Fixed Income

BGF Global Government Bond Fund

Overview

Important Information: 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. Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment grade fixed income securities can be more sensitive to changes in these risks than higher rated 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 may seek to exclude Funds which are not subject to ESG-related requirements. 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

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Reinvestments

This fund does not have any distributions data as of now.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 6.33 -1.58 0.10 -0.97 -3.49 3.06 4.11 -4.94 -17.05 2.11
Constraint Benchmark 1 (%) 8.35 1.30 3.75 2.14 2.60 7.59 6.11 -2.29 -12.86 6.42

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

  1Y 3Y 5Y 10y Incept.
0.73 -6.64 -3.33 -1.82 0.21
Constraint Benchmark 1 (%) 4.64 -2.63 0.30 1.83 -
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-2.01 -1.25 1.41 1.28 0.73 -18.63 -15.56 -16.79 4.60
Constraint Benchmark 1 (%) -1.06 -0.73 2.07 2.74 4.64 -7.68 1.52 19.86 -
  From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
From
31-Dec-2022
To
31-Dec-2023
Total Return (%)

as of Dec 31, 2023

3.06 4.11 -4.94 -17.05 2.11
Constraint Benchmark 1 (%)

as of Dec 31, 2023

7.59 6.11 -2.29 -12.86 6.42
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

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 USD.

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 Mar 27, 2024 USD 963,735,015
Share Class Inception Date Jul 1, 2002
Fund Inception Date May 14, 1987
Share Class Currency EUR
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 FTSE WGBI Index 100% Hedged in USD (USD)
SFDR Classification Article 8
Initial Charge 0.00%
Ongoing Charge 2.22%
ISIN LU0297943838
Annual Management Fee 2.00%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Bond - EUR Hedged
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MISGCEU
SEDOL B43LR84

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Feb 29, 2024 869
Standard Deviation (3y) as of Feb 29, 2024 5.96%
Yield to Maturity as of Feb 29, 2024 4.04%
Modified Duration as of Feb 29, 2024 7.82 yrs
Yield to Worst as of Feb 29, 2024 4.02%
Effective Duration as of Feb 29, 2024 7.78 yrs
Weighted Avg Maturity as of Feb 29, 2024 7.21 yrs
WAL to Worst as of Feb 29, 2024 7.21 yrs

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 Mar 21, 2024 A
MSCI ESG % Coverage as of Mar 21, 2024 85.14
MSCI ESG Quality Score (0-10) as of Mar 21, 2024 6.30
MSCI ESG Quality Score - Peer Percentile as of Mar 21, 2024 55.78
Fund Lipper Global Classification as of Mar 21, 2024 Bond Global USD
Funds in Peer Group as of Mar 21, 2024 441
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Mar 21, 2024 137.75
MSCI Weighted Average Carbon Intensity % Coverage as of Mar 21, 2024 9.78
All data is from MSCI ESG Fund Ratings as of Mar 21, 2024, based on holdings as of Oct 31, 2023. 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 Feb 29, 2024 0.00%
MSCI - UN Global Compact Violators as of Feb 29, 2024 0.00%
MSCI - Nuclear Weapons as of Feb 29, 2024 0.00%
MSCI - Thermal Coal as of Feb 29, 2024 0.00%
MSCI - Civilian Firearms as of Feb 29, 2024 0.00%
MSCI - Oil Sands as of Feb 29, 2024 0.00%
MSCI - Tobacco as of Feb 29, 2024 0.00%

Business Involvement Coverage as of Feb 29, 2024 7.15%
Percentage of Fund not covered as of Feb 29, 2024 92.28%
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 0.04% and for Oil Sands 0.23%.

