Fixed Income

BGF Global 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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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

1.89 -1.86 7.58 4.48 3.88
Benchmark (%)

as of 30-Jun-2021

2.84 0.58 9.60 7.15 3.71
  1y 3y 5y 10y Incept.
2.04 5.48 3.06 - 3.53
Benchmark (%)

as of 31-Jul-2021

2.34 7.01 4.65 - 5.13
  YTD 1m 3m 1y 3y 5y 10y Incept.
0.00 1.02 2.65 2.04 17.36 16.24 - 19.96
Benchmark (%)

as of 31-Jul-2021

0.37 1.27 2.94 2.34 22.55 25.52 - 29.96

Key Facts

Key Facts

Size of Fund (Millions) as of 04-Aug-2021 USD 1,464.13
12m Trailing Yield as of 31-Jul-2021 1.89
Number of Holdings as of 30-Jun-2021 835
Base Currency U.S. Dollar
Fund Launch Date 19-Oct-2007
Share Class launch date 04-May-2016
Asset Class Fixed Income
Morningstar Category Global Corporate Bond - GBP Hedged
Benchmark Index BBG Barc Global Agg Corporate Index, 100% USD Hedged
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 0.50%
ISIN LU1403442228
Bloomberg Ticker BGCI4GH
Annual Management Fee 0.45%
Initial Charge 0.00%
Performance Fee 0.00%
SEDOL BYZQBH4
Bloomberg Benchmark Ticker LGCPTRUH
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment GBP 10,000,000.00
Minimum Subsequent Investment GBP 1,000.00
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

3y Volatility - Benchmark as of 31-Jul-2021 6.11
3y Beta as of 31-Jul-2021 0.990
5y Volatility - Benchmark as of 31-Jul-2021 5.05
5y Beta as of 31-Jul-2021 0.996

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 07-Jul-2021 A
MSCI ESG Quality Score (0-10) as of 07-Jul-2021 6.96
MSCI ESG Quality Score - Peer Percentile as of 07-Jul-2021 58.67
MSCI ESG % Coverage as of 07-Jul-2021 95.41
Fund Lipper Global Classification as of 07-Jul-2021 Bond Global Corporates USD
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-Jul-2021 269.24
Funds in Peer Group as of 07-Jul-2021 75
All data is from MSCI ESG Fund Ratings as of 07-Jul-2021, based on holdings as of 31-Jan-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 30-Jun-2021 0.79%
MSCI - UN Global Compact Violators as of 30-Jun-2021 2.69%
MSCI - Nuclear Weapons as of 30-Jun-2021 0.79%
MSCI - Thermal Coal as of 30-Jun-2021 0.09%
MSCI - Civilian Firearms as of 30-Jun-2021 0.00%
MSCI - Oil Sands as of 30-Jun-2021 0.00%
MSCI - Tobacco as of 30-Jun-2021 3.86%

Business Involvement Coverage as of 30-Jun-2021 91.45%
Percentage of Fund not covered as of 30-Jun-2021 10.02%
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 0.75%.

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 Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 22-Jan-2021)

Holdings

Holdings

as of 30-Jun-2021
Name Weight (%)
CITIGROUP INC 4.412 03/31/2031 0.75
TELEFONICA EUROPE BV 23 RegS 3 12/31/2049 0.68
BOEING CO 4.875 05/01/2025 0.62
CHORUS LTD MTN RegS 1.125 10/18/2023 0.60
BROADCOM INC 5 04/15/2030 0.58
Name Weight (%)
IMPERIAL BRANDS FINANCE PLC MTN RegS 1.125 08/14/2023 0.58
BANK OF AMERICA CORP 3.419 12/20/2028 0.55
MIZUHO FINANCIAL GROUP INC 1.234 05/22/2027 0.54
CREDIT SUISSE GROUP AG 144A 4.194 04/01/2031 0.54
UBS AG RegS 5.125 05/15/2024 0.53
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Jun-2021

% of Market Value

Type Fund Benchmark Net
as of 30-Jun-2021

% of Market Value

Type Fund Benchmark Net
as of 30-Jun-2021

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Jun-2021

% of Market Value

Type Fund Benchmark Net
as of 30-Jun-2021

% of Market Value

Type Fund Benchmark Net
as of 30-Jun-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 I4 Hedged GBP Annual 10.90 0.01 0.09 10.90 10.45 - LU1403442228 - -
Class A4 Hedged EUR Annual 9.61 0.00 0.00 9.67 9.26 - LU0303846876 - -
Class A2 Hedged EUR None 14.03 0.01 0.07 14.10 13.52 - LU0297942434 - -
Class D5 Hedged GBP Quarterly 11.02 0.01 0.09 11.09 10.63 - LU1814255474 - -
Class A2 USD None 16.15 0.01 0.06 16.17 15.52 - LU0297942194 - -
Class D2 USD None 17.10 0.01 0.06 17.10 16.40 - LU0326960662 - -
Class D2 Hedged GBP None 11.21 0.01 0.09 11.21 10.76 - LU1222731728 - -
Class I2 USD None 13.15 0.01 0.08 13.15 12.60 - LU1181254019 - -
Class D2 Hedged EUR None 14.84 0.01 0.07 14.87 14.27 - LU0326951752 - -
Class A5 USD Quarterly 11.97 0.01 0.08 12.05 11.55 - LU0825403933 - -
Class A3 Hedged GBP Monthly 11.20 0.00 0.00 11.30 10.82 - LU0816460231 - -
Class I2 Hedged EUR None 11.25 0.01 0.09 11.26 10.81 - LU1625162489 - -
Class A6 USD Monthly 11.70 0.01 0.09 11.88 11.36 - LU0788109634 - -

Portfolio Managers

Portfolio Managers

Michael Krautzberger
Head, BlackRock’s Pan-European Fixed Income Team

     

Stephan Bassas
Stephan Bassas
Tom Mondelaers
Tom Mondelaers

Literature

Literature