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

Loading

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

View full Chart

Distributions

Ex-Date Distribution
View full table

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 20.89 10.29 16.72 -5.10 -1.92 15.07 -2.34 5.55 -11.17 12.00
Benchmark (%) 22.34 12.71 13.45 -3.15 0.57 17.15 -3.43 5.66 -12.39 7.33

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

  1y 3y 5y 10y Incept.
20.78 3.37 2.49 5.70 4.44
Benchmark (%) 11.92 1.12 1.19 5.41 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
5.51 -0.40 4.64 10.92 20.78 10.45 13.07 74.09 65.68
Benchmark (%) 3.22 -1.09 2.55 9.30 11.92 3.41 6.09 69.35 -
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 EUR, 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 29-May-2024
USD 1,099,314,520
Fund Inception
01-Oct-2004
Fund Base Currency
USD
Benchmark
JP Morgan EMBI Global Diversified Index (EUR)
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
0.65%
Minimum Initial Investment
EUR 100000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B875854
Share Class Inception Date
13-Sept-2012
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
ISIN
LU0827877126
Performance Fee
0.00%
Minimum Subsequent Investment
EUR 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGEMD3E
SFC-authorised ESG fund
No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30-Apr-2024
298
Standard Deviation (3y)
as of 30-Apr-2024
8.70%
Yield to Maturity
as of 30-Apr-2024
8.05
Yield to Worst
as of 30-Apr-2024
8.05
Weighted Avg Maturity
as of 30-Apr-2024
9.06
12M Trailing Distribution
as of 30-Apr-2024
4.89%
3y Beta
as of 30-Apr-2024
0.960
Modified Duration
as of 30-Apr-2024
5.29 yrs
Effective Duration
as of 30-Apr-2024
5.36
WAL to Worst
as of 30-Apr-2024
9.06

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
BB
MSCI ESG Quality Score (0-10)
as of 19-May-2024
3.74
Fund Lipper Global Classification
as of 19-May-2024
Bond Emerging Markets Global HC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19-May-2024
771.43
MSCI ESG % Coverage
as of 19-May-2024
91.74
MSCI ESG Quality Score - Peer Percentile
as of 19-May-2024
13.03
Funds in Peer Group
as of 19-May-2024
422
MSCI Weighted Average Carbon Intensity % Coverage
as of 19-May-2024
14.25
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 30-Apr-2024
0.00%
MSCI - Nuclear Weapons
as of 30-Apr-2024
0.00%
MSCI - Civilian Firearms
as of 30-Apr-2024
0.00%
MSCI - Tobacco
as of 30-Apr-2024
0.00%
MSCI - UN Global Compact Violators
as of 30-Apr-2024
3.56%
MSCI - Thermal Coal
as of 30-Apr-2024
0.00%
MSCI - Oil Sands
as of 30-Apr-2024
0.00%

Business Involvement Coverage
as of 30-Apr-2024
15.03%
Percentage of Fund not covered
as of 30-Apr-2024
85.67%
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 0.38% and for Oil Sands 0.00%.

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 combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, 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 30-Apr-2024
Name Weight (%)
PETROLEOS DE VENEZUELA SA RegS 0 05/17/2035 1.41
UKRAINE (GOVERNMENT OF) RegS 0 09/01/2026 1.25
TURKEY (REPUBLIC OF) 9.125 07/13/2030 1.16
POLAND (REPUBLIC OF) 5.5 11/16/2027 1.15
TURKEY (REPUBLIC OF) 7.625 04/26/2029 1.07
Name Weight (%)
PERU (REPUBLIC OF) 3 01/15/2034 1.02
COLOMBIA (REPUBLIC OF) 7.5 02/02/2034 1.01
PETROLEOS DE VENEZUELA SA RegS 0 02/17/2022 1.01
MEXICO (UNITED MEXICAN STATES) (GO 4.875 05/19/2033 0.97
DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 0.97
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-Apr-2024

% of Weight

Type Fund Benchmark Net
as of 30-Apr-2024

% of Weight

Type Fund Benchmark Net
as of 30-Apr-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 30-Apr-2024

% of Weight

Type Fund Benchmark Net
as of 30-Apr-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
D3 EUR 8.09 -0.01 -0.12 29-May-2024 8.27 7.17 LU0827877126
D2 USD 21.37 -0.08 -0.37 29-May-2024 21.64 17.92 LU0297941386
A1 USD 8.44 -0.03 -0.35 29-May-2024 8.57 7.40 LU0200680436
A6 Hedged HKD 50.94 -0.18 -0.35 29-May-2024 51.78 45.18 LU0764619960
A2 Hedged GBP 11.49 -0.04 -0.35 29-May-2024 11.63 9.76 LU1057296771
A2 EUR 17.83 -0.03 -0.17 29-May-2024 18.16 15.19 LU0200683885
A8 Hedged ZAR 75.35 -0.27 -0.36 29-May-2024 76.33 66.17 LU1109561420
D3 USD 8.77 -0.03 -0.34 29-May-2024 8.89 7.67 LU0827876821
D2 Hedged EUR 16.54 -0.06 -0.36 29-May-2024 16.76 14.15 LU0827877399
A8 Hedged AUD 6.67 -0.03 -0.45 29-May-2024 6.78 5.90 LU0871639893
D2 EUR 19.71 -0.03 -0.15 29-May-2024 20.07 16.70 LU0827877043
A4 EUR 11.31 -0.01 -0.09 29-May-2024 11.52 9.90 LU1072326561
C2 USD 15.12 -0.05 -0.33 29-May-2024 15.32 12.91 LU0200681673
A1 EUR 7.78 -0.02 -0.26 29-May-2024 7.98 6.92 LU0200683703
A8 Hedged CNH 82.26 -0.31 -0.38 29-May-2024 83.47 72.73 LU1919856051
C1 USD 8.44 -0.03 -0.35 29-May-2024 8.57 7.40 LU0200681327
A3 USD 8.75 -0.03 -0.34 29-May-2024 8.87 7.65 LU0200680782
A3 EUR 8.07 -0.01 -0.12 29-May-2024 8.25 7.16 LU0200684008
A6 Hedged GBP 6.87 -0.02 -0.29 29-May-2024 6.97 6.07 LU1408527916
A6 USD 7.04 -0.03 -0.42 29-May-2024 7.14 6.20 LU0764617162
A2 Hedged EUR 15.44 -0.06 -0.39 29-May-2024 15.65 13.29 LU0413376566
A2 CZK 440.62 0.44 0.10 29-May-2024 460.71 360.11 LU1791181735
A6 Hedged CAD 7.29 -0.02 -0.27 29-May-2024 7.40 6.44 LU1408528054
A8 Hedged NZD 7.45 -0.03 -0.40 29-May-2024 7.56 6.57 LU1408528138
A2 USD 19.33 -0.07 -0.36 29-May-2024 19.57 16.30 LU0200680600
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Amer Bisat
Amer Bisat
Michel Aubenas
Michel Aubenas
Amer Bisat
Amer Bisat

Documents

Documents