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 and Class 10 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

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

Performance chart data not available for display.
View full Chart

Distributions

Ex-Date Distribution
View full table

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 13.52 6.33 -4.27 13.46 4.77 4.18 -12.48 10.64
Benchmark (%) 17.13 7.50 -2.08 14.32 7.05 5.26 -11.18 13.44

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

  1y 3y 5y 10y Incept.
6.70 0.28 2.91 - 3.38
Benchmark (%) 9.28 1.87 4.43 - 5.22
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.03 0.03 7.78 4.88 6.70 0.85 15.41 - 31.50
Benchmark (%) 0.00 0.00 8.42 6.18 9.28 5.70 24.17 - 52.05
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 SGD, 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 01-Mar-2024 USD 1,893,274,079
Share Class Inception Date 04-Nov-2015
Fund Inception 29-Oct-1993
Share Class Currency SGD
Fund Base Currency USD
Asset Class Fixed Income
Benchmark Bloomberg Barclays US High Yield 2% Constrained Index
SFDR Classification Article 8
Initial Charge 5.00%
ISIN LU1314333441
Management Fee (incl Distribution Fee, if any) 1.25%
Performance Fee 0.00%
Minimum Initial Investment SGD 5000
Minimum Subsequent Investment -
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGUHA6S
SEDOL BYM31F6
SFC-authorised ESG fund No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Jan-2024 1142
12M Trailing Distribution as of 29-Feb-2024 6.44%
Standard Deviation (3y) as of 31-Jan-2024 8.22%
3y Beta as of 31-Jan-2024 0.970
Yield to Maturity as of 31-Jan-2024 7.53
Modified Duration as of 31-Jan-2024 4.00 yrs
Yield to Worst as of 31-Jan-2024 7.37
Effective Duration as of 31-Jan-2024 3.30
Weighted Avg Maturity as of 31-Jan-2024 4.62
WAL to Worst as of 31-Jan-2024 4.62

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-Feb-2024 BBB
MSCI ESG % Coverage as of 21-Feb-2024 68.53
MSCI ESG Quality Score (0-10) as of 21-Feb-2024 5.42
MSCI ESG Quality Score - Peer Percentile as of 21-Feb-2024 62.64
Fund Lipper Global Classification as of 21-Feb-2024 Bond USD High Yield
Funds in Peer Group as of 21-Feb-2024 439
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Feb-2024 208.25
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Feb-2024 68.66
All data is from MSCI ESG Fund Ratings as of 21-Feb-2024, based on holdings as of 30-Sept-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 31-Jan-2024 0.00%
MSCI - UN Global Compact Violators as of 31-Jan-2024 0.00%
MSCI - Nuclear Weapons as of 31-Jan-2024 0.00%
MSCI - Thermal Coal as of 31-Jan-2024 0.00%
MSCI - Civilian Firearms as of 31-Jan-2024 0.01%
MSCI - Oil Sands as of 31-Jan-2024 0.00%
MSCI - Tobacco as of 31-Jan-2024 0.00%

Business Involvement Coverage as of 31-Jan-2024 36.03%
Percentage of Fund not covered as of 31-Jan-2024 64.02%
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 0.00% and for Oil Sands 0.05%.

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 the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for certain issuers under consideration for investment and certain 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 may consider the sector and issuer ESG views and scores during portfolio construction. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include discussion of the portfolio's exposure to material ESG risks, where appropriate.

