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

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Performance

Performance

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Performance chart data not available for display.
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This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 6.2 -7.0 -7.3 -15.6 10.6 10.9 -15.4 7.8 0.0 -9.6
Constraint Benchmark 1 (%) 16.8 -9.0 -5.7 -14.9 9.9 15.2 -6.2 13.5 2.7 -8.7
  1y 3y 5y 10y Incept.
-18.81 -8.81 -6.95 -4.81 -4.73
Constraint Benchmark 1 (%) -20.27 -8.21 -3.54 -2.56 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-17.65 1.06 -4.49 -5.59 -18.81 -24.17 -30.26 -38.94 -42.60
Constraint Benchmark 1 (%) -19.29 -0.88 -5.84 -8.18 -20.27 -22.67 -16.49 -22.87 -
  From
30-Sep-2017
To
30-Sep-2018
From
30-Sep-2018
To
30-Sep-2019
From
30-Sep-2019
To
30-Sep-2020
From
30-Sep-2020
To
30-Sep-2021
From
30-Sep-2021
To
30-Sep-2022
Total Return (%)

as of 30-Sep-22

-16.55 4.39 -5.16 2.15 -20.45
Constraint Benchmark 1 (%)

as of 30-Sep-22

-7.40 10.13 -1.45 2.63 -20.63

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 CHF, 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 29-Nov-22 USD 1,378,951,498
Inception Date 17-May-11
Fund Launch Date 26-Jun-97
Share Class Currency CHF
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 JP Morgan GBI-EM Global Diversified Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 1.26%
Annual Management Fee 1.00%
Performance Fee 0.00%
Minimum Initial Investment CHF 5,000.00
Minimum Subsequent Investment -
Use of Income Accumulating
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 BGLEA2C
ISIN LU0623004180
SEDOL B52RT84

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Oct-22 170
Standard Deviation (3y) as of 31-Oct-22 13.72%
3y Beta as of 31-Oct-22 1.138
Yield to Maturity as of 31-Oct-22 9.32
Modified Duration as of 31-Oct-22 4.53
Weighted Average YTM as of 31-Oct-22 9.32%
Effective Duration as of 31-Oct-22 4.54
Weighted Avg Maturity as of 31-Oct-22 6.45
WAL to Worst as of 31-Oct-22 6.45

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

Holdings

Holdings

as of 31-Oct-22
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 3.94
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 2.34
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.12
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.99
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.74
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.70
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 1.54
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.52
COLOMBIA REPUBLIC OF (GOVERNMENT) 10 07/24/2024 1.43
MEXICO (UNITED MEXICAN STATES) 7.5 06/03/2027 1.39
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Oct-22

