep.2021
To
30.Sep.2022
Total Return (%)

as of 30-Sep-2022

0.10 8.90 0.93 -1.50 -17.40
Constraint Benchmark 1 (%)

as of 30-Sep-2022

0.10 9.40 0.46 -1.09 -16.68

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Share Class and Benchmark performance displayed in EUR, hedged Share Class Benchmark performance is displayed in EUR.

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 06-Dec-2022 EUR 3,042,865,339.56
Share Class launch date 08-Jun-2007
Fund Launch Date 31-Mar-1994
Share Class Currency EUR
Base Currency EUR
Asset Class Fixed Income
Constraint Benchmark 1 Bloomberg Euro-Aggregate 500mm+ Bond Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 0.62%
Annual Management Fee 0.40%
Performance Fee 0.00%
Minimum Initial Investment EUR 100,000.00
Minimum Subsequent Investment EUR 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category EUR Diversified Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MIGSED2
ISIN LU0297941469
SEDOL B441Z78

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 30-Nov-2022 867
Standard Deviation (3y) as of 30-Nov-2022 6.68%
3y Beta as of 30-Nov-2022 1.04
Yield to Maturity as of 30-Nov-2022 3.09%
Modified Duration as of 30-Nov-2022 6.86
Weighted Avg YTM as of 30-Nov-2022 3.10%
Effective Duration as of 30-Nov-2022 6.89 yrs
Weighted Avg Maturity as of 30-Nov-2022 7.41 yrs
WAL to Worst as of 30-Nov-2022 7.41 yrs

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.


The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of 21-Sep-2022 AA
MSCI ESG % Coverage as of 21-Sep-2022 91.06
MSCI ESG Quality Score (0-10) as of 21-Sep-2022 8.21
MSCI ESG Quality Score - Peer Percentile as of 21-Sep-2022 72.70
Fund Lipper Global Classification as of 21-Sep-2022 Bond EUR
Funds in Peer Group as of 21-Sep-2022 293
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Sep-2022 65.13
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Sep-2022 52.75
All data is from MSCI ESG Fund Ratings as of 21-Sep-2022, based on holdings as of 30-Apr-2022. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of 30-Nov-2022 0.00%
MSCI - UN Global Compact Violators as of 30-Nov-2022 0.69%
MSCI - Nuclear Weapons as of 30-Nov-2022 0.00%
MSCI - Thermal Coal as of 30-Nov-2022 0.00%
MSCI - Civilian Firearms as of 30-Nov-2022 0.00%
MSCI - Oil Sands as of 30-Nov-2022 0.00%
MSCI - Tobacco as of 30-Nov-2022 0.40%

Business Involvement Coverage as of 30-Nov-2022 50.03%
Percentage of Fund not covered as of 30-Nov-2022 50.38%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.74%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in combination with other information in the research and due diligence phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

 

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Euro Bond Fund, Class D2, as of 30-Nov-2022 rated against 1201 EUR Diversified Bond Funds.

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 06-Jul-2022)

Portfolio Managers

Portfolio Managers

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

     

Holdings

Holdings

as of 30-Nov-2022
Name Weight (%)
ITALY (REPUBLIC OF) 4 04/30/2035 1.76
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.20
FRANCE (REPUBLIC OF) 0.75 02/25/2028 1.06
BANK OF NOVA SCOTIA RegS 0.01 09/14/2029 0.92
FRANCE (REPUBLIC OF) 0.5 05/25/2040 0.89
Name Weight (%)
BELGIUM (KINGDOM OF) 1.25 04/22/2033 0.88
CAISSE AMORTISSEMENT DE LA DETTE S RegS 2.875 05/25/2027 0.84
EUROPEAN FINANCIAL STABILITY FACIL RegS 0 10/15/2025 0.81
EUROPEAN FINANCIAL STABILITY FACIL MTN RegS 0.75 05/03/2027 0.72
HESSE (STATE OF) RegS 0 04/25/2025 0.70
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Nov-2022

