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 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

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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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Distributions

Ex-Date Distribution
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  2019 2020 2021 2022 2023
Total Return (%) 5.58 -4.63 -5.12 4.26
Benchmark (%) 0.84 1.94 1.50 1.50

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

  1y 3y 5y 10y Incept.
5.16 -0.70 - - 0.63
Benchmark (%) 1.51 1.50 - - 1.50
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.97 0.17 1.89 5.43 5.16 -2.08 - - 2.84
Benchmark (%) 0.50 0.13 0.37 0.75 1.51 4.57 - - 6.81
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.

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 NZD, hedged share class benchmark performance is displayed in CNH.

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

BlackRock China Bond Fund

Unleash the potential of China bonds
BlackRock China Bond Fund

Key Facts

Key Facts

Net Assets of Fund as of 21-May-2024 RMB 19,947,763,784
Share Class Inception Date 27-Nov-2019
Fund Inception 11-Nov-2011
Share Class Currency NZD
Fund Base Currency CNH
Asset Class Fixed Income
Benchmark 1Y China Household Savings Deposits Rate Index
SFDR Classification Other
Initial Charge 5.00%
ISIN LU2077746340
Management Fee (incl Distribution Fee, if any) 0.75%
Performance Fee 0.00%
Minimum Initial Investment NZD 5000
Minimum Subsequent Investment NZD 1000
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 BGRA6NH LX
SEDOL BJN4WJ4
SFC-authorised ESG fund No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 30-Apr-2024 412
12M Trailing Distribution as of 30-Apr-2024 5.12%
Standard Deviation (3y) as of 30-Apr-2024 3.41%
3y Beta as of - -
Yield to Maturity as of 30-Apr-2024 5.27
Modified Duration as of 30-Apr-2024 4.23 yrs
Yield to Worst as of 30-Apr-2024 5.29
Effective Duration as of 30-Apr-2024 2.69
Weighted Avg Maturity as of 30-Apr-2024 4.76
WAL to Worst as of 30-Apr-2024 4.76

Sustainability Characteristics

Sustainability Characteristics

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. 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-Apr-2024 0.00%
MSCI - UN Global Compact Violators as of 30-Apr-2024 0.00%
MSCI - Nuclear Weapons as of 30-Apr-2024 0.00%
MSCI - Thermal Coal as of 30-Apr-2024 0.24%
MSCI - Civilian Firearms as of 30-Apr-2024 0.00%
MSCI - Oil Sands as of 30-Apr-2024 0.00%
MSCI - Tobacco as of 30-Apr-2024 0.00%

Business Involvement Coverage as of 30-Apr-2024 56.40%
Percentage of Fund not covered as of 30-Apr-2024 43.96%
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 1.98% and for Oil Sands 1.26%.

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 during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or 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 generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance 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 the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 30-Apr-2024
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.52 08/25/2033 3.04
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.12 10/25/2052 2.10
CHINA DEVELOPMENT BANK 2.63 01/08/2034 1.99
AGRICULTURAL DEVELOPMENT BANK OF C 2.96 04/17/2030 1.65
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.56
Name Weight (%)
AGRICULTURAL DEVELOPMENT BANK OF C 3.01 03/16/2030 1.29
CHINA DEVELOPMENT BANK 3.09 06/18/2030 1.06
CHINA DEVELOPMENT BANK 2.69 09/11/2033 1.03
BANK OF CHINA LTD 2.62 04/08/2034 1.00
DBS BANK CHINA LTD RegS 4.7 03/24/2031 0.98
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-Apr-2024

% of Weight

Type Fund
Allocations are subject to change. Source: BlackRock
as of 30-Apr-2024

% of Weight

Type Fund
as of 30-Apr-2024

% of Weight

Type Fund
as of 30-Apr-2024

% of Weight

Type Fund
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 NZD 8.15 0.01 0.12 21-May-2024 8.15 7.87 LU2077746340
A8 Hedged HKD 100.90 0.04 0.04 21-May-2024 101.56 98.16 LU2550100429
A2 Hedged SGD 10.39 0.01 0.10 21-May-2024 10.39 9.86 LU2631410169
D2 EUR 13.35 -0.01 -0.07 21-May-2024 13.52 12.43 LU2290526164
A8 Hedged USD 10.11 0.00 0.00 21-May-2024 10.18 9.83 LU2550100692
A6 Hedged SGD 8.13 0.00 0.00 21-May-2024 8.22 7.93 LU1847653497
D6 Hedged USD 8.31 0.00 0.00 21-May-2024 8.31 8.01 LU2243824054
D6 Hedged SGD 8.37 0.01 0.12 21-May-2024 8.43 8.14 LU2325727282
D2 Hedged EUR 9.73 0.00 0.00 21-May-2024 9.73 9.21 LU2112292417
A6 Hedged EUR 7.44 0.00 0.00 21-May-2024 7.53 7.25 LU1847653224
A10 Hedged USD 10.18 0.01 0.10 21-May-2024 10.20 9.99 LU2708802587
A6 Hedged USD 8.36 0.01 0.12 21-May-2024 8.36 8.07 LU1847653141
A2 Hedged USD 10.49 0.00 0.00 21-May-2024 10.49 9.86 LU2070343392
D2 Hedged SGD 10.42 0.01 0.10 21-May-2024 10.42 9.87 LU2631410243
A3 CNH 64.82 0.02 0.03 21-May-2024 64.82 62.87 LU0679941160
D2 CNH 104.92 0.03 0.03 21-May-2024 104.92 99.50 LU0827885731
A2 EUR 13.16 -0.02 -0.15 21-May-2024 13.34 12.30 LU2267099674
A2 CHF 13.00 0.01 0.08 21-May-2024 13.00 11.80 LU0969580058
A6 Hedged CAD 8.08 0.00 0.00 21-May-2024 8.09 7.83 LU2077746696
A6 Hedged AUD 7.98 0.00 0.00 21-May-2024 8.04 7.77 LU1852331039
A6 Hedged GBP 7.99 0.00 0.00 21-May-2024 7.99 7.74 LU2077746779
A3 USD 8.95 -0.01 -0.11 21-May-2024 9.18 8.57 LU0679941673
C2 USD 12.23 -0.02 -0.16 21-May-2024 12.26 11.58 LU0683062482
A3 HKD 69.82 -0.08 -0.11 21-May-2024 71.87 67.06 LU0690034276
A2 CNH 103.48 0.03 0.03 21-May-2024 103.48 98.33 LU0679940949
D6 CNH 84.45 0.03 0.04 21-May-2024 85.45 82.30 LU2243823916
D3 USD 8.99 -0.01 -0.11 21-May-2024 9.22 8.61 LU0683067952
D2 Hedged USD 10.40 0.00 0.00 21-May-2024 10.40 9.76 LU2112292250
A3 SGD 12.05 -0.01 -0.08 21-May-2024 12.36 11.67 LU2298379152
A2 USD 14.28 -0.02 -0.14 21-May-2024 14.31 13.42 LU0679941327
A6 CNH 87.05 0.03 0.03 21-May-2024 88.33 85.00 LU1852330734
D4 Hedged GBP 8.77 0.00 0.00 21-May-2024 8.77 8.24 LU2112292177
A6 Hedged HKD 79.98 0.03 0.04 21-May-2024 80.29 77.69 LU1963769176
D2 USD 14.48 -0.02 -0.14 21-May-2024 14.51 13.58 LU0719319435
A2 Hedged JPY 891.00 0.00 0.00 21-May-2024 891.00 865.00 LU2367605297
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Documents

Documents