Fixed Income

BGF Fixed Income Global Opportunities Fund

  • NAV as of 07-Jun-2023 JPY 1,316.00
    52 WK: 1,221.00 - 1,397.00
  • 1 Day NAV Change as of 07-Jun-2023 -6.00 (-0.45%)

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 globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).

The fixed income securities are denominated in various currencies and may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).

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.
View full chart
Share Class performance displayed in Japanese Yen. Source: BlackRock. Performance is show on a net asset value basis, with gross income reinvested. Past performance is not a guide to current or future performance

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution

This chart shows the fund's performance as the percentage loss or gain per year over the last 3 years.

  2018 2019 2020 2021 2022
Total Return (%) 1.0 12.3 7.8

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

  1y 3y 5y 10y Incept.
Total Return (%) 7.83 10.19 - - 8.12
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 7.72 2.48 3.30 2.31 7.83 33.78 - - 41.11
  From
31.Mar.2018
To
31.Mar.2019		 From
31.Mar.2019
To
31.Mar.2020		 From
31.Mar.2020
To
31.Mar.2021		 From
31.Mar.2021
To
31.Mar.2022		 From
31.Mar.2022
To
31.Mar.2023
Total Return (%)

as of 31-Mar-2023

- -3.68 15.98 7.16 7.39

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 JPY hedged Share Class 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

Key Facts

Key Facts

Net Assets of Fund as of 07-Jun-2023 USD 7,464,591,464.56
Share Class launch date 02-Jan-2019
Fund Launch Date 31-Jan-2007
Share Class Currency JPY
Base Currency USD
Asset Class Fixed Income
SFDR Classification Other
Initial Charge -
Ongoing Charges Figures 0.56%
Annual Management Fee -
Performance Fee -
Minimum Initial Investment JPY 10,000,000.00
Minimum Subsequent Investment JPY 1,000.00
Distribution Frequency Quarterly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Flexible Bond - USD Hedged
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGFIOI5
ISIN LU1926936912
SEDOL BJ11KN7

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-May-2023 2,836
12m Trailing Yield as of 31-May-2023 2.81
Standard Deviation (3y) as of 31-May-2023 8.29%
Yield to Maturity as of 31-May-2023 6.74%
Modified Duration as of 31-May-2023 3.32
Weighted Avg YTM as of 31-May-2023 6.70%
Effective Duration as of 31-May-2023 2.83 yrs
Weighted Avg Maturity as of 31-May-2023 7.17 yrs
WAL to Worst as of 31-May-2023 7.17 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 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

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7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal. (Effective 22-Apr-2020)

Portfolio Managers

Portfolio Managers

Rick Rieder
Rick Rieder
Managing Director, CIO of Global Fixed Income

  

Read More

Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team. Mr. Rieder is responsible for roughly $2.4 trillion in assets. He is a member of BlackRock’s Executive Sub-Committee on Investments, a member of BlackRock's Global Operating Committee, and Chairman of the firm-wide BlackRock Investment Council.

 

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.

 

Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014, and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013. Four of the funds Mr. Rieder manages (Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond) have been awarded Gold Medals by Morningstar.

 

From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

 

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the business school's BBA investment fund and community financial literacy program.

 

Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, New Jersey, and is the Founder and Chairman of the Board of Graduation Generation Public School Collaboration in Atlanta. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation, and Trustee for the US Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Russell Brownback
Russell Brownback
Managing Director, Head of Global Macro Positioning for Fixed-Income

  

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Russell J Brownback, Managing Director, is Head of Global Macro Positioning for Fixed-Income and a member of the Fundamental Fixed-Income Executive Committee. Prior to joining BlackRock in 2009, Mr. Brownback was a Senior Partner with R3 Capital Partners. From 1992 to 2008, he was with Lehman Brothers, most recently as a Managing Director and proprietary trader/portfolio manager for the Global Principal Strategies team. Previously, he was the head of the firm's Corporate and Emerging Markets bond trading desks.

 

Mr. Brownback earned a BA degree in economics from Hobart College in 1987 and an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University in 1992. He has been an adjunct professor for both graduate and undergraduate studies at Syracuse University's Whitman School of Business.

