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.
-1.99 -1.86 1.89 2.65 5.54
  YTD 6m 1y 3y 5y 10y Incept.
-3.45 18.55 -1.99 -5.47 9.81 29.94 86.55
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 27-Oct-2020 USD 1,608.901 M
Base Currency USD
Fund Inception 01-Oct-2004
Share Class Currency EUR
Share Class Inception Date 04-Mar-2009
Additional Currencies AUD, CAD, CZK, GBP, HKD, NZD, RMB, USD, ZAR
Asset Class Fixed Income
Morningstar Category Global Emerging Markets Bond - EUR Biased
Benchmark Index JP Morgan EMBI Global Diversified Index
Distribution Frequency Non-Distributing
ISIN LU0413376566
Bloomberg Ticker MLEMA2E
Management Fee (incl Distribution Fee, if any) 1.25%
Initial Charge 5.00%
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 30-Sep-2020 4.85
Modified Duration as of 30-Sep-2020 6.63 yrs
12M Trailing Distribution as of - -
Effective Duration as of 30-Sep-2020 6.65
3y Volatility as of 30-Sep-2020 13.70
3y Volatility - Benchmark as of 30-Sep-2020 10.66
3y Beta as of 30-Sep-2020 1.261
5yr Volatility as of 30-Sep-2020 11.23
5y Volatility - Benchmark as of 30-Sep-2020 8.98
5y Beta as of 30-Sep-2020 1.219
Since Class Inception – Volatility as of 30-Sep-2020 8.90
Since Class Inception Volatility – Benchmark as of 30-Sep-2020 7.92
Since Class Inception - Beta as of 30-Sep-2020 1.08

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 30-Sep-2020
Name Weight (%)
UKRAINE (GOVERNMENT OF) RegS 0 05/31/2040 1.55
QATAR (STATE OF) RegS 4.817 03/14/2049 1.34
EGYPT (ARAB REPUBLIC OF) MTN RegS 8.875 05/29/2050 1.20
RUSSIAN FEDERATION RegS 5.25 06/23/2047 1.17
PETROLEOS MEXICANOS RegS 6.84 01/23/2030 1.16
Name Weight (%)
PANAMA REPUBLIC OF (GOVERNMENT) 3.875 03/17/2028 1.07
BRAZIL (FEDERATIVE REPUBLIC OF) 5 01/27/2045 1.07
CHILE (REPUBLIC OF) 2.55 01/27/2032 1.01
NIGERIA (FEDERAL REPUBLIC OF) MTN RegS 7.143 02/23/2030 1.00
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 0.96
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-Sep-2020

% of Weight

Type Fund Benchmark Net
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-Sep-2020

% of Weight

Type Fund Benchmark Net
as of 30-Sep-2020

% of Weight

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Sep-2020

% of Weight

Type Fund Benchmark Net
as of 30-Sep-2020

% of Weight

Type Fund Benchmark Net
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
A2 Hedged EUR Non-Distributing 16.39 0.03 0.18 27-Oct-2020 17.11 12.99 LU0413376566
A1 EUR Monthly (Daily Calculation) 8.07 0.01 0.12 27-Oct-2020 9.20 7.04 LU0200683703
A8 Hedged ZAR Monthly 90.98 0.20 0.22 27-Oct-2020 98.10 73.95 LU1109561420
A4 EUR Annually 11.43 0.01 0.09 27-Oct-2020 13.20 10.13 LU1072326561
D3 USD Monthly 9.90 0.02 0.20 27-Oct-2020 10.37 7.90 LU0827876821
A2 USD Non-Distributing 18.97 0.04 0.21 27-Oct-2020 19.47 14.88 LU0200680600
D2 USD Non-Distributing 20.53 0.04 0.20 27-Oct-2020 21.06 16.04 LU0297941386
A6 USD Monthly 8.43 0.02 0.24 27-Oct-2020 8.99 6.84 LU0764617162
A6 Hedged HKD Monthly 62.78 0.13 0.21 27-Oct-2020 67.00 50.92 LU0764619960
A3 USD Monthly 9.88 0.02 0.20 27-Oct-2020 10.34 7.88 LU0200680782
C1 USD Monthly (Daily Calculation) 9.54 0.02 0.21 27-Oct-2020 9.98 7.60 LU0200681327
A8 Hedged RMB Monthly 102.23 0.22 0.22 27-Oct-2020 108.41 82.36 LU1919856051
D2 Hedged EUR Non-Distributing 17.19 0.04 0.23 27-Oct-2020 17.87 13.58 LU0827877399
D2 EUR Non-Distributing 17.36 0.01 0.06 27-Oct-2020 19.34 14.85 LU0827877043
A2 EUR Non-Distributing 16.04 0.01 0.06 27-Oct-2020 17.94 13.77 LU0200683885
A1 USD Monthly (Daily Calculation) 9.54 0.02 0.21 27-Oct-2020 9.98 7.61 LU0200680436
A3 EUR Monthly 8.36 0.01 0.12 27-Oct-2020 9.53 7.30 LU0200684008
D3 EUR Monthly 8.38 0.01 0.12 27-Oct-2020 9.56 7.31 LU0827877126
A8 Hedged AUD Monthly 8.11 0.02 0.25 27-Oct-2020 8.77 6.59 LU0871639893
A6 Hedged GBP Monthly 8.54 0.02 0.23 27-Oct-2020 9.29 6.99 LU1408527916
C2 USD Non-Distributing 15.51 0.03 0.19 27-Oct-2020 16.05 12.26 LU0200681673
A6 Hedged CAD Monthly 8.92 0.02 0.22 27-Oct-2020 9.65 7.28 LU1408528054
A2 CZK Non-Distributing 438.08 0.49 0.11 27-Oct-2020 452.50 382.21 LU1791181735
A8 Hedged NZD Monthly 8.99 0.02 0.22 27-Oct-2020 9.70 7.29 LU1408528138
A2 Hedged GBP Non-Distributing 11.66 0.02 0.17 27-Oct-2020 12.19 9.22 LU1057296771

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Michel Aubenas
Michel Aubenas

Documents

Documents