% of Market Value

Type Fund Benchmark Net
as of 31-Oct-22

% of Market Value

Type Fund Benchmark Net
as of 31-Oct-22

% of Market Value

Type Fund Benchmark Net
as of 31-Oct-22

% of Market Value

Type Fund Benchmark Net
as of 31-Oct-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 A2 Hedged CHF None 6.07 0.03 0.50 29-Nov-22 7.13 5.58 LU0623004180 -
Class AI5 EUR Quarterly 8.41 0.10 1.20 29-Nov-22 9.11 8.05 LU1960220660 -
Class X2 Hedged GBP None 8.71 0.03 0.35 29-Nov-22 10.06 8.00 LU1505939139 -
Class C2 USD None 17.20 0.06 0.35 29-Nov-22 19.93 15.78 LU0278476923 -
Class I3 Hedged GBP Monthly 4.95 0.02 0.41 29-Nov-22 6.02 4.57 LU0995336418 -
Class S3 Hedged GBP Monthly 7.53 0.03 0.40 29-Nov-22 9.10 6.95 LU1911699996 -
Class I5 EUR Quarterly 7.02 0.08 1.15 29-Nov-22 7.61 6.71 LU0995350831 -
Class A2 Hedged SGD None 7.17 0.03 0.42 29-Nov-22 8.29 6.58 LU0358998713 -
Class X2 GBP None 5.43 0.05 0.93 29-Nov-22 5.65 4.93 LU1688375267 -
Class D3 Hedged GBP Monthly 4.97 0.02 0.40 29-Nov-22 6.00 4.59 LU0995345831 -
Class A1 USD Monthly 2.91 0.01 0.34 29-Nov-22 3.47 2.68 LU0278477574 -
Class D2 CHF None 21.53 0.27 1.27 29-Nov-22 23.94 20.55 LU1065150267 -
Class X2 AUD None 9.69 0.00 0.00 29-Nov-22 10.35 8.80 LU1554267051 -
Class A2 Hedged EUR None 6.21 0.03 0.49 29-Nov-22 7.32 5.71 LU0359002093 -
Class A2 CHF None 19.97 0.25 1.27 29-Nov-22 22.30 19.07 LU0938162186 -
Class D2 Hedged CHF None 7.37 0.03 0.41 29-Nov-22 8.63 6.78 LU1688375184 -
Class A8 Hedged AUD Monthly 4.87 0.02 0.41 29-Nov-22 5.97 4.50 LU1133072774 -
Class SR2 Hedged EUR - 8.36 0.04 0.48 29-Nov-22 9.81 7.68 LU2319963380 -
Class I5 USD Quarterly 7.26 0.02 0.28 29-Nov-22 8.65 6.65 LU1495982867 -
Class I2 EUR None 21.99 0.27 1.24 29-Nov-22 22.83 20.55 LU1559746307 -
Class D2 USD None 22.61 0.09 0.40 29-Nov-22 25.83 20.70 LU0383940458 -
Class SR3 Hedged GBP Monthly 7.85 0.03 0.38 29-Nov-22 9.49 7.25 LU2319963463 -
Class SR3 USD Monthly 8.00 0.03 0.38 29-Nov-22 9.51 7.36 LU2319963620 -
Class D2 Hedged EUR None 6.44 0.03 0.47 29-Nov-22 7.57 5.92 LU0622213642 -
Class I2 GBP - 18.99 0.19 1.01 29-Nov-22 19.75 17.31 LU1741217027 -
Class A6 Hedged SGD Monthly 5.49 0.02 0.37 29-Nov-22 6.71 5.07 LU1676225185 -
Class I2 CHF - 21.66 0.27 1.26 29-Nov-22 24.06 20.66 LU1781817694 -
Class E5 Hedged EUR Quarterly 4.58 0.01 0.22 29-Nov-22 5.62 4.22 LU1062843260 -
Class SR2 USD - 8.67 0.03 0.35 29-Nov-22 9.91 7.94 LU2319963547 -
Class A1 EUR Monthly 2.81 0.03 1.08 29-Nov-22 3.05 2.71 LU0278461065 -
Class A2 USD None 20.97 0.08 0.38 29-Nov-22 24.05 19.21 LU0278470058 -
Class A2 EUR None 20.27 0.24 1.20 29-Nov-22 21.15 19.02 LU0278457204 -
Class A4 EUR Annual 11.29 0.13 1.16 29-Nov-22 12.41 10.86 LU0478974834 -
Class D5 GBP Quarterly 7.19 0.07 0.98 29-Nov-22 7.66 6.83 LU1694209807 -
Class A3 USD Monthly 2.94 0.01 0.34 29-Nov-22 3.49 2.70 LU0278470132 -
Class A2 Hedged SEK None 73.89 0.31 0.42 29-Nov-22 87.25 67.97 LU1715605868 -
Class A4 USD Annual 11.68 0.04 0.34 29-Nov-22 14.11 10.70 LU0548402170 -
Class A3 EUR Monthly 2.84 0.04 1.43 29-Nov-22 3.07 2.73 LU0278457469 -
Class D3 EUR Monthly 11.74 0.14 1.21 29-Nov-22 12.71 11.30 LU0827884924 -
Class A6 USD Monthly 6.13 0.02 0.33 29-Nov-22 7.43 5.65 LU1408528211 -
Class D3 USD Monthly 12.15 0.05 0.41 29-Nov-22 14.45 11.18 LU0523291242 -
Class D3 Hedged AUD Monthly 4.71 0.02 0.43 29-Nov-22 5.68 4.34 LU0827884841 -
Class D2 EUR None 21.86 0.26 1.20 29-Nov-22 22.72 20.45 LU0329592702 -
Class C2 EUR None 16.63 0.19 1.16 29-Nov-22 17.53 15.71 LU0278457972 -
Class D2 Hedged GBP None 12.35 0.05 0.41 29-Nov-22 14.33 11.34 LU0827885491 -
Class I2 Hedged EUR None 6.67 0.03 0.45 29-Nov-22 7.83 6.13 LU0473186707 -
Class A3 HKD Monthly 22.93 0.06 0.26 29-Nov-22 27.24 21.21 LU0388349754 -
Class D2 Hedged SGD None 7.55 0.03 0.40 29-Nov-22 8.70 6.92 LU0827884767 -
Class D4 EUR Annual 11.31 0.13 1.16 29-Nov-22 12.45 10.87 LU0827885145 -
Class C1 USD Monthly 2.91 0.01 0.34 29-Nov-22 3.47 2.68 LU0278478119 -
Class I2 USD None 22.74 0.08 0.35 29-Nov-22 25.95 20.82 LU0520955575 -
Class X2 USD None 6.51 0.03 0.46 29-Nov-22 7.40 5.96 LU0344905624 -
Class A6 Hedged HKD Monthly 60.28 0.22 0.37 29-Nov-22 73.73 55.67 LU1408528484 -
Class A2 CZK None 493.60 6.05 1.24 29-Nov-22 527.61 473.17 LU1791177113 -
Class X2 EUR None 6.29 0.07 1.13 29-Nov-22 6.51 5.86 LU0531082021 -
Class A3 Hedged AUD Monthly 4.71 0.02 0.43 29-Nov-22 5.68 4.34 LU0575500318 -
Class E2 USD None 19.37 0.07 0.36 29-Nov-22 22.31 17.76 LU0374975414 -
Class A8 Hedged NZD Monthly 6.11 0.02 0.33 29-Nov-22 7.46 5.65 LU1408528724 -
Class A6 Hedged GBP Monthly 5.51 0.02 0.36 29-Nov-22 6.79 5.10 LU1408528302 -
Class A6 Hedged CAD Monthly 5.95 0.03 0.51 29-Nov-22 7.25 5.49 LU1408528641 -
Class AI2 EUR - 9.80 0.12 1.24 29-Nov-22 10.23 9.20 LU1960220587 -
Class X5 Hedged GBP Quarterly 7.25 0.03 0.42 29-Nov-22 8.77 6.65 LU1954752702 -
Class A2 Hedged PLN None 8.54 0.02 0.23 29-Nov-22 9.68 7.83 LU0480535052 -
Class D4 USD Annual 11.70 0.04 0.34 29-Nov-22 14.16 10.72 LU0827885228 -
Class E2 Hedged EUR None 5.82 0.02 0.34 29-Nov-22 6.90 5.36 LU0474536231 -
Class E2 EUR None 18.73 0.22 1.19 29-Nov-22 19.62 17.62 LU0278459671 -
Class D2 Hedged PLN None 8.98 0.01 0.11 29-Nov-22 10.15 8.24 LU0827884684 -
Class D3 HKD Monthly 94.88 0.28 0.30 29-Nov-22 112.67 87.75 LU0827885061 -

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

Literature

Literature