Fixed Income

BlackRock Global High Yield Bond Fund

IMPORTANT:
• 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 may invest in non-investment grade and unrated bonds that may be subject to higher default, volatility and liquidity risks.
• The Fund is subject to currency risk, delayed delivery transactions risk, sovereign debt risk, securities lending counterparty risk, currency conversion risk including Renminbi denominated Classes, liquidity risk and contingent convertible bonds risk.
• Class 6 Shares and Class 10 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 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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Distributions

Ex-Date Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 1.45 -4.80 11.74 6.62 -4.41 13.46 7.00 2.04 -13.54 10.52
Benchmark (%) 2.53 -2.03 16.21 7.99 -1.90 14.54 6.48 3.04 -11.38 12.97

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

  1y 3y 5y 10y Incept.
9.65 -0.79 2.53 2.54 3.97
Benchmark (%) 12.05 1.16 3.77 4.29 5.61
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.85 0.83 1.15 5.14 9.65 -2.34 13.33 28.56 59.44
Benchmark (%) 2.59 1.25 1.65 6.14 12.05 3.53 20.32 52.14 92.33
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 HKD, 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 11-Jun-2024
USD 1,779,793,920
Fund Inception
22-Dec-1998
Fund Base Currency
USD
Benchmark
ICE BofA Merrill Lynch Global High Yield Constrained USD Hedged Index
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
1.25%
Minimum Initial Investment
HKD 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global High Yield Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B86N332
Share Class Inception Date
06-Jun-2012
Share Class Currency
HKD
Asset Class
Fixed Income
SFDR Classification
Article 8
ISIN
LU0784402520
Performance Fee
0.00%
Minimum Subsequent Investment
-
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGGHA6H
SFC-authorised ESG fund
No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-May-2024
1432
Standard Deviation (3y)
as of 31-May-2024
8.05%
Yield to Maturity
as of 31-May-2024
7.77
Yield to Worst
as of 31-May-2024
7.64
Weighted Avg Maturity
as of 31-May-2024
4.42
12M Trailing Distribution
as of 31-May-2024
6.52%
3y Beta
as of 31-May-2024
0.996
Modified Duration
as of 31-May-2024
3.59 yrs
Effective Duration
as of 31-May-2024
3.03
WAL to Worst
as of 31-May-2024
4.42

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 19-May-2024
BBB
MSCI ESG Quality Score (0-10)
as of 19-May-2024
5.64
Fund Lipper Global Classification
as of 19-May-2024
Bond Global High Yield USD
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19-May-2024
234.14
MSCI ESG % Coverage
as of 19-May-2024
69.23
MSCI ESG Quality Score - Peer Percentile
as of 19-May-2024
54.23
Funds in Peer Group
as of 19-May-2024
142
MSCI Weighted Average Carbon Intensity % Coverage
as of 19-May-2024
71.36
All data is from MSCI ESG Fund Ratings as of 19-May-2024, based on holdings as of 31-Dec-2023. 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-May-2024
0.00%
MSCI - Nuclear Weapons
as of 31-May-2024
0.00%
MSCI - Civilian Firearms
as of 31-May-2024
0.00%
MSCI - Tobacco
as of 31-May-2024
0.00%
MSCI - UN Global Compact Violators
as of 31-May-2024
0.00%
MSCI - Thermal Coal
as of 31-May-2024
0.00%
MSCI - Oil Sands
as of 31-May-2024
0.00%

Business Involvement Coverage
as of 31-May-2024
37.91%
Percentage of Fund not covered
as of 31-May-2024
61.85%
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 0.41% and for Oil Sands 0.10%.

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 financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for certain issuers under consideration for investment and certain existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third-party ESG information and research. Portfolio management teams may consider the sector and issuer ESG views and scores during portfolio construction. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include discussion of the portfolio's exposure to material ESG risks, where appropriate.

