BGF US Dollar High Yield Bond Fund

Fixed Income

BGF US Dollar High Yield 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 US dollars. At least 70% of the Fund’s total assets will include investments with a relatively low credit rating or which are unrated.

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.

Please note the Fund-specific risks under the relevant section in Disclaimer.

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

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Performance

Performance

  • Returns

  From
31.Dec.2013
To
31.Dec.2014		 From
31.Dec.2014
To
31.Dec.2015		 From
31.Dec.2015
To
31.Dec.2016		 From
31.Dec.2016
To
31.Dec.2017		 From
31.Dec.2017
To
31.Dec.2018
Total Return (%) Total return is expressed as the percentage change of an investment over a certain timeframe. It includes the net income earned by the investment in terms of dividends or interest along with any change in the capital value of the investment.

as of 31-Dec-2018

3.95 -3.18 14.45 7.48 -3.70
Benchmark (%) Index: BBG Barc US Corp High Yield 2% Issuer Capped 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 31-Dec-2018

2.46 -4.43 17.13 7.50 -2.08
  2014 2015 2016 2017 2018
Total Return (%) Total return is expressed as the percentage change of an investment over a certain timeframe. It includes the net income earned by the investment in terms of dividends or interest along with any change in the capital value of the investment. 3.95 -3.18 14.45 7.48 -3.70
Annual w/ Sales Charge (%) Max Sales Charge: 5.00 -1.25 -8.03 8.72 2.11 -8.51
Benchmark (%) Index: BBG Barc US Corp High Yield 2% Issuer Capped 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. 2.46 -4.43 17.13 7.50 -2.08

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

Share Class and Benchmark performance displayed in AUD, hedged fund 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

Chart

Performance chart data not available for display.
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Share Class performance displayed in AUD 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
View full table
Record Date Ex-Date Payable Date Total Distribution

Key Facts

Key Facts

Size of Fund (Millions) as of 15-Feb-2019 USD 2,309.77
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 31-Jan-2019 6.99
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 31-Jan-2019 1,129
Base Currency USD
Fund Launch Date 29-Oct-1993
Share Class launch date 20-Feb-2013
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index BBG Barc US Corp High Yield 2% Issuer Capped Index
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 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. 1.46%
ISIN LU0871640396
Bloomberg Ticker BGUHA8A
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B971ZF8
Bloomberg Benchmark Ticker LF89TRUU
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment AUD 5,000.00
Minimum Subsequent Investment AUD 1,000.00
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of 31-Jan-2019 6.50%
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 31-Jan-2019 4.37
Effective Duration Effective Duration is a measure of the potential impact on a bond or portfolio price of a 1% change in interest rates across all maturities. It takes into account the possible changes in expected bond cash flows for bonds with embedded optionality (for example the bond issuer's right to redeem bonds at a pre-determined price on certain dates) due to the 1% change in rates. as of 31-Jan-2019 3.72 Jahre
Weighted Avg Maturity Bond's maturity is the length of time until the date when the principal amount of a bond is to be repaid. Weighted Avg. Maturity, WAM, is used to calculate the maturity of a basket of bonds (fund) and is calculated as the average of the underlying bonds' maturities weighted by the bonds' weight in the fund. as of 31-Jan-2019 5.23 Jahre
WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of 31-Jan-2019 5.23 Jahre

Risk Indicator

Risk Indicator

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

 

Ratings

Ratings

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 16-Oct-2018)

Portfolio Managers

Portfolio Managers

James Keenan
James Keenan
David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

Holdings

Holdings

as of 31-Jan-2019
Name Weight (%)
TRANSDIGM INC 144A 6.25 03/15/2026 1.68
CLEAR CHANNEL WORLDWIDE HOLDINGS I 6.5 11/15/2022 1.29
BLACKSTONE CQP HOLDCO LP 144A 6.5 03/20/2021 1.20
INFOR US INC 6.5 05/15/2022 1.01
ALLY FINANCIAL INC 8 11/01/2031 0.84
Name Weight (%)
SOLERA LLC / SOLERA FINANCE INC 144A 10.5 03/01/2024 0.83
GMAC CAPITAL TRUST I 8.40113 02/15/2040 0.79
CNX RESOURCES CORP 5.875 04/15/2022 0.69
AVANTOR INC 144A 6 10/01/2024 0.66
HD SUPPLY INC 144A 5.375 10/15/2026 0.66
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-2019

