Fixed Income

BGF European High Yield 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.

The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.

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

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Distributions

Record Date Ex-Date Payable Date
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This chart shows the fund's performance as the percentage loss or gain per year over the last 6 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 (%) 8.2 8.4 -2.6 14.0 3.4 5.1
Constraint Benchmark 1 (%) 9.0 6.8 -3.6 11.3 2.3 3.5
  1y 3y 5y 10y Incept.
-14.55 -1.05 1.13 - 2.32
Constraint Benchmark 1 (%) -13.87 -2.06 -0.02 - 1.66
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-15.28 -7.21 -11.81 -15.28 -14.55 -3.12 5.79 - 17.23
Constraint Benchmark 1 (%) -14.17 -6.71 -10.51 -14.17 -13.87 -6.05 -0.12 - 12.10
  From
30.Jun.2017
To
30.Jun.2018
From
30.Jun.2018
To
30.Jun.2019
From
30.Jun.2019
To
30.Jun.2020
From
30.Jun.2020
To
30.Jun.2021
From
30.Jun.2021
To
30.Jun.2022
Total Return (%)

as of 30-Jun-2022

2.24 6.80 -0.53 13.98 -14.55
Constraint Benchmark 1 (%)

as of 30-Jun-2022

0.86 5.41 -1.92 11.22 -13.87

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 GBP, 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-Jul-2022 EUR 370,388,618.41
Share Class launch date 23-Jul-2015
Fund Launch Date 23-Jul-2015
Share Class Currency GBP
Base Currency EUR
Asset Class Fixed Income
Constraint Benchmark 1 Bloomberg Pan European High Yield 3% Issuer Constrained Index EUR Hedged
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 0.75%
Annual Management Fee 0.55%
Performance Fee 0.00%
Minimum Initial Investment GBP 100,000.00
Minimum Subsequent Investment -
Distribution Frequency Annual
Use of Income Distributing
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 BGEHD4G
ISIN LU1258858023
SEDOL BYN8BV6

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-May-2022 375
12m Trailing Yield as of 30-Jun-2022 4.28
Standard Deviation (3y) as of 30-Jun-2022 10.67%
3y Beta as of 30-Jun-2022 1.00
Yield to Maturity as of 31-May-2022 7.49%
Modified Duration as of 31-May-2022 3.46
Weighted Avg YTM as of 31-May-2022 7.50%
Effective Duration as of 31-May-2022 3.39 yrs
Weighted Avg Maturity as of 31-May-2022 4.52 yrs
WAL to Worst as of 31-May-2022 4.52 yrs

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 the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

Risk Indicator

Risk Indicator

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

 

Ratings

Portfolio Managers

Portfolio Managers

Stephen Gough
Stephen Gough
Jose Aguilar
Jose Aguilar
James Turner
James Turner

Holdings

Holdings

as of 31-May-2022
Name Weight (%)
CELLNEX TELECOM SA RegS 0.75 11/20/2031 1.85
COMMERZBANK AG RegS 6.125 12/31/2049 1.25
AUTOSTRADE PER LITALIA SPA RegS 2 01/15/2030 0.98
TELE COLUMBUS AG RegS 3.875 05/02/2025 0.98
RCI BANQUE SA RegS 2.625 02/18/2030 0.97
Name Weight (%)
BANCO BILBAO VIZCAYA ARGENTARIA SA RegS 6 12/31/2049 0.94
INTESA SANPAOLO SPA PNC7.5 RegS 5.5 12/31/2049 0.92
NIDDA HEALTHCARE HOLDING AG RegS 3.5 09/30/2024 0.91
DEUTSCHE BANK AG MTN RegS 4 06/24/2032 0.90
CARNIVAL CORP RegS 10.125 02/01/2026 0.90
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-May-2022

% of Market Value

Type Fund Benchmark Net
as of 31-May-2022

% of Market Value

Type Fund Benchmark Net
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
as of 31-May-2022

% of Market Value

Type Fund Benchmark Net
as of 31-May-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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Class D4 Hedged GBP Annual 9.21 -0.04 -0.43 06-Jul-2022 11.31 9.21 LU1258858023 -
Class D2 EUR None 11.15 -0.06 -0.54 06-Jul-2022 13.41 11.15 LU1191877965 -
Class D4 EUR Annual 8.83 -0.05 -0.56 06-Jul-2022 10.94 8.83 LU1258857561 -
Class E2 EUR None 10.38 -0.05 -0.48 06-Jul-2022 12.58 10.38 LU1270846881 -
Class E5 EUR Quarterly 8.54 -0.04 -0.47 06-Jul-2022 10.63 8.54 LU1270846964 -
Class A2 Hedged CHF None 10.44 -0.05 -0.48 06-Jul-2022 12.61 10.44 LU1258857728 -
Class A2 Hedged SEK None 106.43 -0.58 -0.54 06-Jul-2022 128.53 106.43 LU1258857645 -
Class A2 EUR None 10.73 -0.06 -0.56 06-Jul-2022 12.95 10.73 LU1191877379 -

Literature

Literature