Fixed Income

BGF China 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.
-2.67 -1.16 - - -0.46
-2.25 0.54 2.78 3.80 4.11
-7.53 -2.83 - - -2.02
-7.14 -1.16 1.73 3.27 3.63
Benchmark (%) 1.50 1.50 - - 1.50
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.65 1.65 4.01 0.82 -2.67 -3.43 - - -1.50
1.46 1.46 3.34 0.03 -2.25 1.64 14.71 45.17 57.12
-3.43 -3.43 -1.19 -4.22 -7.53 -8.26 - - -6.43
-3.61 -3.61 -1.83 -4.97 -7.14 -3.44 8.98 37.92 49.26
Benchmark (%) 0.13 0.13 0.38 0.76 1.50 4.57 - - 4.97
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 07-Feb-2023 RMB 31,330,706,656
Share Class Inception Date 30-Oct-2019
Fund Inception 11-Nov-2011
Share Class Currency USD
Fund Base Currency CNH
Asset Class Fixed Income
Benchmark 1Y China Household Savings Deposits Rate Index
SFDR Classification Other
Initial Charge 5.00%
Management Fee (incl. Distribution Fee, if any) 0.75%
Performance Fee 0.00%
Minimum Initial Investment USD 5000
Minimum Subsequent Investment USD 1000
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 BGBCBAU
ISIN LU2070343392
SEDOL BKLF2F2
MAS ESG Fund No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Jan-2023 566
Standard Deviation (3y) as of 31-Jan-2023 3.66%
Yield to Maturity as of 31-Jan-2023 6.52
Modified Duration as of 31-Jan-2023 2.71
Effective Duration as of 31-Jan-2023 2.46yrs
Weighted Avg Maturity as of 31-Jan-2023 3.58
WAL to Worst as of 31-Jan-2023 3.58
5Y Annualised Volatility as of - -
Since Share Inception – Annualised Volatility as of 31-Jan-2023 3.60

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

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-2023 0.00%
MSCI - UN Global Compact Violators as of 31-Jan-2023 0.00%
MSCI - Nuclear Weapons as of 31-Jan-2023 0.00%
MSCI - Thermal Coal as of 31-Jan-2023 0.24%
MSCI - Civilian Firearms as of 31-Jan-2023 0.00%
MSCI - Oil Sands as of 31-Jan-2023 0.00%
MSCI - Tobacco as of 31-Jan-2023 0.00%

Business Involvement Coverage as of 31-Jan-2023 60.12%
Percentage of Fund not covered as of 31-Jan-2023 39.56%
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 1.15% and for Oil Sands 0.17%.

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 environmental, social and governance considerations across all steps of the investment process. In the initial idea generation and credit research process this includes an assessment of each company’s positive ESG attributes or material risks and the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, the Fund manager also reviews ESG aggregate portfolio metrics through BlackRock’s Aladdin system. The Fund manager also considers environmental, social and governance criteria during portfolio monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks.

Holdings

Holdings

as of 31-Jan-2023
Name Weight (%)
CHINA CONSTRUCTION BANK CORP RegS 3.45 08/10/2031 1.44
BANK OF CHINA LTD RegS 4.2 09/21/2030 1.31
BAIDU INC 4.375 05/14/2024 1.16
CHINA CONSTRUCTION BANK CORP RegS 4.25 02/27/2029 1.02
WUHAN METRO GROUP CO LTD MTN 4.89 12/31/2049 0.95
Name Weight (%)
MINMETALS BOUNTEOUS FINANCE (BVI) RegS 3.375 12/31/2049 0.94
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.02 10/22/2025 0.91
COASTAL EMERALD LTD RegS 4.3 12/31/2049 0.89
CHINA DEVELOPMENT BANK 3.48 01/08/2029 0.89
INDUSTRIAL AND COMMERCIAL BANK OF 4.15 11/16/2030 0.88

