Fixed Income

BGF US Dollar Short Duration Bond Fund

Overview

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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

Performance

Performance

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Distributions

Record Date Ex-Date Payable Date
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  1y 3y 5y 10y Incept.
-6.98 -1.36 0.02 0.56 0.59
-11.63 -3.04 -1.00 0.05 0.32
Benchmark (%) -4.98 -0.58 0.69 0.81 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-6.60 -0.55 -2.63 -2.82 -6.98 -4.03 0.10 5.75 11.98
-11.27 -5.52 -7.50 -7.68 -11.63 -8.83 -4.91 0.47 6.38
Benchmark (%) -4.77 -0.13 -2.05 -1.72 -4.98 -1.74 3.49 8.37 -
Performance of the Fund is calculated on NAV to NAV basis on the assumption that all dividends and distributions are reinvested, taking into account all charges which would have been payable upon such reinvestment.

Key Facts

Key Facts

Net Assets of Fund as of 01-Dec-2022 USD 1,564,326,041
Share Class Inception Date 01-Sep-2003
Fund Inception 31-Oct-2002
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Benchmark ICE BofA ML 1-3 Year US Corp & Govt Ind
SFDR Classification Other
Initial Charge 5.00%
Management Fee (incl. Distribution Fee, if any) 0.75%
Performance Fee 0.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
Distribution Frequency Monthly
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category USD Diversified Bond - Short Term
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MLULDUA
ISIN LU0172419748
SEDOL 7659751
MAS ESG Fund No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Oct-2022 857
Standard Deviation (3y) as of 31-Oct-2022 3.47%
3y Beta as of 31-Oct-2022 1.153
Yield to Maturity as of 31-Oct-2022 6.07
Modified Duration as of 31-Oct-2022 2.03
Effective Duration as of 31-Oct-2022 1.91yrs
Weighted Avg Maturity as of 31-Oct-2022 3.57
WAL to Worst as of 31-Oct-2022 3.57
5Y Annualised Volatility as of 31-Oct-2022 2.78
Since Share Inception – Annualised Volatility as of 31-Oct-2022 2.80

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.

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-2022 0.16%
MSCI - UN Global Compact Violators as of 31-Oct-2022 0.05%
MSCI - Nuclear Weapons as of 31-Oct-2022 0.16%
MSCI - Thermal Coal as of 31-Oct-2022 0.00%
MSCI - Civilian Firearms as of 31-Oct-2022 0.00%
MSCI - Oil Sands as of 31-Oct-2022 0.00%
MSCI - Tobacco as of 31-Oct-2022 0.72%

Business Involvement Coverage as of 31-Oct-2022 31.64%
Percentage of Fund not covered as of 31-Oct-2022 68.27%
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 0.00% and for Oil Sands 0.00%.

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 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 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, social or governance topics, or 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. 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.

Holdings

Holdings

as of 31-Oct-2022
Name Weight (%)
TREASURY NOTE 3.125 08/15/2025 6.11
TREASURY NOTE 4.25 10/15/2025 6.09
UMBS 30YR TBA(REG A) 4.88
TREASURY NOTE 3.5 09/15/2025 4.77
TREASURY NOTE 2.875 06/15/2025 3.22
Name Weight (%)
TREASURY BOND 1.75 08/15/2041 0.96
FNMA 0.55 08/19/2025 0.95
FFCB 0.71 04/01/2025 0.84
FNMA 30YR 2012 PRODUCTION 0.82
SMB_22-D A1B 144A 0.74

Exposure Breakdowns

Exposure Breakdowns

as of 31-Oct-2022

% of Weight

Type Fund Benchmark Net
as of 31-Oct-2022

% of Weight

Type Fund Benchmark Net
as of 31-Oct-2022

% of Weight

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.
Due to rounding, the total may not be equal to 100%

Pricing & Exchange

Pricing & Exchange

Share Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
A3 USD Monthly 7.95 0.03 0.38 01-Dec-2022 8.55 7.85 LU0172419748 -
A1 USD Monthly 7.95 0.03 0.38 01-Dec-2022 8.55 7.85 LU0155445546 -
D2 USD N/A 13.84 0.05 0.36 01-Dec-2022 14.59 13.62 LU0827887356 -
D3 USD Monthly 9.13 0.04 0.44 01-Dec-2022 9.82 9.01 LU0592702228 -
A2 Hedged EUR N/A 9.25 0.03 0.33 01-Dec-2022 9.98 9.13 LU0839485744 -
A3 EUR Monthly 7.55 -0.08 -1.05 01-Dec-2022 8.27 7.38 LU0172420597 -
D2 Hedged EUR N/A 9.29 0.03 0.32 01-Dec-2022 9.99 9.17 LU1423762027 -
A2 USD N/A 13.36 0.05 0.38 01-Dec-2022 14.14 13.15 LU0154237225 -
A3 Hedged SGD Monthly 8.90 0.03 0.34 01-Dec-2022 9.59 8.79 LU1062843773 -

Ratings

Ratings

Morningstar Rating

3 stars
As of 31-Oct-2022

Portfolio Managers

Portfolio Managers

Bob Miller
Bob Miller
Akiva Dickstein
Akiva Dickstein
Scott MacLellan, CFA, CMT
Scott MacLellan, CFA, CMT
Adam Carlin, CFA
Adam Carlin, CFA
Amanda Liu, CFA
Amanda Liu, CFA
Sam Summers
Sam Summers

Documents

Documents