Fixed Income

BlackRock US Dollar High Yield 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 may invest in non-investment grade and unrated bonds that may be subject to higher default, volatility and liquidity risks.
•The Fund is subject to currency risk, delayed delivery transactions risk, geographical concentration risk in the US, sovereign debt risk, securities lending counterparty risk and currency conversion risk including Renminbi denominated Classes, liquidity risk and contingent convertible bonds risk.
Class 6 Shares and Class 10 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Class 8 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion and include interest rate differentials arising from share class currency hedging. Negative interest rate differentials may decrease the dividends paid. Paying dividends gross of expenses may result in more income being available for distribution; however these shares may effectively pay dividends from capital – may amount to a partial return or withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the NAV price of the share class on the ex-dividend date.
•The Fund may use derivatives for hedging and for investment purposes. However, usage for investment purposes will not be extensive. The Fund may suffer losses from its derivatives usage.
•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

Chart

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Distributions

Ex-Date Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 1.44 -4.35 13.52 6.37 -4.33 13.46 4.76 4.25 -12.51 10.63
Benchmark (%) 2.46 -4.43 17.13 7.50 -2.08 14.32 7.05 5.26 -11.18 13.44

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

  1y 3y 5y 10y Incept.
9.57 1.52 2.66 3.24 3.99
Benchmark (%) 12.71 3.71 4.70 5.06 5.70
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
6.07 0.95 1.08 4.87 9.57 4.63 14.02 37.57 70.98
Benchmark (%) 8.66 1.15 2.23 6.92 12.71 11.53 25.83 63.77 114.14
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 SGD, 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 12-Dec-2024
USD 2,420,965,724
Fund Inception
29-Oct-1993
Fund Base Currency
USD
Benchmark
Bloomberg Barclays US High Yield 2% Constrained Index
Initial Charge
5.00%
ISIN
LU0578937376
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGUA3SH
SFC-authorised ESG fund
No
Share Class Inception Date
09-Mar-2011
Share Class Currency
SGD
Asset Class
Fixed Income
SFDR Classification
Article 8
Management Fee
1.25%
Management Fee (incl Distribution Fee, if any)
1.25%
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Other Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B3YMWQ2
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
1185
Standard Deviation (3y)
as of 30-Nov-2024
8.41%
Yield to Maturity
as of 29-Nov-2024
7.06
Yield to Worst
as of 29-Nov-2024
6.79
Weighted Avg Maturity
as of 29-Nov-2024
3.88
12M Trailing Distribution
as of 30-Nov-2024
5.55%
3y Beta
as of 30-Nov-2024
0.976
Modified Duration
as of 29-Nov-2024
3.90 yrs
Effective Duration
as of 29-Nov-2024
2.95
WAL to Worst
as of 29-Nov-2024
3.88

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 29-Nov-2024
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.00%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.02%
MSCI - Tobacco
as of 29-Nov-2024
0.00%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
0.02%
MSCI - Thermal Coal
as of 29-Nov-2024
0.00%
MSCI - Oil Sands
as of 29-Nov-2024
0.00%

Business Involvement Coverage
as of 29-Nov-2024
36.59%
Percentage of Fund not covered
as of 29-Nov-2024
63.69%
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 0.02%.

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

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - Silver
Effective 09-Oct-2019
Analyst-Driven % as of -
-
Data Coverage % as of -
-
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 2.36
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 1.19
MAUSER PACKAGING SOLUTIONS HOLDING 144A 7.875 04/15/2027 0.96
HUB INTERNATIONAL LTD 144A 7.25 06/15/2030 0.94
ATHENAHEALTH GROUP INC 144A 6.5 02/15/2030 0.86
Name Weight (%)
UKG INC 144A 6.875 02/01/2031 0.83
CLOUD SOFTWARE GROUP INC 144A 6.5 03/31/2029 0.82
EMRLD BORROWER LP 144A 6.625 12/15/2030 0.78
CLOUD SOFTWARE GROUP INC 144A 9 09/30/2029 0.73
ALLIED UNIVERSAL HOLDCO LLC 144A 7.875 02/15/2031 0.69
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 29-Nov-2024

