Fixed Income

BGF Global Corporate Bond Fund

  • NAV as of 28-Apr-25 USD 16.65
    52 WK: 15.43 - 16.69
  • 1 Day NAV Change as of 28-Apr-25 0.01 (0.06%)
  • Morningstar Rating

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. These include bonds and money market instruments (i.e. debt securities with short term maturities).

At least 70% of the Fund’s total assets will be issued by companies and will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.

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.

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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This chart shows the product's performance as the percentage loss or gain per year over the last 10 years.

  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total Return (%) -1.16 4.85 6.11 -2.25 12.87 8.54 -1.58 -14.55 9.56 3.76
Constraint Benchmark 1 (%) -0.24 6.22 5.70 -1.00 12.51 8.26 -0.79 -14.11 9.10 3.69

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

  1y 3y 5y 10y Incept.
Total Return (%) 5.47 1.99 1.90 2.34 4.46
Constraint Benchmark 1 (%) 5.41 1.98 2.05 2.64 4.50
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 1.84 -0.36 1.84 0.12 5.47 6.07 9.87 26.06 99.88
Constraint Benchmark 1 (%) 1.76 -0.42 1.76 0.19 5.41 6.06 10.70 29.82 101.06
  From
31-Mar-2020
To
31-Mar-2021		 From
31-Mar-2021
To
31-Mar-2022		 From
31-Mar-2022
To
31-Mar-2023		 From
31-Mar-2023
To
31-Mar-2024		 From
31-Mar-2024
To
31-Mar-2025
Total Return (%)

as of 31-Mar-25

9.07 -5.04 -5.05 5.93 5.47
Constraint Benchmark 1 (%)

as of 31-Mar-25

9.21 -4.42 -4.98 5.89 5.41

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 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 28-Apr-25
USD 1,498,033,282
Fund Launch Date
19-Oct-07
Base Currency
USD
Constraint Benchmark 1
BBG Global Agg Corporate Index, 100% USD Hedged
Initial Charge
5.00%
Management Fee
0.40%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MLGCBD2
Inception Date
14-May-09
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
0.61%
ISIN
LU0326960662
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Global Corporate Bond - USD Hedged
Dealing Frequency
Daily, forward pricing basis
SEDOL
B4NRGT6

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-Mar-25
370
3y Beta
as of 31-Mar-25
1.002
Modified Duration
as of 31-Mar-25
6.15
Effective Duration
as of 31-Mar-25
5.93
WAL to Worst
as of 31-Mar-25
9.34
Standard Deviation (3y)
as of 31-Mar-25
7.87%
Yield to Maturity
as of 31-Mar-25
5.05
Weighted Average YTM
as of 31-Mar-25
4.85%
Weighted Avg Maturity
as of 31-Mar-25
9.34

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 stars
Overall Morningstar Rating for BGF Global Corporate Bond Fund, Class D2, as of 31-Mar-25 rated against 370 Global Corporate Bond - USD Hedged Funds.

Holdings

Holdings

as of 31-Mar-25
Name Weight (%)
FORD MOTOR CREDIT COMPANY LLC (FXD 5.918 03/20/2028 1.10
NC5 VOLKSWAGEN INTERNATIONAL FINA RegS 3.5 12/31/2079 1.05
CITIGROUP INC 6.174 05/25/2034 1.00
OHIO POWER CO 5.65 06/01/2034 0.97
BROADCOM INC 144A 4.926 05/15/2037 0.92
Name Weight (%)
BP CAPITAL MARKETS PLC NC6 RegS 3.25 12/31/2079 0.88
VOLKSWAGEN INTERNATIONAL FINANCE N RegS 4.625 12/31/2079 0.87
BANK OF AMERICA CORP (FXD-FLT) MTN 5.162 01/24/2031 0.85
NATIONWIDE BUILDING SOCIETY MTN RegS 3.828 07/24/2032 0.85
WORLDLINE SA RegS 0 07/30/2026 0.84
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Mar-25

