Fixed Income

BGF US Dollar Bond Fund

  • NAV as of 14-Nov-2025 GBP 10.99
    52 WK: 10.15 - 11.07
  • 1 Day NAV Change as of 14-Nov-2025 -0.01 (-0.09%)
  • Morningstar Rating

Overview

Investment Approach

The US Dollar Bond Fund seeks to maximise total return. The Fund invests at least 80% of its total assets in investment grade fixed income transferable securities. At least 70% of the Fund’s total assets are invested in fixed income transferable securities denominated in US dollars. Currency exposure is flexibly managed.
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Performance

Performance

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  1y 3y 5y 10y Incept.
Total Return (%) 6.38 5.05 -0.97 - 0.96
Total Return (%) Base Share Class 6.23 5.32 -0.80 1.45 4.12
Total Return – Max. IC applied (%) 1.06 3.26 -1.98 - 0.44
Total Return – Max. IC applied (%) Base Share Class 0.92 3.54 -1.81 0.93 3.97
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 6.69 0.55 3.09 4.36 6.38 15.91 -4.76 - 10.00
Total Return (%) Base Share Class 6.65 0.54 3.05 4.24 6.23 16.83 -3.94 15.45 337.00
Total Return – Max. IC applied (%) 1.36 -4.48 -2.06 -0.85 1.06 10.12 -9.52 - 4.50
Total Return – Max. IC applied (%) Base Share Class 1.32 -4.48 -2.10 -0.97 0.92 10.99 -8.74 9.67 315.15

  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total Return (%) 2.32 2.66 -2.40 7.47 6.95 -1.71 -15.13 4.30 1.28
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

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

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

Key Facts

Key Facts

Net Assets of Fund
as of 14-Nov-2025
USD 475,623,503
Fund Inception
07-Apr-1989
Fund Base Currency
USD
Benchmark
BBG U.S. Aggregate Index (USD)
Initial Charge
5.00%
ISIN
LU1294567448
Performance Fee
0.00%
Minimum Subsequent Investment
-
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGUD2RF
MAS ESG Fund
No
Share Class Inception Date
04-Nov-2015
Share Class Currency
GBP
Asset Class
Fixed Income
SFDR Classification
Other
Management Fee
0.45%
Management Fee (incl. Distribution Fee, if any)
0.45%
Minimum Initial Investment
USD 100000
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Other Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BYQ6098

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-Oct-2025
1,486
3y Beta
as of 31-Oct-2025
0.963
Modified Duration
as of 31-Oct-2025
6.32
Weighted Avg Maturity
as of 31-Oct-2025
7.95
5Y Annualised Volatility
as of 31-Oct-2025
6.34
Standard Deviation (3y)
as of 31-Oct-2025
6.26%
Yield to Maturity
as of 31-Oct-2025
5.12
Effective Duration
as of 31-Oct-2025
6.35yrs
WAL to Worst
as of 31-Oct-2025
7.95
Since Share Inception – Annualised Volatility
as of 31-Oct-2025
5.32

Ratings

Ratings

Morningstar Rating

5 stars
As of 31-Jul-2018

Holdings

Holdings

as of 31-Oct-2025
Name Weight (%)
UNITED STATES TREASURY 21.59
FEDERAL NATIONAL MORTGAGE ASSOCIATION 10.46
UNIFORM MBS 7.54
FEDERAL HOME LOAN MORTGAGE CORPORATION 7.47
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 5.75
Name Weight (%)
EQT CORP 2.18
MORGAN STANLEY 1.51
JPMORGAN CHASE & CO 1.29
GOLDMAN SACHS GROUP INC/THE 1.04
BANK OF AMERICA CORP 0.84

