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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.
Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.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.
Performance
Performance
Chart
Performance chart data not available for display.
Distributions
| Ex-Date | Total Distribution |
|---|
-
Returns
This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.
During this period performance was achieved under circumstances that no longer apply
*On , the Fund changed its name and/or investment objective and policy..
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 5.6 | -1.7 | 12.6 | 7.3 | -7.1 | 12.2 | 6.0 | -3.0 | -16.8 | 15.3 |
| Constraint Benchmark 1 (%) | 7.4 | 1.2 | 10.2 | 10.3 | -4.3 | 15.0 | 5.3 | -1.8 | -17.8 | 11.1 |
Missing calendar year returns data
Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
| 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|
| Total Return (%) | 13.27 | 2.13 | 2.22 | 2.81 | 3.74 |
| Constraint Benchmark 1 (%) | 13.16 | 0.02 | 0.80 | 3.04 | - |
Missing average annual returns data
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 9.10 | 0.84 | 1.04 | 5.80 | 13.27 | 6.54 | 11.60 | 31.90 | 109.76 |
| Constraint Benchmark 1 (%) | 8.05 | 1.19 | 1.29 | 6.22 | 13.16 | 0.07 | 4.06 | 34.86 | - |
Missing cumulative returns data
| 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 |
0.73 | 6.79 | -26.08 | 13.62 | 22.57 |
|
Constraint Benchmark 1 (%)
as of 30-Sept-2024 |
1.29 | 4.36 | -24.28 | 10.01 | 18.60 |
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 13-Dec-2024
USD 1,245,941,251
Fund Launch Date
01-Oct-2004
Fund Base Currency
USD
Constraint Benchmark 1
JP Morgan EMBI Global Diversified Index
Initial Charge
5.00%
Management Fee
1.25%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MLEMUA3
Share Class launch date
01-Oct-2004
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
1.47%
ISIN
LU0200680782
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B0346N3
Portfolio Characteristics
Portfolio Characteristics
Number of Holdings
as of 29-Nov-2024
277
Standard Deviation (3y)
as of 30-Nov-2024
11.79%
Yield to Maturity
as of 29-Nov-2024
6.64
Weighted Average YTM
as of 29-Nov-2024
6.64
Weighted Avg Maturity
as of 29-Nov-2024
9.44
12 Month Trailing Dividend Distribution Yield
as of 30-Nov-2024
4.43
3y Beta
as of 30-Nov-2024
1.023
Modified Duration
as of 29-Nov-2024
6.44
Effective Duration
as of 29-Nov-2024
6.47
WAL to Worst
as of 29-Nov-2024
9.44
Sustainability Characteristics
Sustainability Characteristics
Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.
The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics 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 methodologies behind Sustainability Characteristics using the links below.
MSCI ESG Fund Rating (AAA-CCC)
as of 21-Nov-2024
BB
MSCI ESG Quality Score (0-10)
as of 21-Nov-2024
3.84
Fund Lipper Global Classification
as of 21-Nov-2024
Bond Emerging Markets Global HC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
707.08
MSCI ESG % Coverage
as of 21-Nov-2024
91.58
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-2024
18.84
Funds in Peer Group
as of 21-Nov-2024
398
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
14.95
All data is from MSCI ESG Fund Ratings as of 21-Nov-2024, based on holdings as of 30-Jun-2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.
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.
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 29-Nov-2024
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-2024
0.00%
MSCI - Civilian Firearms
as of 29-Nov-2024
0.00%
MSCI - Tobacco
as of 29-Nov-2024
0.00%
MSCI - UN Global Compact Violators
as of 29-Nov-2024
3.28%
MSCI - Thermal Coal
as of 29-Nov-2024
0.00%
MSCI - Oil Sands
as of 29-Nov-2024
0.00%
Business Involvement Coverage
as of 29-Nov-2024
13.61%
Percentage of Fund not covered
as of 29-Nov-2024
87.10%
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 0.05% and for Oil Sands 0.00%.
