Fixed Income

BGF Euro Corporate 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.

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. 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. 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.

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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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 (%) 7.8 0.4 4.9 2.5 -1.6 6.7 2.5 -1.8 -14.7 8.8
Constraint Benchmark 1 (%) 8.3 -0.4 4.8 2.4 -1.1 6.3 2.6 -1.0 -13.9 8.0

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

  1y 3y 5y 10y Incept.
7.46 -1.09 -0.48 1.05 2.52
Constraint Benchmark 1 (%) 8.01 -0.82 -0.15 1.13 2.89
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
4.43 1.80 2.16 5.14 7.46 -3.25 -2.36 10.97 57.90
Constraint Benchmark 1 (%) 5.11 1.65 2.48 5.33 8.01 -2.43 -0.77 11.88 68.56
  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

0.17 1.20 -17.06 4.70 9.30
Constraint Benchmark 1 (%)

as of 30-Sept-2024

0.21 1.59 -15.63 3.69 9.58

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 EUR, hedged share class benchmark performance is displayed in EUR.

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 11-Dec-2024
EUR 2,359,462,702
Fund Launch Date
14-May-2003
Fund Base Currency
EUR
Constraint Benchmark 1
ICE BofA Euro Corporate Index (ER00)
Initial Charge
5.00%
Management Fee
0.80%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
ML2LU LX
Share Class launch date
31-Jul-2006
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Article 8
Ongoing Charges Figures
1.02%
ISIN
LU0162658883
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
EUR Corporate Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
7588639

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-2024
351
3y Beta
as of 30-Nov-2024
1.095
Modified Duration
as of 29-Nov-2024
4.90
Effective Duration
as of 29-Nov-2024
4.70
WAL to Worst
as of 29-Nov-2024
5.87
Standard Deviation (3y)
as of 30-Nov-2024
7.29%
Yield to Maturity
as of 29-Nov-2024
3.59
Weighted Average YTM
as of 29-Nov-2024
3.39
Weighted Avg Maturity
as of 29-Nov-2024
5.87

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
AA
MSCI ESG Quality Score (0-10)
as of 21-Nov-2024
7.28
Fund Lipper Global Classification
as of 21-Nov-2024
Bond EUR Corporates
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-2024
90.94
MSCI ESG % Coverage
as of 21-Nov-2024
93.67
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-2024
37.67
Funds in Peer Group
as of 21-Nov-2024
292
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-2024
89.39
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
0.00%
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
85.51%
Percentage of Fund not covered
as of 29-Nov-2024
14.43%
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 0.99% and for Oil Sands 0.77%.

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

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Euro Corporate Bond Fund, Class A2, as of 30-Nov-2024 rated against 1340 EUR Corporate Bond Funds.

Holdings

Holdings

as of 29-Nov-2024
Name Weight (%)
BANQUE FEDERATIVE DU CREDIT MUTUEL MTN RegS 4.375 05/02/2030 1.51
WELLS FARGO & COMPANY MTN RegS 3.9 07/22/2032 1.24
UBS GROUP AG RegS 4.75 03/17/2032 1.24
NATWEST MARKETS PLC MTN RegS 4.164 01/13/2026 1.17
INTESA SANPAOLO SPA MTN RegS 3.805 11/16/2025 1.16
Name Weight (%)
SES SA RegS 2.875 12/31/2079 1.07
DANSKE BANK A/S MTN RegS 1 05/15/2031 1.04
MORGAN STANLEY 0.497 02/07/2031 1.02
VEOLIA ENVIRONNEMENT SA NC5.5 RegS 2.25 12/31/2079 1.02
TEVA PHARMACEUTICAL FINANCE NETHER 7.875 09/15/2031 0.97
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-2024

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-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 A2 EUR 17.09 0.01 0.06 11-Dec-2024 17.09 15.99 LU0162658883
Class A1 EUR 13.14 0.00 0.00 11-Dec-2024 13.14 12.59 LU0162660350
Class A3 EUR 12.92 0.01 0.08 11-Dec-2024 12.92 12.37 LU0172394222
Class I5 EUR 9.90 0.01 0.10 11-Dec-2024 9.90 9.45 LU1502568287
Class I2 EUR 11.59 0.01 0.09 11-Dec-2024 11.59 10.78 LU1373033965
Class A2 Hedged USD 12.37 0.01 0.08 11-Dec-2024 12.37 11.39 LU1445717389
Class D2 EUR 18.24 0.01 0.05 11-Dec-2024 18.24 16.99 LU0368266499
Class A2 Hedged GBP 11.35 0.01 0.09 11-Dec-2024 11.35 10.48 LU1445718197
Class D2 Hedged USD 12.78 0.01 0.08 11-Dec-2024 12.78 11.72 LU1445718437
Class I2 Hedged GBP 11.89 0.01 0.08 11-Dec-2024 11.89 10.92 LU1445719328
Class D2 Hedged GBP 11.73 0.01 0.09 11-Dec-2024 11.73 10.78 LU1445719088
Class D3 EUR 12.92 0.00 0.00 11-Dec-2024 12.92 12.37 LU0827877803

Portfolio Managers

Portfolio Managers

Georgie Merson
Georgie Merson
Max Huefner
Max Huefner
Georgie Merson
Georgie Merson

Literature

Literature