Fixed Income

BlackRock Global Corporate 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 is subject to currency risk, emerging market risk, foreign investments restrictions 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 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.
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Distributions

Ex-Date Distribution
View full table
  1y 3y 5y 10y Incept.
4.22 4.25 4.94 - 5.26
  YTD 6m 1y 3y 5y 10y Incept.
3.57 9.32 4.22 13.30 27.28 - 51.23
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 22-Oct-2020 USD 2,103.975 M
Base Currency USD
Fund Inception 19-Oct-2007
Share Class Currency NZD
Share Class Inception Date 05-Sep-2012
Additional Currencies AUD, CAD, EUR, GBP, HKD, RMB, SEK, SGD, USD
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index Bloomberg Barclays Global Aggregate Corporate Bond USD Hedged Index
Distribution Frequency Monthly
ISIN LU0803752475
Bloomberg Ticker BGCA3NH
Management Fee (incl Distribution Fee, if any) 0.90%
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 1.89
Modified Duration as of 30-Sep-2020 7.53 yrs
12M Trailing Distribution as of 30-Sep-2020 1.23%
Effective Duration as of 30-Sep-2020 7.22
3y Volatility as of 30-Sep-2020 6.02
3y Volatility - Benchmark as of 30-Sep-2020 5.95
3y Beta as of 30-Sep-2020 0.999
5yr Volatility as of 30-Sep-2020 5.09
5y Volatility - Benchmark as of 30-Sep-2020 4.99
5y Beta as of 30-Sep-2020 1.001
Since Class Inception – Volatility as of 30-Sep-2020 4.60
Since Class Inception Volatility – Benchmark as of 30-Sep-2020 4.49
Since Class Inception - Beta as of 30-Sep-2020 1.00

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 30-Sep-2020
Name Weight (%)
CITIGROUP INC 4.412 03/31/2031 0.85
BARCLAYS PLC MTN RegS 3.375 04/02/2025 0.65
COMCAST CORPORATION 4.6 10/15/2038 0.63
VERIZON COMMUNICATIONS INC 4.272 01/15/2036 0.53
UBS AG RegS 5.125 05/15/2024 0.52
Name Weight (%)
TELEFONICA EUROPE BV 23 RegS 3 12/31/2049 0.51
APPLE INC 2.513 08/19/2024 0.51
BANCO BILBAO VIZCAYA ARGENTARIA SA 1.125 09/18/2025 0.50
NORDEA BANK ABP 144A 0.75 08/28/2025 0.50
FRESENIUS MEDICAL CARE US FINANCE 144A 3.75 06/15/2029 0.48
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
A3 HEDGED NZD Monthly 12.76 -0.01 -0.08 22-Oct-2020 12.92 10.72 LU0803752475
D5 Hedged GBP Non-Distributing 10.85 -0.01 -0.09 22-Oct-2020 11.00 9.13 LU1814255474
A6 Hedged SGD Monthly 10.26 -0.01 -0.10 22-Oct-2020 10.42 8.69 LU1435395121
A5 USD Quarterly 11.76 -0.01 -0.08 22-Oct-2020 11.92 9.81 LU0825403933
A8 Hedged AUD Monthly 11.54 0.00 0.00 22-Oct-2020 11.70 9.74 LU0871639976
A2 USD Non-Distributing 15.74 -0.01 -0.06 22-Oct-2020 15.90 13.05 LU0297942194
A2 Hedged SEK Non-Distributing 109.92 -0.08 -0.07 22-Oct-2020 111.19 91.69 LU1162516634
D2 USD Non-Distributing 16.60 -0.02 -0.12 22-Oct-2020 16.76 13.73 LU0326960662
A6 USD Monthly 11.64 -0.01 -0.09 22-Oct-2020 11.81 9.82 LU0788109634
D2 Hedged GBP Non-Distributing 10.90 -0.01 -0.09 22-Oct-2020 11.01 9.10 LU1222731728
A3 HEDGED CAD Monthly 11.64 -0.01 -0.09 22-Oct-2020 11.79 9.77 LU0816460157
A6 Hedged HKD Monthly 86.77 -0.05 -0.06 22-Oct-2020 88.06 73.10 LU0788109550
A3 HEDGED GBP Monthly 11.04 -0.01 -0.09 22-Oct-2020 11.18 9.31 LU0816460231
A2 Hedged EUR Non-Distributing 13.76 -0.01 -0.07 22-Oct-2020 13.93 11.53 LU0297942434
A4 HEDGED EUR Annually 9.43 -0.01 -0.11 22-Oct-2020 9.67 8.01 LU0303846876
A8 Hedged RMB Monthly 106.46 -0.05 -0.05 22-Oct-2020 107.65 89.15 LU1220227653
D2 Hedged EUR Non-Distributing 14.50 -0.01 -0.07 22-Oct-2020 14.66 12.12 LU0326951752
A3 HEDGED AUD Monthly 12.60 -0.01 -0.08 22-Oct-2020 12.76 10.59 LU0816460074
A8 Hedged NZD Monthly 10.16 -0.01 -0.10 22-Oct-2020 10.30 8.59 LU1149717313

Portfolio Managers

Portfolio Managers

Michael Krautzberger
Michael Krautzberger
Stephan Bassas
Stephan Bassas
Tom Mondelaers
Tom Mondelaers

Documents

Documents