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.
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Performance

Performance

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This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 3.45 -2.09 5.59 0.44 0.98 1.56 -0.80 6.41 5.07 -1.82
Constraint Benchmark 1 (%) 2.60 -1.52 6.12 1.56 1.59 2.47 1.01 6.68 4.03 -1.24
  1y 3y 5y 10y Incept.
-9.10 -0.71 0.05 0.80 4.67
Constraint Benchmark 1 (%) -7.66 -0.62 0.66 1.36 6.02
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-8.03 0.80 -5.08 -8.30 -9.10 -2.12 0.27 8.31 436.40
Constraint Benchmark 1 (%) -7.29 1.11 -4.98 -7.38 -7.66 -1.86 3.34 14.51 760.03
  From
31-Dec-2016
To
31-Dec-2017
From
31-Dec-2017
To
31-Dec-2018
From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
Total Return (%)

as of 31-Dec-2021

1.56 -0.80 6.41 5.07 -1.82
Constraint Benchmark 1 (%)

as of 31-Dec-2021

2.47 1.01 6.68 4.03 -1.24

Key Facts

Key Facts

Net Assets of Fund as of 28-Jun-2022 USD 108,687,481
Share Class launch date 02-Aug-1985
Fund Launch Date 02-Aug-1985
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 Bloomberg US MBS Index
SFDR Classification Article 9
Initial Charge 5.00%
Ongoing Charges Figures 1.00%
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment USD 5,000.00
Minimum Subsequent Investment USD 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Government Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker ME2LU LX
ISIN LU0096258446
SEDOL 5800562

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-May-2022 309
Standard Deviation (3y) as of 31-May-2022 3.38%
3y Beta as of 31-May-2022 0.993
Yield to Maturity as of 31-May-2022 3.94
Modified Duration as of 31-May-2022 6.57
Weighted Average YTM as of 31-May-2022 3.94
Effective Duration as of 31-May-2022 6.60
Weighted Avg Maturity as of 31-May-2022 9.08
WAL to Worst as of 31-May-2022 9.08

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
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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 A2, as of 31-May-2022 rated against 206 USD Government Bond Funds.

Holdings

Holdings

as of 31-May-2022
Name Weight (%)
GNMA2 30YR 54.04
UMBS 30YR TBA(REG A) 34.62
FNMA 30YR 2021 PRODUCTION 8.43
FNMA 30YR 2020 PRODUCTION 5.84
GNMA2 30YR 2020 PRODUCTION 5.62
Name Weight (%)
UMBS 15YR TBA(REG B) 4.90
FHLMC 30YR UMBS SUPER 3.96
UMBS 30YR TBA 3.59
FHLMC 30YR UMBS 2.10
FNMA 30YR 2.0% LB225K 2021 1.15
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-May-2022

% of Market Value

Type Fund Benchmark Net
as of 31-May-2022

% of Market Value

Type Fund Benchmark Net
as of 31-May-2022

% 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 NAV As Of 52wk High 52wk Low ISIN TIS
Class A2 USD None 18.31 -0.04 -0.22 28-Jun-2022 20.91 18.08 LU0096258446 -
Class I3 USD Monthly 8.07 -0.01 -0.12 28-Jun-2022 9.41 7.96 LU1456639035 -
Class I2 USD - 9.56 -0.01 -0.10 28-Jun-2022 10.86 9.43 LU2011139206 -
Class D3 USD Monthly 7.92 -0.01 -0.13 28-Jun-2022 9.23 7.81 LU0592702145 -
Class A1 USD Monthly 7.88 -0.01 -0.13 28-Jun-2022 9.20 7.79 LU0035308682 -
Class D2 USD None 19.15 -0.04 -0.21 28-Jun-2022 21.80 18.91 LU0424777026 -
Class A3 USD Monthly 7.90 -0.01 -0.13 28-Jun-2022 9.21 7.79 LU0172418690 -

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