Fixed Income

BlackRock US Government Mortgage Impact Fund

IMPORTANT:
•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. Use of environmental, social and governance (“ESG”) criteria as the investing principles may impact the Fund’s performance. Reliance on third party data may lead to incorrect evaluation of a security or issuer based on ESG criteria. There may also be a risk of incorrectly applying the relevant ESG criteria on the Fund. The evaluations from the Investment Advisor may be affected due to a lack of universal taxonomy or international recognized quantitative criteria to objectively measure “social and / or environmental impact”. Issues of securities with an outlook to create a positive social and/or environmental impact may not always be profit-oriented. The Fund’s investment decision making process may be challenged by the continued evolutions of “social and / or environmental impact” concept in connection with political priorities and preferences, and market’s demands. The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. 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's income-generating investment strategy may reduce the potential for capital growth and future income of the Fund.
•The Fund is subject to currency risk, delayed delivery transactions risk, geographical concentration risk in the US and securities lending counterparty risk.
•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

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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 (%) 3.85 -1.69 5.99 0.81 1.28 2.03 -0.53 6.85 5.41 -1.43
Benchmark (%) 2.60 -1.52 6.12 1.56 1.59 2.47 1.01 6.68 4.03 -1.24
  1y 3y 5y 10y Incept.
-16.10 -3.98 -1.40 0.13 0.79
Benchmark (%) -15.04 -4.25 -1.15 0.40 1.00
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-15.56 -2.10 -9.37 -7.46 -16.10 -11.48 -6.81 1.30 9.53
Benchmark (%) -14.89 -1.42 -9.60 -7.18 -15.04 -12.23 -5.62 4.08 12.18
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 30-Nov-2022 USD 91,986,157
Share Class Inception Date 19-Apr-2011
Fund Inception 02-Aug-1985
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Benchmark Bloomberg US MBS Index
SFDR Classification Article 9
Initial Charge 5.00%
Management Fee (incl Distribution Fee, if any) 0.40%
Performance Fee 0.00%
Minimum Initial Investment USD 100000
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 USD Government Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGFGMD3
ISIN LU0592702145
SEDOL B3X5057
SFC-authorised ESG fund Yes
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Oct-2022 291
12M Trailing Distribution as of 30-Nov-2022 3.31%
Standard Deviation (3y) as of 31-Oct-2022 5.12%
Yield to Maturity as of 31-Oct-2022 5.39
Modified Duration as of 31-Oct-2022 6.28 yrs
Yield to Worst as of 31-Oct-2022 5.39
Effective Duration as of 31-Oct-2022 6.82
Weighted Avg Maturity as of 31-Oct-2022 8.80
WAL to Worst as of 31-Oct-2022 8.80

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.

Sustainability-related Disclosures

Sustainability-related Disclosures

Ratings

Ratings

Morningstar Rating

3 stars
As of 31-Oct-2022
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-Oct-2022
Name Weight (%)
GNMA2 30YR 53.79
UMBS 30YR TBA(REG A) 29.10
UMBS 15YR TBA(REG B) 8.31
FNMA 30YR 2021 PRODUCTION 6.65
FNMA 30YR 2020 PRODUCTION 6.03
Name Weight (%)
GNMA2 30YR 2020 PRODUCTION 5.91
FHLMC 30YR UMBS SUPER 4.21
UMBS 30YR TBA 2.12
FHLMC 30YR UMBS 2.08
GNMA_21-191B BI 1.55
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
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
D3 USD Monthly 7.58 -0.04 -0.52 30-Nov-2022 9.04 7.25 LU0592702145 -
C1 USD Monthly 7.97 -0.02 -0.25 30-Nov-2022 9.52 7.61 LU0147384878 -
A2 USD Non-Distributing 17.78 -0.04 -0.22 30-Nov-2022 20.65 16.92 LU0096258446 -
A1 USD Monthly 7.56 -0.02 -0.26 30-Nov-2022 9.02 7.22 LU0035308682 -
A3 USD Monthly 7.56 -0.03 -0.40 30-Nov-2022 9.02 7.23 LU0172418690 -
D2 USD Non-Distributing 18.62 -0.05 -0.27 30-Nov-2022 21.56 17.71 LU0424777026 -
C2 USD Non-Distributing 14.01 -0.04 -0.28 30-Nov-2022 16.48 13.35 LU0147385503 -
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Akiva Dickstein
Matthew Kraeger
Matthew Kraeger
Bob Miller
Bob Miller

Documents

Documents