Fixed Income

BGF China 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

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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 3 years.

  2019 2020 2021 2022 2023
Total Return (%) -6.0 -7.5 1.8
Comparator Benchmark 1 (%) 1.9 1.5 1.5

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

  1y 3y 5y 10y Incept.
3.72 -2.80 - - -2.53
Comparator Benchmark 1 (%) 1.50 1.50 - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.77 0.39 0.72 3.63 3.72 -8.17 - - -8.60
Comparator Benchmark 1 (%) 0.63 0.13 0.38 0.75 1.50 4.57 - - -
  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
From
31.Mar.2023
To
31.Mar.2024
Total Return (%)

as of 31-Mar-2024

- - -8.60 -2.81 3.17
Comparator Benchmark 1 (%)

as of 31-Mar-2024

- - - 1.50 1.50

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 CNH.

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 25-Jun-2024
RMB 19’431’271’457.64
Fund Launch Date
11-Nov-2011
Base Currency
CNH
Comparator Benchmark 1
1 Year China Household Savings Deposit Rate
Initial Charge
3.00%
ISIN
LU2252214130
Performance Fee
0.00%
Minimum Subsequent Investment
EUR 1’000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGBCBEE
Share Class launch date
25-Nov-2020
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
1.54%
Annual Management Fee
1.25%
Minimum Initial Investment
EUR 5’000.00
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BMHXGH4

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-May-2024
443
Standard Deviation (3y)
as of 31-May-2024
3.35%
Yield to Maturity
as of 31-May-2024
5.55%
Weighted Avg YTM
as of 31-May-2024
5.47%
Weighted Avg Maturity
as of 31-May-2024
4.80 yrs
12 Month Trailing Dividend Distribution Yield
as of 31-May-2024
4.00
3y Beta
as of -
-
Modified Duration
as of 31-May-2024
5.18
Effective Duration
as of 31-May-2024
3.54 yrs
WAL to Worst
as of 31-May-2024
4.80 yrs

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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-May-2024
0.00%
MSCI - Nuclear Weapons
as of 31-May-2024
0.00%
MSCI - Civilian Firearms
as of 31-May-2024
0.00%
MSCI - Tobacco
as of 31-May-2024
0.00%
MSCI - UN Global Compact Violators
as of 31-May-2024
0.00%
MSCI - Thermal Coal
as of 31-May-2024
0.22%
MSCI - Oil Sands
as of 31-May-2024
0.00%

Business Involvement Coverage
as of 31-May-2024
53.99%
Percentage of Fund not covered
as of 31-May-2024
45.52%
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 1.83% and for Oil Sands 1.23%.

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 during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

 

Risk Indicator

Risk Indicator

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

Ratings

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Holdings

Holdings

as of 31-May-2024
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.52 08/25/2033 3.12
AGRICULTURAL DEVELOPMENT BANK OF C 2.96 04/17/2030 1.70
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.58
CHINA PEOPLES REPUBLIC OF (GOVERNM 3 10/15/2053 1.50
AGRICULTURAL DEVELOPMENT BANK OF C 3.01 03/16/2030 1.33
Name Weight (%)
CHINA DEVELOPMENT BANK 3.09 06/18/2030 1.09
BANK OF CHINA LTD 2.62 04/08/2034 1.03
DBS BANK CHINA LTD RegS 4.7 03/24/2031 1.01
ISHARES USD ASIA HY BOND ETF 0.93
CHINA DEVELOPMENT BANK 3.49 11/08/2041 0.87
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-May-2024

