Fixed Income

BGF Global Inflation Linked Bond Fund

  • NAV as of 29-Sep-23 USD 15.29
    52 WK: 14.70 - 15.85
  • 1 Day NAV Change as of 29-Sep-23 0.10 (0.66%)
  • Morningstar Rating

Overview

Investment Approach


The Fund aims to maximise the return on your investment, adjusted for inflation, 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 inflation-linked fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities) which pay income linked to a rate of inflation.

The fixed income securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).

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

Performance chart data not available for display.
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Distributions

Ex-Date Total Distribution
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Ex-Date Total Distribution

This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) -5.2 8.5 -1.4 9.2 3.3 0.5 6.6 6.0 4.8 -8.9
Constraint Benchmark 1 (%) -4.7 5.1 -0.4 5.9 2.7 1.0 6.9 6.4 5.5 -8.5

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 (%) -2.40 -0.25 1.80 2.90 2.36
Constraint Benchmark 1 (%) -1.62 0.07 2.42 2.59 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 2.25 -0.55 -0.20 1.53 -2.40 -0.74 9.31 33.08 28.98
Constraint Benchmark 1 (%) 2.37 -0.34 0.08 1.72 -1.62 0.20 12.69 29.17 -
  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		 From
30-Jun-2022
To
30-Jun-2023
Total Return (%)

as of 30-Jun-23

4.28 3.55 5.60 -3.11 -0.76
Constraint Benchmark 1 (%)

as of 30-Jun-23

5.54 4.52 4.90 -2.23 -0.54

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 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 29-Sep-23 USD 254,209,361
Inception Date 27-Sep-12
Fund Launch Date 19-Jun-09
Share Class Currency USD
Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 BBG WGILB All Markets 1-20Yrs 100% Hedged to USD Index (USD)
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 0.62%
ISIN LU0827882555
Annual Management Fee 0.40%
Performance Fee 0.00%
Minimum Initial Investment USD 100,000.00
Minimum Subsequent Investment USD 1,000.00
Distribution Frequency Monthly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Inflation-Linked Bond - USD Hedged
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGILD3U
SEDOL B893Y69

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Aug-23 137
12 Month Trailing Dividend Distribution Yield as of 30-Sep-23 0.38
Standard Deviation (3y) as of 31-Aug-23 5.93%
3y Beta as of 31-Aug-23 0.980
Yield to Maturity as of 31-Aug-23 3.91
Modified Duration as of 31-Aug-23 6.60
Weighted Average YTM as of 31-Aug-23 1.65%
Effective Duration as of 31-Aug-23 6.47
Weighted Avg Maturity as of 31-Aug-23 7.51
WAL to Worst as of 31-Aug-23 7.51

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, 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

Ratings

Morningstar Rating

5 stars
Overall Morningstar Rating for BGF Global Inflation Linked Bond Fund, Class D3, as of 30-Sep-23 rated against 69 Global Inflation-Linked Bond - USD Hedged Funds.

Holdings

Holdings

as of 31-Aug-23
Name Weight (%)
UMBS 30YR TBA(REG A) 7.76
TREASURY (CPI) NOTE 0.625 01/15/2026 2.00
TREASURY (CPI) NOTE 0.25 01/15/2025 1.95
TREASURY (CPI) NOTE 0.375 07/15/2025 1.94
TREASURY (CPI) NOTE 0.125 01/15/2032 1.83
Name Weight (%)
TREASURY (CPI) NOTE 1.125 01/15/2033 1.79
TREASURY (CPI) NOTE 0.625 07/15/2032 1.76
TREASURY (CPI) NOTE 0.125 07/15/2031 1.76
TREASURY (CPI) NOTE 0.375 01/15/2027 1.75
TREASURY (CPI) NOTE 0.125 07/15/2030 1.74
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-23

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-23

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-23

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-23

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-23

% 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
Class D3 USD Monthly 15.29 0.10 0.66 29-Sep-23 15.85 14.70 LU0827882555
Class D2 USD None 16.40 0.12 0.74 29-Sep-23 16.96 15.71 LU0448666684
Class I2 USD - 9.76 0.07 0.72 29-Sep-23 10.09 9.34 LU2298379822
Class A2 Hedged EUR None 12.97 0.09 0.70 29-Sep-23 13.58 12.78 LU0425308169
Class A2 USD None 15.59 0.11 0.71 29-Sep-23 16.15 14.99 LU0425308086
Class A3 USD Monthly 15.13 0.10 0.67 29-Sep-23 15.68 14.55 LU0425308243
Class X2 Hedged EUR None 14.97 0.11 0.74 29-Sep-23 15.60 14.63 LU0425308755
Class D2 Hedged EUR None 13.64 0.10 0.74 29-Sep-23 14.26 13.40 LU0448666502
Class E2 Hedged EUR None 12.08 0.08 0.67 29-Sep-23 12.68 11.97 LU0452734238
Class C3 USD Monthly 12.91 0.09 0.70 29-Sep-23 13.46 12.56 LU0425308599
Class C2 USD None 12.91 0.09 0.70 29-Sep-23 13.45 12.56 LU0425308326

Portfolio Managers

Portfolio Managers

Christopher Allen
Christopher Allen
David Rogal
David Rogal
Managing Director, Portfolio Manager

  

Read More

David Rogal, Managing Director, is a member of the Multi-Sector Mutual Fund team within BlackRock's Global Fixed Income Group. He is a portfolio manager of BlackRock's Core Bond, Inflation Protected, Total Return, and Strategic Income Opportunities Funds. Mr. Rogal focuses on broad macro positioning, with specialties in interest rates, inflation, and volatility trading.

 

Mr. Rogal joined Fixed Income in 2009. Previously, he was a member of BlackRock's Multi Asset Strategies group, where he developed quantitative models and advised insurance companies, pension funds, and banks on asset-allocation and asset-liability management. Mr. Rogal began his career at BlackRock in 2006 as an analyst in the Financial Institutions Group.

 

Mr. Rogal earned a BA degree in economics and biology from Cornell University in 2006, with concentrations in statistics and genetics. He is a member of the Phi Beta Kappa society, for which he currently serves on the alumni board of directors.

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 USD 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
7,220 USD
-27.8%
7,130 USD
-10.7%

Unfavourable

What you might get back after costs
Average return each year
8,640 USD
-13.6%
8,830 USD
-4.1%

Moderate

What you might get back after costs
Average return each year
9,830 USD
-1.7%
10,610 USD
2.0%

Favourable

What you might get back after costs
Average return each year
10,640 USD
6.4%
11,330 USD
4.3%

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



Literature

Literature