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
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
Holdings
Holdings
as of 29-Nov-2024
| Name | Weight (%) |
|---|---|
| PERU (REPUBLIC OF) 3 01/15/2034 | 1.27 |
| MDGH GMTN RSC LTD MTN RegS 5.875 05/01/2034 | 1.19 |
| GACI FIRST INVESTMENT CO MTN RegS 4.875 02/14/2035 | 1.18 |
| TURKEY (REPUBLIC OF) 9.125 07/13/2030 | 1.09 |
| MEXICO (UNITED MEXICAN STATES) (GO 4.875 05/19/2033 | 1.02 |
| Name | Weight (%) |
|---|---|
| TURKEY (REPUBLIC OF) 7.625 04/26/2029 | 1.02 |
| UKRAINE (REPUBLIC OF) A BONDS RegS 1.75 02/01/2034 | 0.96 |
| ARGENTINA REPUBLIC OF GOVERNMENT 4.125 07/09/2035 | 0.92 |
| DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 | 0.88 |
| COLOMBIA (REPUBLIC OF) 7.5 02/02/2034 | 0.88 |
Holdings subject to change
Exposure Breakdowns
Exposure Breakdowns
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 A3 | USD | 9.09 | -0.02 | -0.22 | 13-Dec-2024 | 9.21 | 8.43 | LU0200680782 |
| Class A1 | EUR | 8.37 | -0.01 | -0.12 | 13-Dec-2024 | 8.40 | 7.45 | LU0200683703 |
| Class D2 | EUR | 21.81 | 0.00 | 0.00 | 13-Dec-2024 | 21.87 | 18.49 | LU0827877043 |
| Class I2 Hedged | EUR | 11.98 | -0.04 | -0.33 | 13-Dec-2024 | 12.06 | 10.74 | LU1057294727 |
| Class A2 | USD | 20.62 | -0.06 | -0.29 | 13-Dec-2024 | 20.72 | 18.29 | LU0200680600 |
| Class D3 | EUR | 8.69 | 0.00 | 0.00 | 13-Dec-2024 | 8.71 | 7.72 | LU0827877126 |
| Class D2 Hedged | EUR | 17.54 | -0.05 | -0.28 | 13-Dec-2024 | 17.66 | 15.73 | LU0827877399 |
| Class A3 | EUR | 8.67 | 0.00 | 0.00 | 13-Dec-2024 | 8.69 | 7.70 | LU0200684008 |
| Class A6 Hedged | GBP | 7.07 | -0.02 | -0.28 | 13-Dec-2024 | 7.18 | 6.67 | LU1408527916 |
| Class I4 Hedged | GBP | 8.70 | -0.03 | -0.34 | 13-Dec-2024 | 9.00 | 8.09 | LU2075910922 |
| Class A2 Hedged | EUR | 16.32 | -0.05 | -0.31 | 13-Dec-2024 | 16.45 | 14.73 | LU0413376566 |
| Class D3 | USD | 9.11 | -0.03 | -0.33 | 13-Dec-2024 | 9.23 | 8.45 | LU0827876821 |
| Class A2 | EUR | 19.66 | 0.00 | 0.00 | 13-Dec-2024 | 19.72 | 16.76 | LU0200683885 |
| Class I2 Hedged | GBP | 11.05 | -0.03 | -0.27 | 13-Dec-2024 | 11.10 | 9.76 | LU1806518533 |
| Class I4 | USD | 9.04 | -0.03 | -0.33 | 13-Dec-2024 | 9.35 | 8.37 | LU1806518293 |
| Class A2 Hedged | GBP | 12.23 | -0.04 | -0.33 | 13-Dec-2024 | 12.29 | 10.89 | LU1057296771 |
| Class I5 Hedged | EUR | 7.68 | -0.02 | -0.26 | 13-Dec-2024 | 7.80 | 7.19 | LU1323999216 |
| Class I2 | USD | 20.78 | -0.06 | -0.29 | 13-Dec-2024 | 20.88 | 18.29 | LU1180455567 |
| Class A6 | USD | 7.27 | -0.02 | -0.27 | 13-Dec-2024 | 7.38 | 6.82 | LU0764617162 |
| Class D2 | USD | 22.87 | -0.07 | -0.31 | 13-Dec-2024 | 22.98 | 20.16 | LU0297941386 |
| Class A1 | USD | 8.78 | -0.03 | -0.34 | 13-Dec-2024 | 8.91 | 8.15 | LU0200680436 |
| Class A4 | EUR | 11.94 | 0.00 | 0.00 | 13-Dec-2024 | 11.98 | 10.63 | LU1072326561 |
| Class I2 | EUR | 19.81 | -0.01 | -0.05 | 13-Dec-2024 | 19.87 | 16.77 | LU1048586868 |
| Class I4 Hedged | EUR | 8.23 | -0.03 | -0.36 | 13-Dec-2024 | 8.55 | 7.75 | LU2075911060 |
Portfolio Managers
Portfolio Managers
Michel Aubenas
Managing Director, Head of Emerging Markets Fixed Income
Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.
Silvio Zanardini
Literature
Literature
Important Information
Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1ESG Fund Ratings; 2Index Carbon Footprint Metrics; 3Business Involvement Screening Research; 4ESG Screened Index Methodology; 5ESG Controversies; 6MSCI Implied Temperature Rise
For funds with an investment objective that include the integration of ESG criteria, there may be corporate actions or other situations that may cause the fund or index to passively hold securities that may not comply with ESG criteria. Please refer to the fund’s prospectus for more information. The screening applied by the fund's index provider may include revenue thresholds set by the index provider. The information displayed on this website may not include all of the screens that apply to the relevant index or the relevant fund. These screens are described in more detail in the fund’s prospectus, other fund documents, and the relevant index methodology document.
Certain information contained herein (the “Information”) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries (“MSCI”)), or third party suppliers (each an “Information Provider”), and it may not be reproduced or redisseminated in whole or in part without prior written permission. The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between equity index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.
The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The fund may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held.
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