Fixed Income

BlackRock Euro 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 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 and 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

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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

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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -0.60 6.01 4.16 -3.54 -17.78 3.32
Benchmark (%) 0.42 6.00 4.07 -2.88 -17.22 7.19

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

  1y 3y 5y 10y Incept.
-0.46 -6.62 -3.68 - -1.97
Benchmark (%) 3.54 -4.49 -2.29 - -0.85
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-3.32 0.23 -1.91 -3.32 -0.46 -18.56 -17.09 - -12.70
Benchmark (%) -1.23 0.34 -0.89 -1.23 3.54 -12.87 -10.93 - -5.63
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 JPY, 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 16-Jul-2024
EUR 1,979,002,129
Fund Inception
31-Mar-1994
Fund Base Currency
EUR
Benchmark
Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
0.75%
Minimum Initial Investment
JPY 5000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Other Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BF03TX9
Share Class Inception Date
06-Sept-2017
Share Class Currency
JPY
Asset Class
Fixed Income
SFDR Classification
Article 8
ISIN
LU1668663914
Performance Fee
0.00%
Minimum Subsequent Investment
JPY 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGEA2JH
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
721
3y Beta
as of 30-Jun-2024
0.972
Modified Duration
as of 28-Jun-2024
6.67 yrs
Effective Duration
as of 28-Jun-2024
6.73
WAL to Worst
as of 28-Jun-2024
8.44
Standard Deviation (3y)
as of 30-Jun-2024
6.98%
Yield to Maturity
as of 28-Jun-2024
3.60
Yield to Worst
as of 28-Jun-2024
3.55
Weighted Avg Maturity
as of 28-Jun-2024
8.44

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-Jun-2024
A
MSCI ESG Quality Score (0-10)
as of 21-Jun-2024
6.99
Fund Lipper Global Classification
as of 21-Jun-2024
Bond EUR
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Jun-2024
61.74
MSCI ESG % Coverage
as of 21-Jun-2024
93.88
MSCI ESG Quality Score - Peer Percentile
as of 21-Jun-2024
56.17
Funds in Peer Group
as of 21-Jun-2024
308
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Jun-2024
47.83
All data is from MSCI ESG Fund Ratings as of 21-Jun-2024, based on holdings as of 31-Jan-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 28-Jun-2024
0.00%
MSCI - Nuclear Weapons
as of 28-Jun-2024
0.00%
MSCI - Civilian Firearms
as of 28-Jun-2024
0.00%
MSCI - Tobacco
as of 28-Jun-2024
0.00%
MSCI - UN Global Compact Violators
as of 28-Jun-2024
0.00%
MSCI - Thermal Coal
as of 28-Jun-2024
0.00%
MSCI - Oil Sands
as of 28-Jun-2024
0.00%

Business Involvement Coverage
as of 28-Jun-2024
37.35%
Percentage of Fund not covered
as of 28-Jun-2024
62.64%
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 0.29% and for Oil Sands 0.35%.

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 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

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 28-Jun-2024
Name Weight (%)
ITALY (REPUBLIC OF) 4 04/30/2035 1.99
SPAIN (KINGDOM OF) 3.45 10/31/2034 1.62
FRANCE (REPUBLIC OF) 0 02/25/2026 1.59
GERMANY (FEDERAL REPUBLIC OF) 2.3 02/15/2033 1.58
GERMANY (FEDERAL REPUBLIC OF) 3.25 07/04/2042 1.41
Name Weight (%)
IRELAND (GOVERNMENT) 2.6 10/18/2034 1.37
FRANCE (REPUBLIC OF) 2.75 02/25/2029 1.36
GERMANY (FEDERAL REPUBLIC OF) 2.2 02/15/2034 1.36
GERMANY (FEDERAL REPUBLIC OF) 2.1 04/12/2029 1.24
FRANCE (REPUBLIC OF) 0.75 02/25/2028 1.22
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
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
A2 Hedged JPY 882.00 2.00 0.23 16-Jul-2024 910.00 848.00 LU1668663914
A1 USD 19.24 -0.01 -0.05 16-Jul-2024 19.98 17.49 LU0171278889
A3 USD 19.26 0.00 0.00 16-Jul-2024 20.00 17.48 LU0172748641
A2 USD 29.20 0.00 0.00 16-Jul-2024 30.01 26.17 LU0171279184
D4 EUR 10.72 0.03 0.28 16-Jul-2024 10.78 9.94 LU0938162699
A2 EUR 26.83 0.08 0.30 16-Jul-2024 27.03 24.96 LU0050372472
D4 Hedged GBP 10.21 0.03 0.29 16-Jul-2024 10.21 9.38 LU1376384365
A3 EUR 17.69 0.05 0.28 16-Jul-2024 18.01 16.67 LU0172396516
D3 USD 19.36 0.00 0.00 16-Jul-2024 20.11 17.58 LU0827877639
A4 EUR 24.05 0.07 0.29 16-Jul-2024 24.23 22.37 LU0430265933
D2 Hedged USD 13.75 0.04 0.29 16-Jul-2024 13.75 12.59 LU0869640077
A4 GBP 20.27 0.06 0.30 16-Jul-2024 21.14 19.42 LU0204069685
D2 Hedged CHF 10.49 0.03 0.29 16-Jul-2024 10.69 9.92 LU1266592374
A2 CZK 679.86 -0.28 -0.04 16-Jul-2024 680.14 608.24 LU1791174284
A2 Hedged USD 13.19 0.04 0.30 16-Jul-2024 13.19 12.11 LU0869650977
A1 EUR 17.68 0.05 0.28 16-Jul-2024 17.99 16.68 LU0118259232
C2 EUR 19.39 0.06 0.31 16-Jul-2024 19.67 18.21 LU0147393358
A2 Hedged PLN 110.58 0.33 0.30 16-Jul-2024 110.58 101.57 LU1499592381
C2 USD 21.10 0.00 0.00 16-Jul-2024 21.84 19.10 LU0331283399
D2 EUR 28.51 0.08 0.28 16-Jul-2024 28.67 26.45 LU0297941469
D2 USD 31.03 0.00 0.00 16-Jul-2024 31.84 27.74 LU0827877472
D3 EUR 17.79 0.05 0.28 16-Jul-2024 18.11 16.76 LU0827877555
D4 GBP 20.46 0.06 0.29 16-Jul-2024 21.29 19.55 LU0827877712
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Ronald van Loon
Ronald van Loon
Giulia Artolli
Giulia Artolli
Georgie Merson
Georgie Merson

Documents

Documents