Multi Asset

BGF Dynamic High Income 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.

Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

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.

Loading

Performance

Performance

Chart

Performance chart data not available for display.
View full chart

Distributions

Ex-Date Total Distribution
View full table

This chart shows the fund's performance as the percentage loss or gain per year over the last 4 years.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total Return (%) 20.7 4.4 10.9 -17.9
Constraint Benchmark 1 (%) 21.7 13.4 14.5 -15.9

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
4.96 1.14 2.28 - 1.55
Constraint Benchmark 1 (%) 7.91 4.60 6.17 - 5.13
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.72 -2.38 -5.85 -2.04 4.96 3.47 11.91 - 9.24
Constraint Benchmark 1 (%) 5.67 -2.24 -7.31 -1.93 7.91 14.46 34.92 - 33.24
  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
From
30-Sep-2022
To
30-Sep-2023
Total Return (%)

as of 30.Sep.2023

5.34 -0.33 17.34 -19.99 11.26
Constraint Benchmark 1 (%)

as of 30.Sep.2023

- 9.03 19.48 -17.20 15.82

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 01.Dec.2023 USD 2,777,110,181
Share Class launch date 06.Feb.2018
Fund Launch Date 06.Feb.2018
Share Class Currency USD
Fund Base Currency USD
Asset Class Multi Asset
Constraint Benchmark 1 70%MSCIWLDNET / 30%LGAINXUSDH Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 1.02%
ISIN LU1564329388
Annual Management Fee 0.75%
Performance Fee 0.00%
Minimum Initial Investment USD 100,000.00
Minimum Subsequent Investment USD 1,000.00
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Flexible Allocation
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGDHD6U
SEDOL BD1K203

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31.Oct.2023 1,792
12 Month Trailing Dividend Distribution Yield as of 30.Nov.2023 7.34%
Standard Deviation (3y) as of 31.Oct.2023 11.75%
3y Beta as of - -
P/E Ratio as of 31.Oct.2023 12.14
P/B Ratio as of 31.Oct.2023 1.51
Yield to Maturity as of 31.Oct.2023 13.91%
Modified Duration as of 31.Oct.2023 1.97
Effective Duration as of 31.Oct.2023 1.27
Weighted Avg Maturity as of 31.Oct.2023 3.71

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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 31.Oct.2023 0.01%
MSCI - UN Global Compact Violators as of 31.Oct.2023 0.23%
MSCI - Nuclear Weapons as of 31.Oct.2023 0.14%
MSCI - Thermal Coal as of 31.Oct.2023 0.05%
MSCI - Civilian Firearms as of 31.Oct.2023 0.01%
MSCI - Oil Sands as of 31.Oct.2023 0.10%
MSCI - Tobacco as of 31.Oct.2023 0.58%

Business Involvement Coverage as of 31.Oct.2023 69.34%
Percentage of Fund not covered as of 31.Oct.2023 30.76%
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 0.10% and for Oil Sands 1.62%.

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

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 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, societal or governance topics, and 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. Where appropriate, 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

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for BGF Dynamic High Income Fund, Class D6, as of 30.Nov.2023 rated against 579 USD Flexible Allocation Funds.

Holdings

Holdings

as of 31.Oct.2023
Name Weight (%)
ISH MSCI USA Qty Div ESG UCITS ETF 5.04
ISHARES $ HIGH YIELD CRP BND ETF $ 1.96
ISH US MBS ETF USD DIST 1.36
ISHARES $ CORPORATE BOND UCITS ETF 1.06
UNH ROYAL BANK OF CANADA 8.7111/28/2023 0.69
Name Weight (%)
MSFT UBS AG (LONDON BRANCH) 11.412/6/2023 0.66
MICROSOFT CORP 0.57
TAIWAN SEMICONDUCTOR MANUFACTURING 0.57
AMZN CITIGROUP INC 18.181/31/2024 0.56
NOW UBS AG (LONDON BRANCH) 16.91/23/2024 0.36
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

Sorry, sectors are not available at this time.
Sorry, geographic exposures are not available at this time.
as of 31.Oct.2023

