Fixed Income

BlackRock Emerging Markets 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, liquidity risk, securities lending counterparty risk, currency conversion risk including Renminbi denominated Classes and contingent convertible bonds risk.
•  Class 6 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.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

Performance chart data not available for display.
View Charts & Calendar Year Performance
  1y 3y 5y 10y Incept.
12.93 3.55 3.33 3.34 5.03
  YTD 6m 1y 3y 5y 10y Incept.
-0.48 1.99 12.93 11.02 17.79 38.92 126.48
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

Size of Fund (Millions) as of 11-Jun-2021 USD 1,638.233 M
Base Currency U.S. Dollar
Fund Inception 01-Oct-2004
Share Class Currency U.S. Dollar
Share Class Inception Date 01-Oct-2004
Additional Currencies Australian Dollar, British Pound, CZK, Canadian Dollar, Euro, Hong Kong Dollar, New Zealand Dollar, RMB, ZAR
Asset Class Fixed Income
Morningstar Category Global Emerging Markets Bond
Distribution Frequency Non-Distributing
ISIN LU0200681673
Bloomberg Ticker MLEMUC2
Management Fee (incl Distribution Fee, if any) 2.50%
Initial Charge 0.00%
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 28-May-2021 4.89
Modified Duration as of 28-May-2021 5.96 yrs
12M Trailing Distribution as of - -
Effective Duration as of 28-May-2021 5.91
3y Volatility as of 31-May-2021 13.79
5yr Volatility as of 31-May-2021 11.06
Since Class Inception – Volatility as of 31-May-2021 9.71
Since Class Inception - Beta as of 31-May-2021 1.10

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 07-May-2021 B
MSCI ESG Quality Score (0-10) as of 07-May-2021 2.52
MSCI ESG Quality Score - Peer Percentile as of 07-May-2021 12.38
MSCI ESG % Coverage as of 07-May-2021 95.60
Fund Lipper Global Classification as of 07-May-2021 Bond Emerging Markets Global HC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-May-2021 1.00
Funds in Peer Group as of 07-May-2021 420
All data is from MSCI ESG Fund Ratings as of 07-May-2021, based on holdings as of 30-Nov-2020. 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 covered 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 28-May-2021 0.00%
MSCI - UN Global Compact Violators as of 28-May-2021 4.68%
MSCI - Nuclear Weapons as of 28-May-2021 0.00%
MSCI - Thermal Coal as of 28-May-2021 0.00%
MSCI - Civilian Firearms as of 28-May-2021 0.00%
MSCI - Oil Sands as of 28-May-2021 0.00%
MSCI - Tobacco as of 28-May-2021 0.00%

Business Involvement Coverage as of 28-May-2021 15.42%
Percentage of Fund not covered as of 28-May-2021 84.22%
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 0.36% and for Oil Sands 0.98%.

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 stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts 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

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 28-May-2021
Name Weight (%)
UKRAINE (GOVERNMENT OF) RegS 0 05/31/2040 1.53
EGYPT (ARAB REPUBLIC OF) MTN RegS 8.875 05/29/2050 1.36
JORDAN (HASHEMITE KINGDOM OF) RegS 5.85 07/07/2030 1.18
TURKEY (REPUBLIC OF) 5.95 01/15/2031 1.18
QATAR (STATE OF) RegS 3.75 04/16/2030 1.11
Name Weight (%)
NIGERIA (FEDERAL REPUBLIC OF) MTN 7.143 02/23/2030 1.10
RUSSIAN FEDERATION RegS 5.25 06/23/2047 1.08
SOUTH AFRICA (REPUBLIC OF) 8.75 02/28/2048 1.05
BRAZIL (FEDERATIVE REPUBLIC OF) 5 01/27/2045 1.05
PANAMA REPUBLIC OF (GOVERNMENT) 3.875 03/17/2028 1.02
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 28-May-2021

% 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 28-May-2021

% of Weight

Type Fund
as of 28-May-2021

% of Weight

Type Fund
Allocations subject to change.
as of 28-May-2021

% of Weight

Type Fund
as of 28-May-2021

% of Weight

Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch. This breakdown is provided by BlackRock and takes the middle rating of the agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Ratings and portfolio credit quality may change over time.
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

Pricing

Share Class Currency Distribution Frequency NAV NAV $ Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
C2 U.S. Dollar Non-Distributing 16.60 0.03 0.18 11-Jun-2021 16.60 14.79 LU0200681673
A2 Hedged British Pound Non-Distributing 12.54 0.02 0.16 11-Jun-2021 12.54 11.10 LU1057296771
A6 Hedged Hong Kong Dollar Monthly 65.63 0.13 0.20 11-Jun-2021 66.35 60.69 LU0764619960
C1 U.S. Dollar Monthly (Daily Calculation) 10.09 0.02 0.20 11-Jun-2021 10.15 9.14 LU0200681327
A4 Euro Annually 12.02 0.09 0.75 11-Jun-2021 12.10 11.39 LU1072326561
A8 Hedged RMB Monthly 107.32 0.20 0.19 11-Jun-2021 108.07 98.31 LU1919856051
D2 Hedged Euro Non-Distributing 18.48 0.03 0.16 11-Jun-2021 18.48 16.36 LU0827877399
D3 Euro Monthly 8.63 0.07 0.82 11-Jun-2021 8.70 8.35 LU0827877126
D2 U.S. Dollar Non-Distributing 22.22 0.05 0.23 11-Jun-2021 22.22 19.44 LU0297941386
A1 Euro Monthly (Daily Calculation) 8.32 0.05 0.60 11-Jun-2021 8.40 8.05 LU0200683703
A2 Euro Non-Distributing 16.87 0.11 0.66 11-Jun-2021 16.87 15.96 LU0200683885
A3 Euro Monthly 8.61 0.06 0.70 11-Jun-2021 8.68 8.33 LU0200684008
D2 Euro Non-Distributing 18.33 0.13 0.71 11-Jun-2021 18.33 17.24 LU0827877043
A1 U.S. Dollar Monthly (Daily Calculation) 10.09 0.02 0.20 11-Jun-2021 10.15 9.15 LU0200680436
A6 U.S. Dollar Monthly 8.82 0.02 0.23 11-Jun-2021 8.91 8.15 LU0764617162
A6 Hedged British Pound Monthly 8.90 0.02 0.23 11-Jun-2021 9.00 8.28 LU1408527916
A8 Hedged ZAR Monthly 95.39 0.19 0.20 11-Jun-2021 96.00 87.57 LU1109561420
D3 U.S. Dollar Monthly 10.46 0.03 0.29 11-Jun-2021 10.51 9.48 LU0827876821
A2 Hedged Euro Non-Distributing 17.56 0.03 0.17 11-Jun-2021 17.56 15.64 LU0413376566
A3 U.S. Dollar Monthly 10.43 0.02 0.19 11-Jun-2021 10.49 9.46 LU0200680782
A8 Hedged Australian Dollar Monthly 8.50 0.02 0.24 11-Jun-2021 8.57 7.83 LU0871639893
A2 U.S. Dollar Non-Distributing 20.45 0.04 0.20 11-Jun-2021 20.45 18.01 LU0200680600
A6 Hedged Canadian Dollar Monthly 9.31 0.02 0.22 11-Jun-2021 9.42 8.64 LU1408528054
A2 CZK Non-Distributing 427.44 2.58 0.61 11-Jun-2021 447.49 417.29 LU1791181735
A8 Hedged New Zealand Dollar Monthly 9.42 0.02 0.21 11-Jun-2021 9.50 8.67 LU1408528138

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Michel Aubenas
Michel Aubenas

Documents

Documents