Fixed Income

BlackRock US Dollar Short Duration Bond Fund

IMPORTANT:
•The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. The Fund's investments are concentrated in the US. This may result in greater volatility than more broad-based investments. An increase in interest rates may adversely affect the value of the bonds held by the Fund. The Fund invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks. The Fund invests in asset/ mortgage backed securities that may be subject to greater credit, liquidity, and interest rate risks and are often exposed to extension and prepayment risks.
•The Fund is subject to currency risk, delayed delivery transaction risk, securities lending counterparty risk, liquidity risk and contingent convertible bonds risk.
Class3(G) Shares pay dividends gross of expenses.Class 10 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. 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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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -0.18 -0.91 0.09 0.09 -0.64 3.05 1.70 -1.94 -6.21 3.64
Benchmark (%) 0.78 0.67 1.29 0.86 1.63 4.07 3.34 -0.41 -3.79 4.63

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

  1y 3y 5y 10y Incept.
5.41 -0.24 -0.04 0.07 0.48
Benchmark (%) 6.28 1.42 1.53 1.57 2.24
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.68 -0.89 0.82 2.78 5.41 -0.72 -0.18 0.73 11.00
Benchmark (%) 3.87 -0.54 1.20 3.70 6.28 4.32 7.88 16.90 62.93
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 02-Dec-2024
USD 1,262,472,771
Fund Inception
31-Oct-2002
Fund Base Currency
USD
Benchmark
ICE BofA ML 1-3 Year US Corp & Govt Ind
Initial Charge
0.00%
ISIN
LU0331289081
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
MLLDBCA
SFC-authorised ESG fund
No
Share Class Inception Date
31-Oct-2002
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Management Fee
0.75%
Management Fee (incl Distribution Fee, if any)
2.00%
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
USD Diversified Bond - Short Term
Dealing Frequency
Daily, forward pricing basis
SEDOL
7453265
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-Oct-2024
764
3y Beta
as of 31-Oct-2024
1.096
Modified Duration
as of 31-Oct-2024
2.01 yrs
Effective Duration
as of 31-Oct-2024
1.90
WAL to Worst
as of 31-Oct-2024
2.81
Standard Deviation (3y)
as of 31-Oct-2024
2.81%
Yield to Maturity
as of 31-Oct-2024
4.66
Yield to Worst
as of 31-Oct-2024
4.62
Weighted Avg Maturity
as of 31-Oct-2024
2.81

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-Nov-2024
A
MSCI ESG Quality Score (0-10)
as of 21-Nov-2024
6.10
Fund Lipper Global Classification
as of 21-Nov-2024
Bond USD Short Term
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
195.26
MSCI ESG % Coverage
as of 21-Nov-2024
69.25
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-2024
19.32
Funds in Peer Group
as of 21-Nov-2024
207
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
32.55
All data is from MSCI ESG Fund Ratings as of 21-Nov-2024, based on holdings as of 30-Jun-2024. 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-Oct-2024
0.00%
MSCI - Nuclear Weapons
as of 31-Oct-2024
0.00%
MSCI - Civilian Firearms
as of 31-Oct-2024
0.00%
MSCI - Tobacco
as of 31-Oct-2024
0.95%
MSCI - UN Global Compact Violators
as of 31-Oct-2024
0.00%
MSCI - Thermal Coal
as of 31-Oct-2024
0.38%
MSCI - Oil Sands
as of 31-Oct-2024
0.00%

Business Involvement Coverage
as of 31-Oct-2024
30.29%
Percentage of Fund not covered
as of 31-Oct-2024
69.85%
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 0.49% and for Oil Sands 0.00%.

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, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-Oct-2024
Name Weight (%)
TREASURY NOTE 4.5 04/15/2027 3.83
TREASURY NOTE 3.375 09/15/2027 3.52
TREASURY NOTE 4.625 09/15/2026 3.15
UMBS 30YR TBA(REG A) 2.95
TREASURY NOTE 4.5 07/15/2026 2.92
Name Weight (%)
TREASURY NOTE 4.25 03/15/2027 2.81
TREASURY NOTE 4.125 02/15/2027 2.79
TREASURY NOTE 4 01/15/2027 2.75
TREASURY NOTE 3.875 10/15/2027 2.65
TREASURY NOTE 4.375 12/15/2026 2.45
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-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%
as of 31-Oct-2024

% of Weight

Type Fund Benchmark Net
as of 31-Oct-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
C2 USD 11.13 0.00 0.00 02-Dec-2024 11.21 10.70 LU0331289081
A2 Hedged EUR 9.76 0.00 0.00 02-Dec-2024 9.83 9.42 LU0839485744
A3 USD 8.11 0.00 0.00 02-Dec-2024 8.22 7.99 LU0172419748
A1 USD 8.11 -0.01 -0.12 02-Dec-2024 8.21 7.99 LU0155445546
D2 USD 15.30 0.01 0.07 02-Dec-2024 15.35 14.48 LU0827887356
A3 Hedged SGD 8.79 0.00 0.00 02-Dec-2024 8.94 8.75 LU1062843773
D3 USD 9.31 0.00 0.00 02-Dec-2024 9.44 9.17 LU0592702228
A3G USD 10.04 0.00 0.00 02-Dec-2024 10.21 9.94 LU2621334783
A2 EUR 14.00 0.10 0.72 02-Dec-2024 14.04 13.07 LU2812466584
D2 Hedged EUR 9.88 0.01 0.10 02-Dec-2024 9.94 9.50 LU1423762027
A10 USD 9.99 0.00 0.00 02-Dec-2024 10.16 9.92 LU2708803478
C1 USD 8.09 0.00 0.00 02-Dec-2024 8.18 7.97 LU0155447161
A3 Hedged CNH 98.51 0.02 0.02 02-Dec-2024 100.92 98.42 LU2641782409
A2 USD 14.67 0.01 0.07 02-Dec-2024 14.73 13.93 LU0154237225
A2 Hedged SGD 10.24 0.00 0.00 02-Dec-2024 10.32 9.96 LU2776001294
A10 Hedged SGD 9.96 0.00 0.00 02-Dec-2024 10.16 9.95 LU2667125459
A3 EUR 7.74 0.06 0.78 02-Dec-2024 7.79 7.28 LU0172420597
A10 Hedged CNH 98.60 0.02 0.02 02-Dec-2024 101.29 98.58 LU2708803551
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Akiva Dickstein
Scott MacLellan, CFA, CMT
Scott MacLellan, CFA, CMT
Amanda Liu, CFA
Amanda Liu, CFA
Sam Summers
Director, Portfolio Manager

  

Documents

Documents