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IMPORTANT:
• The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. 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, geographical concentration risk in Europe, interest rate risk, securities lending counterparty risk and contingent convertible bonds 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.
• The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. 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, geographical concentration risk in Europe, interest rate risk, securities lending counterparty risk and contingent convertible bonds 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
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.
Distributions
| Ex-Date | Distribution |
|---|
-
Returns
During this period performance was achieved under circumstances that no longer apply
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 2.71 | 1.10 | 0.91 | 0.67 | -1.20 | 0.89 | 0.65 | -1.14 | -5.18 | 4.55 |
| Benchmark (%) | 1.79 | 0.58 | 0.58 | -0.13 | -0.15 | 0.43 | 0.16 | -0.54 | -4.96 | 3.99 |
Past performance is not a guide to future performance. Investors may not get back the full amount invested.
If the share class of the fund has been launched for less than 5 years, please refer to the fund factsheet for the performance information calculated from the launch date to the end of launch year.
Performance is calculated based on the calendar year end, NAV-to-NAV with dividend reinvested.
These figures show by how much the Share Class of the Fund increased or decreased in value during the calendar year 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 calendar year to provide performance.
Please refer to the Key Facts section on the right for the inception date of the Fund and the Share Class.
If the share class of the fund has been launched for less than 5 years, please refer to the fund factsheet for the performance information calculated from the launch date to the end of launch year.
Performance is calculated based on the calendar year end, NAV-to-NAV with dividend reinvested.
These figures show by how much the Share Class of the Fund increased or decreased in value during the calendar year 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 calendar year to provide performance.
Please refer to the Key Facts section on the right for the inception date of the Fund and the Share Class.
Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
| 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|
| Total Return (%) | 4.80 | 0.94 | 0.43 | 0.45 | 0.87 |
| Benchmark (%) | 4.78 | 0.73 | 0.39 | 0.34 | 0.65 |
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 3.57 | 0.79 | 1.34 | 3.28 | 4.80 | 2.85 | 2.18 | 4.57 | 11.12 |
| Benchmark (%) | 3.60 | 0.76 | 1.48 | 3.39 | 4.78 | 2.21 | 1.99 | 3.43 | 8.26 |
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.
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 EUR.
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-Dec-2024
EUR 2,109,885,573
Fund Inception
04-Jan-1999
Fund Base Currency
EUR
Benchmark
Barclays Euro-Aggregate 500mm 1-3 Years Index
Initial Charge
5.00%
ISIN
LU0827878017
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGESD3E
SFC-authorised ESG fund
No
Share Class Inception Date
20-Sept-2012
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Article 8
Management Fee
0.40%
Management Fee (incl Distribution Fee, if any)
0.40%
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
EUR Diversified Bond - Short Term
Dealing Frequency
Daily, forward pricing basis
SEDOL
B7TVR45
For Fee details, please refer to the Fund Prospectus.
Portfolio Characteristics
Portfolio Characteristics
Number of Holdings
as of 29-Nov-2024
415
Standard Deviation (3y)
as of 30-Nov-2024
2.59%
Yield to Maturity
as of 29-Nov-2024
3.08
Yield to Worst
as of 29-Nov-2024
2.97
Weighted Avg Maturity
as of 29-Nov-2024
2.51
12M Trailing Distribution
as of 30-Nov-2024
2.39%
3y Beta
as of 30-Nov-2024
1.136
Modified Duration
as of 29-Nov-2024
2.20 yrs
Effective Duration
as of 29-Nov-2024
2.11
WAL to Worst
as of 29-Nov-2024
2.51
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 21-Nov-2024
A
MSCI ESG Quality Score (0-10)
as of 21-Nov-2024
6.91
Fund Lipper Global Classification
as of 21-Nov-2024
Bond EUR Short Term
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
58.42
MSCI ESG % Coverage
as of 21-Nov-2024
90.82
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-2024
38.61
Funds in Peer Group
as of 21-Nov-2024
202
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
39.49
All data is from MSCI ESG Fund Ratings as of 21-Nov-2024, based on holdings as of 30-Jun-2024. 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 29-Nov-2024
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.00%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.00%
MSCI - Tobacco
as of 29-Nov-2024
0.00%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
0.00%
MSCI - Thermal Coal
as of 29-Nov-2024
0.00%
MSCI - Oil Sands
as of 29-Nov-2024
0.00%
Business Involvement Coverage
as of 29-Nov-2024
39.73%
Percentage of Fund not covered
as of 29-Nov-2024
60.21%
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 0.19%.