Aidan Doyle, CFA
Aidan Doyle, CFA
Managing Director, Portfolio Manager

  

Read More

Aidan Doyle, CFA, Managing Director, is a portfolio manager within the Global Bond Team. He is co-lead manager for the BGF World Bond Fund, the BGF Global Government Bond Fund, the BGF Fixed Income Global Opportunities Fund, BGF ESG Fixed Income Global Opportunities Fund, and the BGF US Dollar Bond Fund.

 

Mr. Doyle began his career at BlackRock in 2010 when he joined the Global Bond Team as a portfolio manager. He is responsible for developing macro directional and relative value investment strategies and managing the team's global aggregate and global government bond portfolios.

 

Mr. Doyle. has a MSc degree in Finance from the Imperial College London, with a focus on fixed income and derivatives. He earned a BA degree in Economics, with honors, from Trinity College Dublin, with a focus on financial economics.

Holdings

Holdings

as of 28-Apr-2023
Name Weight (%)
TREASURY NOTE 1.25 11/30/2026 5.37
TREASURY NOTE 2.875 05/15/2032 4.85
GNMA2 30YR TBA(REG C) 4.20
TREASURY BOND 2.875 05/15/2052 3.01
UMBS 30YR TBA(REG A) 2.31
Name Weight (%)
FNMA 30YR UMBS SUPER 2.29
TREASURY (CPI) NOTE 0.625 01/15/2024 1.78
TREASURY (CPI) NOTE 0.5 04/15/2024 1.61
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.43
TREASURY NOTE 2.625 05/31/2027 1.37
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28-Apr-2023

% of Market Value

Type Fund
Negative weightings may result from specific circumstances (including timing differences between trade and settlement 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.
as of 28-Apr-2023

