Fixed Income

BGF Emerging Markets Local Currency 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.

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

Performance chart data not available for display.
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Distributions

Record Date Ex-Date Payable Date
View full table

This chart shows the fund's performance as the percentage loss or gain per year over the last 9 years.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -6.3 -13.9 12.9 13.0 -13.9 10.1 0.6 -8.1 -10.1
Constraint Benchmark 1 (%) -5.7 -14.9 9.9 15.2 -6.2 13.5 2.7 -8.7 -11.7
  1y 3y 5y 10y Incept.
-6.07 -4.64 -5.24 - -2.23
Constraint Benchmark 1 (%) -6.11 -4.29 -2.96 - -1.03
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-0.16 -4.30 1.24 2.90 -6.07 -13.27 -23.58 - -18.81
Constraint Benchmark 1 (%) 0.99 -3.16 3.17 4.20 -6.11 -12.34 -13.96 - -9.14
  From
31-Dec-2017
To
31-Dec-2018
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
Total Return (%)

as of 31-Dec-22

-13.94 10.12 0.64 -8.08 -10.08
Constraint Benchmark 1 (%)

as of 31-Dec-22

-6.21 13.47 2.69 -8.75 -11.69

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 GBP 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 31-Mar-23 USD 1,631,878,562
Inception Date 04-Dec-13
Fund Launch Date 26-Jun-97
Share Class Currency GBP
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan GBI-EM Global Diversified Index (USD)
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 0.78%
Annual Management Fee 0.50%
Performance Fee 0.00%
Minimum Initial Investment GBP 100,000.00
Minimum Subsequent Investment GBP 1,000.00
Distribution Frequency Monthly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BELCD3G
ISIN LU0995345831
SEDOL BH0WJ85

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 28-Feb-23 179
12m Trailing Yield as of 28-Feb-23 5.56
Standard Deviation (3y) as of 28-Feb-23 14.57%
3y Beta as of 28-Feb-23 1.122
Yield to Maturity as of 28-Feb-23 8.72
Modified Duration as of 28-Feb-23 5.45
Weighted Average YTM as of 28-Feb-23 8.72%
Effective Duration as of 28-Feb-23 5.49
Weighted Avg Maturity as of 28-Feb-23 7.42
WAL to Worst as of 28-Feb-23 7.42

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

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 combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager 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, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

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

4 stars
Overall Morningstar Rating for BGF Emerging Markets Local Currency Bond Fund, Class D3 Hedged, as of 31-Jul-18 rated against 1349 Other Bond Funds.

Holdings

Holdings

as of 28-Feb-23
Name Weight (%)
SOUTH AFRICA (REPUBLIC OF) 7 02/28/2031 3.01
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 2.74
BRAZIL FEDERATIVE REPUBLIC OF (GOV 10 01/01/2029 2.54
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 2.18
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2026 1.94
Name Weight (%)
MEXICO (UNITED MEXICAN STATES) (GO 7.75 05/29/2031 1.81
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 1.64
COLOMBIA (REPUBLIC OF) 7 06/30/2032 1.58
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.56
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.50
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28-Feb-23