Exposure Breakdowns

Exposure Breakdowns

as of 31-Oct-2025

% of Weight

Type Fund Benchmark Net
as of 31-Oct-2025

% of Weight

Type Fund Benchmark Net
as of 31-Oct-2025

% 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 Hedged GBP 10.99 -0.01 -0.09 14-Nov-2025 11.07 10.15 LU1294567448
D3 USD 15.24 -0.01 -0.07 14-Nov-2025 15.40 14.55 LU0592701923
A10 USD 10.18 0.00 0.00 14-Nov-2025 10.30 9.98 LU3096647956
D2 USD 37.37 -0.01 -0.03 14-Nov-2025 37.63 34.42 LU0548367084
A2 Hedged SGD 10.92 -0.01 -0.09 14-Nov-2025 11.03 10.31 LU2699150137
A3 USD 15.24 -0.01 -0.07 14-Nov-2025 15.40 14.56 LU0172417379
A2 CZK 731.27 0.44 0.06 14-Nov-2025 814.63 708.71 LU1791174102
A2 USD 35.11 -0.01 -0.03 14-Nov-2025 35.36 32.45 LU0096258362
A1 USD 15.21 -0.01 -0.07 14-Nov-2025 15.36 14.52 LU0028835386

Portfolio Managers

Portfolio Managers

Russell Brownback
Russell Brownback
Managing Director, Head of Global Macro Positioning for Fixed-Income

  

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Russell J Brownback, Managing Director, is Head of Global Macro Positioning for Fixed-Income and a member of the Fundamental Fixed-Income Executive Committee. Prior to joining BlackRock in 2009, Mr. Brownback was a Senior Partner with R3 Capital Partners. From 1992 to 2008, he was with Lehman Brothers, most recently as a Managing Director and proprietary trader/portfolio manager for the Global Principal Strategies team. Previously, he was the head of the firm's Corporate and Emerging Markets bond trading desks.

 

Mr. Brownback earned a BA degree in economics from Hobart College in 1987 and an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University in 1992. He has been an adjunct professor for both graduate and undergraduate studies at Syracuse University's Whitman School of Business.

Chi Chen
Chi Chen
Director, Portfolio Manager

  

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Chi Chen, Director, is a Portfolio Manager in BlackRock's Global Fixed Income Investment Group, focusing on US multi-sector fixed income mandates and global government bond mandates. She is co-manager of BlackRock's Total Return Fund, Core Bond Fund, US Dollar Bond Fund, and Global Government Bond Fund.

 

Ms. Chen focuses on macro investment strategies and specializes in interest rates investment. She leads research efforts for US rates in the Global Fixed Income platform. In addition, she is actively involved in the platform's top-down process including regime identification, asset allocation, macro positioning, and portfolio construction. Previously, she was a macro researcher on the Economics team at BlackRock.

 

Ms. Chen joined BlackRock as an analyst in the Global Fixed Income Investment Group. She earned a BA degree, magna cum laude, in Economics and Statistics from Mount Holyoke College.

Aidan Doyle, CFA
Aidan Doyle, CFA
Managing Director, Portfolio Manager

  

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Aidan Doyle, CFA, Managing Director, is a portfolio manager within the Global Bond Team. He is co-lead manager for the BGF World Bond Fund, the BGF Global Government Bond Fund, the BGF Fixed Income Global Opportunities Fund, BGF ESG Fixed Income Global Opportunities Fund, and the BGF US Dollar Bond Fund.

 

Mr. Doyle began his career at BlackRock in 2010 when he joined the Global Bond Team as a portfolio manager. He is responsible for developing macro directional and relative value investment strategies and managing the team's global aggregate and global government bond portfolios.

 

Mr. Doyle. has a MSc degree in Finance from the Imperial College London, with a focus on fixed income and derivatives. He earned a BA degree in Economics, with honors, from Trinity College Dublin, with a focus on financial economics.

Siddharth Mehta
Siddharth Mehta
Sam Summers
Sam Summers
Director, Portfolio Manager

  

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Sam Summers, Director, is a portfolio manager on the Multi-Sector Mutual Funds team within the Global Fixed Income group at Blackrock. Mr. Summers focuses on macro directional and relative value investment strategies in FX and global interest rates as well as managing the multi-sector mutual funds and global government bond portfolios.


Mr. Summers joined Blackrock as an analyst after graduating from the University of Pennsylvania with a BA degree in economics.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Documents

Documents