% of Market Value

Type Fund Benchmark Net
as of 31-Mar-25

% of Market Value

Type Fund Benchmark Net
as of 31-Mar-25

% of Market Value

Type Fund Benchmark Net
as of 31-Mar-25

% of Market Value

Type Fund Benchmark Net
as of 31-Mar-25

% 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

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class D2 USD 16.65 0.01 0.06 28-Apr-25 16.69 15.43 LU0326960662
Class A8 Hedged AUD 9.66 0.01 0.10 28-Apr-25 9.88 9.35 LU0871639976
Class D5 Hedged GBP 9.29 0.01 0.11 28-Apr-25 9.54 8.98 LU1814255474
Class A6 Hedged HKD 70.52 0.05 0.07 28-Apr-25 72.67 68.95 LU0788109550
Class A2 Hedged EUR 12.46 0.01 0.08 28-Apr-25 12.59 11.80 LU0297942434
Class I2 USD 12.88 0.01 0.08 28-Apr-25 12.91 11.91 LU1181254019
Class I2 Hedged EUR 10.20 0.01 0.10 28-Apr-25 10.28 9.61 LU1625162489
Class A3 Hedged NZD 11.03 0.01 0.09 28-Apr-25 11.30 10.66 LU0803752475
Class X4 Hedged GBP 8.55 0.00 0.00 28-Apr-25 8.83 8.23 LU0414062165
Class A2 USD 15.48 0.01 0.06 28-Apr-25 15.52 14.39 LU0297942194
Class E2 Hedged EUR 11.44 0.00 0.00 28-Apr-25 11.60 10.89 LU0307653898
Class A6 USD 9.83 0.01 0.10 28-Apr-25 10.07 9.53 LU0788109634
Class A3G USD 10.25 0.00 0.00 28-Apr-25 10.51 9.94 LU2620702048
Class A5 USD 10.37 0.01 0.10 28-Apr-25 10.63 9.99 LU0825403933
Class A3 Hedged GBP 9.45 0.01 0.11 28-Apr-25 9.64 9.11 LU0816460231
Class A10 USD 10.23 0.01 0.10 28-Apr-25 10.57 10.01 LU2708803122
Class A3 Hedged CAD 9.98 0.00 0.00 28-Apr-25 10.26 9.71 LU0816460157
Class X2 Hedged EUR 14.74 0.01 0.07 28-Apr-25 14.83 13.83 LU0414062249
Class B6 Hedged JPY 981.00 0.00 0.00 28-Apr-25 1,000.00 964.00 LU2940471829
Class X2 USD 18.30 0.01 0.05 28-Apr-25 18.33 16.86 LU0434566104
Class A10 Hedged CNH 100.61 0.05 0.05 28-Apr-25 104.83 98.65 LU2708803395
Class E2 USD 14.17 0.01 0.07 28-Apr-25 14.22 13.24 LU0326961470
Class B10 USD 9.94 0.00 0.00 28-Apr-25 10.32 9.74 LU2776655222
Class I2 Hedged CAD 12.25 0.00 0.00 28-Apr-25 12.33 11.48 LU1153585614
Class B2 USD 10.11 0.01 0.10 28-Apr-25 10.15 9.77 LU2940471746
Class A2 Hedged SEK 99.74 0.05 0.05 28-Apr-25 101.14 94.81 LU1162516634
Class A3 Hedged AUD 10.61 0.01 0.09 28-Apr-25 10.85 10.28 LU0816460074
Class A6 Hedged SGD 8.25 0.00 0.00 28-Apr-25 8.57 8.09 LU1435395121
Class D2 Hedged GBP 10.62 0.01 0.09 28-Apr-25 10.65 9.88 LU1222731728
Class I4 Hedged GBP 9.26 0.01 0.11 28-Apr-25 9.49 8.92 LU1403442228
Class B10 Hedged ZAR 99.35 0.07 0.07 28-Apr-25 103.12 97.20 LU2776655495
Class A8 Hedged NZD 8.48 0.01 0.12 28-Apr-25 8.73 8.26 LU1149717313
Class D2 Hedged EUR 13.39 0.01 0.07 28-Apr-25 13.51 12.63 LU0326951752
Class A8 Hedged CNH 88.10 0.06 0.07 28-Apr-25 89.95 85.23 LU1220227653
Class X2 Hedged NOK 115.27 0.06 0.05 28-Apr-25 115.68 107.06 LU1806518616
Class A6 Hedged JPY 929.00 0.00 0.00 28-Apr-25 983.00 912.00 LU2725777739
Class A4 Hedged EUR 7.79 0.01 0.13 28-Apr-25 8.06 7.56 LU0303846876
Class A10 Hedged ZAR 98.26 0.07 0.07 28-Apr-25 101.32 96.08 LU2725777655