% of Market Value

Type Fund Benchmark Net
as of 28-Feb-23

% of Market Value

Type Fund Benchmark Net
as of 28-Feb-23

% of Market Value

Type Fund Benchmark Net
as of 28-Feb-23

% of Market Value

Type Fund Benchmark Net
as of 28-Feb-23

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Class D3 Hedged GBP Monthly 5.17 -0.01 -0.19 31-Mar-23 5.42 4.59 LU0995345831 -
Class D2 Hedged CHF None 7.79 0.03 0.39 31-Mar-23 7.94 6.78 LU1688375184 -
Class S3 Hedged GBP Monthly 7.84 -0.01 -0.13 31-Mar-23 8.22 6.95 LU1911699996 -
Class X2 GBP None 5.65 0.01 0.18 31-Mar-23 5.78 5.02 LU1688375267 -
Class D2 USD None 24.28 0.10 0.41 31-Mar-23 24.55 20.70 LU0383940458 -
Class A2 CHF None 20.52 0.06 0.29 31-Mar-23 20.78 19.07 LU0938162186 -
Class I2 EUR None 22.43 0.14 0.63 31-Mar-23 22.65 20.55 LU1559746307 -
Class A2 Hedged EUR None 6.57 0.03 0.46 31-Mar-23 6.68 5.71 LU0359002093 -
Class C2 USD None 18.37 0.08 0.44 31-Mar-23 18.63 15.78 LU0278476923 -
Class X2 Hedged GBP None 9.32 0.03 0.32 31-Mar-23 9.45 8.00 LU1505939139 -
Class I5 USD Quarterly 7.58 0.03 0.40 31-Mar-23 7.78 6.65 LU1495982867 -
Class A1 USD Monthly 3.06 0.01 0.33 31-Mar-23 3.14 2.68 LU0278477574 -
Class A8 Hedged AUD Monthly 5.06 0.00 0.00 31-Mar-23 5.38 4.50 LU1133072774 -
Class X2 AUD None 10.44 0.04 0.38 31-Mar-23 10.44 8.82 LU1554267051 -
Class D2 CHF None 22.16 0.06 0.27 31-Mar-23 22.43 20.55 LU1065150267 -
Class SR3 USD Monthly 8.38 -0.02 -0.24 31-Mar-23 8.61 7.36 LU2319963620 -
Class SR2 Hedged EUR - 8.86 0.03 0.34 31-Mar-23 9.01 7.68 LU2319963380 -
Class SR3 Hedged GBP Monthly 8.17 -0.02 -0.24 31-Mar-23 8.57 7.25 LU2319963463 -
Class SR2 USD - 9.32 0.04 0.43 31-Mar-23 9.42 7.94 LU2319963547 -
Class D2 Hedged EUR None 6.83 0.03 0.44 31-Mar-23 6.94 5.92 LU0622213642 -
Class I2 GBP - 19.72 0.06 0.31 31-Mar-23 20.17 17.59 LU1741217027 -
Class AI5 EUR Quarterly 8.34 0.05 0.60 31-Mar-23 8.75 8.05 LU1960220660 -
Class A3 HKD Monthly 24.16 -0.03 -0.12 31-Mar-23 24.77 21.21 LU0388349754 -
Class A3 EUR Monthly 2.83 0.01 0.35 31-Mar-23 2.95 2.73 LU0278457469 -
Class A4 USD Annual 12.52 0.05 0.40 31-Mar-23 12.86 10.70 LU0548402170 -
Class A2 EUR None 20.63 0.12 0.59 31-Mar-23 20.86 19.02 LU0278457204 -
Class A2 USD None 22.48 0.09 0.40 31-Mar-23 22.75 19.21 LU0278470058 -
Class A4 EUR Annual 11.50 0.07 0.61 31-Mar-23 12.22 10.86 LU0478974834 -
Class I5 EUR Quarterly 6.96 0.05 0.72 31-Mar-23 7.31 6.71 LU0995350831 -
Class A3 USD Monthly 3.08 0.00 0.00 31-Mar-23 3.16 2.70 LU0278470132 -
Class A2 Hedged SEK None 78.27 0.29 0.37 31-Mar-23 79.67 67.97 LU1715605868 -
Class A2 Hedged SGD None 7.65 0.03 0.39 31-Mar-23 7.76 6.58 LU0358998713 -
Class A6 Hedged SGD Monthly 5.68 -0.01 -0.18 31-Mar-23 6.03 5.07 LU1676225185 -
Class D3 EUR Monthly 11.69 0.01 0.09 31-Mar-23 12.22 11.30 LU0827884924 -
Class E5 Hedged EUR Quarterly 4.73 0.02 0.42 31-Mar-23 5.03 4.22 LU1062843260 -
Class I3 Hedged GBP Monthly 5.15 -0.01 -0.19 31-Mar-23 5.42 4.57 LU0995336418 -
Class D3 USD Monthly 12.73 -0.02 -0.16 31-Mar-23 13.08 11.18 LU0523291242 -