% of Market Value

Type Fund
as of 31-May-2024

% of Market Value

Type Fund
as of 31-May-2024

% of Market Value

Type Fund
as of 31-May-2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class E8 Hedged EUR 8.41 0.00 0.00 25-Jun-2024 8.43 8.17 LU2252214130
Class A2 Hedged USD 10.56 0.01 0.09 25-Jun-2024 10.56 9.86 LU2070343392
Class X2 Hedged USD 10.95 0.00 0.00 25-Jun-2024 10.95 10.17 LU2092937064
Class D2 Hedged SGD 10.47 0.01 0.10 25-Jun-2024 10.47 9.87 LU2631410243
Class A6 Hedged GBP 8.00 0.00 0.00 25-Jun-2024 8.00 7.74 LU2077746779
Class D6 Hedged SGD 8.37 0.00 0.00 25-Jun-2024 8.42 8.14 LU2325727282
Class A8 Hedged HKD 100.92 0.06 0.06 25-Jun-2024 101.47 98.16 LU2550100429
Class A2 CHF 12.73 0.00 0.00 25-Jun-2024 13.04 11.80 LU0969580058
Class I6 Hedged SGD 8.41 0.00 0.00 25-Jun-2024 8.45 8.18 LU2325727365
Class X3 USD 8.82 -0.01 -0.11 25-Jun-2024 8.95 8.49 LU2469414325
Class D2 CNH 105.29 0.04 0.04 25-Jun-2024 105.33 99.50 LU0827885731
Class A2 EUR 13.31 0.04 0.30 25-Jun-2024 13.37 12.30 LU2267099674
Class I6 CNH 88.07 0.04 0.05 25-Jun-2024 88.92 85.80 LU1940842344
Class I3 USD 8.63 -0.02 -0.23 25-Jun-2024 8.76 8.31 LU1648248299
Class A8 Hedged USD 10.12 0.01 0.10 25-Jun-2024 10.18 9.83 LU2550100692
Class D6 Hedged USD 8.33 0.00 0.00 25-Jun-2024 8.33 8.01 LU2243824054
Class A6 Hedged NZD 8.16 0.00 0.00 25-Jun-2024 8.16 7.87 LU2077746340
Class A2 Hedged SGD 10.43 0.00 0.00 25-Jun-2024 10.43 9.86 LU2631410169
Class A6 Hedged EUR 7.44 0.00 0.00 25-Jun-2024 7.52 7.25 LU1847653224
Class A6 Hedged USD 8.37 0.00 0.00 25-Jun-2024 8.37 8.07 LU1847653141
Class A6 Hedged CAD 8.09 0.00 0.00 25-Jun-2024 8.09 7.83 LU2077746696
Class I4 Hedged GBP 8.84 0.01 0.11 25-Jun-2024 8.84 8.25 LU2112291872
Class SR2 Hedged USD 10.12 0.01 0.10 25-Jun-2024 10.12 9.42 LU2319962069
Class I2 Hedged EUR 9.84 0.01 0.10 25-Jun-2024 9.84 9.26 LU2112292094
Class AI2 Hedged EUR 10.00 0.00 0.00 25-Jun-2024 10.00 9.45 LU2131808789
Class A3 CNH 64.86 0.03 0.05 25-Jun-2024 64.88 62.87 LU0679941160
Class I5 Hedged EUR 8.27 0.00 0.00 25-Jun-2024 8.36 8.03 LU2298320776
Class A6 Hedged AUD 7.99 0.01 0.13 25-Jun-2024 8.04 7.77 LU1852331039
Class I2 EUR 17.05 0.04 0.24 25-Jun-2024 17.13 15.68 LU2011139461
Class SR2 CNH 100.61 0.04 0.04 25-Jun-2024 100.64 95.01 LU2319961681
Class D2 Hedged EUR 9.78 0.00 0.00 25-Jun-2024 9.78 9.21 LU2112292417
Class D2 USD 14.44 -0.02 -0.14 25-Jun-2024 14.51 13.58 LU0719319435
Class SR4 Hedged GBP 9.00 0.01 0.11 25-Jun-2024 9.00 8.40 LU2319961848
Class A10 Hedged USD 10.18 0.00 0.00 25-Jun-2024 10.20 9.99 LU2708802587
Class SR3 USD 7.92 -0.01 -0.13 25-Jun-2024 8.04 7.63 LU2319961921
Class D2 EUR 13.50 0.04 0.30 25-Jun-2024 13.56 12.43 LU2290526164
