Fixed Income

BGF US Dollar Short Duration Bond Fund

  • NAV as of 13-Dec-24 EUR 10.58
    52 WK: 10.18 - 10.64
  • 1 Day NAV Change as of 13-Dec-24 -0.01 (-0.09%)

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 at least 80% of its total assets in fixed income (FI) securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).

The FI 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.

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

View full chart

This chart shows the fund's performance as the percentage loss or gain per year over the last 0 years.

  2019 2020 2021 2022 2023
Total Return (%)
Constraint Benchmark 1 (%)

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 (%) 3.94 - - - 3.91
Constraint Benchmark 1 (%) 5.43 - - - 5.27
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 2.92 0.19 0.09 2.42 3.94 - - - 5.60
Constraint Benchmark 1 (%) 4.21 0.33 0.61 3.29 5.43 - - - 7.58
  From
30-Sep-2019
To
30-Sep-2020		 From
30-Sep-2020
To
30-Sep-2021		 From
30-Sep-2021
To
30-Sep-2022		 From
30-Sep-2022
To
30-Sep-2023		 From
30-Sep-2023
To
30-Sep-2024
Total Return (%)

as of 30-Sep-24

- - - - 6.09
Constraint Benchmark 1 (%)

as of 30-Sep-24

- - - - 7.19

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 EUR, 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 13-Dec-24
USD 1,256,994,169
Fund Launch Date
31-Oct-02
Base Currency
USD
Constraint Benchmark 1
ICE BofA Government Corporate 1-3 Yr Index (B1A0) (USD)
Initial Charge
0.00%
Management Fee
0.36%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGFUSDS
Inception Date
28-Jun-23
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
0.51%
ISIN
LU2624961715
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
-
Dealing Frequency
Daily, forward pricing basis
SEDOL
BNDVJ36

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29-Nov-24
744
3y Beta
as of -
-
Modified Duration
as of 29-Nov-24
1.91
Effective Duration
as of 29-Nov-24
1.84
WAL to Worst
as of 29-Nov-24
2.64
Standard Deviation (3y)
as of -
-
Yield to Maturity
as of 29-Nov-24
4.71
Weighted Average YTM
as of 29-Nov-24
4.67%
Weighted Avg Maturity
as of 29-Nov-24
2.64

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-Nov-24
A
MSCI ESG Quality Score (0-10)
as of 21-Nov-24
6.10
Fund Lipper Global Classification
as of 21-Nov-24
Bond USD Short Term
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Nov-24
195.26
MSCI ESG % Coverage
as of 21-Nov-24
69.25
MSCI ESG Quality Score - Peer Percentile
as of 21-Nov-24
19.32
Funds in Peer Group
as of 21-Nov-24
207
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Nov-24
32.55
All data is from MSCI ESG Fund Ratings as of 21-Nov-24, based on holdings as of 30-Jun-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 29-Nov-24
0.00%
MSCI - Nuclear Weapons
as of 29-Nov-24
0.00%
MSCI - Civilian Firearms
as of 29-Nov-24
0.00%
MSCI - Tobacco
as of 29-Nov-24
0.96%
MSCI - UN Global Compact Violators
as of 29-Nov-24
0.00%
MSCI - Thermal Coal
as of 29-Nov-24
0.69%
MSCI - Oil Sands
as of 29-Nov-24
0.00%
Business Involvement Coverage
as of 29-Nov-24
31.11%
Percentage of Fund not covered
as of 29-Nov-24
68.83%
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 0.81% and for Oil Sands 0.00%.

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.

Risk Indicator

Risk Indicator

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

Ratings

Holdings

Holdings

as of 29-Nov-24
Name Weight (%)
TREASURY NOTE 4.5 04/15/2027 4.56
TREASURY NOTE 3.375 09/15/2027 4.20
TREASURY NOTE 4.25 03/15/2027 3.34
TREASURY NOTE 4.125 02/15/2027 3.33
TREASURY NOTE 4 01/15/2027 3.28
Name Weight (%)
TREASURY NOTE 4.375 07/15/2027 2.63
TREASURY NOTE 4.5 05/15/2027 2.19
TREASURY NOTE 4.625 11/15/2026 1.78
TREASURY NOTE 3.875 10/15/2027 1.51
FNMA 0.55 08/19/2025 1.23
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Nov-24

% of Market Value

Type Fund Benchmark Net
¹Allocations are subject to change. Source: BlackRock
as of 29-Nov-24

