Fixed Income

BlackRock US Dollar 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, geographical concentration risk in the US, sovereign debt risk, securities lending counterparty risk and 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 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

Performance chart data not available for display.
View Charts & Calendar Year Performance

Distributions

Ex-Date Distribution
View full table
  1y 3y 5y 10y Incept.
-0.04 2.35 5.20 - 4.76
  YTD 6m 1y 3y 5y 10y Incept.
-2.14 12.45 -0.04 7.23 28.85 - 42.50
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 23-Oct-2020 USD 3,111.881 M
Base Currency USD
Fund Inception 29-Oct-1993
Share Class Currency AUD
Share Class Inception Date 20-Feb-2013
Additional Currencies CAD, CHF, EUR, GBP, HKD, NZD, RMB, SGD, USD, ZAR
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index Bloomberg Barclays US High Yield 2% Constrained Index
Distribution Frequency Monthly
ISIN LU0871640396
Bloomberg Ticker BGUHA8A
Management Fee (incl Distribution Fee, if any) 1.25%
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 5.45
Modified Duration as of 30-Sep-2020 5.01 yrs
12M Trailing Distribution as of 30-Sep-2020 5.79%
Effective Duration as of 30-Sep-2020 3.97
3y Volatility as of 30-Sep-2020 9.16
3y Volatility - Benchmark as of 30-Sep-2020 9.11
3y Beta as of 30-Sep-2020 0.997
5yr Volatility as of 30-Sep-2020 7.88
5y Volatility - Benchmark as of 30-Sep-2020 7.94
5y Beta as of 30-Sep-2020 0.979
Since Class Inception – Volatility as of 30-Sep-2020 7.11
Since Class Inception Volatility – Benchmark as of 30-Sep-2020 7.07
Since Class Inception - Beta as of 30-Sep-2020 0.98

Ratings

Ratings

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Effective 09-Oct-2019
Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 30-Sep-2020
Name Weight (%)
ALLIED UNIVERSAL HOLDCO LLC 144A 6.625 07/15/2026 0.75
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.67
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.59
CONNECT FINCO SARL 144A 6.75 10/01/2026 0.56
ALPHA 3 BV 144A 6.25 02/01/2025 0.55
Name Weight (%)
SOLERA LLC / SOLERA FINANCE INC 144A 10.5 03/01/2024 0.52
KRAFT HEINZ FOODS CO 144A 4.25 03/01/2031 0.52
ISHARES $ HIGH YIELD CRP BND ETF $ 0.50
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.50
CSC HOLDINGS LLC 144A 4.625 12/01/2030 0.50
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
A8 Hedged AUD Monthly 8.94 0.00 0.00 23-Oct-2020 9.40 7.04 LU0871640396
A2 USD Non-Distributing 36.23 0.01 0.03 23-Oct-2020 36.28 27.35 LU0046676465
C2 USD Non-Distributing 27.79 0.00 0.00 23-Oct-2020 27.86 21.14 LU0147389596
A3 HEDGED NZD Monthly 10.91 0.00 0.00 23-Oct-2020 11.39 8.55 LU0803752046
D2 Hedged EUR Non-Distributing 228.69 0.04 0.02 23-Oct-2020 230.40 174.13 LU0532707519
A3 HEDGED CAD Monthly 9.96 0.01 0.10 23-Oct-2020 10.32 7.76 LU0803751741
A8 Hedged RMB Monthly 102.87 0.02 0.02 23-Oct-2020 106.04 79.95 LU1919856218
D2 Hedged AUD Non-Distributing 18.75 0.00 0.00 23-Oct-2020 18.90 14.22 LU0827886895
A3 HEDGED GBP Monthly 9.49 0.00 0.00 23-Oct-2020 9.90 7.44 LU0580330818
A2 Hedged SGD Non-Distributing 15.44 0.00 0.00 23-Oct-2020 15.50 11.72 LU0578945809
A2 Hedged EUR Non-Distributing 214.68 0.04 0.02 23-Oct-2020 217.29 164.13 LU0330917963
A3 HEDGED AUD Monthly 11.14 0.00 0.00 23-Oct-2020 11.63 8.71 LU0578942376
C1 USD Monthly (Daily Calculation) 5.79 0.00 0.00 23-Oct-2020 5.93 4.49 LU0147389166
D2 Hedged CHF Non-Distributing 11.47 0.00 0.00 23-Oct-2020 11.54 8.73 LU1090156289
A1 USD Monthly (Daily Calculation) 5.78 0.00 0.00 23-Oct-2020 5.92 4.48 LU0046675905
A3 HEDGED SGD Monthly 9.68 0.00 0.00 23-Oct-2020 10.01 7.54 LU0578937376
D2 USD Non-Distributing 38.58 0.00 0.00 23-Oct-2020 38.64 29.02 LU0552552704
D4 Hedged GBP Annually 10.31 0.00 0.00 23-Oct-2020 10.92 8.24 LU0681219902
A2 Hedged CHF Non-Distributing 11.02 0.00 0.00 23-Oct-2020 11.14 8.42 LU1090155554
A3 HEDGED EUR Monthly 9.01 0.00 0.00 23-Oct-2020 9.40 7.07 LU0578943853
A6 USD Monthly 4.95 0.00 0.00 23-Oct-2020 5.14 3.88 LU0738912566
D2 Hedged SGD Non-Distributing 16.23 0.00 0.00 23-Oct-2020 16.26 12.27 LU0827887273
A6 Hedged SGD Monthly 9.06 0.00 0.00 23-Oct-2020 9.51 7.15 LU1314333441
D3 USD Monthly 10.03 0.00 0.00 23-Oct-2020 10.27 7.77 LU0592702061
A6 Hedged HKD Monthly 36.97 0.01 0.03 23-Oct-2020 38.42 28.98 LU0764619531
A2 Hedged AUD Non-Distributing 17.79 0.01 0.06 23-Oct-2020 18.01 13.54 LU0578947334
A3 USD Monthly 5.85 0.00 0.00 23-Oct-2020 5.99 4.53 LU0172419151
A4 GBP Annually 10.34 0.00 0.00 23-Oct-2020 10.94 8.25 LU0706698544
D3 Hedged SGD Monthly 9.71 0.00 0.00 23-Oct-2020 10.05 7.57 LU0827886978
A8 Hedged ZAR Monthly 88.24 0.03 0.03 23-Oct-2020 92.60 69.42 LU1023056127

Portfolio Managers

Portfolio Managers

James Keenan
James Keenan
David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

Documents

Documents