Fixed Income

BGF European High Yield 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.

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.
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Performance

Performance

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Distributions

Record Date Ex-Date Payable Date
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  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

11.56 2.24 6.80 -0.53 13.98
Benchmark (%)

as of 30-Jun-2021

10.12 0.86 5.41 -1.92 11.22
  1y 3y 5y 10y Incept.
10.30 6.29 5.86 - 5.43
Benchmark (%)

as of 31-Aug-2021

8.61 4.55 4.31 - 4.54
  YTD 1m 3m 1y 3y 5y 10y Incept.
4.88 0.50 1.58 10.30 20.09 32.94 - 38.12
Benchmark (%)

as of 31-Aug-2021

3.84 0.32 1.30 8.61 14.27 23.47 - 31.08

Key Facts

Key Facts

Size of Fund (Millions) as of 16-Sep-2021 EUR 382.24
12m Trailing Yield as of 31-Aug-2021 3.63
Number of Holdings as of 31-Aug-2021 369
Base Currency Euro
Fund Launch Date 23-Jul-2015
Share Class launch date 23-Jul-2015
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index BBG Pan European HY 3% Issuer Constrained 100% EUR Hedged Index
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 0.78%
ISIN LU1258858023
Bloomberg Ticker BGEHD4G
Annual Management Fee 0.55%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL BYN8BV6
Bloomberg Benchmark Ticker -
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment GBP 100,000.00
Minimum Subsequent Investment -
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 31-Aug-2021 3.81
Modified Duration as of 31-Aug-2021 3.79
Effective Duration as of 31-Aug-2021 3.06
Weighted Avg Maturity as of 31-Aug-2021 4.15
3y Volatility - Benchmark as of 31-Aug-2021 9.70
3y Beta as of 31-Aug-2021 0.967
5y Volatility - Benchmark as of 31-Aug-2021 7.66
5y Beta as of 31-Aug-2021 0.971
WAL to Worst as of 31-Aug-2021 4.15

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 06-Aug-2021 BBB
MSCI ESG Quality Score (0-10) as of 06-Aug-2021 4.70
MSCI ESG Quality Score - Peer Percentile as of 06-Aug-2021 47.50
MSCI ESG % Coverage as of 06-Aug-2021 70.20
Fund Lipper Global Classification as of 06-Aug-2021 Bond EUR High Yield
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 06-Aug-2021 152.24
Funds in Peer Group as of 06-Aug-2021 80
All data is from MSCI ESG Fund Ratings as of 06-Aug-2021, based on holdings as of 28-Feb-2021. 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% 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.

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 31-Aug-2021 0.00%
MSCI - UN Global Compact Violators as of 31-Aug-2021 0.00%
MSCI - Nuclear Weapons as of 31-Aug-2021 0.00%
MSCI - Thermal Coal as of 31-Aug-2021 0.00%
MSCI - Civilian Firearms as of 31-Aug-2021 0.00%
MSCI - Oil Sands as of 31-Aug-2021 0.00%
MSCI - Tobacco as of 31-Aug-2021 0.00%

Business Involvement Coverage as of 31-Aug-2021 48.36%
Percentage of Fund not covered as of 31-Aug-2021 51.67%
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 0.24% and for Oil Sands 0.36%.

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

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 the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and 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.

Risk Indicator

Risk Indicator

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3
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5
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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 31-Aug-2021
Name Weight (%)
CELLNEX TELECOM SA RegS 0.75 11/20/2031 1.92
ELECTRICITE DE FRANCE SA RegS 3.375 12/31/2049 1.43
INTESA SANPAOLO SPA PNC7.5 RegS 5.5 12/31/2049 0.98
CHEPLAPHARM ARZNEIMITTEL GMBH RegS 4.375 01/15/2028 0.91
GALAXY BIDCO LTD RegS 6.5 07/31/2026 0.87
Name Weight (%)
CENTURION BIDCO SPA RegS 5.875 09/30/2026 0.86
GARFUNKELUX HOLDCO 3 SA RegS 7.75 11/01/2025 0.84
AUTOSTRADE PER LITALIA SPA RegS 2 01/15/2030 0.82
RAKUTEN INC RegS 4.25 12/31/2049 0.82
CIDRON AIDA FINCO SARL RegS 5 04/01/2028 0.81
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 D4 Hedged GBP Annual 10.99 0.03 0.27 11.31 10.11 - LU1258858023 - -
Class A2 EUR None 12.95 0.03 0.23 12.95 11.60 - LU1191877379 - -
Class D4 EUR Annual 10.62 0.03 0.28 10.94 9.81 - LU1258857561 - -
Class D2 EUR None 13.41 0.03 0.22 13.41 11.96 - LU1191877965 - -

Portfolio Managers

Portfolio Managers

Stephen Gough
Stephen Gough
Jose Aguilar
Jose Aguilar
James Turner
James Turner

Literature

Literature