Fixed Income

BGF US Government Mortgage Impact 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.

Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets. This Share Class may pay dividends or take charges from capital. While this may allow more income to be distributed, it may reduce the value of your holdings and impact the potential for long term capital growth. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Loading

Performance

Performance

Chart

Performance chart data not available for display.
View full chart

Distributions

Record Date Ex-Date Payable Date
View full table
  From
30-Jun-2016
To
30-Jun-2017
From
30-Jun-2017
To
30-Jun-2018
From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
Total Return (%)

as of 30-Jun-2021

-0.62 -1.45 5.58 5.86 0.24
Benchmark (%)

as of 30-Jun-2021

-0.08 0.11 6.39 5.96 -0.47
  1y 3y 5y 10y Incept.
0.25 3.87 1.88 2.06 5.02
Benchmark (%)

as of 31-Aug-2021

-0.23 3.87 2.35 2.48 6.39
  YTD 1m 3m 1y 3y 5y 10y Incept.
-0.37 0.01 0.31 0.25 12.07 9.75 22.59 485.63
Benchmark (%)

as of 31-Aug-2021

-0.48 -0.15 0.36 -0.23 12.06 12.33 27.80 834.78

Key Facts

Key Facts

Size of Fund (Millions) as of 23-Sep-2021 USD 139.81
12m Trailing Yield as of 31-Aug-2021 2.99
Number of Holdings as of 31-Aug-2021 361
Base Currency U.S. Dollar
Fund Launch Date 02-Aug-1985
Share Class launch date 02-Aug-1985
Asset Class Fixed Income
Morningstar Category USD Government Bond
Benchmark Index Bloomberg Barclays US MBS Index
SFDR Classification Article 9
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 1.01%
ISIN LU0035308682
Bloomberg Ticker MERFSAI
Annual Management Fee 0.75%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL 4909556
Bloomberg Benchmark Ticker SBMT
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment USD 5,000.00
Minimum Subsequent Investment USD 1,000.00
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 31-Aug-2021 1.74
Modified Duration as of 31-Aug-2021 4.37
Effective Duration as of 31-Aug-2021 4.40
Weighted Avg Maturity as of 31-Aug-2021 5.95
3y Volatility - Benchmark as of 31-Aug-2021 2.14
3y Beta as of 31-Aug-2021 0.865
5y Volatility - Benchmark as of 31-Aug-2021 2.17
5y Beta as of 31-Aug-2021 0.903
WAL to Worst as of 31-Aug-2021 5.95

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.

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 ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Risk Indicator

Risk Indicator

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

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF US Government Mortgage Impact Fund, Class A1, as of 31-Aug-2021 rated against 188 USD Government Bond Funds.

Holdings

Holdings

as of 31-Aug-2021
Name Weight (%)
UMBS 30YR TBA(REG A) 36.18
GNMA2 30YR 33.47
FNMA 30YR 2021 PRODUCTION 9.28
FNMA 30YR 2020 PRODUCTION 8.20
UMBS 15YR TBA(REG B) 8.13
Name Weight (%)
GNMA2 30YR 2020 PRODUCTION 5.40
FHLMC 30YR UMBS SUPER 4.30
FHLMC 30YR UMBS 2.31
UMBS 30YR TBA(REG C) 1.92
FNMA 30YR 3% LTV > 95 2021 1.51
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-2021

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-2021

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-2021

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 31-Aug-2021

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-2021

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-2021

% 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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
Class A1 USD Daily 9.14 0.00 0.00 9.42 9.14 - LU0035308682 - -
Class I2 USD - 10.82 0.00 0.00 10.88 10.74 - LU2011139206 - -
Class D3 USD Monthly 9.17 0.00 0.00 9.45 9.17 - LU0592702145 - -
Class A3 USD Monthly 9.15 0.00 0.00 9.43 9.15 - LU0172418690 - -
Class I3 USD Monthly 9.35 0.00 0.00 9.63 9.35 - LU1456639035 - -
Class A2 USD None 20.82 0.00 0.00 20.99 20.69 - LU0096258446 - -
Class D2 USD None 21.72 0.00 0.00 21.85 21.57 - LU0424777026 - -

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Akiva Dickstein
Matthew Kraeger
Matthew Kraeger
Bob Miller
Managing Director

Bob Miller, Managing Director, is head of Americas Fundamental Fixed Income within BlackRock's Global Fixed Income group and a member of the Global Fixed Income Executive Committee.

Literature

Literature