Fixed Income

BlackRock Global Government Bond Fund

IMPORTANT:
• The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. An increase in interest rates may adversely affect the value of the bonds held by the Fund. The Fund invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks.
• The Fund is subject to currency risk, delayed delivery transactions risk, securities lending counterparty risk, risks associated with investments in asset / mortgage backed securities, and contingent convertible bonds risk.
• The Fund may use derivatives for hedging and extensively for investment purposes. Risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The Fund’s volatility may increase or decrease from its derivative usage, and may suffer losses.
• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost.
• Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.

Overview

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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

Performance

Performance

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Distributions

Ex-Date Distribution
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  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -0.13 6.46 -1.16 1.55 1.11 -0.78 6.09 5.79 -4.21 -15.09
Benchmark (%) 0.21 8.35 1.30 3.75 2.14 2.60 7.59 6.11 -2.29 -12.86

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

  1y 3y 5y 10y Incept.
-3.84 -6.05 -1.57 -0.07 1.07
Benchmark (%) -1.06 -4.12 0.30 1.83 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.37 -0.59 -1.30 0.55 -3.84 -17.09 -7.61 -0.71 25.27
Benchmark (%) 2.49 -0.16 -0.73 1.85 -1.06 -11.85 1.53 19.85 -
Past performance is not a guide to future performance. Investors may not get back the full amount invested.

Performance is calculated based on the period NAV-to-NAV with dividend reinvested. Performance figures are calculated net of fees.

These figures show by how much the Share Class of the Fund increased or decreased in value during the period being shown. Performance is calculated in the relevant share class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable.

Where no past performance is shown there was insufficient data available in that period to provide performance.

Please refer to the Key Facts section for the inception date of the Fund and the Share Class.

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 USD 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 26-Sep-2023 USD 963,292,582
Share Class Inception Date 01-Jul-2002
Fund Inception 14-May-1987
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Benchmark FTSE World Government Bond USD Hedged Index
SFDR Classification Article 8
Initial Charge 0.00%
ISIN LU0331285410
Management Fee (incl Distribution Fee, if any) 2.00%
Performance Fee 0.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment -
Distribution Frequency Monthly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Bond - USD Hedged
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MUSDBCD
SEDOL 7558405
SFC-authorised ESG fund No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Aug-2023 609
12M Trailing Distribution as of 31-Aug-2023 0.72%
Standard Deviation (3y) as of 31-Aug-2023 5.07%
3y Beta as of 31-Aug-2023 0.980
Yield to Maturity as of 31-Aug-2023 3.78
Modified Duration as of 31-Aug-2023 7.83 yrs
Yield to Worst as of 31-Aug-2023 3.78
Effective Duration as of 31-Aug-2023 7.80
Weighted Avg Maturity as of 31-Aug-2023 7.81
WAL to Worst as of 31-Aug-2023 7.81

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 85.19
MSCI ESG Quality Score (0-10) as of 21-Sep-2023 6.11
MSCI ESG Quality Score - Peer Percentile as of 21-Sep-2023 49.41
Fund Lipper Global Classification as of 21-Sep-2023 Bond Global USD
Funds in Peer Group as of 21-Sep-2023 423
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Sep-2023 162.28
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Sep-2023 11.22
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 0.00%
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 0.00%

Business Involvement Coverage as of 31-Aug-2023 1.59%
Percentage of Fund not covered as of 31-Aug-2023 99.49%
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 0.06% and for Oil Sands 0.00%.

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.

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-Aug-2023
Name Weight (%)
TREASURY NOTE 4.25 05/31/2025 12.60
GERMANY (FEDERAL REPUBLIC OF) 1.3 10/15/2027 8.37
UMBS 30YR TBA(REG A) 5.36
GERMANY (FEDERAL REPUBLIC OF) 2.8 06/12/2025 4.49
TREASURY NOTE 3.125 08/31/2027 2.51
Name Weight (%)
JAPAN (GOVERNMENT OF) 10YR #369 0.5 12/20/2032 1.78
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.75
JAPAN (GOVERNMENT OF) 2YR #447 0.005 04/01/2025 1.41
TREASURY NOTE 2.75 08/15/2032 1.31
JAPAN (GOVERNMENT OF) 20YR #182 1.1 09/20/2042 1.30
The Fund is actively managed and its composition will vary. Holdings shown are for illustrative purposes only and should not be deemed as a recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change.
Holdings subject to change.

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-2023

% of Weight

Type Fund Benchmark Net
as of 31-Aug-2023

% of Weight

Type Fund Benchmark Net
as of 31-Aug-2023

% of Weight

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 geography where the issuer of the securities carries out much of their business. “Others” excluded from the chart above.
as of 31-Aug-2023

% of Weight

Type Fund Benchmark Net
as of 31-Aug-2023

% of Weight

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.
Due to rounding, the total may not be equal to 100%

Pricing & Exchange

Pricing & Exchange

Share Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
C1 USD Monthly 17.00 -0.01 -0.06 26-Sep-2023 17.96 17.00 LU0331285410
D3 USD Monthly 18.75 -0.01 -0.05 26-Sep-2023 19.77 18.75 LU0827882043
D3 Hedged EUR Monthly 15.12 -0.01 -0.07 26-Sep-2023 16.22 15.12 LU0827881821
D2 USD Non-Distributing 28.72 -0.02 -0.07 26-Sep-2023 29.91 28.20 LU0540001038
A3 Hedged GBP Monthly 8.39 -0.01 -0.12 26-Sep-2023 8.91 8.39 LU1484781395
A3 Hedged HKD Monthly 86.38 -0.06 -0.07 26-Sep-2023 92.07 86.38 LU1484781478
A1 USD Monthly 18.68 -0.01 -0.05 26-Sep-2023 19.73 18.68 LU0118256485
A3 Hedged EUR Monthly 15.09 -0.01 -0.07 26-Sep-2023 16.17 15.09 LU0297943168
C1 HEDGED EUR Monthly 13.99 -0.01 -0.07 26-Sep-2023 15.01 13.99 LU0297940818
A2 Hedged EUR Non-Distributing 21.95 -0.01 -0.05 26-Sep-2023 23.19 21.95 LU0297942863
A1 HEDGED EUR Monthly 15.19 -0.01 -0.07 26-Sep-2023 16.30 15.19 LU0297940495
C3 USD Monthly 18.15 -0.02 -0.11 26-Sep-2023 19.14 18.15 LU0172412495
C2 HEDGED EUR Non-Distributing 16.06 -0.01 -0.06 26-Sep-2023 17.11 16.06 LU0297943838
C2 USD Non-Distributing 20.03 -0.01 -0.05 26-Sep-2023 21.02 19.96 LU0147382310
A3 USD Monthly 18.73 -0.01 -0.05 26-Sep-2023 19.75 18.73 LU0172412149
D2 Hedged EUR Non-Distributing 23.28 -0.01 -0.04 26-Sep-2023 24.54 23.28 LU0329591563
A2 USD Non-Distributing 27.42 -0.01 -0.04 26-Sep-2023 28.59 27.00 LU0006061385
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

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

  

Aidan Doyle, CFA
Managing Director, Portfolio Manager

  

Trevor Slaven
Managing Director, Portfolio Manager

  

Chi Chen
Director, Portfolio Manager

  

Sam Summers
Director, Portfolio Manager

  

Documents

Documents