Fixed Income

BGF China Onshore 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. Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political, sustainability-related or regulatory events. 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. Fixed income securities issued or guaranteed by government entities in emerging markets generally experience higher ‘Credit Risk’ than developed economies. 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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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 1 years.

  2019 2020 2021 2022 2023
Total Return (%) 4.9
Comparator Benchmark 1 (%) 1.5

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

  1y 3y 5y 10y Incept.
7.13 - - - 5.99
Comparator Benchmark 1 (%) 1.51 - - - 1.50
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
5.38 1.02 2.07 3.16 7.13 - - - 11.38
Comparator Benchmark 1 (%) 1.13 0.13 0.38 0.76 1.51 - - - 2.80
  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

- - - - 7.13
Comparator Benchmark 1 (%)

as of 30-Sept-2024

- - - - 1.51

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 CNH.

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 31-Oct-2024
RMB 660,736,918
Fund Launch Date
06-Sept-2022
Fund Base Currency
CNH
Comparator Benchmark 1
(USD)
Initial Charge
5.00%
Management Fee
1.00
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BLKGBCH
Share Class launch date
23-Nov-2022
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Article 8
Ongoing Charges Figures
1.29%
ISIN
LU2550100858
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BNNSR77

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30-Sept-2024
98
Standard Deviation (3y)
as of -
-
Yield to Maturity
as of 30-Sept-2024
2.81
Weighted Average YTM
as of 30-Sept-2024
2.63
Weighted Avg Maturity
as of 30-Sept-2024
1.91
12 Month Trailing Dividend Distribution Yield
as of 31-Oct-2024
5.05
3y Beta
as of -
-
Modified Duration
as of 30-Sept-2024
8.40
Effective Duration
as of 30-Sept-2024
1.86
WAL to Worst
as of 30-Sept-2024
1.91

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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-Sept-2024
0.00%
MSCI - Nuclear Weapons
as of 30-Sept-2024
0.00%
MSCI - Civilian Firearms
as of 30-Sept-2024
0.00%
MSCI - Tobacco
as of 30-Sept-2024
0.00%
MSCI - UN Global Compact Violators
as of 30-Sept-2024
0.00%
MSCI - Thermal Coal
as of 30-Sept-2024
0.00%
MSCI - Oil Sands
as of 30-Sept-2024
0.00%

Business Involvement Coverage
as of 30-Sept-2024
55.75%
Percentage of Fund not covered
as of 30-Sept-2024
45.44%
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 0.00% 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

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

Risk Indicator

Risk Indicator

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3
4
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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Holdings

Holdings

as of 30-Sept-2024
Name Weight (%)
CHENGDU RAIL TRANSIT GROUP CO LTD MTN 3.97 12/31/2079 3.66
POSTAL SAVINGS BANK OF CHINA CO LT RegS 3.44 08/23/2031 3.54
XIAMEN MUNICIPAL CONSTRUCTION GROU MTN 3.15 03/09/2025 3.53
CHINA DEVELOPMENT BANK 2.19 12/14/2024 3.51
CHINA CONSTRUCTION BANK CORP 2.21 07/08/2034 3.44
Name Weight (%)
DBS BANK CHINA LTD RegS 4.7 03/24/2031 1.82
GF SECURITIES CO LTD 3.73 06/05/2028 1.81
SHUDAO INVESTMENT GROUP CO LTD MTN 3.5 12/31/2079 1.80
BANK OF NINGBO CO LTD 3.87 06/07/2031 1.79
CHINA MERCHANTS EXPRESSWAY NETWORK MTN 2.85 12/31/2079 1.78
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Sept-2024

% of Market Value

Type Fund
as of 30-Sept-2024

% of Market Value

Type Fund
as of 30-Sept-2024

% of Market Value

Type Fund
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 A8 Hedged USD 10.18 -0.03 -0.29 31-Oct-2024 10.24 9.96 LU2550100858
Class I2 Hedged EUR 10.77 0.01 0.09 31-Oct-2024 10.77 10.11 LU2556667033

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Venn Saltirov
Venn Saltirov
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Literature

Literature