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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

Performance chart data not available for display.
View Charts & Calendar Year Performance

Distributions

Ex-Date Distribution
View full table
  1y 3y 5y 10y Incept.
9.46 1.64 3.03 -1.10 0.46
  YTD 6m 1y 3y 5y 10y Incept.
-1.71 2.31 9.46 5.00 16.10 -10.43 6.74
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 2,633.800 M
Base Currency U.S. Dollar
Fund Inception 26-Jun-1997
Share Class Currency U.S. Dollar
Share Class Inception Date 02-Feb-2007
Additional Currencies Australian Dollar, British Pound, CZK, Canadian Dollar, Euro, Hong Kong Dollar, New Zealand Dollar, Polish Zloty, Singapore Dollar, Swedish Krona, Swiss Franc
Asset Class -
Morningstar Category Global Emerging Markets Bond - Local Currency
Distribution Frequency Monthly
ISIN LU0278470132
Bloomberg Ticker MLLEUA3
Management Fee (incl Distribution Fee, if any) 1.00%
Initial Charge 5.00%
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 28-May-2021 5.55
Modified Duration as of 28-May-2021 4.29 yrs
12M Trailing Distribution as of 31-May-2021 4.06%
Effective Duration as of 28-May-2021 4.23
3y Volatility as of 31-May-2021 14.47
5yr Volatility as of 31-May-2021 12.74
Since Class Inception – Volatility as of 31-May-2021 11.47
Since Class Inception - Beta as of 31-May-2021 1.05

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 BB
MSCI ESG Quality Score (0-10) as of 07-May-2021 4.27
MSCI ESG Quality Score - Peer Percentile as of 07-May-2021 48.37
MSCI ESG % Coverage as of 07-May-2021 99.42
Fund Lipper Global Classification as of 07-May-2021 Bond Emerging Markets Global LC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-May-2021 516.06
Funds in Peer Group as of 07-May-2021 246
All data is from MSCI ESG Fund Ratings as of 07-May-2021, based on holdings as of 31-Dec-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.

