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

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Distributions

Record Date Ex-Date Payable Date
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  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 14.75 -6.25 4.31 -2.84 11.14 6.01 -8.28 10.87 4.80 -4.19
Benchmark (%) 17.44 -5.25 7.43 1.18 10.15 10.26 -4.26 15.04 5.26 -1.80
  1y 3y 5y 10y Incept.
-17.07 -5.37 -3.49 -0.54 3.22
Benchmark (%) -16.90 -4.75 -1.23 1.63 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-18.45 8.79 0.81 -6.63 -17.07 -15.26 -16.28 -5.24 77.94
Benchmark (%) -18.05 7.59 0.90 -3.56 -16.90 -13.59 -6.02 17.52 -
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 06-Dec-2022 USD 948,006,594
Share Class Inception Date 01-Oct-2004
Fund Inception 01-Oct-2004
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Benchmark JP Morgan EMBI Global Diversified Index
SFDR Classification Other
Initial Charge 0.00%
Management Fee (incl Distribution Fee, if any) 2.50%
Performance Fee 0.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Distribution Frequency Monthly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Emerging Markets Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MLEMUC1
ISIN LU0200681327
SEDOL B0347P2
SFC-authorised ESG fund No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 30-Nov-2022 269
12M Trailing Distribution as of 30-Nov-2022 2.83%
Standard Deviation (3y) as of 30-Nov-2022 16.39%
Yield to Maturity as of 30-Nov-2022 8.57
Modified Duration as of 30-Nov-2022 6.30 yrs
Yield to Worst as of 30-Nov-2022 8.57
Effective Duration as of 30-Nov-2022 6.45
Weighted Avg Maturity as of 30-Nov-2022 12.62
WAL to Worst as of 30-Nov-2022 12.62

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-Sep-2022 BB
MSCI ESG % Coverage as of 21-Sep-2022 91.97
MSCI ESG Quality Score (0-10) as of 21-Sep-2022 2.88
MSCI ESG Quality Score - Peer Percentile as of 21-Sep-2022 15.66
Fund Lipper Global Classification as of 21-Sep-2022 Bond Emerging Markets Global HC
Funds in Peer Group as of 21-Sep-2022 415
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Sep-2022 1,014.12
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Sep-2022 15.21
All data is from MSCI ESG Fund Ratings as of 21-Sep-2022, based on holdings as of 30-Apr-2022. 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 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.

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 30-Nov-2022 0.00%
MSCI - UN Global Compact Violators as of 30-Nov-2022 4.48%
MSCI - Nuclear Weapons as of 30-Nov-2022 0.00%
MSCI - Thermal Coal as of 30-Nov-2022 0.03%
MSCI - Civilian Firearms as of 30-Nov-2022 0.00%
MSCI - Oil Sands as of 30-Nov-2022 0.00%
MSCI - Tobacco as of 30-Nov-2022 0.00%

Business Involvement Coverage as of 30-Nov-2022 13.82%
Percentage of Fund not covered as of 30-Nov-2022 85.43%
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 0.43% and for Oil Sands 0.07%.

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 30-Nov-2022
Name Weight (%)
OMAN SULTANATE OF (GOVERNMENT) RegS 6.5 03/08/2047 1.41
PERU (REPUBLIC OF) 3 01/15/2034 1.34
DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 1.28
BRAZIL (FEDERATIVE REPUBLIC OF) 5 01/27/2045 1.24
COLOMBIA REPUBLIC OF (GOVERNMENT) 5 06/15/2045 1.23
Name Weight (%)
SOUTH AFRICA (REPUBLIC OF) 8.75 02/28/2048 1.13
EGYPT (ARAB REPUBLIC OF) MTN RegS 7.625 05/29/2032 1.08
ECUADOR REPUBLIC OF (GOVERNMENT) RegS 2.5 07/31/2035 1.02
BAHRAIN (KINGDOM OF) RegS 6.75 09/20/2029 1.02
QATAR (STATE OF) RegS 3.75 04/16/2030 0.99
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 30-Nov-2022

% of Weight

Type Fund
as of 30-Nov-2022

% of Weight

Type Fund
as of 30-Nov-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 30-Nov-2022

% of Weight

Type Fund
as of 30-Nov-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
C1 USD Monthly 7.62 -0.05 -0.65 06-Dec-2022 9.55 6.70 LU0200681327 -
D2 EUR Non-Distributing 17.06 -0.08 -0.47 06-Dec-2022 19.00 15.90 LU0827877043 -
A6 Hedged GBP Monthly 6.43 -0.04 -0.62 06-Dec-2022 8.37 5.70 LU1408527916 -
A3 USD Monthly 7.88 -0.05 -0.63 06-Dec-2022 9.87 6.94 LU0200680782 -
A2 EUR Non-Distributing 15.57 -0.07 -0.45 06-Dec-2022 17.44 14.52 LU0200683885 -
A8 Hedged ZAR Monthly 69.36 -0.42 -0.60 06-Dec-2022 89.91 61.58 LU1109561420 -
A2 Hedged EUR Non-Distributing 13.52 -0.09 -0.66 06-Dec-2022 16.84 11.89 LU0413376566 -
A6 Hedged HKD Monthly 47.76 -0.30 -0.62 06-Dec-2022 61.70 42.26 LU0764619960 -
A3 EUR Monthly 7.50 -0.04 -0.53 06-Dec-2022 8.74 7.05 LU0200684008 -
D3 EUR Monthly 7.52 -0.03 -0.40 06-Dec-2022 8.76 7.07 LU0827877126 -
A8 Hedged CNH Monthly 77.87 -0.48 -0.61 06-Dec-2022 101.36 69.11 LU1919856051 -
A6 USD Monthly 6.48 -0.04 -0.61 06-Dec-2022 8.29 5.72 LU0764617162 -
A1 USD Monthly 7.62 -0.05 -0.65 06-Dec-2022 9.55 6.70 LU0200680436 -
A4 EUR Annually 10.30 -0.04 -0.39 06-Dec-2022 12.03 9.60 LU1072326561 -
D3 USD Monthly 7.89 -0.05 -0.63 06-Dec-2022 9.89 6.95 LU0827876821 -
A2 Hedged GBP Non-Distributing 9.85 -0.07 -0.71 06-Dec-2022 12.07 8.64 LU1057296771 -
D2 USD Non-Distributing 17.92 -0.12 -0.67 06-Dec-2022 21.46 15.64 LU0297941386 -
A8 Hedged AUD Monthly 6.18 -0.04 -0.64 06-Dec-2022 8.01 5.47 LU0871639893 -
C2 USD Non-Distributing 13.03 -0.08 -0.61 06-Dec-2022 15.89 11.40 LU0200681673 -
A1 EUR Monthly 7.26 -0.03 -0.41 06-Dec-2022 8.46 6.81 LU0200683703 -
D2 Hedged EUR Non-Distributing 14.35 -0.10 -0.69 06-Dec-2022 17.77 12.62 LU0827877399 -
A2 USD Non-Distributing 16.35 -0.11 -0.67 06-Dec-2022 19.69 14.28 LU0200680600 -
A6 Hedged CAD Monthly 6.78 -0.04 -0.59 06-Dec-2022 8.75 6.00 LU1408528054 -
A2 CZK Non-Distributing 378.50 -2.18 -0.57 06-Dec-2022 443.84 355.65 LU1791181735 -
A8 Hedged NZD Monthly 6.85 -0.04 -0.58 06-Dec-2022 8.87 6.07 LU1408528138 -
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Amer Bisat
Amer Bisat
Michel Aubenas
Michel Aubenas
Amer Bisat
Amer Bisat

Documents

Documents