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

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

Chart

Performance chart data not available for display.
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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 4 years.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 6.5 4.5 -3.4 -16.9
Constraint Benchmark 1 (%) 6.0 4.1 -2.9 -17.2

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

  1y 3y 5y 10y Incept.
-1.16 -5.33 -1.58 - -1.70
Constraint Benchmark 1 (%) -2.29 -5.47 -1.73 - -1.77
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
3.06 0.40 0.28 3.06 -1.16 -15.14 -7.66 - -8.77
Constraint Benchmark 1 (%) 2.72 0.30 0.13 2.64 -2.29 -15.52 -8.33 - -9.15
  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
From
30.Jun.2022
To
30.Jun.2023
Total Return (%)

as of 30-Jun-2023

5.57 2.17 0.40 -13.18 -2.68
Constraint Benchmark 1 (%)

as of 30-Jun-2023

5.59 1.82 0.39 -12.66 -3.65

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 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 03-Oct-2023 EUR 1,881,259,182.37
Share Class launch date 18-Apr-2018
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 -
Ongoing Charges Figures 0.47%
ISIN LU1808491655
Annual Management Fee -
Performance Fee -
Minimum Initial Investment EUR 10,000,000.00
Minimum Subsequent Investment EUR 1,000.00
Distribution Frequency Annual
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGBDI4E
SEDOL 92991

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Aug-2023 673
12 Month Trailing Dividend Distribution Yield as of 30-Sep-2023 1.57
Standard Deviation (3y) as of 31-Aug-2023 6.54%
3y Beta as of 31-Aug-2023 1.00
Yield to Maturity as of 31-Aug-2023 3.71%
Modified Duration as of 31-Aug-2023 6.62
Weighted Avg YTM as of 31-Aug-2023 3.71%
Effective Duration as of 31-Aug-2023 6.66 yrs
Weighted Avg Maturity as of 31-Aug-2023 7.63 yrs
WAL to Worst as of 31-Aug-2023 7.63 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-2023 A
MSCI ESG % Coverage as of 21-Sep-2023 91.36
MSCI ESG Quality Score (0-10) as of 21-Sep-2023 6.95
MSCI ESG Quality Score - Peer Percentile as of 21-Sep-2023 57.05
Fund Lipper Global Classification as of 21-Sep-2023 Bond EUR
Funds in Peer Group as of 21-Sep-2023 298
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Sep-2023 66.38
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Sep-2023 50.49
All data is from MSCI ESG Fund Ratings as of 21-Sep-2023, based on holdings as of 30-Apr-2023. 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% (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.

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 31-Aug-2023 0.00%
MSCI - UN Global Compact Violators as of 31-Aug-2023 0.68%
MSCI - Nuclear Weapons as of 31-Aug-2023 0.00%
MSCI - Thermal Coal as of 31-Aug-2023 0.00%
MSCI - Civilian Firearms as of 31-Aug-2023 0.00%
MSCI - Oil Sands as of 31-Aug-2023 0.00%
MSCI - Tobacco as of 31-Aug-2023 0.19%

Business Involvement Coverage as of 31-Aug-2023 48.55%
Percentage of Fund not covered as of 31-Aug-2023 51.43%
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 0.75%.

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 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.

 

Risk Indicator

Risk Indicator

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2
3
4
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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Portfolio Managers

Portfolio Managers

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

     

Holdings

Holdings

as of 31-Aug-2023
Name Weight (%)
SPAIN (KINGDOM OF) 3.55 10/31/2033 3.41
ITALY (REPUBLIC OF) 4 04/30/2035 2.06
BELGIUM (KINGDOM OF) 1.25 04/22/2033 1.32
FRANCE (REPUBLIC OF) 3 05/25/2054 1.28
FRANCE (REPUBLIC OF) 0.75 02/25/2028 1.26
Name Weight (%)
EUROPEAN FINANCIAL STABILITY FACIL MTN RegS 0.75 05/03/2027 1.10
SPAIN (KINGDOM OF) 2.75 10/31/2024 1.10
SPAIN (KINGDOM OF) 0.8 07/30/2029 1.05
FRANCE (REPUBLIC OF) 0 02/25/2027 1.04
NETHERLANDS (KINGDOM OF) 0.75 07/15/2027 0.95
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-2023

