Fixed Income

BlackRock Asian Tiger Bond Fund

IMPORTANT:
•  The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. The Fund invests in certain emerging markets and may be subject to political, tax, economic, social and foreign exchange risks. 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 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, foreign investments restrictions risk, geographical concentration risk in Asian Tiger countries, liquidity risk, securities lending counterparty risk, currency conversion risk including Renminbi denominated Classes 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

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Distribution

 

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 8.66 2.86 5.22 7.21 -2.61 11.81 7.13 -6.98 -15.62 6.36
Benchmark (%) 8.32 2.80 5.81 5.78 -0.77 11.34 6.33 -2.44 -11.02 7.02

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

  1y 3y 5y 10y Incept.
5.53 -5.33 -0.43 2.01 2.36
Benchmark (%) 5.70 -2.05 1.43 2.94 3.26
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.00 0.23 4.11 6.04 5.53 -15.14 -2.15 22.06 31.70
Benchmark (%) 0.36 0.09 2.97 5.06 5.70 -6.02 7.34 33.61 46.12
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 27-Mar-2024 USD 2,255,630,660
Share Class Inception Date 09-May-2012
Fund Inception 02-Feb-1996
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Benchmark JP Morgan Asia Credit Index
SFDR Classification Other
Initial Charge 5.00%
ISIN LU0776122383
Management Fee (incl Distribution Fee, if any) 0.50%
Performance Fee 0.00%
Minimum Initial Investment USD 100000
Minimum Subsequent Investment USD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Asia Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGATBDU
SEDOL B7L27L3
SFC-authorised ESG fund No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 29-Feb-2024 437
Standard Deviation (3y) as of 29-Feb-2024 7.45%
3y Beta as of 29-Feb-2024 1.115
Yield to Maturity as of 29-Feb-2024 6.55
Modified Duration as of 29-Feb-2024 5.27 yrs
Yield to Worst as of 29-Feb-2024 6.74
Effective Duration as of 29-Feb-2024 5.10
Weighted Avg Maturity as of 29-Feb-2024 5.71
WAL to Worst as of 29-Feb-2024 5.71

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-Mar-2024 BBB
MSCI ESG % Coverage as of 21-Mar-2024 82.03
MSCI ESG Quality Score (0-10) as of 21-Mar-2024 5.14
MSCI ESG Quality Score - Peer Percentile as of 21-Mar-2024 44.90
Fund Lipper Global Classification as of 21-Mar-2024 Bond Asia Pacific HC
Funds in Peer Group as of 21-Mar-2024 147
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Mar-2024 501.97
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Mar-2024 76.56
All data is from MSCI ESG Fund Ratings as of 21-Mar-2024, based on holdings as of 31-Oct-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 29-Feb-2024 0.00%
MSCI - UN Global Compact Violators as of 29-Feb-2024 0.00%
MSCI - Nuclear Weapons as of 29-Feb-2024 0.00%
MSCI - Thermal Coal as of 29-Feb-2024 0.01%
MSCI - Civilian Firearms as of 29-Feb-2024 0.00%
MSCI - Oil Sands as of 29-Feb-2024 0.00%
MSCI - Tobacco as of 29-Feb-2024 0.00%

Business Involvement Coverage as of 29-Feb-2024 64.88%
Percentage of Fund not covered as of 29-Feb-2024 35.10%
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 2.71% and for Oil Sands 1.32%.

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.

Ratings

Ratings

Morningstar Rating

3 stars
As of 29-Feb-2024
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 29-Feb-2024
Name Weight (%)
HDFC BANK LTD 7.69 01/27/2033 1.13
MINOR INTERNATIONAL PCL RegS 2.7 12/31/2079 1.10
CNAC HK FINBRIDGE CO LTD RegS 3 09/22/2030 0.98
STUDIO CITY CO LTD RegS 7 02/15/2027 0.95
STANDARD CHARTERED PLC RegS 6.301 01/09/2029 0.84
Name Weight (%)
AZURE POWER SOLAR ENERGY PRIVATE L MTN RegS 5.65 12/24/2024 0.81
VEDANTA RESOURCES FINANCE II PLC RegS 13.875 12/09/2028 0.81
INVENTIVE GLOBAL INVESTMENTS LTD MTN RegS 1.65 09/03/2025 0.81
KOREA HYDRO & NUCLEAR POWER CO LTD MTN RegS 5 07/18/2028 0.80
MINEJESA CAPITAL BV RegS 4.625 08/10/2030 0.79
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-Feb-2024