% of Market Value

Type Fund Benchmark Net
as of 31.Oct.2023

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
Sorry, maturities are not available at this time.
as of 31.Oct.2023

% 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 D6 USD 7.86 0.01 0.13 01.Dec.2023 8.16 7.42 LU1564329388
Class X2 USD 12.38 0.03 0.24 01.Dec.2023 12.38 11.20 LU1564329891
Class I2 USD 11.95 0.02 0.17 01.Dec.2023 11.95 10.89 LU1811365458
Class A2 Hedged CHF 9.46 0.02 0.21 01.Dec.2023 9.63 8.88 LU1800012988
Class I2 EUR 11.01 0.08 0.73 01.Dec.2023 11.01 10.16 LU1811365532
Class I2 BRL Hedged (USD) USD 10.38 0.06 0.58 01.Dec.2023 10.61 8.19 LU2008661188
Class A2 Hedged SGD 10.60 0.02 0.19 01.Dec.2023 10.67 9.89 LU1564329628
Class D5G Hedged GBP 8.08 0.02 0.25 01.Dec.2023 8.37 7.55 LU1940842427
Class A8 Hedged EUR 8.05 0.01 0.12 01.Dec.2023 8.30 7.59 LU2127174873
Class A6 Hedged SGD 7.08 0.02 0.28 01.Dec.2023 7.52 6.70 LU1564329461
Class D2 EUR 10.78 0.07 0.65 01.Dec.2023 10.78 9.97 LU1811365615
Class A2 USD 11.21 0.03 0.27 01.Dec.2023 11.21 10.30 LU1564329032
Class I6 USD 8.13 0.02 0.25 01.Dec.2023 8.43 7.67 LU1873113655
Class A6 Hedged EUR 6.46 0.02 0.31 01.Dec.2023 6.90 6.11 LU1706154686
Class A6 Hedged HKD 72.08 0.15 0.21 01.Dec.2023 76.37 68.16 LU1697837992
Class A6 USD 7.50 0.02 0.27 01.Dec.2023 7.84 7.08 LU1564329115
Class D2 Hedged CHF 9.86 0.02 0.20 01.Dec.2023 9.99 9.25 LU1800013010
Class D2 USD 11.71 0.03 0.26 01.Dec.2023 11.71 10.69 LU1564329206
Class A6 Hedged GBP 6.80 0.01 0.15 01.Dec.2023 7.19 6.44 LU1733224965
Class A8 Hedged CNH 73.35 0.15 0.20 01.Dec.2023 77.62 69.36 LU1733225004
Class A8 Hedged AUD 7.15 0.01 0.14 01.Dec.2023 7.47 6.76 LU1564329545
Class A6 Hedged JPY 989.00 2.00 0.20 01.Dec.2023 1,004.00 939.00 LU2655523236
Class A6 Hedged CHF 9.91 0.02 0.20 01.Dec.2023 10.04 9.40 LU2655523319
Class A8 Hedged NZD 7.54 0.02 0.27 01.Dec.2023 7.82 7.12 LU1811365961
Class I2 Hedged EUR 10.40 0.02 0.19 01.Dec.2023 10.44 9.68 LU1811365706
Class D2 Hedged EUR 10.27 0.02 0.20 01.Dec.2023 10.32 9.57 LU1811365888
Class A6 Hedged CAD 7.28 0.01 0.14 01.Dec.2023 7.68 6.88 LU1811366001

Portfolio Managers

Portfolio Managers

Justin Christofel
CFA, CAIA, Managing Director

  

Alex Shingler
CFA, Managing Director

  

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 : 5 years
Example Investment USD 10,000
Scenario
If you exit after 1 year
If you exit after 5 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
7,560 USD
-24.4%
3,470 USD
-19.1%

Unfavourable

What you might get back after costs
Average return each year
7,600 USD
-24.0%
8,020 USD
-4.3%

Moderate

What you might get back after costs
Average return each year
9,940 USD
-0.6%
11,740 USD
3.3%

Favourable

What you might get back after costs
Average return each year
12,810 USD
28.1%
14,110 USD
7.1%

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



Literature

Literature

 
Please access the document library in order to find the KID/KIID in local language.