% of Market Value

Type Fund Benchmark Net
as of 29-Nov-24

% 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 S2 Hedged EUR 10.58 -0.01 -0.09 13-Dec-24 10.64 10.18 LU2624961715
Class A10 Hedged CNH 98.57 -0.08 -0.08 13-Dec-24 101.29 98.57 LU2708803551
Class A10 Hedged SGD 9.97 -0.01 -0.10 13-Dec-24 10.16 9.95 LU2667125459
Class S2 USD 10.86 -0.01 -0.09 13-Dec-24 10.88 10.27 LU2624961632
Class C1 USD 8.09 -0.01 -0.12 13-Dec-24 8.18 7.97 LU0155447161
Class I5 USD USD 9.76 -0.01 -0.10 13-Dec-24 9.87 9.55 LU1883300532
Class D2 Hedged EUR 9.89 -0.01 -0.10 13-Dec-24 9.94 9.51 LU1423762027
Class A3 Hedged SGD 8.80 -0.01 -0.11 13-Dec-24 8.94 8.75 LU1062843773
Class A10 USD 10.01 0.00 0.00 13-Dec-24 10.16 9.92 LU2708803478
Class I2 Hedged EUR 9.97 -0.01 -0.10 13-Dec-24 10.03 9.59 LU1423762613
Class A2 Hedged EUR 9.77 -0.01 -0.10 13-Dec-24 9.83 9.43 LU0839485744
Class A1 USD 8.12 -0.01 -0.12 13-Dec-24 8.21 7.99 LU0155445546
Class X2 USD 17.17 -0.02 -0.12 13-Dec-24 17.20 16.17 LU0245444947
Class A2 EUR 14.01 0.03 0.21 13-Dec-24 14.04 13.07 LU2812466584
Class A2 USD 14.69 -0.01 -0.07 13-Dec-24 14.73 13.95 LU0154237225
Class S3 USD 10.20 -0.01 -0.10 13-Dec-24 10.33 10.03 LU2624961988
Class C2 USD 11.14 -0.01 -0.09 13-Dec-24 11.21 10.71 LU0331289081
Class AI2 USD 10.91 -0.01 -0.09 13-Dec-24 10.95 10.36 LU1960224225
Class S2 EUR 10.35 0.02 0.19 13-Dec-24 10.38 9.33 LU2624961806
Class AI2 EUR 10.40 0.01 0.10 13-Dec-24 10.43 9.41 LU1960224142
Class D3 USD 9.33 -0.01 -0.11 13-Dec-24 9.44 9.17 LU0592702228
Class E2 USD 13.06 -0.01 -0.08 13-Dec-24 13.11 12.46 LU0154237738
Class A3 EUR 7.75 0.02 0.26 13-Dec-24 7.79 7.28 LU0172420597
Class A3G USD 10.06 -0.01 -0.10 13-Dec-24 10.21 9.94 LU2621334783
Class D2 USD 15.32 -0.02 -0.13 13-Dec-24 15.35 14.50 LU0827887356
Class A3 Hedged CNH 98.48 -0.08 -0.08 13-Dec-24 100.92 98.42 LU2641782409
Class E2 EUR 12.45 0.02 0.16 13-Dec-24 12.48 11.32 LU0171298564
Class A3 USD 8.12 -0.01 -0.12 13-Dec-24 8.22 7.99 LU0172419748
Class I2 USD 11.72 -0.01 -0.09 13-Dec-24 11.74 11.08 LU1479925726
Class A2 Hedged SGD 10.25 -0.01 -0.10 13-Dec-24 10.32 9.96 LU2776001294

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Akiva Dickstein
Scott MacLellan, CFA, CMT
Scott MacLellan, CFA, CMT
Amanda Liu, CFA
Amanda Liu, CFA
Sam Summers
Sam Summers
Director, Portfolio Manager

   

Read More

Sam Summers, Director, 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.

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 EUR 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
9,430 EUR
-5.7%
9,280 EUR
-2.5%

Unfavourable

What you might get back after costs
Average return each year
9,430 EUR
-5.7%
9,580 EUR
-1.4%

Moderate

What you might get back after costs
Average return each year
10,050 EUR
0.5%
10,130 EUR
0.4%

Favourable

What you might get back after costs
Average return each year
10,610 EUR
6.1%
10,780 EUR
2.5%

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



Literature

Literature