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
BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.
Ratings
Ratings
Holdings
Holdings
as of 29-Nov-2024
| Name | Weight (%) |
|---|---|
| FRANCE (REPUBLIC OF) 0 02/25/2025 | 6.89 |
| SPAIN (KINGDOM OF) 0 05/31/2025 | 6.86 |
| FRANCE (REPUBLIC OF) 2.5 09/24/2026 | 4.03 |
| SPAIN (KINGDOM OF) 0 01/31/2026 | 3.54 |
| CYPRUS (REPUBLIC OF) 0.625 12/03/2024 | 2.33 |
| Name | Weight (%) |
|---|---|
| FRANCE (REPUBLIC OF) 0 03/25/2025 | 1.88 |
| SPAIN (KINGDOM OF) 2.8 05/31/2026 | 1.87 |
| FRANCE (REPUBLIC OF) 0 02/25/2027 | 1.62 |
| SPAIN (KINGDOM OF) 0 01/31/2027 | 1.47 |
| ITALY (REPUBLIC OF) 3.45 07/15/2027 | 1.42 |
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
Allocations are subject to change. Source: BlackRock
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%
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 | 12.05 | 0.01 | 0.08 | 11-Dec-2024 | 12.05 | 11.77 | LU0827878017 |
| A4 | EUR | 14.56 | 0.00 | 0.00 | 11-Dec-2024 | 14.62 | 14.22 | LU0448386994 |
| D4 Hedged | GBP | 11.70 | 0.01 | 0.09 | 11-Dec-2024 | 11.72 | 11.27 | LU0555993434 |
| A2 Hedged | CHF | 10.15 | 0.00 | 0.00 | 11-Dec-2024 | 10.15 | 9.95 | LU0521028638 |
| A4 HEDGED | GBP | 11.46 | 0.00 | 0.00 | 11-Dec-2024 | 11.46 | 11.05 | LU0448387455 |
| D2 Hedged | CHF | 10.60 | 0.01 | 0.09 | 11-Dec-2024 | 10.60 | 10.36 | LU0827877985 |
| D4 | EUR | 14.79 | 0.01 | 0.07 | 11-Dec-2024 | 14.88 | 14.44 | LU0827878108 |
| A3 | EUR | 11.87 | 0.01 | 0.08 | 11-Dec-2024 | 11.87 | 11.59 | LU0172403825 |
| D2 | EUR | 16.92 | 0.01 | 0.06 | 11-Dec-2024 | 16.92 | 16.15 | LU0329592371 |
| D4 Hedged | USD | 12.02 | 0.00 | 0.00 | 11-Dec-2024 | 12.04 | 11.56 | LU0903533064 |
| A1 | EUR | 11.85 | 0.01 | 0.08 | 11-Dec-2024 | 11.85 | 11.57 | LU0118255248 |
| A2 | EUR | 15.94 | 0.01 | 0.06 | 11-Dec-2024 | 15.94 | 15.27 | LU0093503810 |
| A2 Hedged | USD | 13.50 | 0.01 | 0.07 | 11-Dec-2024 | 13.50 | 12.74 | LU0456865749 |
| A4 HEDGED | USD | 12.32 | 0.00 | 0.00 | 11-Dec-2024 | 12.32 | 11.85 | LU0448387703 |
| D2 Hedged | USD | 12.24 | 0.01 | 0.08 | 11-Dec-2024 | 12.24 | 11.51 | LU1202926330 |
| C2 | EUR | 11.54 | 0.01 | 0.09 | 11-Dec-2024 | 11.54 | 11.20 | LU0147388606 |
| D3 Hedged | GBP | 10.59 | 0.01 | 0.09 | 11-Dec-2024 | 10.59 | 10.23 | LU0827891978 |
Unless otherwise specified, all information as of the month end.
Portfolio Managers
Portfolio Managers
Johan Sjogren
Giulia Artolli
Georgie Merson
