BGF Euro Short Duration Bond Fund

Fixed Income

BGF Euro Short Duration Bond Fund

Overview

Investment Approach

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 80% of its total assets in fixed income (FI) securities. The FI securities may be issued by governments and government agencies of, and companies and supranationals domiciled in countries inside or outside of the Eurozone.

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.

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Performance

Performance

  • Returns

  From
31-Dec-2013
To
31-Dec-2014		 From
31-Dec-2014
To
31-Dec-2015		 From
31-Dec-2015
To
31-Dec-2016		 From
31-Dec-2016
To
31-Dec-2017		 From
31-Dec-2017
To
31-Dec-2018
Total Return (%) Total return is expressed as the percentage change of an investment over a certain timeframe. It includes the net income earned by the investment in terms of dividends or interest along with any change in the capital value of the investment.

as of 31-Dec-18

1.95 0.20 0.07 -0.20 -2.05
Benchmark (%) Index: BBG Barc Euro Aggregate 1-3 Years, 500 MM Minimum<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

as of 31-Dec-18

1.79 0.58 0.58 -0.13 -0.15

The figures shown relate to past performance. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

Share Class and Benchmark performance displayed in EUR, hedged fund benchmark performance is displayed in EUR.

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

Chart

Performance chart data not available for display.
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Share Class and Benchmark performance displayed in EUR. Source: BlackRock. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested. Source: BlackRock. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product.

Reinvestments

Record Date Ex-Date Payable Date
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Record Date Ex-Date Payable Date Total Distribution

Key Facts

Key Facts

Size of Fund (Millions) as of 15-Feb-19 EUR 11,326.971
12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. -
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives exposures. Derivatives are contracts used by the fund to gain exposure to an investment without buying it directly. They can be used in a number of ways. For example a 'currency forward' derivative contract can be used to 'hedge' or aim to mitigate the effects of changes in exchange rates. as of 31-Jan-19 550
Base Currency EUR
Fund Launch Date 04-Jan-99
Inception Date 04-Jan-99
Asset Class Fixed Income
Morningstar Category EUR Diversified Bond - Short Term
Benchmark Index BBG Barc Euro Aggregate 1-3 Years, 500 MM Minimum
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures Ongoing Charges Figure (OCF)- this is a measure of the total costs associated with managing and operating an investment fund. These costs consist primarily of management fees and other expenses such as trustee, custody, transaction and registration fees and other operating expenses. The total cost for the fund is divided by the fund’s total assets and expressed as a percentage which represents the OCF. 1.40%
ISIN LU0093504115
Bloomberg Ticker MERESGE
Initial Charge 3.00%
Performance Fee 0.00%
SEDOL 5599097
Bloomberg Benchmark Ticker LEUR500M13
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Portfolio Characteristics

Portfolio Characteristics

Weighted Average YTM Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. as of 31-Jan-19 0.38%
Modified Duration Modified Duration is a measure of price sensitivity of a bond to changes in interest rates. It inversely indicates the expected change in the price of a bond, assuming a 1% change in interest rates. The Modified Duration of iShares ETFs is calculated as the average of the underlying bonds' modified duration values, weighted by the bond's weight in the fund. as of 31-Jan-19 1.52
Effective Duration Effective Duration is a measure of the potential impact on a bond or portfolio price of a 1% change in interest rates across all maturities. It takes into account the possible changes in expected bond cash flows for bonds with embedded optionality (for example the bond issuer's right to redeem bonds at a pre-determined price on certain dates) due to the 1% change in rates. as of 31-Jan-19 1.47
Weighted Avg Maturity Bond's maturity is the length of time until the date when the principal amount of a bond is to be repaid. Weighted Avg. Maturity, WAM, is used to calculate the maturity of a basket of bonds (fund) and is calculated as the average of the underlying bonds' maturities weighted by the bonds' weight in the fund. as of 31-Jan-19 3.67
WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of 31-Jan-19 3.67

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

3
Overall Morningstar Rating for BGF Euro Short Duration Bond Fund, Class E2, as of 31-Jan-19 rated against 489 EUR Diversified Bond - Short Term Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 27-Jul-18)

