Fixed Income

BlackRock Emerging Markets Local Currency 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. 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, interest rate risk, liquidity risk, securities lending counterparty 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

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Distributions

Ex-Date Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -6.45 -13.80 13.59 15.37 -11.59 11.66 2.24 -7.25 -8.61 16.32
Benchmark (%) -5.70 -14.97 9.98 16.17 -6.07 12.93 2.19 -8.25 -11.59 12.75

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

  1y 3y 5y 10y Incept.
1.03 -0.91 0.07 -0.28 -0.45
Benchmark (%) 0.30 -3.10 -1.30 -0.80 -0.69
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-4.23 -1.31 -2.16 -4.23 1.03 -2.69 0.35 -2.77 -5.18
Benchmark (%) -3.73 -1.28 -1.87 -3.73 0.30 -9.01 -6.33 -7.70 -7.84
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 23-Jul-2024
USD 1,597,038,533
Fund Inception
26-Jun-1997
Fund Base Currency
USD
Benchmark
JP Morgan GBI-EM Global Diversified Index (HKD)
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
0.50%
Minimum Initial Investment
HKD 100000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond - Local Currency
Dealing Frequency
Daily, forward pricing basis
SEDOL
B8FPQD0
Share Class Inception Date
04-Oct-2012
Share Class Currency
HKD
Asset Class
Fixed Income
SFDR Classification
Other
ISIN
LU0827885061
Performance Fee
0.00%
Minimum Subsequent Investment
-
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGLED3H
SFC-authorised ESG fund
No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28-Jun-2024
191
Standard Deviation (3y)
as of 30-Jun-2024
11.30%
Yield to Maturity
as of 28-Jun-2024
8.83
Yield to Worst
as of 28-Jun-2024
8.83
Weighted Avg Maturity
as of 28-Jun-2024
7.94
12M Trailing Distribution
as of 30-Jun-2024
6.95%
3y Beta
as of 30-Jun-2024
1.072
Modified Duration
as of 28-Jun-2024
6.46 yrs
Effective Duration
as of 28-Jun-2024
6.49
WAL to Worst
as of 28-Jun-2024
7.94

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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

Ratings

Morningstar Rating

3 stars
As of 28-Feb-2019
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 28-Jun-2024
Name Weight (%)
POLAND (REPUBLIC OF) 6 10/25/2033 3.06
PERU (REPUBLIC OF) 6.95 08/12/2031 2.84
COLOMBIA (REPUBLIC OF) 13.25 02/09/2033 2.50
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.43
COLOMBIA (REPUBLIC OF) 7 03/26/2031 1.90
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.84
SOUTH AFRICA (REPUBLIC OF) 8.875 02/28/2035 1.81
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.74
TURKEY (REPUBLIC OF) 26.2 10/05/2033 1.66
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.63
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 28-Jun-2024

% of Weight

Type Fund Benchmark Net
as of 28-Jun-2024

% of Weight

Type Fund Benchmark Net
as of 28-Jun-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 28-Jun-2024