Class SR2 Hedged EUR 9.56 0.00 0.00 25-Jun-2024 9.56 9.01 LU2319961764
Class E5 EUR 9.29 0.03 0.32 25-Jun-2024 9.41 8.90 LU2038736380
Class E5 Hedged EUR 8.19 0.00 0.00 25-Jun-2024 8.26 7.95 LU2038736463
Class I2 Hedged USD 10.55 0.01 0.09 25-Jun-2024 10.55 9.82 LU2112291955
Class A2 CNH 103.82 0.05 0.05 25-Jun-2024 103.86 98.33 LU0679940949
Class A2 USD 14.24 -0.02 -0.14 25-Jun-2024 14.31 13.42 LU0679941327
Class A3 USD 8.90 -0.01 -0.11 25-Jun-2024 9.03 8.57 LU0679941673
Class A6 Hedged SGD 8.13 0.00 0.00 25-Jun-2024 8.21 7.93 LU1847653497
Class A3 HKD 69.47 -0.09 -0.13 25-Jun-2024 70.58 67.06 LU0690034276
Class D4 Hedged GBP 8.83 0.01 0.11 25-Jun-2024 8.83 8.24 LU2112292177
Class C2 USD 12.18 -0.02 -0.16 25-Jun-2024 12.26 11.58 LU0683062482
Class D2 Hedged USD 10.47 0.00 0.00 25-Jun-2024 10.47 9.76 LU2112292250
Class E2 EUR 16.20 0.05 0.31 25-Jun-2024 16.27 15.04 LU0764816798
Class I2 USD 18.24 -0.03 -0.16 25-Jun-2024 18.32 17.14 LU1588882974
Class I2 CNH 133.00 0.05 0.04 25-Jun-2024 133.04 125.55 LU1574463128
Class D3 USD 8.94 -0.01 -0.11 25-Jun-2024 9.07 8.61 LU0683067952
Class AI2 EUR 10.62 0.03 0.28 25-Jun-2024 10.67 9.82 LU2131808516
Class SR2 USD 13.80 -0.02 -0.14 25-Jun-2024 13.86 12.97 LU2391915928
Class A6 CNH 86.96 0.03 0.03 25-Jun-2024 88.21 85.00 LU1852330734
Class E2 Hedged EUR 10.08 0.01 0.10 25-Jun-2024 10.08 9.55 LU0803752129
Class I6 USD Hedged USD 8.82 0.00 0.00 25-Jun-2024 8.82 8.48 LU2134542930
Class SR6 Hedged SGD 8.79 0.00 0.00 25-Jun-2024 8.84 8.55 LU2391915415
Class A2 Hedged JPY 891.00 0.00 0.00 25-Jun-2024 892.00 865.00 LU2367605297
Class SR6 Hedged HKD 87.72 0.04 0.05 25-Jun-2024 87.72 84.92 LU2391915332
Class SR6 CNH 88.47 0.03 0.03 25-Jun-2024 89.25 86.22 LU2391915688
Class SR6 Hedged EUR 8.54 0.01 0.12 25-Jun-2024 8.59 8.30 LU2391915506
Class A6 Hedged HKD 80.02 0.04 0.05 25-Jun-2024 80.22 77.69 LU1963769176
Class D6 CNH 84.38 0.03 0.04 25-Jun-2024 85.34 82.30 LU2243823916
Class X2 USD 11.59 -0.01 -0.09 25-Jun-2024 11.63 10.85 LU1733225855
Class SR6 Hedged USD 9.01 0.00 0.00 25-Jun-2024 9.01 8.66 LU2391915761
Class A3 SGD 12.05 0.01 0.08 25-Jun-2024 12.15 11.67 LU2298379152

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
8’690 EUR
-13.1%
8’500 EUR
-5.3%

Unfavourable

What you might get back after costs
Average return each year
8’690 EUR
-13.1%
8’500 EUR
-5.3%

Moderate

What you might get back after costs
Average return each year
10’130 EUR
1.3%
11’400 EUR
4.5%

Favourable

What you might get back after costs
Average return each year
10’680 EUR
6.8%
11’920 EUR
6.0%

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



Literature

Literature