Fixed Income

BGF Emerging Markets Bond Fund

Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment 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. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. 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.

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.
18.43 2.76 1.97 - 4.82
12.51 1.02 0.93 - 4.27
Benchmark (%) 11.94 1.42 1.50 - 5.11
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
5.75 3.45 5.75 12.98 18.43 8.52 10.23 - 58.85
0.46 -1.72 0.46 7.33 12.51 3.09 4.71 - 50.91
Benchmark (%) 4.36 2.29 4.36 9.19 11.94 4.33 7.73 - 63.24
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 USD.

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 16-Apr-2024 USD 1,129,744,254
Share Class Inception Date 28-May-2014
Fund Inception 01-Oct-2004
Share Class Currency EUR
Fund Base Currency USD
Asset Class Fixed Income
Benchmark JP Morgan EMBI Global Diversified Index
SFDR Classification Other
Initial Charge 5.00%
ISIN LU1072326561
Management Fee (incl. Distribution Fee, if any) 1.25%
Performance Fee 0.00%
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment EUR 1000
Use of Income Distributing
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Emerging Markets Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BEMBA4E
SEDOL BN327H9
MAS ESG Fund No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 28-Mar-2024 300
Standard Deviation (3y) as of 31-Mar-2024 8.73%
3y Beta as of 31-Mar-2024 0.967
Yield to Maturity as of 28-Mar-2024 7.90
Modified Duration as of 28-Mar-2024 5.57
Effective Duration as of 28-Mar-2024 5.65yrs
Weighted Avg Maturity as of 28-Mar-2024 9.47
WAL to Worst as of 28-Mar-2024 9.47
5Y Annualised Volatility as of 31-Mar-2024 11.34
Since Share Inception – Annualised Volatility as of 31-Mar-2024 10.02

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-Mar-2024 BB
MSCI ESG % Coverage as of 21-Mar-2024 90.87
MSCI ESG Quality Score (0-10) as of 21-Mar-2024 3.75
MSCI ESG Quality Score - Peer Percentile as of 21-Mar-2024 13.02
Fund Lipper Global Classification as of 21-Mar-2024 Bond Emerging Markets Global HC
Funds in Peer Group as of 21-Mar-2024 430
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Mar-2024 814.21
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Mar-2024 14.36
All data is from MSCI ESG Fund Ratings as of 21-Mar-2024, based on holdings as of 31-Oct-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 28-Mar-2024 0.00%
MSCI - UN Global Compact Violators as of 28-Mar-2024 3.34%
MSCI - Nuclear Weapons as of 28-Mar-2024 0.00%
MSCI - Thermal Coal as of 28-Mar-2024 0.01%
MSCI - Civilian Firearms as of 28-Mar-2024 0.00%
MSCI - Oil Sands as of 28-Mar-2024 0.00%
MSCI - Tobacco as of 28-Mar-2024 0.00%

Business Involvement Coverage as of 28-Mar-2024 15.08%
Percentage of Fund not covered as of 28-Mar-2024 85.50%
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 0.35% and for Oil Sands 0.04%.

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 28-Mar-2024
Name Weight (%)
UKRAINE (GOVERNMENT OF) RegS 0 09/01/2026 1.27
ARGENTINA REPUBLIC OF GOVERNMENT 3.625 07/09/2035 1.21
ROMANIA (REPUBLIC OF) MTN RegS 5.25 11/25/2027 1.19
POLAND (REPUBLIC OF) 5.5 11/16/2027 1.13
PETROLEOS DE VENEZUELA SA RegS 0 05/17/2035 1.07
Name Weight (%)
PERU (REPUBLIC OF) 3 01/15/2034 1.04
COLOMBIA (REPUBLIC OF) 7.5 02/02/2034 1.02
ARGENTINA REPUBLIC OF GOVERNMENT 4.25 01/09/2038 0.98
MEXICO (UNITED MEXICAN STATES) (GO 4.875 05/19/2033 0.98
DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 0.97

Exposure Breakdowns

Exposure Breakdowns

as of 28-Mar-2024

% of Weight

Type Fund Benchmark Net
as of 28-Mar-2024

% of Weight

Type Fund Benchmark Net
as of 28-Mar-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 28-Mar-2024

% of Weight

Type Fund Benchmark Net
as of 28-Mar-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
A4 EUR 11.35 -0.10 -0.87 16-Apr-2024 11.52 9.76 LU1072326561
A8 Hedged CNH 81.31 -0.78 -0.95 16-Apr-2024 83.47 72.73 LU1919856051
A1 EUR 7.86 -0.07 -0.88 16-Apr-2024 7.98 6.78 LU0200683703
A6 Hedged HKD 50.49 -0.47 -0.92 16-Apr-2024 51.78 45.18 LU0764619960
A2 Hedged GBP 11.31 -0.11 -0.96 16-Apr-2024 11.60 9.72 LU1057296771
D3 USD 8.67 -0.08 -0.91 16-Apr-2024 8.89 7.67 LU0827876821
A3 EUR 8.14 -0.07 -0.85 16-Apr-2024 8.25 7.02 LU0200684008
A6 USD 6.96 -0.07 -1.00 16-Apr-2024 7.14 6.20 LU0764617162
A2 CZK 452.30 -5.49 -1.20 16-Apr-2024 460.71 346.29 LU1791181735
D2 USD 21.03 -0.19 -0.90 16-Apr-2024 21.56 17.85 LU0297941386
A2 Hedged EUR 15.23 -0.14 -0.91 16-Apr-2024 15.62 13.24 LU0413376566
A6 Hedged GBP 6.80 -0.06 -0.87 16-Apr-2024 6.97 6.07 LU1408527916
D2 EUR 19.78 -0.17 -0.85 16-Apr-2024 20.07 16.22 LU0827877043
A8 Hedged AUD 6.61 -0.06 -0.90 16-Apr-2024 6.78 5.90 LU0871639893
A2 EUR 17.90 -0.16 -0.89 16-Apr-2024 18.16 14.76 LU0200683885
D2 Hedged EUR 16.30 -0.16 -0.97 16-Apr-2024 16.72 14.09 LU0827877399
D3 EUR 8.16 -0.07 -0.85 16-Apr-2024 8.27 7.04 LU0827877126
A2 USD 19.03 -0.18 -0.94 16-Apr-2024 19.51 16.24 LU0200680600
A1 USD 8.35 -0.08 -0.95 16-Apr-2024 8.57 7.40 LU0200680436
A8 Hedged ZAR 74.44 -0.71 -0.94 16-Apr-2024 76.33 66.17 LU1109561420
A3 USD 8.65 -0.08 -0.92 16-Apr-2024 8.87 7.65 LU0200680782
A6 Hedged CAD 7.21 -0.07 -0.96 16-Apr-2024 7.40 6.44 LU1408528054
A8 Hedged NZD 7.37 -0.07 -0.94 16-Apr-2024 7.56 6.57 LU1408528138

Ratings

Ratings

Morningstar Rating

3 stars
As of 31-Mar-2024

Portfolio Managers

Portfolio Managers

Amer Bisat
Amer Bisat
Michel Aubenas
Michel Aubenas
Amer Bisat
Amer Bisat

Documents

Documents