% of Weight

Type Fund Benchmark Net
as of 28-Jun-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 HKD 97.22 -0.31 -0.32 23-Jul-2024 104.91 93.09 LU0827885061
A2 CHF 21.16 -0.02 -0.09 23-Jul-2024 22.17 19.52 LU0938162186
D2 Hedged EUR 7.05 -0.03 -0.42 23-Jul-2024 7.39 6.51 LU0622213642
A8 Hedged AUD 4.86 -0.02 -0.41 23-Jul-2024 5.32 4.70 LU1133072774
A2 Hedged SGD 7.88 -0.03 -0.38 23-Jul-2024 8.29 7.31 LU0358998713
A3 USD 3.01 -0.01 -0.33 23-Jul-2024 3.25 2.87 LU0278470132
A1 EUR 2.74 -0.01 -0.36 23-Jul-2024 2.92 2.71 LU0278461065
A4 EUR 11.52 -0.01 -0.09 23-Jul-2024 12.19 10.85 LU0478974834
A2 Hedged SEK 79.91 -0.27 -0.34 23-Jul-2024 84.12 74.28 LU1715605868
A2 EUR 21.88 -0.01 -0.05 23-Jul-2024 22.50 20.61 LU0278457204
D2 USD 25.81 -0.08 -0.31 23-Jul-2024 26.78 23.46 LU0383940458
A3 EUR 2.77 -0.01 -0.36 23-Jul-2024 2.95 2.73 LU0278457469
A1 USD 2.98 -0.01 -0.33 23-Jul-2024 3.21 2.86 LU0278477574
D2 CHF 23.01 -0.01 -0.04 23-Jul-2024 24.08 21.14 LU1065150267
A4 USD 12.50 -0.04 -0.32 23-Jul-2024 13.42 11.41 LU0548402170
D2 Hedged CHF 7.82 -0.02 -0.26 23-Jul-2024 8.30 7.35 LU1688375184
A3 HKD 23.50 -0.08 -0.34 23-Jul-2024 25.36 22.51 LU0388349754
D3 Hedged GBP 5.01 -0.01 -0.20 23-Jul-2024 5.44 4.80 LU0995345831
C2 USD 19.08 -0.06 -0.31 23-Jul-2024 20.00 17.59 LU0278476923
A2 USD 23.74 -0.08 -0.34 23-Jul-2024 24.71 21.66 LU0278470058
A2 Hedged EUR 6.74 -0.02 -0.30 23-Jul-2024 7.08 6.25 LU0359002093
D4 EUR 11.58 -0.01 -0.09 23-Jul-2024 12.25 10.87 LU0827885145
C2 EUR 17.59 -0.01 -0.06 23-Jul-2024 18.19 16.73 LU0278457972
D3 Hedged AUD 4.67 -0.01 -0.21 23-Jul-2024 5.13 4.52 LU0827884841
A6 Hedged SGD 5.35 -0.02 -0.37 23-Jul-2024 5.96 5.24 LU1676225185
C1 USD 2.98 -0.01 -0.33 23-Jul-2024 3.21 2.85 LU0278478119
D3 EUR 11.48 0.00 0.00 23-Jul-2024 12.21 11.31 LU0827884924
D2 Hedged GBP 13.86 -0.04 -0.29 23-Jul-2024 14.41 12.65 LU0827885491
D3 USD 12.45 -0.04 -0.32 23-Jul-2024 13.44 11.89 LU0523291242
D5 GBP 6.81 -0.02 -0.29 23-Jul-2024 7.42 6.78 LU1694209807
A3 Hedged AUD 4.67 -0.01 -0.21 23-Jul-2024 5.13 4.52 LU0575500318
D2 Hedged SGD 8.36 -0.03 -0.36 23-Jul-2024 8.77 7.72 LU0827884767
A2 Hedged PLN 9.76 -0.03 -0.31 23-Jul-2024 10.17 8.95 LU0480535052
A6 USD 6.17 -0.02 -0.32 23-Jul-2024 6.72 5.95 LU1408528211
D2 EUR 23.79 -0.01 -0.04 23-Jul-2024 24.40 22.32 LU0329592702
A2 Hedged CHF 6.38 -0.02 -0.31 23-Jul-2024 6.79 6.02 LU0623004180
D4 USD 12.57 -0.04 -0.32 23-Jul-2024 13.49 11.42 LU0827885228
A6 Hedged GBP 5.44 -0.01 -0.18 23-Jul-2024 5.97 5.27 LU1408528302
A6 Hedged CAD 5.88 -0.02 -0.34 23-Jul-2024 6.48 5.71 LU1408528641
D2 Hedged PLN 10.35 -0.04 -0.38 23-Jul-2024 10.76 9.46 LU0827884684
A6 Hedged HKD 59.46 -0.19 -0.32 23-Jul-2024 65.54 57.86 LU1408528484
A2 CZK 555.77 2.90 0.52 23-Jul-2024 569.28 504.92 LU1791177113
A8 Hedged NZD 6.12 -0.02 -0.33 23-Jul-2024 6.69 5.92 LU1408528724
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Amer Bisat
Amer Bisat
Michal Wozniak
Michal Wozniak

Documents

Documents