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-Jan-2024
Name Weight (%)
CLOUD SOFTWARE GROUP INC 144A 6.5 03/31/2029 1.25
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 1.23
ISHARES $ HIGH YIELD CRP BND ETF $ 1.03
HUB INTERNATIONAL LTD 144A 7.25 06/15/2030 1.01
MAUSER PACKAGING SOLUTIONS HOLDING 144A 7.875 08/15/2026 0.90
Name Weight (%)
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.88
UKG INC 144A 6.875 02/01/2031 0.86
CARNIVAL HOLDINGS (BERMUDA) LTD 144A 10.375 05/01/2028 0.82
EMRLD BORROWER LP 144A 6.625 12/15/2030 0.79
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.78
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 31-Jan-2024

% of Weight

Type Fund Benchmark Net
as of 31-Jan-2024

% of Weight

Type Fund Benchmark Net
as of 31-Jan-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
A6 Hedged SGD 7.72 0.00 0.00 01-Mar-2024 7.83 7.30 LU1314333441
A3 Hedged GBP 8.55 0.00 0.00 01-Mar-2024 8.63 8.01 LU0580330818
D2 Hedged AUD 19.94 0.00 0.00 01-Mar-2024 19.97 18.00 LU0827886895
A8 Hedged CNH 87.92 0.03 0.03 01-Mar-2024 88.74 82.43 LU1919856218
A3 Hedged EUR 7.82 0.00 0.00 01-Mar-2024 7.90 7.36 LU0578943853
A3 Hedged NZD 9.97 0.01 0.10 01-Mar-2024 10.05 9.32 LU0803752046
C1 USD 5.38 0.00 0.00 01-Mar-2024 5.40 5.01 LU0147389166
A2 Hedged CHF 10.84 0.01 0.09 01-Mar-2024 10.86 10.05 LU1090155554
A6 USD 4.32 0.01 0.23 01-Mar-2024 4.37 4.05 LU0738912566
D2 Hedged CHF 11.55 0.01 0.09 01-Mar-2024 11.56 10.68 LU1090156289
A2 Hedged SGD 16.24 0.01 0.06 01-Mar-2024 16.26 14.78 LU0578945809
A3 Hedged SGD 8.74 0.01 0.11 01-Mar-2024 8.83 8.22 LU0578937376
D2 Hedged EUR 236.83 0.10 0.04 01-Mar-2024 237.11 214.80 LU0532707519
D2 USD 42.61 0.02 0.05 01-Mar-2024 42.65 37.88 LU0552552704
D3 USD 9.28 0.00 0.00 01-Mar-2024 9.36 8.68 LU0592702061
D4 Hedged GBP 9.51 0.01 0.11 01-Mar-2024 9.52 8.68 LU0681219902
A4 HEDGED GBP 9.52 0.00 0.00 01-Mar-2024 9.53 8.72 LU0706698544
A2 Hedged AUD 18.48 0.01 0.05 01-Mar-2024 18.50 16.79 LU0578947334
A8 Hedged AUD 7.78 0.00 0.00 01-Mar-2024 7.86 7.30 LU0871640396
A6 Hedged HKD 31.54 0.01 0.03 01-Mar-2024 31.98 29.71 LU0764619531
A3 USD 5.42 0.01 0.18 01-Mar-2024 5.46 5.06 LU0172419151
D2 Hedged SGD 17.48 0.01 0.06 01-Mar-2024 17.50 15.80 LU0827887273
A3 Hedged AUD 9.93 0.00 0.00 01-Mar-2024 10.03 9.33 LU0578942376
D3 Hedged SGD 8.76 0.00 0.00 01-Mar-2024 8.86 8.25 LU0827886978
A2 Hedged EUR 217.14 0.08 0.04 01-Mar-2024 217.42 198.29 LU0330917963
A1 USD 5.37 0.00 0.00 01-Mar-2024 5.39 5.00 LU0046675905
A3 Hedged CAD 9.07 0.00 0.00 01-Mar-2024 9.15 8.49 LU0803751741
A2 USD 39.08 0.02 0.05 01-Mar-2024 39.12 34.97 LU0046676465
C2 USD 28.75 0.01 0.03 01-Mar-2024 28.78 26.04 LU0147389596
A8 Hedged ZAR 78.60 0.04 0.05 01-Mar-2024 79.61 73.83 LU1023056127
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

Documents

Documents