Fixed Income

BlackRock Global 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, 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

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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.
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Distributions

Ex-Date Distribution
View full table
  1y 3y 5y 10y Incept.
4.39 - - - 8.03
  YTD 6m 1y 3y 5y 10y Incept.
2.04 11.57 4.39 - - - 15.49
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 27-Nov-2020 USD 1,787.556 M
Base Currency USD
Fund Inception 22-Dec-1998
Share Class Currency RMB
Share Class Inception Date 19-Dec-2018
Additional Currencies AUD, EUR, GBP, HKD, PLN, SEK, SGD, USD, ZAR
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index ICE BofA Merrill Lynch Global High Yield Constrained USD Hedged Index
Distribution Frequency Monthly
ISIN LU1919856135
Bloomberg Ticker BGHA8CH
Management Fee (incl Distribution Fee, if any) -
Initial Charge 5.00%
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 30-Oct-2020 5.56
Modified Duration as of 30-Oct-2020 5.20 yrs
12M Trailing Distribution as of 31-Oct-2020 6.39%
Effective Duration as of 30-Oct-2020 4.48
3y Volatility as of - -
5yr Volatility as of - -
Since Class Inception – Volatility as of 31-Oct-2020 10.86
Since Class Inception Volatility – Benchmark as of 31-Oct-2020 11.86
Since Class Inception - Beta as of 31-Oct-2020 0.91

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 30-Oct-2020
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 1.28
PETROLEOS MEXICANOS 6.375 01/23/2045 0.78
ALLIED UNIVERSAL HOLDCO LLC 144A 6.625 07/15/2026 0.45
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.42
PETROBRAS GLOBAL FINANCE BV 5.093 01/15/2030 0.42
Name Weight (%)
PETROLEOS MEXICANOS 3.5 01/30/2023 0.40
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.39
CONNECT FINCO SARL 144A 6.75 10/01/2026 0.38
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.37
ALTICE FINANCING SA 144A 7.5 05/15/2026 0.36
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-Oct-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-Oct-2020

% of Weight

Type Fund Benchmark Net
as of 30-Oct-2020

% of Weight

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Oct-2020

% of Weight

Type Fund Benchmark Net
as of 30-Oct-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 RMB Monthly 106.90 0.02 0.02 27-Nov-2020 107.45 81.45 LU1919856135
C1 HEDGED EUR Monthly (Daily Calculation) 5.35 0.00 0.00 27-Nov-2020 5.44 4.11 LU0147394323
D2 USD Non-Distributing 30.38 0.01 0.03 27-Nov-2020 30.38 22.31 LU0297941899
C2 HEDGED EUR Non-Distributing 13.95 0.00 0.00 27-Nov-2020 13.95 10.51 LU0147394596
D2 Hedged GBP Non-Distributing 20.84 0.00 0.00 27-Nov-2020 20.84 15.48 LU0372548783
D5 Hedged GBP Quarterly 9.15 0.00 0.00 27-Nov-2020 9.33 6.96 LU1072327023
A5 EUR Quarterly 10.73 -0.04 -0.37 27-Nov-2020 11.85 8.95 LU1125545993
D2 Hedged EUR Non-Distributing 19.15 0.00 0.00 27-Nov-2020 19.15 14.24 LU0368267034
A1 USD Monthly (Daily Calculation) 8.23 0.00 0.00 27-Nov-2020 8.23 6.24 LU0171284770
A6 Hedged SGD Monthly 9.81 0.00 0.00 27-Nov-2020 10.07 7.59 LU1830001522
A8 Hedged ZAR Monthly 91.11 0.00 0.00 27-Nov-2020 93.35 70.34 LU1023055319
A2 Hedged EUR Non-Distributing 17.89 0.01 0.06 27-Nov-2020 17.89 13.37 LU0093504206
A2 Hedged SEK Non-Distributing 14.19 0.01 0.07 27-Nov-2020 14.19 10.56 LU0797429023
A1 EUR Monthly (Daily Calculation) 5.23 0.00 0.00 27-Nov-2020 5.32 4.02 LU0118259661
A2 Hedged PLN Non-Distributing 15.27 0.00 0.00 27-Nov-2020 15.27 11.38 LU0849758007
D3 Hedged EUR Monthly 5.22 0.00 0.00 27-Nov-2020 5.30 4.01 LU0827882472
C2 USD Non-Distributing 24.01 0.00 0.00 27-Nov-2020 24.01 17.86 LU0331284447
D3 USD Monthly 8.35 0.00 0.00 27-Nov-2020 8.35 6.33 LU0827882126
A6 Hedged HKD Monthly 52.91 0.01 0.02 27-Nov-2020 53.62 40.67 LU0784402520
A8 Hedged AUD Monthly 6.74 0.00 0.00 27-Nov-2020 6.92 5.19 LU0871640040
A6 USD Monthly 7.02 0.01 0.14 27-Nov-2020 7.11 5.40 LU0764618640
A3 USD Monthly 8.30 0.00 0.00 27-Nov-2020 8.30 6.29 LU0172401969
C1 USD Monthly (Daily Calculation) 8.44 0.00 0.00 27-Nov-2020 8.44 6.40 LU0331284363
A3 HEDGED EUR Monthly 5.19 0.00 0.00 27-Nov-2020 5.27 3.98 LU0172401704
A2 USD Non-Distributing 28.27 0.00 0.00 27-Nov-2020 28.27 20.86 LU0171284937
A2 Hedged GBP Non-Distributing 19.60 0.01 0.05 27-Nov-2020 19.60 14.63 LU0567554463

Portfolio Managers

Portfolio Managers

James Keenan
James Keenan
Jose Aguilar
Jose Aguilar
David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin
James Turner
James Turner

Documents

Documents