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-2019

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-2019

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 31-Jan-2019

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-2019

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-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
Class A8 Hedged AUD Monthly 9.20 0.02 0.22 9.72 8.81 - LU0871640396 - -
Class A3 Hedged NZD Monthly 10.94 0.03 0.27 11.34 10.44 - LU0803752046 - -
Class D2 USD None 34.48 0.09 0.26 34.65 32.61 - LU0552552704 - -
Class A3 Hedged CAD Monthly 9.89 0.02 0.20 10.31 9.46 - LU0803751741 - -
Class A3 Hedged SGD Monthly 9.59 0.03 0.31 9.99 9.16 - LU0578937376 - -
Class A3 Hedged GBP Monthly 9.59 0.03 0.31 10.08 9.19 - LU0580330818 - -
Class D2 Hedged CHF None 10.77 0.03 0.28 10.98 10.24 - LU1090156289 - -
Class E2 EUR None 26.75 0.14 0.53 26.75 23.62 - LU0277197595 - -
Class E2 USD None 30.14 0.08 0.27 30.43 28.55 - LU0147389919 - -
Class I2 USD None 13.97 0.04 0.29 14.03 13.21 - LU0822668108 - -
Class D2 Hedged AUD None 17.25 0.05 0.29 17.39 16.33 - LU0827886895 - -
Class A8 Hedged CNH - 102.78 0.27 0.26 102.84 97.93 - LU1919856218 - -
Class A2 Hedged CHF None 10.47 0.02 0.19 10.70 9.96 - LU1090155554 - -
Class I2 Hedged EUR None 11.00 0.03 0.27 11.19 10.45 - LU1111085798 - -
Class I4 Hedged GBP Annual 9.19 0.02 0.22 9.79 8.72 - LU1111085442 - -
Class A3 Hedged EUR Monthly 9.21 0.03 0.33 9.78 8.83 - LU0578943853 - -
Class D2 Hedged EUR None 214.18 0.57 0.27 217.91 203.46 - LU0532707519 - -
Class A6 USD Monthly 4.99 0.02 0.40 5.23 4.77 - LU0738912566 - -
Class A2 Hedged AUD None 16.55 0.04 0.24 16.73 15.68 - LU0578947334 - -
Class A2 Hedged SGD None 14.18 0.04 0.28 14.35 13.45 - LU0578945809 - -
Class A3 Hedged AUD Monthly 11.19 0.03 0.27 11.61 10.69 - LU0578942376 - -
Class I3 USD Monthly 9.21 0.03 0.33 9.52 8.79 - LU0764821012 - -
Class A2 USD None 32.76 0.09 0.28 33.01 31.01 - LU0046676465 - -
Class A1 USD Daily 5.64 0.01 0.18 5.82 5.37 - LU0046675905 - -
Class A2 Hedged EUR None 203.44 0.54 0.27 207.51 193.44 - LU0330917963 - -
Class D4 Hedged GBP Annual 10.61 0.03 0.28 11.28 10.06 - LU0681219902 - -
Class D3 USD Monthly 9.77 0.02 0.21 10.10 9.33 - LU0592702061 - -
Class A6 Hedged HKD Monthly 37.53 0.10 0.27 39.88 35.96 - LU0764619531 - -
Class D2 Hedged SGD None 14.74 0.04 0.27 14.87 13.96 - LU0827887273 - -
Class A8 Hedged ZAR Monthly 88.85 0.26 0.29 93.25 84.84 - LU1023056127 - -
Class D3 Hedged SGD Monthly 9.62 0.03 0.31 10.03 9.20 - LU0827886978 - -
Class A6 Hedged SGD Monthly 9.29 0.03 0.32 9.85 8.90 - LU1314333441 - -
Class A3 USD Monthly 5.70 0.01 0.18 5.90 5.44 - LU0172419151 - -
Class A4 GBP Annual 10.62 0.03 0.28 11.26 10.09 - LU0706698544 - -

Literature

Literature