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Effective 05-Sept-2023
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-May-2024
Name Weight (%)
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 0.81
MAUSER PACKAGING SOLUTIONS HOLDING 144A 7.875 04/15/2027 0.66
CLOUD SOFTWARE GROUP INC 144A 6.5 03/31/2029 0.63
HUB INTERNATIONAL LTD 144A 7.25 06/15/2030 0.57
CARNIVAL HOLDINGS (BERMUDA) LTD 144A 10.375 05/01/2028 0.56
Name Weight (%)
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.50
UKG INC 144A 6.875 02/01/2031 0.50
CLARIOS GLOBAL LP 144A 8.5 05/15/2027 0.46
EMRLD BORROWER LP 144A 6.625 12/15/2030 0.45
ATHENAHEALTH GROUP INC 144A 6.5 02/15/2030 0.45
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-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-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
A6 Hedged HKD 43.10 0.00 0.00 11-Jun-2024 43.63 40.75 LU0784402520
C2 HEDGED EUR 13.01 0.00 0.00 11-Jun-2024 13.04 11.92 LU0147394596
A2 Hedged EUR 17.44 0.00 0.00 11-Jun-2024 17.47 15.85 LU0093504206
D2 USD 32.48 0.00 0.00 11-Jun-2024 32.54 29.07 LU0297941899
D3 Hedged EUR 4.33 0.00 0.00 11-Jun-2024 4.37 4.08 LU0827882472
C2 USD 23.96 0.00 0.00 11-Jun-2024 24.01 21.71 LU0331284447
D2 Hedged EUR 19.14 0.00 0.00 11-Jun-2024 19.17 17.32 LU0368267034
D5 Hedged GBP 7.96 0.00 0.00 11-Jun-2024 7.99 7.36 LU1072327023
A8 Hedged ZAR 77.88 -0.01 -0.01 11-Jun-2024 78.54 72.91 LU1023055319
A2 USD 29.49 0.00 0.00 11-Jun-2024 29.55 26.51 LU0171284937
A10 USD 10.00 0.00 0.00 11-Jun-2024 10.13 9.93 LU2725777812
C1 USD 7.51 0.00 0.00 11-Jun-2024 7.54 6.99 LU0331284363
A2 Hedged GBP 19.89 0.00 0.00 11-Jun-2024 19.92 17.93 LU0567554463
A3 Hedged EUR 4.30 0.00 0.00 11-Jun-2024 4.34 4.06 LU0172401704
A6 Hedged SGD 7.96 0.00 0.00 11-Jun-2024 8.07 7.57 LU1830001522
A3 USD 7.37 0.00 0.00 11-Jun-2024 7.42 6.88 LU0172401969
A1 HEDGED EUR 4.35 0.00 0.00 11-Jun-2024 4.38 4.09 LU0118259661
D2 Hedged GBP 21.68 0.00 0.00 11-Jun-2024 21.72 19.45 LU0372548783
A1 USD 7.33 0.00 0.00 11-Jun-2024 7.36 6.82 LU0171284770
A6 Hedged JPY 981.00 1.00 0.10 11-Jun-2024 1,007.00 978.00 LU2725777903
A2 Hedged SEK 13.89 0.00 0.00 11-Jun-2024 13.91 12.64 LU0797429023
A8 Hedged AUD 5.67 0.00 0.00 11-Jun-2024 5.71 5.31 LU0871640040
D3 USD 7.41 0.00 0.00 11-Jun-2024 7.46 6.91 LU0827882126
A6 USD 5.89 0.00 0.00 11-Jun-2024 5.94 5.53 LU0764618640
A2 Hedged PLN 16.56 0.00 0.00 11-Jun-2024 16.59 14.89 LU0849758007
A5 EUR 10.69 0.02 0.19 11-Jun-2024 10.69 9.75 LU1125545993
A8 Hedged CNH 87.39 0.00 0.00 11-Jun-2024 87.88 81.95 LU1919856135
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

David Delbos
David Delbos
Jose Aguilar
Jose Aguilar
Mitchell Garfin
Mitchell Garfin
James Turner
James Turner

Documents

Documents