Fixed Income

BGF US Government Mortgage Impact Fund

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. Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets. This Share Class may pay dividends or take charges from capital. While this may allow more income to be distributed, it may reduce the value of your holdings and impact the potential for long term capital growth. 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

Record Date Ex-Date Payable Date
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  1y 3y 5y 10y Incept.
-16.46 -4.34 -1.78 -0.25 4.33
-20.64 -5.96 -2.79 -0.76 4.19
Benchmark (%) -15.04 -4.25 -1.15 0.40 5.70
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-15.86 -2.14 -9.49 -7.77 -16.46 -12.47 -8.61 -2.48 385.67
-20.07 -7.03 -14.02 -12.38 -20.64 -16.84 -13.18 -7.36 361.39
Benchmark (%) -14.89 -1.42 -9.60 -7.18 -15.04 -12.23 -5.62 4.08 689.58
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 28-Nov-2022 USD 92,763,412
Share Class Inception Date 02-Aug-1985
Fund Inception 02-Aug-1985
Share Class Currency USD
Fund Base Currency USD
Asset Class Fixed Income
Benchmark Bloomberg US MBS Index
SFDR Classification Article 9
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 Government Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker MERFSAI
ISIN LU0035308682
SEDOL 4909556
MAS ESG Fund No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Oct-2022 291
Standard Deviation (3y) as of 31-Oct-2022 5.13%
3y Beta as of 31-Oct-2022 0.977
Yield to Maturity as of 31-Oct-2022 5.39
Modified Duration as of 31-Oct-2022 6.28
Effective Duration as of 31-Oct-2022 6.82yrs
Weighted Avg Maturity as of 31-Oct-2022 8.80
WAL to Worst as of 31-Oct-2022 8.80
5Y Annualised Volatility as of 31-Oct-2022 4.35
Since Share Inception – Annualised Volatility as of 31-Oct-2022 3.39

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 stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager 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, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Holdings

Holdings

as of 31-Oct-2022
Name Weight (%)
GNMA2 30YR 53.79
UMBS 30YR TBA(REG A) 29.10
UMBS 15YR TBA(REG B) 8.31
FNMA 30YR 2021 PRODUCTION 6.65
FNMA 30YR 2020 PRODUCTION 6.03
Name Weight (%)
GNMA2 30YR 2020 PRODUCTION 5.91
FHLMC 30YR UMBS SUPER 4.21
UMBS 30YR TBA 2.12
FHLMC 30YR UMBS 2.08
GNMA_21-191B BI 1.55

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
A1 USD Monthly 7.62 0.02 0.26 28-Nov-2022 9.02 7.22 LU0035308682 -
D3 USD Monthly 7.65 0.01 0.13 28-Nov-2022 9.05 7.25 LU0592702145 -
D2 USD N/A 18.76 0.04 0.21 28-Nov-2022 21.56 17.71 LU0424777026 -
A2 USD N/A 17.91 0.04 0.22 28-Nov-2022 20.65 16.92 LU0096258446 -
A3 USD Monthly 7.63 0.01 0.13 28-Nov-2022 9.03 7.23 LU0172418690 -

Ratings

Portfolio Managers

Portfolio Managers

Akiva Dickstein
Akiva Dickstein
Matthew Kraeger
Matthew Kraeger
Bob Miller
Bob Miller

Documents

Documents