Fixed Income

BGF US Dollar Bond Fund

Overview

Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

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

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Performance

Performance

Chart

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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 6.1 -0.6 2.2 3.5 -1.1 8.9 7.8 -2.0 -14.6 5.0
Constraint Benchmark 1 (%) 6.0 0.5 2.6 3.5 0.0 8.7 7.5 -1.5 -13.0 5.5

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

  1y 3y 5y 10y Incept.
10.09 -3.14 -0.68 0.93 2.40
Constraint Benchmark 1 (%) 10.55 -2.20 -0.23 1.49 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.52 -2.94 0.00 4.57 10.09 -9.12 -3.36 9.72 67.24
Constraint Benchmark 1 (%) 1.86 -2.48 0.25 5.31 10.55 -6.46 -1.15 15.93 -
  From
30-Sept-2019
To
30-Sept-2020
From
30-Sept-2020
To
30-Sept-2021
From
30-Sept-2021
To
30-Sept-2022
From
30-Sept-2022
To
30-Sept-2023
From
30-Sept-2023
To
30-Sept-2024
Total Return (%)

as of 30-Sept-2024

7.05 -0.71 -15.79 0.15 10.95
Constraint Benchmark 1 (%)

as of 30-Sept-2024

6.98 -0.90 -14.60 0.64 11.57

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 USD, 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 12-Nov-2024
USD 520,837,052
Fund Launch Date
07-Apr-1989
Fund Base Currency
USD
Constraint Benchmark 1
BBG U.S. Aggregate Index
Initial Charge
5.00%
Management Fee
0.85
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MERCPIA
Share Class launch date
03-Mar-2003
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
1.06%
ISIN
LU0028835386
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
USD Diversified Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
4580456

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-Oct-2024
1463
Standard Deviation (3y)
as of 31-Oct-2024
7.75%
Yield to Maturity
as of 31-Oct-2024
5.50
Weighted Average YTM
as of 31-Oct-2024
5.48
Weighted Avg Maturity
as of 31-Oct-2024
9.65
12 Month Trailing Dividend Distribution Yield
as of 31-Oct-2024
3.82
3y Beta
as of 31-Oct-2024
0.982
Modified Duration
as of 31-Oct-2024
6.68
Effective Duration
as of 31-Oct-2024
6.43
WAL to Worst
as of 31-Oct-2024
9.65

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective 20-Nov-2023)
Analyst-Driven % as of 20-Nov-2023
100.00
Data Coverage % as of 20-Nov-2023
100.00

Holdings

Holdings

as of 31-Oct-2024
Name Weight (%)
UNITED STATES TREASURY 24.82
UNIFORM MBS 13.29
FEDERAL NATIONAL MORTGAGE ASSOCIATION 10.83
FEDERAL HOME LOAN MORTGAGE CORPORATION 7.10
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 5.76
Name Weight (%)
GOLDMAN SACHS GROUP INC/THE 1.63
JPMORGAN CHASE & CO 1.55
MORGAN STANLEY 1.39
DIAMONDBACK ENERGY INC 1.29
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 1.10
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Oct-2024

% of Market Value

Type Fund Benchmark Net
¹Allocations are subject to change. Source: BlackRock
as of 31-Oct-2024

% of Market Value

Type Fund Benchmark Net
as of 31-Oct-2024

% of Market Value

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.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A1 USD 14.94 -0.02 -0.13 12-Nov-2024 15.52 14.28 LU0028835386
Class D2 USD 35.14 -0.05 -0.14 12-Nov-2024 36.28 32.21 LU0548367084
Class D3 USD 14.96 -0.03 -0.20 12-Nov-2024 15.56 14.31 LU0592701923
Class I2 USD 11.40 -0.01 -0.09 12-Nov-2024 11.77 10.43 LU1165522647
Class A3 USD 14.97 -0.02 -0.13 12-Nov-2024 15.56 14.31 LU0172417379
Class A2 USD 33.15 -0.05 -0.15 12-Nov-2024 34.25 30.51 LU0096258362
Class I5 USD 8.92 -0.01 -0.11 12-Nov-2024 9.31 8.52 LU1718847640
Class D2 Hedged GBP 10.37 -0.01 -0.10 12-Nov-2024 10.71 9.55 LU1294567448

Portfolio Managers

Portfolio Managers

Aidan Doyle, CFA
Managing Director, Portfolio Manager

  

Chi Chen
Director, Portfolio Manager

  

David Rogal
Managing Director, Portfolio Manager

  

Sam Summers
Director, Portfolio Manager

   

Literature

Literature