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 (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 2.75
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 2.67
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.38
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 2.21
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 1.91
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.13 11/21/2029 1.90
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.80
CHINA PEOPLES REPUBLIC OF (GOVERNM 1.99 04/09/2025 1.71
BRAZIL (FEDERATIVE REPUBLIC OF) 0 07/01/2022 1.58
COLOMBIA (REPUBLIC OF) 7.5 08/26/2026 1.58
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
A3 U.S. Dollar Monthly 3.81 0.00 0.00 11-Jun-2021 3.94 3.54 LU0278470132
A1 U.S. Dollar Monthly (Daily Calculation) 3.78 -0.01 -0.26 11-Jun-2021 3.92 3.52 LU0278477574
A1 Euro Monthly (Daily Calculation) 3.12 0.01 0.32 11-Jun-2021 3.21 3.02 LU0278461065
D3 Hedged British Pound Monthly 6.56 -0.01 -0.15 11-Jun-2021 6.79 6.12 LU0995345831
A2 Hedged Euro Non-Distributing 7.79 -0.02 -0.26 11-Jun-2021 7.97 7.06 LU0359002093
D2 Swiss Franc Non-Distributing 24.40 0.04 0.16 11-Jun-2021 24.42 22.73 LU1065150267
A3 Euro Monthly 3.14 0.01 0.32 11-Jun-2021 3.23 3.04 LU0278457469
A8 Hedged Australian Dollar Monthly 6.55 -0.01 -0.15 11-Jun-2021 6.80 6.17 LU1133072774
D2 Hedged Swiss Franc Non-Distributing 9.16 -0.02 -0.22 11-Jun-2021 9.37 8.28 LU1688375184
A2 Euro Non-Distributing 20.95 0.08 0.38 11-Jun-2021 21.15 19.75 LU0278457204
A2 U.S. Dollar Non-Distributing 25.39 -0.04 -0.16 11-Jun-2021 25.85 22.74 LU0278470058
A2 Swiss Franc Non-Distributing 22.80 0.04 0.18 11-Jun-2021 22.86 21.31 LU0938162186
A2 Hedged Singapore Dollar Non-Distributing 8.76 -0.01 -0.11 11-Jun-2021 8.92 7.86 LU0358998713
D2 Hedged Euro Non-Distributing 8.02 -0.02 -0.25 11-Jun-2021 8.18 7.23 LU0622213642
C2 U.S. Dollar Non-Distributing 21.22 -0.04 -0.19 11-Jun-2021 21.72 19.23 LU0278476923
A3 Hong Kong Dollar Monthly 29.54 -0.05 -0.17 11-Jun-2021 30.55 27.44 LU0388349754
D2 U.S. Dollar Non-Distributing 27.18 -0.04 -0.15 11-Jun-2021 27.61 24.22 LU0383940458
A6 Hedged Singapore Dollar Monthly 7.39 -0.01 -0.14 11-Jun-2021 7.71 7.01 LU1676225185
A4 U.S. Dollar Annually 15.55 -0.02 -0.13 11-Jun-2021 15.83 14.16 LU0548402170
D5 British Pound Quarterly 7.93 0.00 0.00 11-Jun-2021 8.60 7.61 LU1694209807
A4 Euro Annually 12.83 0.05 0.39 11-Jun-2021 13.27 12.09 LU0478974834
D2 Euro Non-Distributing 22.42 0.08 0.36 11-Jun-2021 22.61 21.06 LU0329592702
C2 Euro Non-Distributing 17.51 0.06 0.34 11-Jun-2021 17.75 16.65 LU0278457972
D3 Hedged Australian Dollar Monthly 6.21 -0.01 -0.16 11-Jun-2021 6.43 5.80 LU0827884841
D2 Hedged British Pound Non-Distributing 15.11 -0.02 -0.13 11-Jun-2021 15.36 13.53 LU0827885491
D3 U.S. Dollar Monthly 15.74 -0.03 -0.19 11-Jun-2021 16.30 14.64 LU0523291242
D4 Euro Annually 12.89 0.04 0.31 11-Jun-2021 13.34 12.11 LU0827885145
A2 Hedged Swedish Krona Non-Distributing 92.73 -0.16 -0.17 11-Jun-2021 94.63 83.84 LU1715605868
D3 Euro Monthly 12.99 0.05 0.39 11-Jun-2021 13.37 12.58 LU0827884924
A6 U.S. Dollar Monthly 8.17 -0.01 -0.12 11-Jun-2021 8.52 7.74 LU1408528211
D2 Hedged Polish Zloty Non-Distributing 10.69 -0.01 -0.09 11-Jun-2021 10.90 9.60 LU0827884684
D2 Hedged Singapore Dollar Non-Distributing 9.16 -0.02 -0.22 11-Jun-2021 9.31 8.18 LU0827884767
C1 U.S. Dollar Monthly (Daily Calculation) 3.78 -0.01 -0.26 11-Jun-2021 3.91 3.52 LU0278478119
A3 HEDGED Australian Dollar Monthly 6.22 -0.01 -0.16 11-Jun-2021 6.43 5.81 LU0575500318
A6 Hedged British Pound Monthly 7.48 -0.01 -0.13 11-Jun-2021 7.81 7.10 LU1408528302
D3 Hong Kong Dollar Monthly 122.17 -0.19 -0.16 11-Jun-2021 126.36 113.47 LU0827885061
A2 Hedged Polish Zloty Non-Distributing 10.23 -0.02 -0.20 11-Jun-2021 10.46 9.24 LU0480535052
D4 U.S. Dollar Annually 15.63 -0.02 -0.13 11-Jun-2021 15.88 14.18 LU0827885228
A8 Hedged New Zealand Dollar Monthly 8.15 -0.02 -0.24 11-Jun-2021 8.46 7.68 LU1408528724
A2 CZK Non-Distributing 530.61 1.28 0.24 11-Jun-2021 549.55 517.25 LU1791177113
A2 Hedged Swiss Franc Non-Distributing 7.59 -0.02 -0.26 11-Jun-2021 7.78 6.90 LU0623004180
A6 Hedged Canadian Dollar Monthly 7.98 -0.02 -0.25 11-Jun-2021 8.33 7.58 LU1408528641
A6 Hedged Hong Kong Dollar Monthly 81.15 -0.13 -0.16 11-Jun-2021 84.76 76.99 LU1408528484

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

Documents

Documents