Fixed Income

BGF Euro Corporate Bond Fund

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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  1y 3y 5y 10y Incept.
4.24 4.66 - - 3.86
-0.98 2.88 - - 2.79
  YTD 6m 1y 3y 5y 10y Incept.
-0.41 -0.41 4.24 14.64 - - 20.60
-5.39 -5.39 -0.98 8.91 - - 14.57
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

Size of Fund (Millions) as of 03-Aug-2021 EUR 3,319.441
Base Currency Euro
Fund Inception 14-May-2003
Share Class Currency U.S. Dollar
Share Class Inception Date 20-Jul-2016
Additional Currencies British Pound, CZK, Euro, Swedish Krona, Swiss Franc
Asset Class Fixed Income
Morningstar Category Other Bond
Benchmark BofA ML EMU Corporate Bond
Distribution Frequency N/A
ISIN LU1445717389
Bloomberg Ticker BGECBA2
Management Fee (incl. Distribution Fee, if any) 0.80%
Initial Charge 5.00%

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 30-Jun-2021 0.57
Modified Duration as of 30-Jun-2021 5.24
Effective Duration as of 30-Jun-2021 4.94yrs
3y Volatility as of 30-Jun-2021 5.11
5yr Volatility as of - -
Since Share Inception – Volatility as of 30-Jun-2021 4.12
Since Share Inception - Beta as of 30-Jun-2021 0.99

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 07-Jul-2021 AA
MSCI ESG Quality Score (0-10) as of 07-Jul-2021 7.93
MSCI ESG Quality Score - Peer Percentile as of 07-Jul-2021 72.92
MSCI ESG % Coverage as of 07-Jul-2021 93.44
Fund Lipper Global Classification as of 07-Jul-2021 Bond EUR Corporates
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-Jul-2021 196.94
Funds in Peer Group as of 07-Jul-2021 288
All data is from MSCI ESG Fund Ratings as of 07-Jul-2021, based on holdings as of 31-Jan-2021. 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% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

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 30-Jun-2021 0.00%
MSCI - UN Global Compact Violators as of 30-Jun-2021 0.52%
MSCI - Nuclear Weapons as of 30-Jun-2021 0.10%
MSCI - Thermal Coal as of 30-Jun-2021 0.00%
MSCI - Civilian Firearms as of 30-Jun-2021 0.00%
MSCI - Oil Sands as of 30-Jun-2021 0.00%
MSCI - Tobacco as of 30-Jun-2021 0.89%

Business Involvement Coverage as of 30-Jun-2021 92.39%
Percentage of Fund not covered as of 30-Jun-2021 7.61%
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 0.45% and for Oil Sands 2.24%.

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 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 phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves 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 30-Jun-2021
Name Weight (%)
EDP FINANCE BV MTN RegS 1.125 02/12/2024 0.93
CREDIT SUISSE GROUP AG MTN RegS 0.65 01/14/2028 0.82
FRAPORT AG FRANKFURT AIRPORT SERVI RegS 1.875 03/31/2028 0.74
CHORUS LTD MTN RegS 1.125 10/18/2023 0.69
BECTON DICKINSON AND COMPANY 1.401 05/24/2023 0.69
Name Weight (%)
TAKEDA PHARMACEUTICAL CO LTD 2 07/09/2040 0.60
VEOLIA ENVIRONNEMENT SA NC5.5 RegS 2.25 12/31/2049 0.60
BELLIS ACQUISITION COMPANY PLC RegS 3.25 02/16/2026 0.59
NGG FINANCE PLC RegS 2.125 09/05/2082 0.59
BANK OF AMERICA CORP MTN RegS 0.808 05/09/2026 0.58

Exposure Breakdowns

Exposure Breakdowns

as of 30-Jun-2021

% of Weight

Type Fund Benchmark Net
as of 30-Jun-2021

% of Weight

Type Fund Benchmark Net
as of 30-Jun-2021

% 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%

Ratings

Pricing & Exchange

Pricing & Exchange

Share Class Currency Distribution Frequency NAV NAV $ Change NAV % Change NAV As Of ISIN
A2 Hedged USD N/A 12.21 0.01 0.08 03-Aug-2021 LU1445717389
A2 CZK N/A 456.53 0.58 0.13 03-Aug-2021 LU1791176222
A2 Hedged GBP N/A 11.44 0.01 0.09 03-Aug-2021 LU1445718197
D2 Hedged GBP N/A 11.66 0.01 0.09 03-Aug-2021 LU1445719088
D2 Hedged USD N/A 12.44 0.01 0.08 03-Aug-2021 LU1445718437
D2 Hedged CHF N/A 11.01 0.01 0.09 03-Aug-2021 LU1445718783
D3 EUR Monthly 14.21 0.01 0.07 03-Aug-2021 LU0827877803
A2 Hedged CHF N/A 10.78 0.01 0.09 03-Aug-2021 LU1445717629
A1 EUR Monthly (Daily Calculation) 14.47 0.01 0.07 03-Aug-2021 LU0162660350
D2 EUR N/A 18.87 0.01 0.05 03-Aug-2021 LU0368266499
A2 EUR N/A 17.92 0.01 0.06 03-Aug-2021 LU0162658883
A2 Hedged SEK N/A 109.41 0.09 0.08 03-Aug-2021 LU1622601463
A3 EUR Monthly 14.21 0.01 0.07 03-Aug-2021 LU0172394222

Portfolio Managers

Portfolio Managers

Tom Mondelaers
Tom Mondelaers
Jozef Prokes
Jozef Prokes

Documents

Documents