Fixed Income

BGF US Dollar High Yield 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.

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Performance

Performance

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Distributions

Record Date Ex-Date Payable Date
View full table
  From
31-Mar-2016
To
31-Mar-2017
From
31-Mar-2017
To
31-Mar-2018
From
31-Mar-2018
To
31-Mar-2019
From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
Total Return (%)

as of 31-Mar-21

15.31 3.93 3.70 -7.58 19.49
Benchmark (%)

as of 31-Mar-21

16.39 3.78 5.93 -6.94 23.65
  1y 3y 5y 10y Incept.
16.76 4.74 6.08 - 6.16
Benchmark (%)

as of 30-Apr-21

19.57 6.98 7.45 - 6.26
  YTD 1m 3m 1y 3y 5y 10y Incept.
1.39 1.29 1.28 16.76 14.89 34.30 - 67.69
Benchmark (%)

as of 30-Apr-21

1.95 1.08 1.61 19.57 22.42 43.22 - 69.11

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

Share Class and Benchmark performance displayed in NZD, 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

Size of Fund (Millions) as of 07-May-21 USD 3,718.313
12m Trailing Yield as of 30-Apr-21 3.90
Number of Holdings as of 30-Apr-21 1377
Base Currency U.S. Dollar
Fund Launch Date 29-Oct-93
Inception Date 05-Sep-12
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark Index BBG Barc US Corp High Yield 2% Issuer Capped Index
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 1.45%
ISIN LU0803752046
Bloomberg Ticker BUSA3NH
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B3RV7T4
Bloomberg Benchmark Ticker LF89TRUU
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment NZD 5000
Minimum Subsequent Investment NZD 1000
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 30-Apr-21 4.79
Modified Duration as of 30-Apr-21 5.30
Effective Duration as of 30-Apr-21 4.11
Weighted Avg Maturity as of 30-Apr-21 4.77
WAL to Worst as of 30-Apr-21 4.77

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 07-Apr-21 BB
MSCI ESG Quality Score (0-10) as of 07-Apr-21 3.66
MSCI ESG Quality Score - Peer Percentile as of 07-Apr-21 45.41
MSCI ESG % Coverage as of 07-Apr-21 78.91
Fund Lipper Global Classification as of 07-Apr-21 Bond USD High Yield
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-Apr-21 262.23
Funds in Peer Group as of 07-Apr-21 403
All data is from MSCI ESG Fund Ratings as of 07-Apr-21, based on holdings as of 31-Oct-20. 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% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

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-Apr-21 0.63%
MSCI - UN Global Compact Violators as of 30-Apr-21 0.86%
MSCI - Nuclear Weapons as of 30-Apr-21 0.63%
MSCI - Thermal Coal as of 30-Apr-21 0.00%
MSCI - Civilian Firearms as of 30-Apr-21 0.05%
MSCI - Oil Sands as of 30-Apr-21 0.19%
MSCI - Tobacco as of 30-Apr-21 0.00%

Business Involvement Coverage as of 30-Apr-21 42.77%
Percentage of Fund not covered as of 30-Apr-21 57.23%
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 0.01% and for Oil Sands 0.24%.

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 material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

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 09-Oct-19)

Holdings

Holdings

as of 30-Apr-21
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 2.03
CONNECT FINCO SARL 144A 6.75 10/01/2026 0.74
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.69
PANTHER BF AGGREGATOR 2 LP 144A 8.5 05/15/2027 0.67
ALLIED UNIVERSAL HOLDCO LLC 144A 6.625 07/15/2026 0.62
Name Weight (%)
RADIATE HOLDCO LLC / RADIATE FINAN 144A 6.5 09/15/2028 0.59
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.53
CSC HOLDINGS LLC 144A 4.625 12/01/2030 0.52
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.51
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.625 02/15/2025 0.49
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-21

