Fixed Income

BGF US Dollar Bond Fund

  • NAV as of 09-Aug-22 USD 9.37
    52 WK: 9.09 - 10.73
  • 1 Day NAV Change as of 09-Aug-22 -0.03 (-0.32%)
  • Morningstar Rating

Overview

Investment Approach

The Fund aims to maximize the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 80% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities). The fixed income securities may be issued by: the United States (US) government and its agencies, non-US governments and government agencies, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US.

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

Chart

Performance chart data not available for display.
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Share Class and Benchmark performance displayed in USD. 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.

Distributions

Record Date Ex-Date Payable Date
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Record Date Ex-Date Payable Date Total Distribution

This chart shows the fund's performance as the percentage loss or gain per year over the last 4 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

  2017 2018 2019 2020 2021
Total Return (%) 0.0 10.0 9.0 -0.8
Constraint Benchmark 1 (%) 0.0 8.7 7.5 -1.5
  1y 3y 5y 10y Incept.
Total Return (%) -9.55 0.23 - - 1.65
Constraint Benchmark 1 (%) -9.12 -0.21 - - 1.23
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) -9.00 2.50 0.67 -7.05 -9.55 0.69 - - 8.19
Constraint Benchmark 1 (%) -8.16 2.44 1.49 -6.14 -9.12 -0.62 - - 6.06
  From
30-Jun-2017
To
30-Jun-2018		 From
30-Jun-2018
To
30-Jun-2019		 From
30-Jun-2019
To
30-Jun-2020		 From
30-Jun-2020
To
30-Jun-2021		 From
30-Jun-2021
To
30-Jun-2022
Total Return (%)

as of 30-Jun-22

- 8.11 9.02 1.75 -11.01
Constraint Benchmark 1 (%)

as of 30-Jun-22

- 7.87 8.74 -0.33 -10.29

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 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 09-Aug-22 USD 580,071,746
Inception Date 04-Oct-17
Fund Launch Date 07-Apr-89
Share Class Currency USD
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 BBG U.S. Aggregate Index
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charges Figures 0.04%
Annual Management Fee 0.00%
Performance Fee 0.00%
Minimum Initial Investment USD 10,000,000.00
Minimum Subsequent Investment USD 1,000.00
Distribution Frequency Quarterly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Diversified Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGUDCX5
ISIN LU1694209633
SEDOL BD9FRY9

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 29-Jul-22 1498
12m Trailing Yield as of 31-Jul-22 2.45
Standard Deviation (3y) as of 31-Jul-22 5.69%
3y Beta as of 31-Jul-22 1.062
Yield to Maturity as of 29-Jul-22 4.22
Modified Duration as of 29-Jul-22 6.21
Weighted Average YTM as of 29-Jul-22 4.16%
Effective Duration as of 29-Jul-22 6.06
Weighted Avg Maturity as of 29-Jul-22 7.74
WAL to Worst as of 29-Jul-22 7.74

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 phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves 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

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BGF US Dollar Bond Fund, Class X5, as of 31-Jul-22 rated against 412 USD Diversified Bond Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Gold
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective 11-Dec-19)

Holdings

Holdings

as of 29-Jul-22
Name Weight (%)
UNITED STATES TREASURY 20.74
FEDERAL NATIONAL MORTGAGE ASSOCIATION 12.38
FEDERAL HOME LOAN MORTGAGE CORPORATION 7.16
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 5.66
BANK OF AMERICA CORP 1.87
Name Weight (%)
MORGAN STANLEY 1.39
GOLDMAN SACHS GROUP INC/THE 1.38
JPMORGAN CHASE & CO 1.13
VERIZON COMMUNICATIONS INC 0.74
AT&T INC 0.73
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Jul-22

% of Market Value

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settlement 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.
as of 29-Jul-22

% of Market Value

Type Fund Benchmark Net
as of 29-Jul-22

% 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 X5 USD Quarterly 9.37 -0.03 -0.32 09-Aug-22 10.73 9.09 LU1694209633 -
Class E2 USD None 29.34 -0.09 -0.31 09-Aug-22 33.30 28.37 LU0147419096 -
Class I2 Hedged EUR None 9.65 -0.03 -0.31 09-Aug-22 10.99 9.35 LU1564327929 -
Class D2 USD None 34.27 -0.10 -0.29 09-Aug-22 38.57 33.09 LU0548367084 -
Class I2 USD None 11.08 -0.03 -0.27 09-Aug-22 12.45 10.69 LU1165522647 -
Class A2 USD None 32.63 -0.10 -0.31 09-Aug-22 36.87 31.53 LU0096258362 -
Class D3 USD Monthly 15.87 -0.05 -0.31 09-Aug-22 18.14 15.38 LU0592701923 -
Class A3 USD Monthly 15.87 -0.05 -0.31 09-Aug-22 18.14 15.38 LU0172417379 -
Class C2 USD None 23.83 -0.07 -0.29 09-Aug-22 27.23 23.07 LU0147418874 -
Class C1 USD Monthly 14.92 -0.05 -0.33 09-Aug-22 17.05 14.45 LU0147418528 -
Class A1 USD Monthly 15.85 -0.05 -0.31 09-Aug-22 18.13 15.36 LU0028835386 -
Class A2 CZK None 781.43 -5.31 -0.67 09-Aug-22 825.91 735.32 LU1791174102 -
Class I5 USD Quarterly 9.43 -0.03 -0.32 09-Aug-22 10.80 9.16 LU1718847640 -
Class D2 Hedged GBP None 10.33 -0.04 -0.39 09-Aug-22 11.67 9.99 LU1294567448 -
Class X2 USD None 10.73 -0.03 -0.28 09-Aug-22 12.01 10.35 LU0147419252 -

