BGF Global High Yield Bond Fund

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NAV as of 18-Feb-19 GBP 8.96
52 WK: 8.56 - 9.42
1 Day NAV Change as of 18-Feb-19 0.02 (0.22%)
Morningstar Rating

3

Overall Morningstar Rating for BGF Global High Yield Bond Fund as of 31-Jan-19 rated against 179.00 Global High Yield Bond - GBP Hedged Funds.

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 securities.

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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

Returns

Discrete
Annualised
Cumulative

	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	-	-4.04	12.45	6.88	-4.53
Benchmark (%) Index: ICE BofAML Global High Yield Constrained (HW0C) 100% USD Hedged Index<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	-	-2.03	16.21	7.99	-1.90

	1y	3y	5y	10y	Incept.
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-Jan-19	-1.72	6.43	-	-	2.48
Benchmark (%) Index: ICE BofAML Global High Yield Constrained (HW0C) 100% USD Hedged Index.<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-Jan-19	1.38	9.12	-	-	4.50

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y	Incept.
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-Jan-19	3.50	3.50	0.38	-1.72	20.55	-	-	12.11
Benchmark (%) Index: ICE BofAML Global High Yield Constrained (HW0C) 100% USD Hedged Index.<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-Jan-19	4.02	4.02	1.80	1.38	29.92	-	-	22.83

Missing cumulative returns data

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 GBP, hedged fund 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

Chart

Performance chart data not available for display.

Growth of Hypothetical GBP 10,000
Historical NAVs

BGF Global High Yield Bond Fund (GBP)

Share Class performance displayed in GBP and Benchmark performance displayed in USD. Source: BlackRock. Performance is shown on a net asset value basis, with gross income reinvested. Past performance is not a guide to future performance.

Historical NAVs

Distributions

Record Date	Ex-Date	Payable Date

Custom Columns

Record Date
Ex-Date
Payable Date
Total Distribution

Record Date	Ex-Date	Payable Date	Total Distribution

Key Facts

Size of Fund (Millions) as of 18-Feb-19 USD 1,249.718

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. as of 31-Jan-19 5.25

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 1229

Base Currency USD

Fund Launch Date 16-May-03

Inception Date 28-May-14

Asset Class Fixed Income

Morningstar Category Global High Yield Bond - GBP Hedged

Benchmark Index ICE BofAML Global High Yield Constrained (HW0C) 100% USD Hedged 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. 0.77%

ISIN LU1072327023

Bloomberg Ticker BGHYD5G

Initial Charge 5.00%

Performance Fee 0.00%

SEDOL BN327J1

Bloomberg Benchmark Ticker -

Dealing Settlement Trade Date + 3 days

Dealing Frequency Daily, forward pricing basis

Minimum Initial Investment GBP 100000

Minimum Subsequent Investment GBP 1000

Use of Income Distributing

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 5.89%

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 3.99

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 3.59

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 5.50

WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of 31-Jan-19 5.50

Risk Indicator

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Low Risk High Risk

Typically low rewards Typically high rewards

Ratings

Morningstar Rating

Overall BGF Global High Yield Bond Fund received a Morningstar Rating of 3 stars for the 3-year period, 3 stars for the 5-year period and 3 stars for the 10-year period, rated against 179, 125 and 52 Global High Yield Bond - GBP Hedged Funds, respectively. Performance results represent past performance and are no guarantee of future results.<br /><br />For each U.S.-domiciled fund with at least a 3-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.<br /><br />Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

3

Overall Morningstar Rating for BGF Global High Yield Bond Fund, Class D5 Hedged, as of 31-Jan-19 rated against 179 Global High Yield Bond - GBP Hedged Funds.

Holdings

Top

as of 31-Jan-19

Name	Weight (%)
TRANSDIGM INC 144A 6.25 03/15/2026	1.33
BLACKSTONE CQP HOLDCO LP 144A 6.5 03/20/2021	1.17
PETROBRAS GLOBAL FINANCE BV 4.375 05/20/2023	0.89
STARS GROUP INC	0.70
BWAY HOLDING CO RegS 4.75 04/15/2024	0.50

Name	Weight (%)
GMAC CAPITAL TRUST I 8.40113 02/15/2040	0.49
HD SUPPLY INC 144A 5.375 10/15/2026	0.47
INFOR US INC 6.5 05/15/2022	0.42
CLEAR CHANNEL WORLDWIDE HOLDINGS I 7.625 03/15/2020	0.42
SPRINT CORP 7.625 03/01/2026	0.42

