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.

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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 5 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 (%) 3.05 -1.02 7.28 3.13 -1.35
Constraint Benchmark 1 (%) 2.42 -1.14 6.25 2.65 -1.02
  1y 3y 5y 10y Incept.
-9.28 -1.52 0.02 - 1.01
Constraint Benchmark 1 (%) -9.22 -1.83 -0.36 - 0.48
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-8.90 -1.11 -5.00 -8.97 -9.28 -4.48 0.09 - 6.50
Constraint Benchmark 1 (%) -9.07 -1.29 -5.36 -9.20 -9.22 -5.39 -1.78 - 3.01
  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

3.05 -1.02 7.28 3.13 -1.35
Constraint Benchmark 1 (%)

as of 31-Dec-2021

2.42 -1.14 6.25 2.65 -1.02

Key Facts

Key Facts

Net Assets of Fund as of 27-Jun-2022 EUR 2,284,229,567
Share Class launch date 02-Mar-2016
Fund Launch Date 14-May-2003
Share Class Currency EUR
Fund Base Currency EUR
Asset Class Fixed Income
Constraint Benchmark 1 ICE BofA Euro Corporate Index (ER00)
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charges Figures 0.45%
Annual Management Fee 0.40%
Performance Fee 0.00%
Minimum Initial Investment EUR 10,000,000.00
Minimum Subsequent Investment -
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category EUR Corporate Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGECBI2
ISIN LU1373033965
SEDOL BDCPPQ4

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-May-2022 345
Standard Deviation (3y) as of 31-May-2022 5.81%
3y Beta as of 31-May-2022 1.018
Yield to Maturity as of 31-May-2022 2.87
Modified Duration as of 31-May-2022 5.39
Weighted Average YTM as of 31-May-2022 2.87
Effective Duration as of 31-May-2022 5.06
Weighted Avg Maturity as of 31-May-2022 5.64
WAL to Worst as of 31-May-2022 5.64

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 06-May-2022 AAA
MSCI ESG % Coverage as of 06-May-2022 93.96
MSCI ESG Quality Score (0-10) as of 06-May-2022 9.17
MSCI ESG Quality Score - Peer Percentile as of 06-May-2022 63.92
Fund Lipper Global Classification as of 06-May-2022 Bond EUR Corporates
Funds in Peer Group as of 06-May-2022 291
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 06-May-2022 178.03
MSCI Weighted Average Carbon Intensity % Coverage as of 06-May-2022 92.19
All data is from MSCI ESG Fund Ratings as of 06-May-2022, based on holdings as of 30-Nov-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 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. 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-May-2022 0.00%
MSCI - UN Global Compact Violators as of 31-May-2022 0.81%
MSCI - Nuclear Weapons as of 31-May-2022 0.13%
MSCI - Thermal Coal as of 31-May-2022 0.00%
MSCI - Civilian Firearms as of 31-May-2022 0.00%
MSCI - Oil Sands as of 31-May-2022 0.00%
MSCI - Tobacco as of 31-May-2022 1.78%

Business Involvement Coverage as of 31-May-2022 91.75%
Percentage of Fund not covered as of 31-May-2022 8.25%
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 0.60% and for Oil Sands 2.23%.

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 combination with other information in the research and due diligence phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves 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

4 stars
Overall Morningstar Rating for BGF Euro Corporate Bond Fund, Class I2, as of 31-May-2022 rated against 1204 EUR Corporate Bond Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective 08-Jul-2021)

Holdings

Holdings

as of 31-May-2022
Name Weight (%)
CREDIT SUISSE GROUP AG MTN RegS 0.65 01/14/2028 1.29
MORGAN STANLEY 0.637 07/26/2024 1.26
GOLDMAN SACHS GROUP INC/THE MTN RegS 0.875 05/09/2029 1.00
JPMORGAN CHASE & CO MTN RegS 1.963 03/23/2030 0.99
CHORUS LTD MTN RegS 1.125 10/18/2023 0.94
Name Weight (%)
BECTON DICKINSON AND COMPANY 1.401 05/24/2023 0.94
FRAPORT AG FRANKFURT AIRPORT SERVI RegS 1.875 03/31/2028 0.88
SANTANDER UK GROUP HOLDINGS PLC MTN RegS 0.391 02/28/2025 0.76
BRITISH AMERICAN TOBACCO NC5.25 RegS 3 12/31/2049 0.71
ING GROEP NV RegS 0.25 02/18/2029 0.70
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
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
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 I2 EUR None 10.20 -0.04 -0.39 27-Jun-2022 11.94 10.06 LU1373033965 -
Class D3 EUR Monthly 12.09 -0.05 -0.41 27-Jun-2022 14.23 11.92 LU0827877803 -
Class A1 EUR Monthly 12.30 -0.05 -0.40 27-Jun-2022 14.49 12.14 LU0162660350 -
Class A3 EUR Monthly 12.08 -0.05 -0.41 27-Jun-2022 14.23 11.92 LU0172394222 -
Class A2 EUR None 15.26 -0.06 -0.39 27-Jun-2022 17.95 15.05 LU0162658883 -
Class I5 EUR Quarterly 9.20 -0.03 -0.33 27-Jun-2022 10.84 9.10 LU1502568287 -
Class I2 Hedged GBP None 10.14 -0.04 -0.39 27-Jun-2022 11.77 9.99 LU1445719328 -
Class A2 Hedged USD None 10.49 -0.04 -0.38 27-Jun-2022 12.22 10.34 LU1445717389 -
Class A2 Hedged GBP None 9.82 -0.04 -0.41 27-Jun-2022 11.46 9.68 LU1445718197 -
Class D2 Hedged USD None 10.73 -0.04 -0.37 27-Jun-2022 12.46 10.58 LU1445718437 -
Class D2 EUR None 16.12 -0.07 -0.43 27-Jun-2022 18.90 15.90 LU0368266499 -
Class D2 Hedged GBP None 10.04 -0.04 -0.40 27-Jun-2022 11.67 9.89 LU1445719088 -

Portfolio Managers

Portfolio Managers

Tom Mondelaers
Managing Director

Tom Mondelaers, Managing Director, is a member of the Fundamental Euro Fixed Income team, where he is the lead portfolio manager for the investment grade credit portfolios.

Georgie Merson
Georgie Merson

Literature

Literature