% of Market Value

Type Fund
as of 28-Apr-2023

% of Market Value

Type Fund
Allocations subject to change.
as of 28-Apr-2023

% of Market Value

Type Fund
as of 28-Apr-2023

% of Market Value

Type Fund
as of 28-Apr-2023

% of Market Value

Type Fund
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 I5 JPY Quarterly 1,316.00 -6.00 -0.45 07-Jun-2023 1,397.00 1,221.00 LU1926936912 -
Class I2 Hedged CHF None 10.91 0.01 0.09 07-Jun-2023 11.39 10.76 LU1270847004 -
Class I3 Hedged CAD Monthly 9.04 0.01 0.11 07-Jun-2023 9.44 8.93 LU1234671672 -
Class E2 Hedged EUR None 8.71 0.00 0.00 07-Jun-2023 9.11 8.57 LU0278456818 -
Class A5 USD Quarterly 9.66 0.01 0.10 07-Jun-2023 9.99 9.43 LU0280465617 -
Class D2 Hedged PLN None 17.54 0.02 0.11 07-Jun-2023 17.60 16.58 LU0827879684 -
Class C2 USD None 12.10 0.01 0.08 07-Jun-2023 12.40 11.76 LU0278467773 -
Class E2 USD None 13.63 0.01 0.07 07-Jun-2023 13.85 13.18 LU0278469472 -
Class A2 Hedged PLN None 16.63 0.02 0.12 07-Jun-2023 16.71 15.77 LU0480534915 -
Class D2 Hedged EUR None 10.20 0.00 0.00 07-Jun-2023 10.56 9.98 LU0278456651 -
Class D5 USD Quarterly 10.15 0.00 0.00 07-Jun-2023 10.50 9.91 LU0737136415 -
Class I2 Hedged EUR None 10.58 0.01 0.09 07-Jun-2023 10.93 10.33 LU0368231436 -
Class D4 Hedged EUR Annual 8.49 0.00 0.00 07-Jun-2023 8.96 8.30 LU1340096590 -
Class X2 Hedged SEK None 10.70 0.01 0.09 07-Jun-2023 10.95 10.40 LU1153584724 -
Class A2 Hedged SGD None 20.97 0.02 0.10 07-Jun-2023 21.39 20.34 LU0278465488 -
Class D2 Hedged GBP None 11.32 0.01 0.09 07-Jun-2023 11.54 10.96 LU0278463947 -
Class A5 Hedged SGD Quarterly 13.63 0.01 0.07 07-Jun-2023 14.22 13.40 LU0280468637 -
Class C5 USD Quarterly 9.61 0.01 0.10 07-Jun-2023 9.92 9.40 LU0280466938 -
Class D4 Hedged CAD Annual 9.38 0.00 0.00 07-Jun-2023 9.67 9.05 LU1270847186 -
Class A2 Hedged EUR None 9.45 0.01 0.11 07-Jun-2023 9.83 9.26 LU0278453476 -
Class A5 Hedged EUR Quarterly 6.12 0.00 0.00 07-Jun-2023 6.52 6.08 LU0280467159 -
Class A2 USD None 14.83 0.01 0.07 07-Jun-2023 15.00 14.29 LU0278466700 -
Class A3G USD Monthly 10.00 - - 07-Jun-2023 - - LU2621334601 -
Class I5 Hedged JPY Quarterly 854.00 0.00 0.00 07-Jun-2023 923.00 849.00 LU1791183194 -
Class A2 Hedged JPY None 987.00 1.00 0.10 07-Jun-2023 1,042.00 981.00 LU1005243099 -
Class AI2 Hedged EUR - 9.63 0.01 0.10 07-Jun-2023 10.02 9.44 LU1960221809 -
Class D5 Hedged CHF Quarterly 8.22 0.00 0.00 07-Jun-2023 8.83 8.17 LU1681056062 -
Class A6 USD Monthly 10.94 0.01 0.09 07-Jun-2023 11.41 10.77 LU1051767835 -
Class D4 EUR Annual 12.22 -0.07 -0.57 07-Jun-2023 13.45 11.85 LU1085283973 -
Class I2 Hedged JPY None 1,050.00 0.00 0.00 07-Jun-2023 1,103.00 1,041.00 LU1005243172 -
Class X2 USD None 12.37 0.01 0.08 07-Jun-2023 12.46 11.84 LU0278469985 -
Class X2 Hedged CHF None 11.45 0.01 0.09 07-Jun-2023 11.90 11.26 LU1263143379 -
Class X3 Hedged EUR Monthly 8.18 0.01 0.12 07-Jun-2023 8.74 8.15 LU1003077317 -
Class A2 Hedged GBP None 10.27 0.01 0.10 07-Jun-2023 10.52 9.98 LU1181257202 -
Class D5 Hedged EUR Quarterly 6.14 0.00 0.00 07-Jun-2023 6.53 6.10 LU0827879841 -
Class D2 USD None 15.62 0.01 0.06 07-Jun-2023 15.77 15.01 LU0278469043 -
Class X2 Hedged GBP None 11.50 0.01 0.09 07-Jun-2023 11.64 11.09 LU0278465058 -
Class S2 Hedged EUR - 9.86 0.00 0.00 07-Jun-2023 10.20 9.64 LU1992159654 -
Class A8 Hedged CNH Monthly 85.99 0.06 0.07 07-Jun-2023 91.80 85.56 LU1165523371 -
Class AI2 EUR - 10.96 -0.06 -0.54 07-Jun-2023 11.93 10.64 LU1960221981 -
Class D2 Hedged SGD None 22.10 0.02 0.09 07-Jun-2023 22.44 21.38 LU0827879767 -
