BGF Euro Corporate Bond Fund

Fixed Income

BGF Euro Corporate Bond Fund

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 70% of its total assets in fixed income securities which are denominated in euro.

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

Performance

  • Returns

  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

7.32 -0.14 4.34 1.98 -2.07
Benchmark (%) Index: ICE BofAML Euro Corporate Index (ER00)<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

8.25 -0.43 4.75 2.42 -1.14

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 EUR, hedged fund benchmark performance is displayed in EUR.

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.
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Share Class and Benchmark performance displayed in EUR. 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.

Reinvestments

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution

Key Facts

Key Facts

Size of Fund (Millions) as of 22-Feb-19 EUR 2,723.990
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. -
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-19 475
Base Currency EUR
Fund Launch Date 31-Jul-06
Inception Date 31-Jul-06
Asset Class Fixed Income
Morningstar Category EUR Corporate Bond
Benchmark Index ICE BofAML Euro Corporate Index (ER00)
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. 1.52%
ISIN LU0162659931
Bloomberg Ticker MLCOREE
Annual Management Fee As reported in the fund's most recent Annual Management Report of Fund Performance. MER includes all management fees and GST/HST paid by the fund for the period, including fees paid indirectly as a result of holdings of other ETFs. 1.30%
Initial Charge 3.00%
Performance Fee 0.00%
SEDOL 7588695
Bloomberg Benchmark Ticker ER00
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating

Portfolio Characteristics

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 1.46%
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 4.55
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 4.48
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 6.15
3y Volatility - Benchmark as of 31-Jan-19 2.17
3y Beta Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security&#39;s price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market.<br/><br/>Calculated vs. Benchmark Index as of 31-Jan-19 0.995
5y Volatility - Benchmark as of 31-Jan-19 2.38
5y Beta as of 31-Jan-19 0.999
WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of 31-Jan-19 6.15

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

3
Overall Morningstar Rating for BGF Euro Corporate Bond Fund, Class E2, as of 31-Jan-19 rated against 963 EUR Corporate Bond Funds.

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 27-Jul-18)
Ratings Report

Holdings

Holdings

as of 31-Jan-19
Name Weight (%)
ABN AMRO BANK NV MTN RegS 0.875 01/15/2024 0.78
ANHEUSER-BUSCH INBEV NV MTN RegS 2.75 03/17/2036 0.68
ITALY (REPUBLIC OF) 1.3 05/15/2028 0.68
ARGENTA SPAARBANK NV RegS 1 02/06/2024 0.67
ALLIANZ FINANCE II BV MTN RegS 5.75 07/08/2041 0.66
Name Weight (%)
BANCO DE SABADELL SA MTN RegS 1.625 03/07/2024 0.65
HSBC HOLDINGS PLC RegS 1.5 12/04/2024 0.64
CREDIT MUTUEL ARKEA MTN RegS 1.375 01/17/2025 0.62
THERMO FISHER SCIENTIFIC INC 1.4 01/23/2026 0.60
BERTELSMANN SE & CO KGAA RegS 3 04/23/2075 0.58
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% of Market Value

Type Fund Benchmark Net
as of 31-Jan-19

% 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 E2 EUR None 15.39 0.01 0.07 15.40 15.04 - LU0162659931 - -
Class I5 EUR Quarterly 10.13 0.00 0.00 10.15 9.89 - LU1502568287 - -
Class D3 EUR Monthly 13.29 0.01 0.08 13.31 12.99 - LU0827877803 - -
Class A2 Hedged CHF None 10.11 0.01 0.10 10.11 9.88 - LU1445717629 - -
Class D2 EUR None 17.35 0.01 0.06 17.36 16.93 - LU0368266499 - -
Class D2 Hedged CHF None 10.22 0.00 0.00 10.23 9.98 - LU1445718783 - -
Class I2 EUR None 10.92 0.00 0.00 10.93 10.65 - LU1373033965 - -
Class A2 EUR None 16.64 0.01 0.06 16.65 16.25 - LU0162658883 - -
Class E5 EUR Quarterly 14.20 0.01 0.07 14.20 13.88 - LU0500207542 - -
Class I2 Hedged CHF None 10.27 0.01 0.10 10.27 10.02 - LU1445719757 - -
Class A2 CZK None 426.97 0.68 0.16 429.68 416.40 - LU1791176222 - -
Class A1 EUR Daily 13.53 0.01 0.07 13.54 13.22 - LU0162660350 - -
Class A3 EUR Monthly 13.29 0.01 0.08 13.30 12.98 - LU0172394222 - -
Class A2 Hedged GBP None 10.49 0.01 0.10 10.49 10.22 - LU1445718197 - -
Class I2 Hedged GBP None 10.63 0.01 0.09 10.63 10.34 - LU1445719328 - -
Class A2 Hedged SEK None 101.36 0.07 0.07 101.41 98.93 - LU1622601463 - -
Class D2 Hedged GBP None 10.57 0.01 0.09 10.58 10.29 - LU1445719088 - -
Class A2 Hedged USD None 10.84 0.01 0.09 10.84 10.46 - LU1445717389 - -
Class X2 EUR None 18.39 0.01 0.05 18.40 17.92 - LU0414062595 - -
Class C2 EUR None 13.69 0.01 0.07 13.78 13.39 - LU0162661242 - -
Class X5 EUR Quarterly 10.00 0.01 0.10 10.00 9.75 - LU1760134277 - -
Class D2 Hedged USD None 10.95 0.01 0.09 10.95 10.52 - LU1445718437 - -

Portfolio Managers

Portfolio Managers

Tom Mondelaers
Tom Mondelaers
Jozef Prokes
Jozef Prokes

Literature

Literature