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 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 in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Ratings

Risk Indicator

Risk Indicator

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Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Feb 29, 2024
Name Weight (%)
GERMANY (FEDERAL REPUBLIC OF) 1.3 10/15/2027 8.78
TREASURY NOTE 4.25 01/31/2026 4.81
GERMANY (FEDERAL REPUBLIC OF) 2.8 06/12/2025 3.02
SPAIN (KINGDOM OF) 0 01/31/2027 1.71
JAPAN (GOVERNMENT OF) 10YR #369 0.5 12/20/2032 1.62
Name Weight (%)
KOREA (REPUBLIC OF) 3.625 09/10/2025 1.38
JAPAN (GOVERNMENT OF) 20YR #182 1.1 09/20/2042 1.29
FRANCE (REPUBLIC OF) 0 02/25/2027 1.15
JAPAN (GOVERNMENT OF) 2YR #447 0.005 04/01/2025 1.14
JAPAN (GOVERNMENT OF) 5YR #157 0.2 03/20/2028 1.10
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 2024

% of Market Value

Type Fund
as of Feb 29, 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
C2 Hgd EUR 16.70 0.01 0.06 Mar 28, 2024 17.02 15.78 LU0297943838
X2 Hgd EUR 10.14 0.03 0.30 Mar 27, 2024 10.27 9.50 LU1083813532
A1 USD 19.47 0.01 0.05 Mar 28, 2024 19.81 18.36 LU0118256485
X2 Hgd SEK 93.97 0.03 0.03 Mar 28, 2024 95.23 88.11 LU1495984053
D3 Hgd EUR 15.52 0.05 0.32 Mar 27, 2024 16.10 14.82 LU0827881821
I2 USD 10.78 0.00 0.00 Mar 28, 2024 10.89 10.03 LU1567964413
D3 USD 19.54 0.05 0.26 Mar 27, 2024 19.90 18.43 LU0827882043
E2 USD 25.64 0.01 0.04 Mar 28, 2024 25.96 23.96 LU0090845412
C2 USD 21.02 0.01 0.05 Mar 28, 2024 21.32 19.70 LU0147382310
A2 Hgd EUR 22.96 0.01 0.04 Mar 28, 2024 23.30 21.58 LU0297942863
E2 Hgd EUR 20.25 0.00 0.00 Mar 28, 2024 20.58 19.08 LU0297944059
I4 Hgd EUR 8.62 0.03 0.35 Mar 27, 2024 8.86 8.08 LU1811366183
A3 Hgd HKD 89.62 0.25 0.28 Mar 27, 2024 91.54 84.83 LU1484781478
D2 USD 30.39 0.01 0.03 Mar 28, 2024 30.69 28.29 LU0540001038
X2 Hgd NOK 101.34 0.03 0.03 Mar 28, 2024 102.49 94.73 LU1806518707
A2 USD 28.96 0.02 0.07 Mar 28, 2024 29.27 27.00 LU0006061385
A3 USD 19.49 -0.03 -0.15 Mar 28, 2024 19.87 18.41 LU0172412149
C1 USD 17.72 0.01 0.06 Mar 28, 2024 18.03 16.71 LU0331285410
A3 Hgd EUR 15.55 -0.03 -0.19 Mar 28, 2024 16.05 14.81 LU0297943168
C1 Hgd EUR 14.41 0.05 0.35 Feb 15, 2024 14.91 13.73 LU0297940818
I2 Hgd EUR 8.57 0.00 0.00 Mar 28, 2024 8.69 8.04 LU0368232830
A1 Hgd EUR 15.68 0.00 0.00 Mar 28, 2024 16.19 14.91 LU0297940495
D2 Hgd EUR 24.39 0.00 0.00 Mar 28, 2024 24.74 22.90 LU0329591563
C3 USD 18.87 -0.05 -0.26 Mar 28, 2024 19.26 17.83 LU0172412495
A3 Hgd GBP 8.70 -0.02 -0.23 Mar 28, 2024 8.88 8.24 LU1484781395
X2 USD 10.96 0.01 0.09 Mar 28, 2024 11.05 10.18 LU0462857607

Portfolio Managers

Portfolio Managers

Russell Brownback
Managing Director, Head of Global Macro Positioning for Fixed Income

Russell J Brownback, Managing Director, is a portfolio manager and Head of Global Macro Positioning for Fixed Income.

Chi Chen
Managing Director

Chi Chen, Managing Director, is a Portfolio Manager in BlackRock's Global Fixed Income Investment Group

Aidan Doyle
Managing Director, Global Fixed Income Team

  

Trevor Slaven
Managing Director, Portfolio Manager

   

Sam Summers
Director, Portfolio Manager

   

Literature

Literature