Fixed Income

BGF European High Yield 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.

Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Non-investment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. Derivatives may be 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. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.
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Performance

Performance

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This chart shows the fund's performance as the percentage loss or gain per year over the last 1 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

  2017 2018 2019 2020 2021
Total Return (%) 4.7
Constraint Benchmark 1 (%) 3.5
  1y 3y 5y 10y Incept.
-12.04 - - - -1.66
Constraint Benchmark 1 (%) -11.44 - - - -2.43
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-12.12 -0.31 -3.43 -7.98 -12.04 - - - -4.30
Constraint Benchmark 1 (%) -11.12 -1.20 -3.39 -7.22 -11.44 - - - -6.26
  From
30-Jun-2017
To
30-Jun-2018
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
Total Return (%)

as of 30.Jun.2022

- - - 13.77 -14.97
Constraint Benchmark 1 (%)

as of 30.Jun.2022

- - - 11.22 -13.87

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 EUR, hedged Share Class 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

 

Key Facts

Key Facts

Net Assets of Fund as of 23.Sep.2022 EUR 289,358,257
Share Class launch date 15.Jan.2020
Fund Launch Date 23.Jul.2015
Share Class Currency EUR
Fund Base Currency EUR
Asset Class Fixed Income
Constraint Benchmark 1 BBG Pan European HY 3% Issuer Constrained 100% EUR Hedged Index
SFDR Classification Article 8
Initial Charge 0.00%
Ongoing Charges Figures 0.48%
Annual Management Fee 0.25%
Performance Fee 0.00%
Minimum Initial Investment EUR 10,000,000.00
Minimum Subsequent Investment EUR 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category EUR High Yield Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGHYBZU
ISIN LU2099034311
SEDOL BJXCT97

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31.Aug.2022 320
Standard Deviation (3y) as of - -
3y Beta as of - -
Yield to Maturity as of 31.Aug.2022 8.73%
Modified Duration as of 31.Aug.2022 2.97
Weighted Average YTM as of 31.Aug.2022 9.11%
Effective Duration as of 31.Aug.2022 2.93
Weighted Avg Maturity as of 31.Aug.2022 5.26
WAL to Worst as of 31.Aug.2022 5.26

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 the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and 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.

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.Aug.2022
Name Weight (%)
CELLNEX TELECOM SA RegS 0.75 11/20/2031 1.75
RCI BANQUE SA RegS 2.625 02/18/2030 1.57
DEUTSCHE BANK AG MTN RegS 4 06/24/2032 1.22
INTESA SANPAOLO SPA PNC7.5 RegS 5.5 12/31/2049 1.19
COMMERZBANK AG RegS 6.125 12/31/2049 1.17
Name Weight (%)
AUTOSTRADE PER LITALIA SPA RegS 2 01/15/2030 1.16
CARNIVAL CORP RegS 10.125 02/01/2026 1.10
BELLIS ACQUISITION COMPANY PLC RegS 3.25 02/16/2026 1.09
ELECTRICITE DE FRANCE SA RegS 3.375 12/31/2049 1.02
BANCO BILBAO VIZCAYA ARGENTARIA SA RegS 6 12/31/2049 0.95
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31.Aug.2022

% of Market Value

Type Fund Benchmark Net
as of 31.Aug.2022

% of Market Value

Type Fund Benchmark Net
as of 31.Aug.2022

% of Market Value

Type Fund Benchmark Net
as of 31.Aug.2022

% 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 Z2 EUR - 9.38 -0.03 -0.32 23.Sep.2022 10.95 9.14 LU2099034311 -
Class X2 EUR None 12.04 -0.05 -0.41 23.Sep.2022 14.00 11.73 LU1264796209 -
Class D4 EUR Annual 8.68 -0.03 -0.34 23.Sep.2022 10.60 8.68 LU1258857561 -
Class D2 EUR None 11.43 -0.05 -0.44 23.Sep.2022 13.39 11.15 LU1191877965 -
Class Z2 USD - 8.77 -0.03 -0.34 23.Sep.2022 10.07 8.50 LU2414815147 -
Class A2 Hedged SEK None 109.00 -0.42 -0.38 23.Sep.2022 128.32 106.43 LU1258857645 -
Class A2 EUR None 10.99 -0.04 -0.36 23.Sep.2022 12.93 10.73 LU1191877379 -
Class D4 Hedged GBP Annual 9.08 -0.03 -0.33 23.Sep.2022 10.98 9.08 LU1258858023 -
Class A2 Hedged CHF None 10.68 -0.04 -0.37 23.Sep.2022 12.58 10.44 LU1258857728 -

Portfolio Managers

Portfolio Managers

Stephen Gough
Stephen Gough
Jose Aguilar
Jose Aguilar
James Turner
James Turner

Literature

Literature

 
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