% of Market Value

Type Fund Benchmark Net
as of 30-Apr-21

% 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 A3 Hedged NZD Monthly 11.27 0.01 0.09 11.34 10.01 - LU0803752046 - -
Class A6 USD Monthly 5.05 0.00 0.00 5.11 4.57 - LU0738912566 - -
Class SR2 USD - 10.05 0.00 0.00 10.05 9.98 - LU2319962739 - -
Class E2 EUR None 28.74 -0.13 -0.45 29.33 27.31 - LU0277197595 - -
Class C2 USD None 29.17 0.01 0.03 29.17 25.12 - LU0147389596 - -
Class A2 USD None 38.28 0.01 0.03 38.28 32.57 - LU0046676465 - -
Class SR3 USD - 10.03 0.00 0.00 10.03 9.98 - LU2319962812 - -
Class D2 Hedged AUD None 19.85 0.01 0.05 19.85 16.87 - LU0827886895 - -
Class I4 Hedged GBP Annual 9.47 0.00 0.00 9.47 8.48 - LU1111085442 - -
Class A3 Hedged EUR Monthly 9.27 0.01 0.11 9.34 8.31 - LU0578943853 - -
Class A3 Hedged CAD Monthly 10.28 0.01 0.10 10.34 9.15 - LU0803751741 - -
Class E2 USD None 34.84 0.02 0.06 34.84 29.78 - LU0147389919 - -
Class C1 USD Daily 6.00 0.00 0.00 6.03 5.31 - LU0147389166 - -
Class A1 USD Daily 5.99 0.00 0.00 6.02 5.30 - LU0046675905 - -
Class I2 Hedged EUR None 12.43 0.00 0.00 12.43 10.62 - LU1111085798 - -
Class D2 Hedged EUR None 241.26 0.09 0.04 241.26 206.42 - LU0532707519 - -
Class SR2 Hedged EUR - 10.04 0.00 0.00 10.04 9.98 - LU2319962572 - -
Class SR4 Hedged GBP - 10.05 0.00 0.00 10.05 9.98 - LU2319962655 - -
Class A2 Hedged EUR None 225.64 0.08 0.04 225.64 194.36 - LU0330917963 - -
Class A8 Hedged CNH Monthly 105.48 0.05 0.05 106.51 94.34 - LU1919856218 - -
Class A3 Hedged GBP Monthly 9.79 0.00 0.00 9.86 8.72 - LU0580330818 - -
Class A3 Hedged AUD Monthly 11.50 0.01 0.09 11.57 10.24 - LU0578942376 - -
Class D2 Hedged CHF None 12.08 0.00 0.00 12.08 10.34 - LU1090156289 - -
Class D3 USD Monthly 10.37 0.01 0.10 10.44 9.18 - LU0592702061 - -
Class D2 USD None 40.92 0.01 0.02 40.92 34.59 - LU0552552704 - -
Class A3 Hedged SGD Monthly 10.00 0.00 0.00 10.07 8.88 - LU0578937376 - -
Class A2 Hedged AUD None 18.76 0.01 0.05 18.76 16.04 - LU0578947334 - -
Class E2 Hedged EUR - 10.02 0.01 0.10 10.02 10.00 - LU2331123724 - -
Class I2 Hedged GBP - 10.64 0.00 0.00 10.64 9.93 - LU2242188931 - -
Class A2 Hedged CHF None 11.57 0.01 0.09 11.57 9.97 - LU1090155554 - -
Class A4 GBP Annual 10.91 0.01 0.09 10.91 9.75 - LU0706698544 - -
Class A2 Hedged SGD None 16.31 0.00 0.00 16.31 13.91 - LU0578945809 - -
Class D4 Hedged GBP Annual 10.91 0.01 0.09 10.91 9.76 - LU0681219902 - -
Class A8 Hedged ZAR Monthly 90.49 0.04 0.04 91.38 81.58 - LU1023056127 - -
Class I2 USD None 16.63 0.00 0.00 16.63 14.04 - LU0822668108 - -
Class A8 Hedged AUD Monthly 9.15 0.00 0.00 9.25 8.25 - LU0871640396 - -
Class A6 Hedged SGD Monthly 9.24 0.00 0.00 9.35 8.38 - LU1314333441 - -
Class X6 USD Monthly 11.06 0.00 0.00 11.16 9.88 - LU1376384019 - -
Class A3 USD Monthly 6.05 0.00 0.00 6.09 5.36 - LU0172419151 - -
Class I3 USD Monthly 9.76 0.00 0.00 9.83 8.65 - LU0764821012 - -
Class A6 Hedged HKD Monthly 37.69 0.01 0.03 38.15 34.13 - LU0764619531 - -
Class X2 USD None 45.78 0.02 0.04 45.78 38.43 - LU0147390172 - -
Class D2 Hedged SGD None 17.21 0.00 0.00 17.21 14.57 - LU0827887273 - -
Class D3 Hedged SGD Monthly 10.03 0.00 0.00 10.10 8.91 - LU0827886978 - -

Portfolio Managers

Portfolio Managers

James Keenan
James Keenan
David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

Literature

Literature