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-2023

% of Weight

Type Fund
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-2023

% of Weight

Type Fund
as of 31-Jan-2023

% of Weight

Type Fund
as of 31-Jan-2023

% of Weight

Type Fund
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 USD N/A 9.89 0.00 0.00 07-Feb-2023 10.11 9.39 LU2070343392 -
A2 EUR N/A 13.80 0.08 0.58 07-Feb-2023 14.82 12.89 LU2267099674 -
D6 Hedged USD Monthly 8.33 0.01 0.12 07-Feb-2023 8.97 8.01 LU2243824054 -
A2 CNH N/A 100.21 0.02 0.02 07-Feb-2023 102.13 95.78 LU0679940949 -
A6 Hedged AUD Monthly 8.18 0.00 0.00 07-Feb-2023 8.92 7.91 LU1852331039 -
A6 Hedged SGD Monthly 8.35 0.00 0.00 07-Feb-2023 9.04 8.06 LU1847653497 -
D2 EUR N/A 13.92 0.07 0.51 07-Feb-2023 14.93 13.00 LU2290526164 -
A2 CHF N/A 13.66 -0.01 -0.07 07-Feb-2023 15.00 12.69 LU0969580058 -
A6 Hedged EUR Monthly 7.67 0.00 0.00 07-Feb-2023 8.48 7.45 LU1847653224 -
A3 CNH Monthly 65.74 0.01 0.02 07-Feb-2023 69.53 63.46 LU0679941160 -
A6 Hedged CAD Monthly 8.20 0.00 0.00 07-Feb-2023 8.87 7.90 LU2077746696 -
D2 CNH N/A 101.14 0.01 0.01 07-Feb-2023 102.72 96.58 LU0827885731 -
A6 Hedged GBP Monthly 8.10 0.00 0.00 07-Feb-2023 8.81 7.82 LU2077746779 -
A8 Hedged USD Monthly 10.31 0.00 0.00 07-Feb-2023 10.32 10.00 LU2550100692 -
A6 Hedged NZD Monthly 8.21 0.00 0.00 07-Feb-2023 8.88 7.92 LU2077746340 -
D4 Hedged GBP Annually 8.63 0.00 0.00 07-Feb-2023 9.24 8.22 LU2112292177 -
A3 HKD Monthly 75.87 -0.03 -0.04 07-Feb-2023 85.28 67.97 LU0690034276 -
D6 Hedged SGD Monthly 8.55 0.01 0.12 07-Feb-2023 9.21 8.23 LU2325727282 -
D2 Hedged EUR N/A 9.35 0.00 0.00 07-Feb-2023 9.74 8.94 LU2112292417 -
A6 Hedged USD Monthly 8.41 0.00 0.00 07-Feb-2023 9.08 8.09 LU1847653141 -
A8 Hedged HKD Monthly 103.36 0.02 0.02 07-Feb-2023 103.36 100.00 LU2550100429 -
D2 Hedged USD N/A 9.76 0.00 0.00 07-Feb-2023 9.94 9.27 LU2112292250 -
A3 SGD Monthly 12.84 0.01 0.08 07-Feb-2023 14.76 12.24 LU2298379152 -
A6 Hedged HKD Monthly 81.84 0.02 0.02 07-Feb-2023 89.06 78.90 LU1963769176 -
A3 USD Monthly 9.67 0.00 0.00 07-Feb-2023 10.93 8.66 LU0679941673 -
A6 CNH Monthly 90.04 0.01 0.01 07-Feb-2023 96.89 87.20 LU1852330734 -
D2 USD N/A 14.88 0.00 0.00 07-Feb-2023 16.15 13.18 LU0719319435 -
A2 USD N/A 14.74 0.00 0.00 07-Feb-2023 16.05 13.07 LU0679941327 -
D6 CNH Monthly 87.04 0.01 0.01 07-Feb-2023 93.15 84.24 LU2243823916 -
D3 USD Monthly 9.71 -0.01 -0.10 07-Feb-2023 10.98 8.70 LU0683067952 -

Ratings

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan

Documents

Documents