Fixed Income

BlackRock Global Corporate 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 is subject to currency risk, emerging market risk, foreign investments restrictions risk, sovereign debt risk, securities lending counterparty risk. currency conversion risk including Renminbi denominated Classes, liquidity risk and contingent convertible bonds risk.
Class 3(G) Shares pay dividends gross of expenses. 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

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Distribution

 

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 7.33 -1.59 4.36 5.65 -2.71 12.34 8.10 -2.04 -14.93 9.07
Benchmark (%) 7.60 -0.24 6.22 5.70 -1.00 12.51 8.26 -0.79 -14.11 9.10

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

  1y 3y 5y 10y Incept.
4.89 -2.54 0.73 1.70 2.30
Benchmark (%) 5.50 -1.87 1.17 2.53 3.80
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-0.55 1.39 0.62 3.18 4.89 -7.42 3.70 18.33 45.90
Benchmark (%) -0.39 1.42 0.76 3.41 5.50 -5.50 6.01 28.35 85.85
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 21-Jun-2024
USD 1,475,417,852
Fund Inception
19-Oct-2007
Fund Base Currency
USD
Benchmark
Bloomberg Barclays Global Aggregate Corporate Bond USD Hedged Index
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
0.80%
Minimum Initial Investment
USD 5000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Global Corporate Bond - USD Hedged
Dealing Frequency
Daily, forward pricing basis
SEDOL
B24CY36
Share Class Inception Date
19-Oct-2007
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
ISIN
LU0297942194
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
MLGCBA2
SFC-authorised ESG fund
No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-May-2024
570
3y Beta
as of 31-May-2024
1.003
Modified Duration
as of 31-May-2024
6.12 yrs
Effective Duration
as of 31-May-2024
6.03
WAL to Worst
as of 31-May-2024
8.50
Standard Deviation (3y)
as of 31-May-2024
7.96%
Yield to Maturity
as of 31-May-2024
5.28
Yield to Worst
as of 31-May-2024
5.21
Weighted Avg Maturity
as of 31-May-2024
8.50

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 19-May-2024
A
MSCI ESG Quality Score (0-10)
as of 19-May-2024
6.76
Fund Lipper Global Classification
as of 19-May-2024
Bond Global Corporates USD
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19-May-2024
263.12
MSCI ESG % Coverage
as of 19-May-2024
96.15
MSCI ESG Quality Score - Peer Percentile
as of 19-May-2024
28.04
Funds in Peer Group
as of 19-May-2024
107
MSCI Weighted Average Carbon Intensity % Coverage
as of 19-May-2024
88.83
All data is from MSCI ESG Fund Ratings as of 19-May-2024, based on holdings as of 31-Dec-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-May-2024
1.20%
MSCI - Nuclear Weapons
as of 31-May-2024
1.20%
MSCI - Civilian Firearms
as of 31-May-2024
0.00%
MSCI - Tobacco
as of 31-May-2024
0.60%
MSCI - UN Global Compact Violators
as of 31-May-2024
0.43%
MSCI - Thermal Coal
as of 31-May-2024
0.89%
MSCI - Oil Sands
as of 31-May-2024
0.00%

Business Involvement Coverage
as of 31-May-2024
84.29%
Percentage of Fund not covered
as of 31-May-2024
15.55%
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 1.26% and for Oil Sands 0.54%.

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-May-2024
Name Weight (%)
UMBS 30YR TBA(REG A) 1.18
UBS GROUP AG MTN RegS 7.75 03/01/2029 1.04
ROLLS-ROYCE PLC MTN RegS 1.625 05/09/2028 0.95
TREASURY BOND 2 11/15/2041 0.81
WINTERSHALL DEA FINANCE 2 BV RegS 2.4985 12/31/2079 0.76
Name Weight (%)
VODAFONE GROUP PLC 60NC6 RegS 2.625 08/27/2080 0.75
SOUTHERN COMPANY (THE) 1.875 09/15/2081 0.71
SES SA RegS 2.875 12/31/2079 0.70
MORGAN STANLEY 3.79 03/21/2030 0.69
BNP PARIBAS SA MTN RegS 4.125 09/26/2032 0.65
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-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-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
A2 USD 14.78 0.02 0.14 21-Jun-2024 14.81 13.43 LU0297942194
A5 USD 10.17 0.02 0.20 21-Jun-2024 10.33 9.48 LU0825403933
D2 Hedged GBP 10.14 0.02 0.20 21-Jun-2024 10.16 9.23 LU1222731728
A10 Hedged CNH 102.22 0.18 0.18 21-Jun-2024 105.07 100.00 LU2708803395
A8 Hedged NZD 8.45 0.01 0.12 21-Jun-2024 8.59 7.90 LU1149717313
A6 Hedged SGD 8.33 0.01 0.12 21-Jun-2024 8.55 7.89 LU1435395121
A6 Hedged HKD 70.53 0.12 0.17 21-Jun-2024 72.17 66.45 LU0788109550
A4 HEDGED EUR 7.82 0.01 0.13 21-Jun-2024 7.85 7.20 LU0303846876
A10 USD 10.27 0.02 0.20 21-Jun-2024 10.53 10.00 LU2708803122
D5 Hedged GBP 9.13 0.01 0.11 21-Jun-2024 9.31 8.55 LU1814255474
A3 Hedged GBP 9.32 0.02 0.22 21-Jun-2024 9.45 8.71 LU0816460231
A2 Hedged EUR 12.09 0.03 0.25 21-Jun-2024 12.12 11.11 LU0297942434
A3 Hedged CAD 9.93 0.01 0.10 21-Jun-2024 10.09 9.29 LU0816460157
A8 Hedged AUD 9.56 0.02 0.21 21-Jun-2024 9.71 8.94 LU0871639976
D2 Hedged EUR 12.95 0.03 0.23 21-Jun-2024 12.97 11.87 LU0326951752
A2 Hedged SEK 97.09 0.17 0.18 21-Jun-2024 97.48 89.48 LU1162516634
A3 Hedged AUD 10.51 0.02 0.19 21-Jun-2024 10.71 9.88 LU0816460074
A8 Hedged CNH 87.09 0.15 0.17 21-Jun-2024 88.36 81.27 LU1220227653
A3 Hedged NZD 10.92 0.02 0.18 21-Jun-2024 11.07 10.18 LU0803752475
D2 USD 15.85 0.03 0.19 21-Jun-2024 15.88 14.36 LU0326960662
A3G USD 10.17 0.02 0.20 21-Jun-2024 10.35 9.53 LU2620702048
A6 USD 9.75 0.02 0.21 21-Jun-2024 9.91 9.12 LU0788109634
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Max Huefner
Max Huefner
Daniel Chen
Daniel Chen

Documents

Documents