Fixed Income

BGF US Dollar High Yield Bond Fund

Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixed income securities. 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.

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

Ex-Date Distribution
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  1y 3y 5y 10y Incept.
-12.41 -1.10 0.60 2.81 3.23
-16.79 -2.78 -0.43 2.28 2.77
  YTD 6m 1y 3y 5y 10y Incept.
-13.11 -5.51 -12.41 -3.27 3.04 31.88 44.71
-17.46 -10.24 -16.79 -8.10 -2.11 25.28 37.47
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

Size of Fund (Millions) as of 25-Nov-2022 USD 2,104.050
Base Currency U.S. Dollar
Fund Inception 29-Oct-1993
Share Class Currency Singapore Dollar
Share Class Inception Date 09-Mar-2011
Additional Currencies Australian Dollar, British Pound, Canadian Dollar, Euro, Hong Kong Dollar, New Zealand Dollar, RMB, Swiss Franc, U.S. Dollar, ZAR
Asset Class Fixed Income
Morningstar Category Other Bond
Distribution Frequency Monthly
ISIN LU0578937376
Bloomberg Ticker BGUA3SH
Management Fee (incl. Distribution Fee, if any) 1.25%
Initial Charge 5.00%

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 31-Oct-2022 8.23
Modified Duration as of 31-Oct-2022 4.34
Effective Duration as of 31-Oct-2022 4.03yrs
3y Volatility as of 31-Oct-2022 11.02
5Y Annualised Volatility as of 31-Oct-2022 8.98
Since Share Inception – Annualised Volatility as of 31-Oct-2022 7.48

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.


The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics 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 methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of 21-Sep-2022 BBB
MSCI ESG % Coverage as of 21-Sep-2022 68.57
MSCI ESG Quality Score (0-10) as of 21-Sep-2022 5.36
MSCI ESG Quality Score - Peer Percentile as of 21-Sep-2022 55.38
Fund Lipper Global Classification as of 21-Sep-2022 Bond USD High Yield
Funds in Peer Group as of 21-Sep-2022 381
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Sep-2022 286.17
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Sep-2022 67.19
All data is from MSCI ESG Fund Ratings as of 21-Sep-2022, based on holdings as of 30-Apr-2022. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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.

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 0.00%
MSCI - UN Global Compact Violators as of 31-Oct-2022 0.00%
MSCI - Nuclear Weapons as of 31-Oct-2022 0.00%
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 0.00%

Business Involvement Coverage as of 31-Oct-2022 41.12%
Percentage of Fund not covered as of 31-Oct-2022 58.83%
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 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.

Holdings

Holdings

as of 31-Oct-2022
Name Weight (%)
CLARIOS GLOBAL LP 144A 8.5 05/15/2027 0.91
VERSCEND ESCROW CORP 144A 9.75 08/15/2026 0.73
PICARD MIDCO INC 144A 6.5 03/31/2029 0.71
ALLIANT HOLDINGS INTERMEDIATE LLC 144A 6.75 10/15/2027 0.62
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.58
Name Weight (%)
SPRINT CAPITAL CORPORATION 8.75 03/15/2032 0.56
ELEMENT SOLUTIONS INC 144A 3.875 09/01/2028 0.56
ENTEGRIS ESCROW CORP 144A 4.75 04/15/2029 0.53
ALTICE FRANCE HOLDING SA 144A 10.5 05/15/2027 0.51
BIG RIVER STEEL LLC 144A 6.625 01/31/2029 0.50

Exposure Breakdowns

Exposure Breakdowns

as of 31-Oct-2022

% of Weight

Type Fund
as of 31-Oct-2022

% of Weight

Type Fund
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
as of 31-Oct-2022

% of Weight

Type Fund
as of 31-Oct-2022

% of Weight

Type Fund
as of 31-Oct-2022

% of Weight

Type Fund
as of 31-Oct-2022

% of Weight

Type Fund
as of 31-Oct-2022

% of Weight

Type Fund
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%

Ratings

Ratings

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Effective 09-Oct-2019

Pricing & Exchange

Pricing & Exchange

Share Class Currency Distribution Frequency NAV NAV $ Change NAV % Change NAV As Of ISIN
A3 Hedged SGD Monthly 8.51 0.00 0.00 25-Nov-2022 LU0578937376
D2 Hedged AUD N/A 17.97 0.00 0.00 25-Nov-2022 LU0827886895
A3 Hedged GBP Monthly 8.25 0.00 0.00 25-Nov-2022 LU0580330818
A3 Hedged NZD Monthly 9.56 0.00 0.00 25-Nov-2022 LU0803752046
A3 Hedged EUR Monthly 7.69 0.00 0.00 25-Nov-2022 LU0578943853
A8 Hedged CNH Monthly 87.14 -0.01 -0.01 25-Nov-2022 LU1919856218
A2 Hedged SGD N/A 14.74 0.00 0.00 25-Nov-2022 LU0578945809
D2 Hedged EUR N/A 215.08 -0.02 -0.01 25-Nov-2022 LU0532707519
D3 USD Monthly 8.87 0.00 0.00 25-Nov-2022 LU0592702061
A6 USD Monthly 4.19 0.00 0.00 25-Nov-2022 LU0738912566
D4 Hedged GBP Annually 8.98 0.00 0.00 25-Nov-2022 LU0681219902
A4 Hedged GBP Annually 9.01 0.00 0.00 25-Nov-2022 LU0706698544
A6 Hedged HKD Monthly 31.04 0.00 0.00 25-Nov-2022 LU0764619531
D2 Hedged SGD N/A 15.73 0.00 0.00 25-Nov-2022 LU0827887273
D2 Hedged CHF N/A 10.75 0.00 0.00 25-Nov-2022 LU1090156289
A3 Hedged AUD Monthly 9.69 0.00 0.00 25-Nov-2022 LU0578942376
A1 USD Monthly 5.11 0.00 0.00 25-Nov-2022 LU0046675905
A3 Hedged CAD Monthly 8.74 0.00 0.00 25-Nov-2022 LU0803751741
A2 Hedged EUR N/A 198.97 -0.02 -0.01 25-Nov-2022 LU0330917963
D3 Hedged SGD Monthly 8.54 0.00 0.00 25-Nov-2022 LU0827886978
A8 Hedged ZAR Monthly 76.04 0.00 0.00 25-Nov-2022 LU1023056127
A3 USD Monthly 5.17 0.00 0.00 25-Nov-2022 LU0172419151
A2 USD N/A 34.78 0.00 0.00 25-Nov-2022 LU0046676465
A6 Hedged SGD Monthly 7.64 0.00 0.00 25-Nov-2022 LU1314333441
A8 Hedged AUD Monthly 7.55 0.00 0.00 25-Nov-2022 LU0871640396
A2 Hedged AUD N/A 16.80 0.00 0.00 25-Nov-2022 LU0578947334
A2 Hedged CHF N/A 10.18 0.00 0.00 25-Nov-2022 LU1090155554
D2 USD N/A 37.58 -0.01 -0.03 25-Nov-2022 LU0552552704

Portfolio Managers

Portfolio Managers

James Keenan
James Keenan
David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

Documents

Documents