• 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, 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 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

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
Distributions
Ex-Date | Distribution |
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-
Returns
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
Portfolio Characteristics
Portfolio Characteristics
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.
To be included in MSCI ESG Fund Ratings, 65% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.
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.
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 material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.
The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.
Ratings
Holdings
Holdings
Name | Weight (%) |
---|---|
ISHARES $ HIGH YIELD CRP BND ETF $ | 2.68 |
CLARIOS GLOBAL LP 144A 8.5 05/15/2027 | 0.62 |
CELLNEX TELECOM SA RegS 0.75 11/20/2031 | 0.57 |
SPRINT CAPITAL CORPORATION 8.75 03/15/2032 | 0.49 |
CHENIERE ENERGY INC 4.625 10/15/2028 | 0.49 |
Name | Weight (%) |
---|---|
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 | 0.47 |
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 | 0.44 |
NFP CORP 144A 6.875 08/15/2028 | 0.44 |
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 | 0.42 |
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 | 0.41 |
Exposure Breakdowns
Exposure Breakdowns
% of Weight
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 |
---|---|---|---|---|---|---|---|---|---|
A5 | Euro | Quarterly | 11.01 | 0.00 | 0.00 | 08-Aug-2022 | 11.38 | 10.14 | LU1125545993 |
A1 | U.S. Dollar | Monthly | 7.23 | 0.02 | 0.28 | 08-Aug-2022 | 8.43 | 6.82 | LU0171284770 |
C2 HEDGED | Euro | Non-Distributing | 12.49 | 0.02 | 0.16 | 08-Aug-2022 | 14.46 | 11.78 | LU0147394596 |
A6 Hedged | Singapore Dollar | Monthly | 8.27 | 0.01 | 0.12 | 08-Aug-2022 | 9.87 | 7.82 | LU1830001522 |
D2 | U.S. Dollar | Non-Distributing | 28.75 | 0.07 | 0.24 | 08-Aug-2022 | 32.21 | 27.00 | LU0297941899 |
A2 Hedged | Polish Zloty | Non-Distributing | 14.46 | 0.03 | 0.21 | 08-Aug-2022 | 16.05 | 13.53 | LU0849758007 |
C2 | U.S. Dollar | Non-Distributing | 21.98 | 0.05 | 0.23 | 08-Aug-2022 | 25.07 | 20.68 | LU0331284447 |
D2 Hedged | Euro | Non-Distributing | 17.72 | 0.04 | 0.23 | 08-Aug-2022 | 20.16 | 16.68 | LU0368267034 |
A8 Hedged | ZAR | Monthly | 77.98 | 0.19 | 0.24 | 08-Aug-2022 | 92.60 | 73.66 | LU1023055319 |
A6 | U.S. Dollar | Monthly | 5.93 | 0.00 | 0.00 | 09-Aug-2022 | 7.06 | 5.60 | LU0764618640 |
D3 | U.S. Dollar | Monthly | 7.30 | -0.01 | -0.14 | 09-Aug-2022 | 8.53 | 6.89 | LU0827882126 |
A2 | U.S. Dollar | Non-Distributing | 26.41 | -0.03 | -0.11 | 09-Aug-2022 | 29.81 | 24.85 | LU0171284937 |
A3 HEDGED | Euro | Monthly | 4.44 | 0.01 | 0.23 | 08-Aug-2022 | 5.26 | 4.20 | LU0172401704 |
C1 | U.S. Dollar | Monthly | 7.41 | 0.02 | 0.27 | 08-Aug-2022 | 8.64 | 6.99 | LU0331284363 |
A6 Hedged | Hong Kong Dollar | Monthly | 44.49 | 0.11 | 0.25 | 08-Aug-2022 | 53.19 | 42.07 | LU0784402520 |
D2 Hedged | British Pound | Non-Distributing | 19.56 | 0.05 | 0.26 | 08-Aug-2022 | 22.04 | 18.38 | LU0372548783 |
A3 | U.S. Dollar | Monthly | 7.27 | 0.02 | 0.28 | 08-Aug-2022 | 8.48 | 6.86 | LU0172401969 |
A2 Hedged | Euro | Non-Distributing | 16.36 | 0.04 | 0.25 | 08-Aug-2022 | 18.72 | 15.40 | LU0093504206 |
A1 HEDGED | Euro | Monthly | 4.49 | 0.01 | 0.22 | 08-Aug-2022 | 5.32 | 4.24 | LU0118259661 |
A2 Hedged | British Pound | Non-Distributing | 18.16 | -0.01 | -0.06 | 09-Aug-2022 | 20.61 | 17.09 | LU0567554463 |
A8 Hedged | Australian Dollar | Monthly | 5.71 | -0.01 | -0.17 | 09-Aug-2022 | 6.83 | 5.40 | LU0871640040 |
D5 Hedged | British Pound | Quarterly | 7.94 | 0.02 | 0.25 | 08-Aug-2022 | 9.36 | 7.46 | LU1072327023 |
A2 Hedged | Swedish Krona | Non-Distributing | 13.01 | 0.03 | 0.23 | 08-Aug-2022 | 14.89 | 12.26 | LU0797429023 |
D3 Hedged | Euro | Monthly | 4.46 | 0.01 | 0.22 | 08-Aug-2022 | 5.29 | 4.22 | LU0827882472 |
A8 Hedged | RMB | Monthly | 91.06 | 0.21 | 0.23 | 08-Aug-2022 | 108.31 | 86.10 | LU1919856135 |
Portfolio Managers
Portfolio Managers