% of Weight

Type Fund Benchmark Net
as of 29-Nov-2024

% of Weight

Type Fund Benchmark Net
as of 29-Nov-2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A3 Hedged SGD 8.90 0.00 0.00 12-Dec-2024 8.98 8.58 LU0578937376
A2 Hedged CHF 11.31 -0.01 -0.09 12-Dec-2024 11.32 10.56 LU1090155554
A2 Hedged SGD 17.26 -0.01 -0.06 12-Dec-2024 17.27 15.74 LU0578945809
D4 Hedged CAD 10.14 0.00 0.00 12-Dec-2024 10.15 9.99 LU2903325087
D2 USD 46.19 -0.01 -0.02 12-Dec-2024 46.22 41.09 LU0552552704
A3 Hedged EUR 7.97 -0.01 -0.13 12-Dec-2024 8.05 7.68 LU0578943853
A4 HEDGED GBP 9.70 -0.01 -0.10 12-Dec-2024 10.04 9.21 LU0706698544
A3 Hedged GBP 8.81 -0.01 -0.11 12-Dec-2024 8.86 8.38 LU0580330818
D2 Hedged AUD 21.45 0.00 0.00 12-Dec-2024 21.46 19.30 LU0827886895
D3 USD 9.59 0.00 0.00 12-Dec-2024 9.65 9.08 LU0592702061
A10 USD 10.16 -0.01 -0.10 12-Dec-2024 10.28 9.90 LU2725778034
D2 Hedged CHF 12.12 0.00 0.00 12-Dec-2024 12.13 11.23 LU1090156289
A3 Hedged NZD 10.27 -0.01 -0.10 12-Dec-2024 10.34 9.76 LU0803752046
A8 Hedged CNH 89.97 -0.06 -0.07 12-Dec-2024 90.77 86.21 LU1919856218
A3 Hedged AUD 10.18 0.00 0.00 12-Dec-2024 10.24 9.75 LU0578942376
D2 Hedged EUR 253.41 -0.10 -0.04 12-Dec-2024 253.65 229.27 LU0532707519
C1 USD 5.54 -0.01 -0.18 12-Dec-2024 5.57 5.25 LU0147389166
A8 Hedged AUD 7.99 0.00 0.00 12-Dec-2024 8.04 7.64 LU0871640396
D4 Hedged GBP 9.67 -0.01 -0.10 12-Dec-2024 10.06 9.18 LU0681219902
A2 Hedged AUD 19.77 0.00 0.00 12-Dec-2024 19.78 17.91 LU0578947334
A6 USD 4.42 0.00 0.00 12-Dec-2024 4.46 4.24 LU0738912566
C2 USD 30.69 -0.01 -0.03 12-Dec-2024 30.71 27.84 LU0147389596
A3 USD 5.60 0.00 0.00 12-Dec-2024 5.63 5.30 LU0172419151
A6 Hedged HKD 31.99 -0.01 -0.03 12-Dec-2024 32.35 31.03 LU0764619531
A1 USD 5.53 -0.01 -0.18 12-Dec-2024 5.56 5.25 LU0046675905
A6 Hedged SGD 7.79 0.00 0.00 12-Dec-2024 7.89 7.61 LU1314333441
A6 Hedged JPY 975.00 -1.00 -0.10 12-Dec-2024 1,007.00 971.00 LU2725778117
A2 Hedged EUR 231.09 -0.09 -0.04 12-Dec-2024 231.31 210.54 LU0330917963
A3 Hedged CAD 9.30 -0.01 -0.11 12-Dec-2024 9.38 8.89 LU0803751741
A8 Hedged ZAR 80.79 0.00 0.00 12-Dec-2024 81.40 77.16 LU1023056127
A2 USD 42.13 -0.01 -0.02 12-Dec-2024 42.16 37.74 LU0046676465
D2 Hedged SGD 18.68 0.00 0.00 12-Dec-2024 18.69 16.92 LU0827887273
D3 Hedged SGD 8.92 -0.01 -0.11 12-Dec-2024 9.01 8.61 LU0827886978
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

Documents

Documents