% of Market Value

Type Fund Benchmark Net
as of 30-Nov-2022

% of Market Value

Type Fund Benchmark Net
as of 30-Nov-2022

% of Market Value

Type Fund Benchmark Net
as of 30-Nov-2022

% 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

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Class D2 EUR None 27.66 0.09 0.33 06-Dec-2022 32.27 26.01 LU0297941469 -
Class A2 EUR None 26.18 0.09 0.34 06-Dec-2022 30.65 24.63 LU0050372472 -
Class A4 GBP Annual 20.50 0.07 0.34 06-Dec-2022 23.79 19.38 LU0204069685 -
Class A2 USD None 27.49 0.04 0.15 06-Dec-2022 34.64 23.90 LU0171279184 -
Class D2 USD None 29.05 0.04 0.14 06-Dec-2022 36.49 25.24 LU0827877472 -
Class I4 EUR Annual 9.07 0.03 0.33 06-Dec-2022 10.61 8.52 LU1808491655 -
Class A3 USD Monthly 18.55 0.02 0.11 06-Dec-2022 23.41 16.14 LU0172748641 -
Class AI2 EUR - 8.93 0.03 0.34 06-Dec-2022 10.45 8.40 LU1960220827 -
Class SR2 EUR - 8.57 0.03 0.35 06-Dec-2022 9.99 8.06 LU2319963893 -
Class D3 USD Monthly 18.65 0.02 0.11 06-Dec-2022 23.54 16.23 LU0827877639 -
Class C2 USD None 20.27 0.03 0.15 06-Dec-2022 25.86 17.65 LU0331283399 -
Class I4 Hedged USD Annual 9.90 0.03 0.30 06-Dec-2022 11.36 9.27 LU1808491812 -
Class D4 Hedged GBP Annual 9.84 0.04 0.41 06-Dec-2022 11.39 9.24 LU1376384365 -
Class A1 USD Monthly 18.56 0.03 0.16 06-Dec-2022 23.42 16.14 LU0171278889 -
Class A1 EUR Monthly 17.67 0.06 0.34 06-Dec-2022 20.72 16.64 LU0118259232 -
Class E2 USD None 24.40 0.03 0.12 06-Dec-2022 30.90 21.23 LU0171279937 -
Class I4 Hedged GBP Annual 9.86 0.03 0.31 06-Dec-2022 11.42 9.26 LU1376384282 -
Class A4 EUR Annual 23.71 0.08 0.34 06-Dec-2022 27.76 22.30 LU0430265933 -
Class D3 EUR Monthly 17.76 0.06 0.34 06-Dec-2022 20.82 16.73 LU0827877555 -
Class D4 GBP Annual 20.65 0.08 0.39 06-Dec-2022 23.95 19.51 LU0827877712 -
Class A2 Hedged PLN None 102.65 0.39 0.38 06-Dec-2022 114.06 95.82 LU1499592381 -
Class SR2 Hedged USD - 8.78 0.03 0.34 06-Dec-2022 10.04 8.22 LU2319963976 -
Class A3 EUR Monthly 17.67 0.06 0.34 06-Dec-2022 20.71 16.63 LU0172396516 -
Class X2 EUR None 30.16 0.10 0.33 06-Dec-2022 35.00 28.34 LU0298377911 -
Class E2 EUR None 23.24 0.08 0.35 06-Dec-2022 27.34 21.87 LU0090830810 -
Class A2 Hedged JPY None 915.00 3.00 0.33 06-Dec-2022 1,076.00 862.00 LU1668663914 -
Class D4 EUR Annual 10.54 0.04 0.38 06-Dec-2022 12.34 9.91 LU0938162699 -
Class S4 EUR Annual 9.10 0.03 0.33 06-Dec-2022 10.65 8.55 LU1722863484 -
Class I2 Hedged JPY None 939.00 3.00 0.32 06-Dec-2022 1,099.00 884.00 LU1668661629 -
Class A2 Hedged USD None 12.46 0.04 0.32 06-Dec-2022 14.30 11.67 LU0869650977 -
Class I2 EUR None 13.33 0.04 0.30 06-Dec-2022 15.53 12.53 LU0368229703 -
Class I2 Hedged CHF None 9.42 0.03 0.32 06-Dec-2022 11.03 8.87 LU1180456292 -
Class D2 Hedged USD None 12.91 0.04 0.31 06-Dec-2022 14.76 12.09 LU0869640077 -
Class A2 CZK None 636.39 1.34 0.21 06-Dec-2022 778.93 603.10 LU1791174284 -
Class D2 Hedged CHF None 10.55 0.04 0.38 06-Dec-2022 12.37 9.94 LU1266592374 -
Class E5 EUR Quarterly 21.69 0.08 0.37 06-Dec-2022 25.51 20.41 LU0500207468 -
Class I2 Hedged USD None 11.01 0.04 0.36 06-Dec-2022 12.57 10.31 LU1376384100 -
Class C2 EUR None 19.30 0.06 0.31 06-Dec-2022 22.87 18.19 LU0147393358 -

Literature

Literature