Portfolio Managers

Portfolio Managers

Max Huefner
Max Huefner
Managing Director

Max Huefner, Managing Director, is a Senior Portfolio Manager and the Head of Global Credit as well as European Investment Grade within BlackRock's Global Fixed Income group

Read More

Max Huefner, Managing Director, is a Senior Portfolio Manager and the Head of Global Credit as well as European Investment Grade within BlackRock's Global Fixed Income group. In that capacity, he is a lead portfolio manager of the BGF Global Corporate Bond Fund, European Corporate Bond Fund as well as managing total return strategies for European credit on SIO/FIGO led by Rick Rieder. He is also a co-lead PM on for the iShares € Flexible Income Bond Active UCITS ETF (IFLX).

 

Mr. Huefner started his career as a credit analyst in 2007 holding positions at Moody's and various leading European financial institutions before joining BlackRock. His tenure at BlackRock spans over ten years as a credit portfolio manager as well as credit analyst.

Daniel Chen
Daniel Chen

PRIIPs Performance Scenarios

PRIIPs Performance Scenarios

The EU Packaged Retail and Insurance-Based Products Regulation (PRIIPs) prescribes the calculation methodology, and publication of the outcomes, of four hypothetical performance scenarios regarding how the product may perform under certain conditions and for such to be published on a monthly basis. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product, which may include input from benchmark(s) / proxy, over the last ten years.
Recommended holding period : 3 years
Example Investment USD 10,000
Scenarios
If you exit after 1 year
If you exit after 3 years

Minimum

There is no minimum guaranteed return. You could lose some or all of your investment.

Stress

What you might get back after costs
Average return each year
7,800 USD
-22.0%
7,010 USD
-11.2%

Unfavourable

What you might get back after costs
Average return each year
7,800 USD
-22.0%
8,300 USD
-6.0%

Moderate

What you might get back after costs
Average return each year
9,880 USD
-1.2%
10,290 USD
1.0%

Favourable

What you might get back after costs
Average return each year
10,800 USD
8.0%
11,620 USD
5.1%

The stress scenario shows what you might get back in extreme market circumstances.



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 21-Mar-25
A
MSCI ESG Quality Score (0-10)
as of 21-Mar-25
6.39
Fund Lipper Global Classification
as of 21-Mar-25
Bond Global Corporates USD
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Mar-25
181.99
MSCI ESG % Coverage
as of 21-Mar-25
95.14
MSCI ESG Quality Score - Peer Percentile
as of 21-Mar-25
4.20
Funds in Peer Group
as of 21-Mar-25
119
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Mar-25
90.64
All data is from MSCI ESG Fund Ratings as of 21-Mar-25, based on holdings as of 30-Nov-24. 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 31-Mar-25
1.31%
MSCI - Nuclear Weapons
as of 31-Mar-25
1.31%
MSCI - Civilian Firearms
as of 31-Mar-25
0.00%
MSCI - Tobacco
as of 31-Mar-25
0.23%
MSCI - UN Global Compact Violators
as of 31-Mar-25
0.50%
MSCI - Thermal Coal
as of 31-Mar-25
1.04%
MSCI - Oil Sands
as of 31-Mar-25
0.00%
Business Involvement Coverage
as of 31-Mar-25
86.90%
Percentage of Fund not covered
as of 31-Mar-25
13.28%
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 1.04% and for Oil Sands 1.58%.

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

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Literature

Literature