Fixed Income

BlackRock Euro 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, geographical concentration risk in Europe and securities lending counterparty risk 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

Record Date Ex-Date Payable Date
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  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 11.76 2.73 11.40 1.55 3.09 1.06 -0.71 6.09 4.01 -3.85
Benchmark (%) 11.20 2.16 11.11 1.00 3.31 0.67 0.42 6.00 4.07 -2.88
  1y 3y 5y 10y Incept.
-16.50 -6.34 -2.60 0.80 2.81
Benchmark (%) -16.07 -5.77 -2.11 0.94 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-16.70 0.40 -8.13 -8.62 -16.50 -17.83 -12.35 8.29 84.53
Benchmark (%) -16.10 0.12 -8.30 -8.14 -16.07 -16.34 -10.12 9.80 -
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.

Key Facts

Key Facts

Net Assets of Fund as of 30-Nov-2022 EUR 3,015,630,997
Share Class Inception Date 02-Oct-2000
Fund Inception 31-Mar-1994
Share Class Currency EUR
Fund Base Currency EUR
Asset Class Fixed Income
Benchmark Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index
SFDR Classification Other
Initial Charge 5.00%
Management Fee (incl Distribution Fee, if any) 0.75%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Distribution Frequency Monthly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category EUR Diversified Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MIGSEID
ISIN LU0118259232
SEDOL 4561860
SFC-authorised ESG fund No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Oct-2022 831
12M Trailing Distribution as of 30-Nov-2022 0.12%
Standard Deviation (3y) as of 31-Oct-2022 6.45%
Yield to Maturity as of 31-Oct-2022 3.69
Modified Duration as of 31-Oct-2022 6.82 yrs
Yield to Worst as of 31-Oct-2022 3.72
Effective Duration as of 31-Oct-2022 6.83
Weighted Avg Maturity as of 31-Oct-2022 7.10
WAL to Worst as of 31-Oct-2022 7.10

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-2022 AA
MSCI ESG % Coverage as of 21-Sep-2022 91.06
MSCI ESG Quality Score (0-10) as of 21-Sep-2022 8.21
MSCI ESG Quality Score - Peer Percentile as of 21-Sep-2022 72.70
Fund Lipper Global Classification as of 21-Sep-2022 Bond EUR
Funds in Peer Group as of 21-Sep-2022 293
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Sep-2022 65.13
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Sep-2022 52.75
All data is from MSCI ESG Fund Ratings as of 21-Sep-2022, based on holdings as of 30-Apr-2022. 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% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

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-Oct-2022 0.00%
MSCI - UN Global Compact Violators as of 31-Oct-2022 0.00%
MSCI - Nuclear Weapons as of 31-Oct-2022 0.00%
MSCI - Thermal Coal as of 31-Oct-2022 0.00%
MSCI - Civilian Firearms as of 31-Oct-2022 0.00%
MSCI - Oil Sands as of 31-Oct-2022 0.00%
MSCI - Tobacco as of 31-Oct-2022 0.40%

Business Involvement Coverage as of 31-Oct-2022 50.21%
Percentage of Fund not covered as of 31-Oct-2022 49.89%
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 0.82%.

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 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.

Ratings

Ratings

Morningstar Rating

3 stars
As of 31-Oct-2022

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Effective 06-Jul-2022
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-Oct-2022
Name Weight (%)
ITALY (REPUBLIC OF) 4 04/30/2035 1.71
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.19
ITALY (REPUBLIC OF) 1.85 07/01/2025 1.03
FRANCE (REPUBLIC OF) 0 02/25/2027 0.96
BANK OF NOVA SCOTIA RegS 0.01 09/14/2029 0.92
Name Weight (%)
FRANCE (REPUBLIC OF) 0 03/25/2024 0.89
BELGIUM (KINGDOM OF) 1.25 04/22/2033 0.87
FRANCE (REPUBLIC OF) 0.5 05/25/2040 0.87
FRANCE (REPUBLIC OF) 0.75 02/25/2028 0.84
EUROPEAN FINANCIAL STABILITY FACIL RegS 0 10/15/2025 0.81
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-Oct-2022

% of Weight

Type Fund
as of 31-Oct-2022

% of Weight

Type Fund
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-Oct-2022

% of Weight

Type Fund
as of 31-Oct-2022

% of Weight

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.
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 TIS
A1 EUR Monthly 17.46 -0.03 -0.17 30-Nov-2022 20.72 16.64 LU0118259232 -
D4 GBP Annually 20.48 0.01 0.05 30-Nov-2022 23.95 19.51 LU0827877712 -
A2 USD Non-Distributing 26.86 0.07 0.26 30-Nov-2022 34.74 23.90 LU0171279184 -
D2 EUR Non-Distributing 27.34 -0.03 -0.11 30-Nov-2022 32.27 26.01 LU0297941469 -
D3 USD Monthly 18.22 0.03 0.16 30-Nov-2022 23.60 16.23 LU0827877639 -
A1 USD Monthly 18.13 0.04 0.22 30-Nov-2022 23.48 16.14 LU0171278889 -
A3 USD Monthly 18.13 0.04 0.22 30-Nov-2022 23.47 16.14 LU0172748641 -
C2 EUR Non-Distributing 19.08 -0.02 -0.10 30-Nov-2022 22.87 18.19 LU0147393358 -
D4 Hedged GBP Annually 9.72 -0.01 -0.10 30-Nov-2022 11.39 9.24 LU1376384365 -
A4 GBP Annually 20.34 0.01 0.05 30-Nov-2022 23.79 19.38 LU0204069685 -
A2 Hedged JPY Non-Distributing 904.00 -2.00 -0.22 30-Nov-2022 1,076.00 862.00 LU1668663914 -
A3 EUR Monthly 17.46 -0.03 -0.17 30-Nov-2022 20.71 16.63 LU0172396516 -
A2 Hedged PLN Non-Distributing 101.22 -0.11 -0.11 30-Nov-2022 114.06 95.82 LU1499592381 -
D2 USD Non-Distributing 28.38 0.07 0.25 30-Nov-2022 36.58 25.24 LU0827877472 -
D2 Hedged USD Non-Distributing 12.75 -0.01 -0.08 30-Nov-2022 14.76 12.09 LU0869640077 -
A2 CZK Non-Distributing 629.28 -1.54 -0.24 30-Nov-2022 779.95 603.10 LU1791174284 -
D2 Hedged CHF Non-Distributing 10.43 -0.01 -0.10 30-Nov-2022 12.37 9.94 LU1266592374 -
D3 EUR Monthly 17.55 -0.04 -0.23 30-Nov-2022 20.82 16.73 LU0827877555 -
D4 EUR Annually 10.42 -0.01 -0.10 30-Nov-2022 12.34 9.91 LU0938162699 -
A2 Hedged USD Non-Distributing 12.30 -0.02 -0.16 30-Nov-2022 14.30 11.67 LU0869650977 -
A4 EUR Annually 23.43 -0.03 -0.13 30-Nov-2022 27.76 22.30 LU0430265933 -
C2 USD Non-Distributing 19.81 0.05 0.25 30-Nov-2022 25.94 17.65 LU0331283399 -
A2 EUR Non-Distributing 25.87 -0.03 -0.12 30-Nov-2022 30.65 24.63 LU0050372472 -
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Ronald van Loon
Ronald van Loon
Michael Krautzberger
Michael Krautzberger

Documents

Documents