Fixed Income

BGF European High Yield Bond Fund

Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Non-investment 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. 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

Chart

Performance chart data not available for display.
View full chart
  1y 3y 5y 10y Incept.
-13.37 -2.52 -0.27 - 1.07
-17.70 -4.17 -1.29 - 0.37
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-13.37 -1.28 4.34 3.05 -13.37 -7.36 -1.37 - 8.20
-17.70 -6.21 -0.88 -2.10 -17.70 -11.99 -6.30 - 2.79
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 03-Feb-2023 EUR 310,556,097
Share Class Inception Date 23-Jul-2015
Fund Inception 23-Jul-2015
Share Class Currency CHF
Fund Base Currency EUR
Asset Class Fixed Income
Benchmark Bar Pan Eur HY 3% Issuers Con.100% Eur Hgd
SFDR Classification Article 8
Initial Charge 5.00%
Management Fee (incl. Distribution Fee, if any) 1.00%
Performance Fee 0.00%
Minimum Initial Investment CHF 5000
Minimum Subsequent Investment -
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Other Bond
Dealing Settlement Trade date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGEHA2C
ISIN LU1258857728
SEDOL BYN8B72
MAS ESG Fund No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 30-Dec-2022 315
Standard Deviation (3y) as of 31-Dec-2022 11.24%
3y Beta as of 31-Dec-2022 0.970
Yield to Maturity as of 30-Dec-2022 9.33
Modified Duration as of 30-Dec-2022 2.78
Effective Duration as of 30-Dec-2022 2.75yrs
Weighted Avg Maturity as of 30-Dec-2022 4.36
WAL to Worst as of 30-Dec-2022 4.36
5Y Annualised Volatility as of 31-Dec-2022 9.02
Since Share Inception – Annualised Volatility as of 31-Dec-2022 7.99

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 30-Dec-2022
Name Weight (%)
RCI BANQUE SA RegS 2.625 02/18/2030 1.71
COMMERZBANK AG RegS 6.125 12/31/2049 1.31
DEUTSCHE BANK AG MTN RegS 4 06/24/2032 1.30
BELLIS ACQUISITION COMPANY PLC RegS 3.25 02/16/2026 1.17
GOLDSTORY SAS RegS 5.375 03/01/2026 1.04
Name Weight (%)
INTESA SANPAOLO SPA PNC7.5 RegS 5.5 12/31/2049 1.03
BANCO BILBAO VIZCAYA ARGENTARIA SA RegS 6 12/31/2049 1.03
CELLNEX TELECOM SA RegS 0.75 11/20/2031 1.03
BAYER AG NC5.5 RegS 4.5 03/25/2082 1.01
UNITED GROUP BV RegS 4.875 07/01/2024 1.00

Exposure Breakdowns

Exposure Breakdowns

as of 30-Dec-2022

% of Weight

Type Fund Benchmark Net
as of 30-Dec-2022

% 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 30-Dec-2022

% of Weight

Type Fund Benchmark Net
as of 30-Dec-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
A2 Hedged CHF N/A 11.38 0.03 0.26 03-Feb-2023 12.27 10.25 LU1258857728 -
D2 EUR N/A 12.24 0.03 0.25 03-Feb-2023 13.08 10.97 LU1191877965 -
D4 EUR Annually 9.29 0.02 0.22 03-Feb-2023 10.36 8.33 LU1258857561 -
D4 Hedged GBP Annually 9.76 0.02 0.21 03-Feb-2023 10.75 8.71 LU1258858023 -
A2 EUR N/A 11.75 0.03 0.26 03-Feb-2023 12.61 10.54 LU1191877379 -
A2 Hedged SEK N/A 116.55 0.24 0.21 03-Feb-2023 125.25 104.48 LU1258857645 -

Ratings

Portfolio Managers

Portfolio Managers

Stephen Gough
Stephen Gough
Jose Aguilar
Jose Aguilar
James Turner
James Turner

Documents

Documents