Fixed Income

BlackRock Emerging Markets Local Currency 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. 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, interest rate risk, liquidity risk, securities lending counterparty risk 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.
• 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

Chart

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  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 6.84 -7.13 -7.23 -14.03 12.41 13.03 -13.39 10.90 1.03 -8.37
Benchmark (%) 16.76 -8.98 -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75
  1y 3y 5y 10y Incept.
-17.36 -7.50 -5.22 -3.46 -2.68
Benchmark (%) -20.27 -8.21 -3.54 -2.56 0.71
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-16.54 1.20 -3.84 -4.52 -17.36 -20.84 -23.53 -29.66 -32.40
Benchmark (%) -19.29 -0.88 -5.84 -8.18 -20.27 -22.67 -16.49 -22.87 10.73
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 01-Dec-2022 USD 1,397,322,220
Share Class Inception Date 10-Jun-2008
Fund Inception 26-Jun-1997
Share Class Currency SGD
Fund Base Currency USD
Asset Class Fixed Income
Benchmark JP Morgan GBI-EM Global Diversified Index
SFDR Classification Other
Initial Charge 5.00%
Management Fee (incl Distribution Fee, if any) 1.00%
Performance Fee 0.00%
Minimum Initial Investment SGD 5000
Minimum Subsequent Investment SGD 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MLLEEAS
ISIN LU0358998713
SEDOL B43CTD6
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 170
Standard Deviation (3y) as of 31-Oct-2022 13.77%
Yield to Maturity as of 31-Oct-2022 9.32
Modified Duration as of 31-Oct-2022 4.53 yrs
Yield to Worst as of 31-Oct-2022 9.32
Effective Duration as of 31-Oct-2022 4.54
Weighted Avg Maturity as of 31-Oct-2022 6.45
WAL to Worst as of 31-Oct-2022 6.45