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-2023

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-2023

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-2023

% 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
Class I4 EUR Annual 8.57 -0.03 -0.35 03-Oct-2023 9.08 8.52 LU1808491655
Class A3 USD Monthly 17.48 -0.16 -0.91 03-Oct-2023 19.38 16.14 LU0172748641
Class E2 USD None 23.13 -0.21 -0.90 03-Oct-2023 25.58 21.23 LU0171279937
Class C2 USD None 19.10 -0.17 -0.88 03-Oct-2023 21.15 17.65 LU0331283399
Class D3 USD Monthly 17.58 -0.15 -0.85 03-Oct-2023 19.49 16.23 LU0827877639
Class A4 GBP Annual 19.50 -0.07 -0.36 03-Oct-2023 21.08 19.38 LU0204069685
Class A1 USD Monthly 17.49 -0.16 -0.91 03-Oct-2023 19.37 16.14 LU0171278889
Class D2 USD None 27.74 -0.25 -0.89 03-Oct-2023 30.61 25.24 LU0827877472
Class AI2 EUR - 8.53 -0.03 -0.35 03-Oct-2023 8.94 8.40 LU1960220827
Class I4 Hedged USD Annual 9.55 -0.03 -0.31 03-Oct-2023 9.92 9.27 LU1808491812
Class A2 USD None 26.17 -0.24 -0.91 03-Oct-2023 28.90 23.90 LU0171279184
Class I4 Hedged GBP Annual 9.42 -0.03 -0.32 03-Oct-2023 9.87 9.26 LU1376384282
Class D4 GBP Annual 19.62 -0.08 -0.41 03-Oct-2023 21.23 19.51 LU0827877712
Class A1 EUR Monthly 16.72 -0.05 -0.30 03-Oct-2023 17.69 16.64 LU0118259232
Class D2 EUR None 26.52 -0.08 -0.30 03-Oct-2023 27.70 26.01 LU0297941469
Class D3 EUR Monthly 16.80 -0.06 -0.36 03-Oct-2023 17.79 16.73 LU0827877555
Class D4 Hedged GBP Annual 9.40 -0.03 -0.32 03-Oct-2023 9.85 9.24 LU1376384365
Class SR2 EUR - 8.23 -0.02 -0.24 03-Oct-2023 8.58 8.06 LU2319963893
Class A2 Hedged PLN None 101.85 -0.32 -0.31 03-Oct-2023 104.36 95.82 LU1499592381
Class SR2 Hedged USD - 8.59 -0.03 -0.35 03-Oct-2023 8.81 8.22 LU2319963976
Class A2 EUR None 25.02 -0.08 -0.32 03-Oct-2023 26.21 24.63 LU0050372472
Class A4 EUR Annual 22.43 -0.07 -0.31 03-Oct-2023 23.74 22.30 LU0430265933
Class E5 EUR Quarterly 20.64 -0.07 -0.34 03-Oct-2023 21.71 20.41 LU0500207468
Class E2 EUR None 22.12 -0.07 -0.32 03-Oct-2023 23.27 21.87 LU0090830810
Class S4 EUR Annual 8.60 -0.03 -0.35 03-Oct-2023 9.11 8.55 LU1722863484
Class A3 EUR Monthly 16.71 -0.06 -0.36 03-Oct-2023 17.69 16.63 LU0172396516
Class C2 EUR None 18.26 -0.06 -0.33 03-Oct-2023 19.33 18.19 LU0147393358
Class I2 EUR None 12.79 -0.05 -0.39 03-Oct-2023 13.35 12.53 LU0368229703
Class D4 EUR Annual 9.96 -0.04 -0.40 03-Oct-2023 10.55 9.91 LU0938162699
Class X2 EUR None 29.04 -0.09 -0.31 03-Oct-2023 30.20 28.34 LU0298377911
Class I2 Hedged USD None 10.78 -0.04 -0.37 03-Oct-2023 11.05 10.31 LU1376384100
Class A2 Hedged JPY None 850.00 -3.00 -0.35 03-Oct-2023 916.00 848.00 LU1668663914
Class A2 Hedged USD None 12.15 -0.03 -0.25 03-Oct-2023 12.48 11.67 LU0869650977
Class I2 Hedged CHF None 8.89 -0.03 -0.34 03-Oct-2023 9.43 8.87 LU1180456292
Class I2 Hedged JPY None 876.00 -3.00 -0.34 03-Oct-2023 940.00 874.00 LU1668661629
Class A2 CZK None 612.82 -0.32 -0.05 03-Oct-2023 637.09 583.56 LU1791174284
Class D2 Hedged CHF None 9.94 -0.04 -0.40 03-Oct-2023 10.56 9.92 LU1266592374
Class D2 Hedged USD None 12.63 -0.04 -0.32 03-Oct-2023 12.94 12.09 LU0869640077

PRIIPs Performance Scenarios

PRIIPs Performance Scenarios

The EU Packaged Retail and Insurance-Based Products Regulation (PRIIPs) prescribes the calculation methodology, and publication of the outcomes, of four hypothetical performance scenarios regarding how the product may perform under certain conditions and for such to be published on a monthly basis. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product, which may include input from benchmark(s) / proxy, over the last ten years.
Recommended holding period : 3 years
Example Investment EUR 10,000
Scenario
If you exit after 1 year
If you exit after 3 years

Minimum

There is no minimum guaranteed return. You could lose some or all of your investment.

Stress

What you might get back after costs
Average return each year
7,950 EUR
-20.5%
7,460 EUR
-9.3%

Unfavourable

What you might get back after costs
Average return each year
8,270 EUR
-17.3%
8,230 EUR
-6.3%

Moderate

What you might get back after costs
Average return each year
10,140 EUR
1.4%
10,770 EUR
2.5%

Favourable

What you might get back after costs
Average return each year
11,250 EUR
12.5%
12,360 EUR
7.3%

The stress scenario shows what you might get back in extreme market circumstances.



Literature

Literature