% of Weight

Type Fund Benchmark Net
as of 29-Feb-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 29-Feb-2024

% of Weight

Type Fund Benchmark Net
as of 29-Feb-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
D2 USD 13.34 0.00 0.00 27-Mar-2024 13.35 12.09 LU0776122383
A6 Hedged CNH 101.18 -0.07 -0.07 27-Mar-2024 101.35 95.18 LU2644453024
A3 Hedged NZD 8.70 0.00 0.00 27-Mar-2024 8.72 8.08 LU0803752632
A8 Hedged CAD 7.76 0.00 0.00 27-Mar-2024 7.82 7.21 LU1200839881
D3 Hedged SGD 7.38 -0.01 -0.14 27-Mar-2024 7.51 6.91 LU2250419038
A8 Hedged NZD 8.48 -0.01 -0.12 27-Mar-2024 8.49 7.88 LU1200839709
D4 Hedged GBP 7.43 0.00 0.00 27-Mar-2024 7.47 6.75 LU1250979793
A8 Hedged CNH 69.70 -0.05 -0.07 27-Mar-2024 71.27 65.01 LU1257007309
A2 Hedged SGD 12.31 -0.01 -0.08 27-Mar-2024 12.32 11.27 LU0540000063
A6 Hedged EUR 6.46 -0.01 -0.15 27-Mar-2024 6.64 6.06 LU1200839535
C2 USD 29.00 -0.02 -0.07 27-Mar-2024 29.04 26.49 LU0147399470
C1 USD 10.03 -0.01 -0.10 27-Mar-2024 10.07 9.32 LU0147399041
A8 Hedged AUD 8.00 0.00 0.00 27-Mar-2024 8.05 7.44 LU0871639620
A2 USD 39.22 -0.02 -0.05 27-Mar-2024 39.26 35.63 LU0063729296
A2 Hedged EUR 8.94 -0.01 -0.11 27-Mar-2024 8.95 8.19 LU1250980452
A6 Hedged SGD 6.59 0.00 0.00 27-Mar-2024 6.74 6.17 LU1149717156
A1 USD 9.89 -0.01 -0.10 27-Mar-2024 9.93 9.19 LU0063728728
A2 Hedged HKD 82.08 -0.04 -0.05 27-Mar-2024 82.17 74.85 LU2290525943
A6 Hedged GBP 5.02 0.00 0.00 27-Mar-2024 5.09 4.68 LU1200839618
A3 Hedged AUD 8.04 -0.01 -0.12 27-Mar-2024 8.16 7.51 LU0841155764
A3 Hedged SGD 7.51 -0.01 -0.13 27-Mar-2024 7.65 7.03 LU0830182670
D2 Hedged SGD 12.14 0.00 0.00 27-Mar-2024 12.15 11.09 LU0969580215
A10 USD 10.46 -0.01 -0.10 27-Mar-2024 10.47 10.00 LU2708802660
A3 Hedged HKD 8.34 -0.01 -0.12 27-Mar-2024 8.44 7.77 LU0496654236
D2 Hedged EUR 10.61 -0.01 -0.09 27-Mar-2024 10.63 9.70 LU0969580132
A3 Hedged EUR 6.53 0.00 0.00 27-Mar-2024 6.66 6.10 LU0841166456
D6 USD 8.87 0.00 0.00 27-Mar-2024 8.88 8.23 LU0827875427
D3 Hedged HKD 8.36 0.00 0.00 27-Mar-2024 8.45 7.78 LU0827875690
A6 USD 8.30 -0.01 -0.12 27-Mar-2024 8.36 7.72 LU0764618053
A6 Hedged HKD 60.57 -0.03 -0.05 27-Mar-2024 61.63 56.54 LU0784395997
A3 USD 9.94 0.00 0.00 27-Mar-2024 9.95 9.22 LU0172393414
D3 USD 9.95 -0.01 -0.10 27-Mar-2024 9.96 9.23 LU0827875344
A8 Hedged ZAR 76.76 -0.02 -0.03 27-Mar-2024 76.83 71.24 LU1023054775
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Neeraj Seth
Neeraj Seth
Stephen Gough
Stephen Gough
Venn Saltirov
Venn Saltirov
Yii Hui Wong
Yii Hui Wong

Documents

Documents