Portfolio Managers

Portfolio Managers

Bob Miller
Bob Miller
Managing Director

Bob Miller, Managing Director, is head of Americas Fundamental Fixed Income within BlackRock's Global Fixed Income group and a member of the Global Fixed Income Executive Committee.

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Bob Miller, Managing Director, is head of Americas Fundamental Fixed Income within BlackRock's Global Fixed Income group and a member of the Global Fixed Income Executive Committee. He is a portfolio manager of BlackRock's Core Bond, Total Return, and Strategic Income Opportunities Funds.

Prior to joining BlackRock in 2011, Mr. Miller was a co-founder and partner at the Round Table Investment Management Company, a multi-strategy, research-based investment company, where he managed a global macro strategy. Previously, Mr. Miller spent 20 years at Bank of America, where he served in a variety of roles, most recently as senior portfolio manager for the bank's proprietary multi-asset investment portfolio. Mr. Miller managed global interest rate, credit and foreign exchange portfolios during his tenure at Bank of America.

Mr. Miller is a former Trustee of Davidson College where he served as Chair of the Investment Committee, member of the Athletics Committee and member of the Presidential Search Committee. He currently serves as an advisor to the Investment Committee and is also actively involved with the Davidson July Experience program. Mr. Miller is a former Trustee and past Chairman of the Board at Trinity Episcopal School in Charlotte, NC. He currently serves as an advisor to the TES Investment Committee. He previously served as an advisor to the Investment Committee of St. Mary's School in Raleigh, NC.  Mr. Miller is a member of the Chairmen's Circle with the Central Park Conservancy in New York City. 

He earned a BA degree in economics from Davidson College.

Aidan Doyle
Aidan Doyle
CFA, Director

Aidan Doyle, CFA, Director, is a portfolio manager within the Global Bond Team.

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Aidan Doyle, CFA, Director, is a portfolio manager within the Global Bond Team. He is co-lead manager for the BGF World Bond Fund, the BGF Global Government Bond Fund, the BGF Fixed Income Global Opportunities Fund, BGF ESG Fixed Income Global Opportunities Fund, and the BGF US Dollar Bond Fund.

Mr. Doyle began his career at BlackRock in 2010 when he joined the Global Bond Team as a portfolio manager. He is responsible for developing macro directional and relative value investment strategies and managing the team's global aggregate and global government bond portfolios.

Mr Doyle. has a MSc degree in Finance from the Imperial College London, with a focus on fixed income and derivatives. He earned a BA degree in Economics, with honors, from Trinity College Dublin, with a focus on financial economics.

Chi Chen
Chi Chen
Director

Chi Chen, Director, is a portfolio manager on the Multi-Sector Mutual Fund team within BlackRock's Global Fixed Income Investment Group.

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Chi Chen, Director, is a portfolio manager on the Multi-Sector Mutual Fund team within BlackRock's Global Fixed Income Investment Group. She focuses on managing multi-sector fixed income mutual funds and global government bond mandates. Ms. Chen focuses on macro investment strategies and specializes in interest rates investment. She is involved in regime identification, asset allocation, and portfolio construction for the multi-sector fixed income platform. Previously, she was a researcher on the Interest Rates Investment Strategy team as well as the Economics team, conducting research in macroeconomics and interest rate investment strategy for the Fundamental Fixed Income Investment platform.

Ms. Chen joined Blackrock as an analyst in the Global Fixed Income Investment group after graduating from Mount Holyoke College with a BA degree in Economics and Statistics.

Sam Summers
Sam Summers
Vice President

Sam Summers, Vice President, is a portfolio manager on the Multi-Sector Mutual Funds team within the Global Fixed Income group at Blackrock.

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Sam Summers, Vice President, is a portfolio manager on the Multi-Sector Mutual Funds team within the Global Fixed Income group at Blackrock. Mr. Summers focuses on macro directional and relative value investment strategies in FX and global interest rates as well as managing the multi-sector mutual funds and global government bond portfolios.

Mr. Summers joined Blackrock as an analyst after graduating from the University of Pennsylvania with a BA degree in economics. 

Literature

Literature