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 31-Oct-2022
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 3.94
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 2.34
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.12
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.99
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.74
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.70
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 1.54
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.52
COLOMBIA REPUBLIC OF (GOVERNMENT) 10 07/24/2024 1.43
MEXICO (UNITED MEXICAN STATES) 7.5 06/03/2027 1.39
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
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
A2 Hedged SGD Non-Distributing 7.24 0.04 0.56 01-Dec-2022 8.29 6.58 LU0358998713 -
D2 CHF Non-Distributing 21.41 -0.19 -0.88 01-Dec-2022 23.94 20.55 LU1065150267 -
A2 CHF Non-Distributing 19.85 -0.18 -0.90 01-Dec-2022 22.30 19.07 LU0938162186 -
D2 USD Non-Distributing 22.84 0.11 0.48 01-Dec-2022 25.83 20.70 LU0383940458 -
D3 Hedged GBP Monthly 5.00 0.03 0.60 01-Dec-2022 6.00 4.59 LU0995345831 -
A2 Hedged EUR Non-Distributing 6.26 0.02 0.32 01-Dec-2022 7.32 5.71 LU0359002093 -
C2 USD Non-Distributing 17.38 0.08 0.46 01-Dec-2022 19.93 15.78 LU0278476923 -
A1 USD Monthly 2.94 0.02 0.68 01-Dec-2022 3.47 2.68 LU0278477574 -
A8 Hedged AUD Monthly 4.89 0.02 0.41 01-Dec-2022 5.97 4.50 LU1133072774 -
A1 EUR Monthly 2.79 -0.03 -1.06 01-Dec-2022 3.05 2.71 LU0278461065 -
A3 HKD Monthly 22.99 0.06 0.26 01-Dec-2022 27.24 21.21 LU0388349754 -
A2 EUR Non-Distributing 20.12 -0.18 -0.89 01-Dec-2022 21.15 19.02 LU0278457204 -
D2 Hedged EUR Non-Distributing 6.50 0.03 0.46 01-Dec-2022 7.57 5.92 LU0622213642 -
A3 EUR Monthly 2.81 -0.02 -0.71 01-Dec-2022 3.07 2.73 LU0278457469 -
A2 USD Non-Distributing 21.18 0.10 0.47 01-Dec-2022 24.05 19.21 LU0278470058 -
D2 Hedged CHF Non-Distributing 7.45 0.04 0.54 01-Dec-2022 8.63 6.78 LU1688375184 -
A2 Hedged SEK Non-Distributing 74.58 0.32 0.43 01-Dec-2022 87.25 67.97 LU1715605868 -
A4 USD Annually 11.80 0.05 0.43 01-Dec-2022 14.11 10.70 LU0548402170 -
A4 EUR Annually 11.21 -0.10 -0.88 01-Dec-2022 12.41 10.86 LU0478974834 -
A3 USD Monthly 2.95 0.01 0.34 01-Dec-2022 3.49 2.70 LU0278470132 -
D5 GBP Quarterly 7.08 -0.14 -1.94 01-Dec-2022 7.66 6.83 LU1694209807 -
A6 Hedged SGD Monthly 5.51 0.03 0.55 01-Dec-2022 6.71 5.07 LU1676225185 -
D3 EUR Monthly 11.60 -0.11 -0.94 01-Dec-2022 12.71 11.30 LU0827884924 -
A6 USD Monthly 6.15 0.02 0.33 01-Dec-2022 7.43 5.65 LU1408528211 -
D3 USD Monthly 12.22 0.06 0.49 01-Dec-2022 14.45 11.18 LU0523291242 -
D2 Hedged GBP Non-Distributing 12.47 0.05 0.40 01-Dec-2022 14.33 11.34 LU0827885491 -
C2 EUR Non-Distributing 16.51 -0.15 -0.90 01-Dec-2022 17.53 15.71 LU0278457972 -
D3 Hedged AUD Monthly 4.73 0.02 0.42 01-Dec-2022 5.68 4.34 LU0827884841 -
D4 EUR Annually 11.23 -0.10 -0.88 01-Dec-2022 12.45 10.87 LU0827885145 -
D2 EUR Non-Distributing 21.69 -0.20 -0.91 01-Dec-2022 22.72 20.45 LU0329592702 -
C1 USD Monthly 2.94 0.02 0.68 01-Dec-2022 3.47 2.68 LU0278478119 -
D2 Hedged SGD Non-Distributing 7.62 0.03 0.40 01-Dec-2022 8.70 6.92 LU0827884767 -
A6 Hedged GBP Monthly 5.53 0.03 0.55 01-Dec-2022 6.79 5.10 LU1408528302 -
D3 HKD Monthly 95.06 0.24 0.25 01-Dec-2022 112.67 87.75 LU0827885061 -
A2 Hedged PLN Non-Distributing 8.63 0.05 0.58 01-Dec-2022 9.68 7.83 LU0480535052 -
A3 HEDGED AUD Monthly 4.73 0.02 0.42 01-Dec-2022 5.68 4.34 LU0575500318 -
D2 Hedged PLN Non-Distributing 9.08 0.05 0.55 01-Dec-2022 10.15 8.24 LU0827884684 -
A2 Hedged CHF Non-Distributing 6.13 0.03 0.49 01-Dec-2022 7.13 5.58 LU0623004180 -
A6 Hedged HKD Monthly 60.53 0.28 0.46 01-Dec-2022 73.73 55.67 LU1408528484 -
A2 CZK Non-Distributing 490.07 -3.80 -0.77 01-Dec-2022 527.61 473.17 LU1791177113 -
A6 Hedged CAD Monthly 5.97 0.03 0.51 01-Dec-2022 7.25 5.49 LU1408528641 -
D4 USD Annually 11.82 0.05 0.42 01-Dec-2022 14.16 10.72 LU0827885228 -
A8 Hedged NZD Monthly 6.14 0.03 0.49 01-Dec-2022 7.46 5.65 LU1408528724 -
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Amer Bisat
Amer Bisat
Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

Documents

Documents