Holdings

Holdings

as of 31-Jan-19
Name Weight (%)
ITALY (REPUBLIC OF) RegS 1.65 04/23/2020 4.26
GERMANY (FEDERAL REPUBLIC OF) RegS 0 10/08/2021 2.95
KFW 0 06/30/2021 2.71
EUROPEAN FINANCIAL STABILITY FACIL RegS 0.1 01/19/2021 2.65
FRANCE (REPUBLIC OF) RegS 0 05/25/2022 2.16
Name Weight (%)
SPAIN (KINGDOM OF) 0.05 01/31/2021 2.08
GERMANY (FEDERAL REPUBLIC OF) RegS 0 04/17/2020 2.05
SPAIN (KINGDOM OF) 1.15 07/30/2020 1.66
IRELAND (REPUBLIC OF) RegS 0 10/18/2022 1.48
GERMANY (FEDERAL REPUBLIC OF) RegS 2 01/04/2022 1.31
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% 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 E2 EUR None 14.36 0.00 0.00 14.63 14.33 - LU0093504115 - -
Class I5 EUR Quarterly 16.22 0.01 0.06 16.42 16.16 - LU1523256227 - -
Class D4 EUR Annual 14.86 0.00 0.00 15.05 14.81 - LU0827878108 - -
Class D3 EUR Monthly 12.18 0.01 0.08 12.33 12.14 - LU0827878017 - -
Class D4 Hedged GBP Annual 11.09 0.00 0.00 11.13 11.03 - LU0555993434 - -
Class D3 Hedged GBP Monthly 10.10 0.00 0.00 10.14 10.05 - LU0827891978 - -
Class D2 Hedged CHF None 10.92 0.00 0.00 11.08 10.89 - LU0827877985 - -
Class I2 Hedged USD None 10.55 0.00 0.00 10.55 10.35 - LU1499592035 - -
Class A3 EUR Monthly 12.14 0.00 0.00 12.30 12.10 - LU0172403825 - -
Class D4 Hedged USD Annual 10.93 0.00 0.00 10.93 10.75 - LU0903533064 - -
Class A2 Hedged CHF None 10.68 0.00 0.00 10.87 10.65 - LU0521028638 - -
Class D2 Hedged USD None 10.74 0.01 0.09 10.74 10.54 - LU1202926330 - -
Class X2 EUR None 17.02 0.01 0.06 17.12 16.95 - LU0147388861 - -
Class A4 Hedged GBP Annual 10.99 0.00 0.00 11.04 10.94 - LU0448387455 - -
Class C2 EUR None 12.27 0.00 0.00 12.59 12.25 - LU0147388606 - -
Class A2 EUR None 15.77 0.01 0.06 15.98 15.72 - LU0093503810 - -
Class A2 Hedged USD None 12.08 0.00 0.00 12.08 11.90 - LU0456865749 - -
Class A4 EUR Annual 14.80 0.00 0.00 15.00 14.76 - LU0448386994 - -
Class I2 EUR None 16.35 0.00 0.00 16.51 16.30 - LU0468289250 - -
Class A4 Hedged USD Annual 11.34 0.01 0.09 11.34 11.16 - LU0448387703 - -
Class D2 EUR None 16.39 0.00 0.00 16.56 16.34 - LU0329592371 - -
Class A1 EUR Daily 12.12 0.00 0.00 12.29 12.08 - LU0118255248 - -

Portfolio Managers

Portfolio Managers

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

     

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Michael Krautzberger, CFA, EFFAS, Managing Director. Michael is Head of the Fundamental Pan European Fixed Income team within BlackRock's Global Fixed Income Group.
Mr. Krautzberger's service with the firm dates back to 2005, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. He joined MLIM as head of the European Fixed Income Aggregate portfolio team and was responsible for the UCITS III restructuring of the MLIIF Euro Bond Funds. From 2011 to 2014 he also served as Chief Investment Officer and member of the board of BlackRock Asset Management Deutschland AG. Prior to joining MLIM, Mr. Krautzberger was head of European fixed income at Union Investment in Frankfurt since 1999. Previously, he spent five years with Deutsche Bank's DWS, where he managed global fixed income portfolios and was responsible for the pre-Euro European currency unit and structured products.
Mr. Krautzberger earned a BA degree in business administration and computer science from the European Business School in 1994, and an MA degree in economics from the University of Hagen in 1996.

Christopher Allen
Christopher Allen

Literature

Literature