Fixed Income

BlackRock China 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 invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks. The Fund may invest in urban investment bonds issued by Chinese local government financing vehicles (“LGFVs”) that are subject to default risk of the LGFVs.
• The Fund is subject to restrictions and requirements applicable to the Renminbi Qualified Foreign Institutional Investor (“RQFII”) investments, which may adversely affect the fund’s value due to regulatory uncertainties. The Fund is subject to risks associated with investment in the China Interbank Bond Market.
• The Fund's investments are concentrated in People’s Republic of China (PRC). This may result in greater volatility than more broad-based investments. The Fund invests in certain emerging markets and may be subject to political, tax, economic, social and foreign exchange risks.
• The Fund is subject to PRC tax risks, currency risks, securities lending counterparty risks, foreign investments restrictions risks, currency control/ conversion risks and currency hedging risk.
Class 6 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. 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.
0.34 3.99 - - 4.41
  YTD 6m 1y 3y 5y 10y Incept.
-1.28 -0.60 0.34 12.44 - - 14.81
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.
BlackRock China Bond Fund
Unleash the potential of China bonds
BlackRock China Bond Fund

Key Facts

Key Facts

Size of Fund (Millions) as of 18-Oct-2021 RMB 54,810.824 M
Base Currency RMB
Fund Inception 11-Nov-2011
Share Class Currency Singapore Dollar
Share Class Inception Date 18-Jul-2018
Additional Currencies Australian Dollar, British Pound, Canadian Dollar, Euro, Hong Kong Dollar, New Zealand Dollar, RMB, Swiss Franc, U.S. Dollar
Asset Class Fixed Income
Morningstar Category -
Distribution Frequency Monthly
ISIN LU1847653497
Bloomberg Ticker BGFA6SH
Management Fee (incl Distribution Fee, if any) 0.75%
Initial Charge 5.00%
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 30-Sep-2021 5.63
Modified Duration as of 30-Sep-2021 3.64 yrs
12M Trailing Distribution as of 30-Sep-2021 5.60%
Effective Duration as of 30-Sep-2021 2.53
3y Volatility as of 30-Sep-2021 2.64
5yr Volatility as of - -
Since Class Inception - Beta as of 30-Sep-2021 -10.65

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered 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. MSCI Ratings are currently unavailable for this fund.

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 30-Sep-2021 0.00%
MSCI - UN Global Compact Violators as of 30-Sep-2021 0.00%
MSCI - Nuclear Weapons as of 30-Sep-2021 0.00%
MSCI - Thermal Coal as of 30-Sep-2021 0.54%
MSCI - Civilian Firearms as of 30-Sep-2021 0.00%
MSCI - Oil Sands as of 30-Sep-2021 0.00%
MSCI - Tobacco as of 30-Sep-2021 0.00%

Business Involvement Coverage as of 30-Sep-2021 52.58%
Percentage of Fund not covered as of 30-Sep-2021 47.51%
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 1.01% 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 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 environmental, social and governance considerations across all steps of the investment process. In the initial idea generation and credit research process this includes an assessment of each company’s positive ESG attributes or material risks and the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, the Fund manager also reviews ESG aggregate portfolio metrics through BlackRock’s Aladdin system. The Fund manager also considers environmental, social and governance criteria during portfolio monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks.

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 30-Sep-2021
Name Weight (%)
CHINA NATIONAL PETROLEUM CORP MTN 2.99 03/23/2025 2.13
CHINA CONSTRUCTION BANK CORP RegS 3.45 08/10/2031 1.67
INDUSTRIAL AND COMMERCIAL BANK OF 4.15 11/16/2030 1.65
CHINA DEVELOPMENT BANK 3.65 05/21/2029 1.63
INDUSTRIAL AND COMMERCIAL BANK OF 4.15 01/21/2031 1.61
Name Weight (%)
CHINA DEVELOPMENT BANK 3.48 01/08/2029 1.54
CHINA DEVELOPMENT BANK 3.45 09/20/2029 0.86
CHINA PETROLEUM & CHEMICAL CORP MTN 2.2 05/28/2023 0.81
BANK OF CHINA LTD RegS 4.15 03/19/2031 0.81
CHINA DEVELOPMENT BANK 3.07 03/10/2030 0.80
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-2021

