BGF China Bond Fund

Fixed Income

BGF China 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 globally at least 70% of its total assets in fixed income (FI) securities issued or distributed either inside or outside of the People’s Republic of China (PRC) and denominated in Renminbi or other non Chinese domestic currencies. These include bonds and money market instruments (i.e. debt securities with short term maturities) which may be issued by governments, government agencies, companies and supranationals (e.g. the Asian Development Bank). The Fund may invest in the full range of FI securities which may include investments with a relatively low credit rating or which are unrated.

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-Mar-2014
To
31-Mar-2015		 From
31-Mar-2015
To
31-Mar-2016		 From
31-Mar-2016
To
31-Mar-2017		 From
31-Mar-2017
To
31-Mar-2018		 From
31-Mar-2018
To
31-Mar-2019
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-Mar-19

3.21 4.95 6.44 6.87 6.46

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 CNH, hedged fund 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

Chart

Performance chart data not available for display.
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Share Class and Benchmark performance displayed in CNH. 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
View full table
Record Date Ex-Date Payable Date Total Distribution

Key Facts

Key Facts

Size of Fund (Millions) as of 17-Jun-19 RMB 1,103.728
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-May-19 230
Base Currency CNH
Fund Launch Date 11-Nov-11
Inception Date 11-Nov-11
Asset Class Fixed Income
Morningstar Category RMB Bond
Benchmark Index 1Y China Household Savings Deposits Rate Index
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. 1.04%
ISIN LU0679940949
Bloomberg Ticker BGRBA2C
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B763XD5
Bloomberg Benchmark Ticker HSBCALBIN
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment RMB 5000
Minimum Subsequent Investment -
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-May-19 6.81%
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-May-19 3.15
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-May-19 1.92
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-May-19 3.38
WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of 31-May-19 3.38

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

5
Overall Morningstar Rating for BGF China Bond Fund, Class A2, as of 31-May-19 rated against 134 RMB Bond Funds.

Holdings

Holdings

as of 31-May-19
Name Weight (%)
HUANENG HONG KONG CAPITAL LTD RegS 3.6 12/31/2049 2.25
CHINA SHANDONG INTERNATIONAL ECONO RegS 4 12/21/2020 2.22
CHINA DEVELOPMENT BANK 4.88 02/09/2028 2.13
SUNRISE (CAYMAN) LTD RegS 5.25 03/11/2024 1.17
STATE GRID CORP OF CHINA 5.38 08/19/2024 1.09
Name Weight (%)
JILIN PROVINCIAL EXPRESSWAY GROUP MTN 6.19 12/19/2022 1.06
HBIS GROUP CO LTD MTN 6.24 12/31/2049 1.06
HENAN ENERGY AND CHEMICAL INDUSTRY MTN 7.2 09/06/2021 1.06
LIANYUNGANG PORT GROUP CO LTD MTN 6.35 02/28/2023 1.05
CHINA DEVELOPMENT BANK 4.24 08/24/2027 1.04
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-May-19

% of Market Value

Type Fund
as of 31-May-19

% of Market Value

Type Fund
as of 31-May-19

% of Market Value

Type Fund
Allocations subject to change.
as of 31-May-19

% of Market Value

Type Fund
as of 31-May-19

% of Market Value

Type Fund
as of 31-May-19

% 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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
Class A2 CNH None 94.12 0.03 0.03 94.48 86.23 - LU0679940949 - -
Class A2 USD None 13.58 0.01 0.07 13.91 12.69 - LU0679941327 - -
Class A6 Hedged HKD - 100.58 0.02 0.02 100.99 99.85 - LU1963769176 - -
Class C2 USD None 12.35 0.00 0.00 12.68 11.64 - LU0683062482 - -
Class I6 CNH Monthly 102.18 0.04 0.04 102.56 100.00 - LU1940842344 - -
Class A3 USD Monthly 10.31 0.01 0.10 10.75 9.94 - LU0679941673 - -
Class X2 USD - 10.56 0.01 0.09 10.80 9.80 - LU1733225855 - -
Class A6 Hedged AUD Monthly 10.26 0.01 0.10 10.32 9.96 - LU1852331039 - -
Class E2 EUR None 15.08 0.02 0.13 15.55 13.62 - LU0764816798 - -
Class D3 USD Monthly 10.36 0.01 0.10 10.80 9.98 - LU0683067952 - -
Class A3 CNH Monthly 71.46 0.02 0.03 71.77 68.57 - LU0679941160 - -
Class A6 Hedged EUR Monthly 10.00 0.00 0.00 10.10 9.83 - LU1847653224 - -
Class I2 USD None 16.97 0.02 0.12 17.37 15.80 - LU1588882974 - -
Class D2 CNH None 93.80 0.03 0.03 94.16 85.66 - LU0827885731 - -
Class D2 USD None 13.53 0.01 0.07 13.85 12.62 - LU0719319435 - -
Class A6 Hedged USD Monthly 10.27 0.00 0.00 10.33 9.96 - LU1847653141 - -
Class A6 Hedged SGD Monthly 10.29 0.00 0.00 10.35 10.00 - LU1847653497 - -
Class I3 USD Monthly 10.00 0.00 0.00 10.43 9.64 - LU1648248299 - -
Class A3 HKD Monthly 80.72 0.09 0.11 84.36 77.85 - LU0690034276 - -
Class A6 CNH Monthly 103.94 0.03 0.03 104.41 99.90 - LU1852330734 - -
Class E2 Hedged EUR None 10.49 0.00 0.00 10.54 9.99 - LU0803752129 - -
Class A2 CHF None 13.55 0.03 0.22 14.15 12.33 - LU0969580058 - -

Portfolio Managers

Portfolio Managers

Artur Piasecki
Artur Piasecki
Eric Liu
Eric Liu

Literature

Literature