Holdings subject to change

as of 31-Jan-19

% of Market Value

Type	Fund	Benchmark	Net

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as of 31-Jan-19

% of Market Value

Type	Fund	Benchmark	Net

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as of 31-Jan-19

% of Market Value

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of 31-Jan-19

% of Market Value

Type	Fund	Benchmark	Net

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as of 31-Jan-19

% of Market Value

Type	Fund	Benchmark	Net

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as of 31-Jan-19

% of Market Value

Type	Fund	Benchmark	Net

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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 D5 Hedged	GBP	Quarterly	8.96	0.02	0.22	9.42	8.56	-	LU1072327023	-	-
Class I3	USD	Monthly	10.15	0.02	0.20	10.48	9.74	-	LU0764819032	-	-
Class A5	EUR	Quarterly	10.67	-0.03	-0.28	10.77	9.84	-	LU1125545993	-	-
Class D2 Hedged	GBP	None	18.66	0.03	0.16	18.80	17.83	-	LU0372548783	-	-
Class A6 Hedged	SGD	Monthly	9.71	0.02	0.21	10.06	9.34	-	LU1830001522	-	-
Class X2 Hedged	EUR	None	19.60	0.03	0.15	19.78	18.73	-	LU0147394752	-	-
Class E2 Hedged	EUR	None	14.84	0.02	0.13	15.19	14.22	-	LU0093505864	-	-
Class E2	EUR	None	19.74	-0.06	-0.30	19.80	17.68	-	LU0628613712	-	-
Class X2	USD	None	10.30	0.02	0.19	10.30	9.80	-	LU0580566189	-	-
Class C1 Hedged	EUR	Daily	5.28	0.01	0.19	5.61	5.09	-	LU0147394323	-	-
Class A8 Hedged	CNH	-	102.91	0.18	0.18	102.91	98.71	-	LU1919856135	-	-
Class C2	USD	None	21.42	0.04	0.19	21.56	20.45	-	LU0331284447	-	-
Class D3	USD	Monthly	7.84	0.01	0.13	8.09	7.52	-	LU0827882126	-	-
Class A2 Hedged	PLN	None	13.68	0.03	0.22	13.76	13.05	-	LU0849758007	-	-
Class D3 Hedged	EUR	Monthly	5.14	0.01	0.19	5.47	4.95	-	LU0827882472	-	-
Class A8 Hedged	AUD	Monthly	6.68	0.01	0.15	7.05	6.42	-	LU0871640040	-	-
Class A6 Hedged	HKD	Monthly	51.63	0.09	0.17	54.81	49.70	-	LU0784402520	-	-
Class A1	EUR	Daily	5.16	0.00	0.00	5.48	4.98	-	LU0118259661	-	-
Class D2 Hedged	EUR	None	17.32	0.03	0.17	17.55	16.57	-	LU0368267034	-	-
Class C2 Hedged	EUR	None	13.06	0.02	0.15	13.45	12.53	-	LU0147394596	-	-
Class A2	USD	None	24.66	0.04	0.16	24.71	23.51	-	LU0171284937	-	-
Class D2	USD	None	26.18	0.05	0.19	26.18	24.93	-	LU0297941899	-	-
Class A2 Hedged	EUR	None	16.38	0.03	0.18	16.69	15.68	-	LU0093504206	-	-
Class I2	USD	None	26.34	0.05	0.19	26.34	25.07	-	LU0369584726	-	-
Class A3 Hedged	EUR	Monthly	5.12	0.01	0.20	5.44	4.93	-	LU0172401704	-	-
Class X8 Hedged	AUD	Monthly	9.51	0.02	0.21	9.89	9.13	-	LU1258857488	-	-
Class A2 Hedged	GBP	None	17.77	0.03	0.17	17.95	16.99	-	LU0567554463	-	-
Class A2 Hedged	SEK	None	12.94	0.02	0.15	13.19	12.39	-	LU0797429023	-	-
Class A8 Hedged	ZAR	Monthly	88.49	0.17	0.19	92.98	84.88	-	LU1023055319	-	-
Class A6	USD	Monthly	6.83	0.01	0.15	7.17	6.56	-	LU0764618640	-	-
Class E2	USD	None	22.35	0.03	0.13	22.44	21.32	-	LU0171285157	-	-
Class C1	USD	Daily	7.94	0.01	0.13	8.19	7.62	-	LU0331284363	-	-
Class I2 Hedged	EUR	-	10.01	0.02	0.20	10.13	9.57	-	LU1791806000	-	-
Class E5 Hedged	EUR	Quarterly	10.20	0.01	0.10	10.84	9.78	-	LU0500207039	-	-
Class A1	USD	Daily	7.74	0.01	0.13	7.99	7.43	-	LU0171284770	-	-
Class A3	USD	Monthly	7.80	0.02	0.26	8.05	7.48	-	LU0172401969	-	-
Class I2 Hedged	CAD	None	11.87	0.02	0.17	11.90	11.32	-	LU1153585705	-	-
Class X4 Hedged	EUR	Annual	9.02	0.01	0.11	9.63	8.62	-	LU0984200880	-	-