% of Weight

Type Fund
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-2021

% of Weight

Type Fund
as of 30-Sep-2021

% of Weight

Type Fund
Allocations subject to change.
as of 30-Sep-2021

% of Weight

Type Fund
as of 30-Sep-2021

% of Weight

Type Fund
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
A6 Hedged Singapore Dollar Monthly 9.43 0.03 0.32 18-Oct-2021 10.21 9.37 LU1847653497
A6 Hedged Canadian Dollar Monthly 9.26 0.03 0.33 18-Oct-2021 10.03 9.20 LU2077746696
D6 Hedged U.S. Dollar Monthly 9.35 0.03 0.32 18-Oct-2021 10.09 9.29 LU2243824054
A6 Hedged Euro Monthly 8.87 0.03 0.34 18-Oct-2021 9.68 8.82 LU1847653224
A6 Hedged U.S. Dollar Monthly 9.47 0.03 0.32 18-Oct-2021 10.26 9.41 LU1847653141
A3 RMB Monthly 71.58 0.22 0.31 18-Oct-2021 74.75 71.12 LU0679941160
A6 Hedged New Zealand Dollar Monthly 9.24 0.03 0.33 18-Oct-2021 10.02 9.19 LU2077746340
D4 Hedged British Pound Annually 9.46 0.03 0.32 18-Oct-2021 10.21 9.40 LU2112292177
C2 U.S. Dollar Non-Distributing 14.28 0.05 0.35 18-Oct-2021 14.76 13.77 LU0683062482
A2 U.S. Dollar Non-Distributing 16.15 0.06 0.37 18-Oct-2021 16.64 15.39 LU0679941327
D2 RMB Non-Distributing 104.32 0.33 0.32 18-Oct-2021 107.47 103.16 LU0827885731
D2 U.S. Dollar Non-Distributing 16.23 0.06 0.37 18-Oct-2021 16.72 15.41 LU0719319435
A2 Euro Non-Distributing 13.92 0.04 0.29 18-Oct-2021 14.06 13.10 LU2267099674
A6 Hedged Hong Kong Dollar Monthly 92.94 0.28 0.30 18-Oct-2021 100.78 92.36 LU1963769176
A6 Hedged Australian Dollar Monthly 9.31 0.03 0.32 18-Oct-2021 10.10 9.25 LU1852331039
A2 Swiss Franc Non-Distributing 14.93 0.05 0.34 18-Oct-2021 15.31 13.97 LU0969580058
A2 Hedged U.S. Dollar Non-Distributing 10.36 0.03 0.29 18-Oct-2021 10.76 10.29 LU2070343392
D6 RMB Monthly 96.16 0.30 0.31 18-Oct-2021 101.31 95.54 LU2243823916
A6 RMB Monthly 100.22 0.30 0.30 18-Oct-2021 106.21 99.59 LU1852330734
D3 U.S. Dollar Monthly 11.19 0.05 0.45 18-Oct-2021 11.67 11.03 LU0683067952
D2 Euro Non-Distributing 13.99 0.05 0.36 18-Oct-2021 14.13 13.37 LU2290526164
A3 Singapore Dollar Monthly 15.03 0.07 0.47 18-Oct-2021 15.63 14.90 LU2298379152
A3 U.S. Dollar Monthly 11.13 0.04 0.36 18-Oct-2021 11.62 10.98 LU0679941673
D2 Hedged Euro Non-Distributing 10.00 0.04 0.40 18-Oct-2021 10.42 9.93 LU2112292417
A2 RMB Non-Distributing 103.83 0.32 0.31 18-Oct-2021 107.01 103.03 LU0679940949
D2 Hedged U.S. Dollar Non-Distributing 10.18 0.03 0.30 18-Oct-2021 10.55 10.12 LU2112292250
A3 Hong Kong Dollar Monthly 86.62 0.32 0.37 18-Oct-2021 90.18 85.11 LU0690034276
A6 Hedged British Pound Monthly 9.19 0.02 0.22 18-Oct-2021 9.97 9.14 LU2077746779

Portfolio Managers

Portfolio Managers

Artur Piasecki
Artur Piasecki
Eric Liu
Eric Liu

Documents

Documents