Fixed Income

BGF Euro Corporate Bond 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. 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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Reinvestments

 
  1y 3y 5y 10y Incept.
6.33 -2.60 0.10 1.60 3.43
1.02 -4.25 -0.92 1.08 3.07
Benchmark (%) 5.98 -2.67 -0.12 1.25 2.80
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.00 0.00 5.43 5.23 6.33 -7.59 0.52 17.22 63.11
-5.00 -5.00 0.16 -0.03 1.02 -12.21 -4.50 11.36 54.96
Benchmark (%) 0.09 0.09 5.21 4.91 5.98 -7.80 -0.61 13.28 49.19
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.

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 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 01-Mar-2024 EUR 2,841,914,722
Share Class Inception Date 29-Jul-2009
Fund Inception 14-May-2003
Share Class Currency EUR
Fund Base Currency EUR
Asset Class Fixed Income
Benchmark BofA ML EMU Corporate Bond
SFDR Classification Article 8
Initial Charge 5.00%
ISIN LU0368266499
Management Fee (incl. Distribution Fee, if any) 0.40%
Performance Fee 0.00%
Minimum Initial Investment EUR 100000
Minimum Subsequent Investment EUR 1000
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category EUR Corporate Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGECED2
SEDOL B39TX32
MAS ESG Fund No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Jan-2024 380
Standard Deviation (3y) as of 31-Jan-2024 7.05%
3y Beta as of 31-Jan-2024 1.098
Yield to Maturity as of 31-Jan-2024 3.72
Modified Duration as of 31-Jan-2024 4.79
Effective Duration as of 31-Jan-2024 4.78yrs
Weighted Avg Maturity as of 31-Jan-2024 6.43
WAL to Worst as of 31-Jan-2024 6.43
5Y Annualised Volatility as of 31-Jan-2024 6.76
Since Share Inception – Annualised Volatility as of 31-Jan-2024 4.78

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-Feb-2024 AA
MSCI ESG % Coverage as of 21-Feb-2024 93.82
MSCI ESG Quality Score (0-10) as of 21-Feb-2024 7.38
MSCI ESG Quality Score - Peer Percentile as of 21-Feb-2024 47.60
Fund Lipper Global Classification as of 21-Feb-2024 Bond EUR Corporates
Funds in Peer Group as of 21-Feb-2024 292
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Feb-2024 149.34
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Feb-2024 92.12
All data is from MSCI ESG Fund Ratings as of 21-Feb-2024, based on holdings as of 30-Sept-2023. 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% (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.

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-Jan-2024 0.00%
MSCI - UN Global Compact Violators as of 31-Jan-2024 0.00%
MSCI - Nuclear Weapons as of 31-Jan-2024 0.00%
MSCI - Thermal Coal as of 31-Jan-2024 0.00%
MSCI - Civilian Firearms as of 31-Jan-2024 0.00%
MSCI - Oil Sands as of 31-Jan-2024 0.00%
MSCI - Tobacco as of 31-Jan-2024 0.11%

Business Involvement Coverage as of 31-Jan-2024 90.29%
Percentage of Fund not covered as of 31-Jan-2024 9.71%
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 2.64%.

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 phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, 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-Jan-2024
Name Weight (%)
ISH CORE EURO CORP BND ETF EUR DIS 1.44
UBS GROUP AG MTN RegS 7.75 03/01/2029 1.31
ABN AMRO BANK NV MTN RegS 4.375 10/20/2028 1.22
HSBC HOLDINGS PLC RegS 4.787 03/10/2032 1.14
BAYER AG RegS 4.625 05/26/2033 1.13
Name Weight (%)
EUROPEAN UNION RegS 3 03/04/2053 1.10
EUROPEAN UNION RegS 2.5 10/04/2052 1.04
BANK OF AMERICA CORP MTN RegS 2.824 04/27/2033 0.95
BNP PARIBAS SA MTN RegS 0.875 07/11/2030 0.94
SOCIETE GENERALE SA MTN RegS 5.625 06/02/2033 0.93

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-2024

% of Weight

Type Fund Benchmark Net
as of 31-Jan-2024

% of Weight

Type Fund Benchmark Net
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-Jan-2024

% of Weight

Type Fund Benchmark Net
as of 31-Jan-2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
D2 EUR 17.12 0.00 0.00 01-Mar-2024 17.33 15.90 LU0368266499
D2 Hedged CHF 9.68 0.00 0.00 01-Mar-2024 9.84 9.19 LU1445718783
A2 Hedged CHF 9.38 0.00 0.00 01-Mar-2024 9.54 8.94 LU1445717629
A2 Hedged SEK 98.47 0.02 0.02 01-Mar-2024 99.73 91.87 LU1622601463
A3 EUR 12.40 0.00 0.00 01-Mar-2024 12.63 11.79 LU0172394222
A1 EUR 12.63 0.01 0.08 01-Mar-2024 12.84 12.01 LU0162660350
A2 CZK 407.68 0.17 0.04 01-Mar-2024 410.84 350.89 LU1791176222
D2 Hedged GBP 10.89 0.00 0.00 01-Mar-2024 11.00 9.99 LU1445719088
A2 Hedged USD 11.51 0.00 0.00 01-Mar-2024 11.64 10.53 LU1445717389
D2 Hedged USD 11.86 0.00 0.00 01-Mar-2024 11.98 10.80 LU1445718437
A2 Hedged GBP 10.58 0.00 0.00 01-Mar-2024 10.70 9.74 LU1445718197
D3 EUR 12.40 0.00 0.00 01-Mar-2024 12.63 11.79 LU0827877803
A2 EUR 16.10 0.01 0.06 01-Mar-2024 16.30 15.01 LU0162658883

Ratings

Ratings

Morningstar Rating

4 stars
As of 29-Feb-2024

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Effective 29-Jun-2023

Portfolio Managers

Portfolio Managers

Tom Mondelaers
Tom Mondelaers
Georgie Merson
Georgie Merson

Documents

Documents