Class S5 USD Quarterly 9.73 0.01 0.10 07-Jun-2023 10.06 9.49 LU1992159068 -
Class I2 Hedged AUD - 10.43 0.01 0.10 07-Jun-2023 10.63 10.11 LU1786038098 -
Class A1 EUR Monthly 8.94 -0.05 -0.56 07-Jun-2023 9.94 8.70 LU1005244220 -
Class E2 EUR None 12.69 -0.07 -0.55 07-Jun-2023 13.86 12.32 LU1005243685 -
Class C1 USD Monthly 9.60 0.01 0.10 07-Jun-2023 9.97 9.44 LU1003077077 -
Class C1 EUR Monthly 8.94 -0.04 -0.45 07-Jun-2023 9.94 8.70 LU1005244493 -
Class A3 USD Monthly 9.59 0.01 0.10 07-Jun-2023 9.97 9.44 LU1003076939 -
Class A1 USD Monthly 9.60 0.01 0.10 07-Jun-2023 9.98 9.44 LU1003076855 -
Class J3 USD Monthly 9.60 0.00 0.00 07-Jun-2023 9.98 9.46 LU1003077150 -
Class I2 USD None 12.49 0.00 0.00 07-Jun-2023 12.61 11.99 LU0986736956 -
Class A2 Hedged CHF None 9.30 0.00 0.00 07-Jun-2023 9.78 9.21 LU1121327164 -
Class S2 Hedged CHF - 9.70 0.01 0.10 07-Jun-2023 10.13 9.56 LU1992159902 -
Class I5 USD Quarterly 9.45 0.00 0.00 07-Jun-2023 9.78 9.23 LU1083819141 -
Class X2 Hedged EUR None 11.34 0.00 0.00 07-Jun-2023 11.67 11.04 LU0278456909 -
Class S4 Hedged EUR Annual 9.15 0.00 0.00 07-Jun-2023 9.66 8.94 LU1992161049 -
Class A2 Hedged SEK None 97.36 0.07 0.07 07-Jun-2023 100.87 95.34 LU1121320748 -
Class X3 USD Monthly 9.60 0.01 0.10 07-Jun-2023 9.98 9.46 LU1003077234 -
Class I5 Hedged EUR Quarterly 8.14 0.01 0.12 07-Jun-2023 8.66 8.08 LU1129992308 -
Class S2 USD - 10.65 0.01 0.09 07-Jun-2023 10.75 10.23 LU1992160157 -
Class A4 Hedged EUR Annual 8.47 0.01 0.12 07-Jun-2023 8.93 8.31 LU0973708182 -
Class I2 Hedged GBP None 11.48 0.00 0.00 07-Jun-2023 11.68 11.11 LU0999670564 -
Class D2 EUR None 14.55 -0.07 -0.48 07-Jun-2023 15.77 14.10 LU1005243503 -
Class D4 Hedged GBP Annual 4.44 0.01 0.23 07-Jun-2023 4.61 4.30 LU1294567364 -
Class A2 EUR None 13.81 -0.07 -0.50 07-Jun-2023 15.03 13.40 LU1005243255 -
Class I5 GBP Hedged GBP Quarterly 9.27 0.01 0.11 07-Jun-2023 9.71 9.12 LU1877503935 -
Class D2 Hedged CHF None 10.17 0.00 0.00 07-Jun-2023 10.64 10.04 LU0972027022 -
Class X2 Hedged AUD None 12.50 0.01 0.08 07-Jun-2023 12.68 12.08 LU1093512371 -
Class A3 EUR Monthly 8.93 -0.05 -0.56 07-Jun-2023 9.94 8.72 LU1005243339 -
Class A6 Hedged HKD Monthly 81.07 0.06 0.07 07-Jun-2023 85.75 80.53 LU1051769021 -
Class C2 EUR None 11.27 -0.06 -0.53 07-Jun-2023 12.37 10.95 LU1005243412 -
Class I2 Hedged CAD None 11.49 0.01 0.09 07-Jun-2023 11.62 11.06 LU1136394076 -
Class X5 Hedged GBP Quarterly 8.77 0.01 0.11 07-Jun-2023 9.18 8.62 LU1165522217 -
Class A8 Hedged AUD Monthly 8.25 0.01 0.12 07-Jun-2023 8.68 8.16 LU1165522480 -
Class A4 USD Annual 9.66 0.01 0.10 07-Jun-2023 9.91 9.31 LU1153584997 -
Class X5 Hedged EUR Quarterly 8.42 0.01 0.12 07-Jun-2023 8.96 8.36 LU1685502194 -
Class X3 Hedged AUD Monthly 9.70 0.01 0.10 07-Jun-2023 10.24 9.65 LU1003077820 -
Class X2 Hedged CAD None 11.74 0.00 0.00 07-Jun-2023 11.86 11.28 LU1214678283 -

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.
Recommended holding period : 3 years
Example Investment JPY 1,000,000.00
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
731,230 JPY
-26.9%
696,040 JPY
-11.4%

Unfavourable

What you might get back after costs
Average return each year
827,260 JPY
-17.3%
868,870 JPY
-4.6%

Moderate

What you might get back after costs
Average return each year
1,040,210 JPY
4.0%
1,089,950 JPY
2.9%

Favourable

What you might get back after costs
Average return each year
1,242,770 JPY
24.3%
1,376,540 JPY
11.2%

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



Literature

Literature