Class D2 EUR None 22.28 0.13 0.59 31-Mar-23 22.51 20.45 LU0329592702 -
Class A6 USD Monthly 6.38 -0.01 -0.16 31-Mar-23 6.69 5.65 LU1408528211 -
Class C2 EUR None 16.86 0.10 0.60 31-Mar-23 17.14 15.71 LU0278457972 -
Class D3 Hedged AUD Monthly 4.89 -0.01 -0.20 31-Mar-23 5.14 4.34 LU0827884841 -
Class C1 USD Monthly 3.06 0.01 0.33 31-Mar-23 3.14 2.68 LU0278478119 -
Class D5 GBP Quarterly 7.25 0.02 0.28 31-Mar-23 7.54 6.84 LU1694209807 -
Class I2 USD None 24.43 0.09 0.37 31-Mar-23 24.71 20.82 LU0520955575 -
Class I2 Hedged EUR None 7.07 0.02 0.28 31-Mar-23 7.19 6.13 LU0473186707 -
Class D2 Hedged SGD None 8.07 0.04 0.50 31-Mar-23 8.18 6.92 LU0827884767 -
Class I2 CHF - 22.30 0.06 0.27 31-Mar-23 22.57 20.66 LU1781817694 -
Class A1 EUR Monthly 2.81 0.02 0.72 31-Mar-23 2.93 2.71 LU0278461065 -
Class D4 EUR Annual 11.54 0.07 0.61 31-Mar-23 12.29 10.87 LU0827885145 -
Class D2 Hedged GBP None 13.18 0.05 0.38 31-Mar-23 13.37 11.34 LU0827885491 -
Class E2 USD None 20.73 0.08 0.39 31-Mar-23 21.00 17.76 LU0374975414 -
Class X2 USD None 7.00 0.02 0.29 31-Mar-23 7.08 5.96 LU0344905624 -
Class X2 EUR None 6.43 0.04 0.63 31-Mar-23 6.49 5.86 LU0531082021 -
Class A6 Hedged CAD Monthly 6.17 -0.01 -0.16 31-Mar-23 6.52 5.49 LU1408528641 -
Class A3 Hedged AUD Monthly 4.89 -0.01 -0.20 31-Mar-23 5.14 4.34 LU0575500318 -
Class A2 Hedged PLN None 9.24 0.03 0.33 31-Mar-23 9.34 7.83 LU0480535052 -
Class X5 Hedged GBP Quarterly 7.51 0.03 0.40 31-Mar-23 7.86 6.65 LU1954752702 -
Class E2 Hedged EUR None 6.15 0.02 0.33 31-Mar-23 6.27 5.36 LU0474536231 -
Class A2 CZK None 484.36 1.92 0.40 31-Mar-23 512.09 471.20 LU1791177113 -
Class A6 Hedged GBP Monthly 5.69 -0.01 -0.18 31-Mar-23 6.10 5.10 LU1408528302 -
Class AI2 EUR - 9.98 0.07 0.71 31-Mar-23 10.09 9.20 LU1960220587 -
Class D2 Hedged PLN None 9.74 0.03 0.31 31-Mar-23 9.84 8.24 LU0827884684 -
Class D3 HKD Monthly 99.94 -0.16 -0.16 31-Mar-23 102.44 87.75 LU0827885061 -
Class A8 Hedged NZD Monthly 6.35 -0.01 -0.16 31-Mar-23 6.74 5.65 LU1408528724 -
Class E2 EUR None 19.03 0.12 0.63 31-Mar-23 19.26 17.62 LU0278459671 -
Class D4 USD Annual 12.57 0.05 0.40 31-Mar-23 12.91 10.72 LU0827885228 -
Class A2 Hedged CHF None 6.40 0.03 0.47 31-Mar-23 6.53 5.58 LU0623004180 -
Class A6 Hedged HKD Monthly 62.54 -0.11 -0.18 31-Mar-23 66.37 55.67 LU1408528484 -

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

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.
Recommended holding period : 3 years
Example Investment GBP 10,000
Scenario
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
6,570 GBP
-34.3%
4,910 GBP
-21.1%

Unfavourable

What you might get back after costs
Average return each year
7,630 GBP
-23.7%
6,970 GBP
-11.3%

Moderate

What you might get back after costs
Average return each year
9,260 GBP
-7.4%
9,180 GBP
-2.8%

Favourable

What you might get back after costs
Average return each year
11,320 GBP
13.2%
11,180 GBP
3.8%

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



Literature

Literature