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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Reinvestments

 
  1y 3y 5y 10y Incept.
4.11 -1.22 - - 0.33
1.49 -1.25 2.32 3.68 3.89
-1.09 -2.89 - - -0.97
-3.58 -2.92 1.28 3.15 3.46
Benchmark (%) 1.50 1.50 - - 1.50
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.20 1.20 3.58 2.63 4.11 -3.62 - - 1.30
0.94 0.94 2.90 1.42 1.49 -3.70 12.16 43.50 59.46
-3.86 -3.86 -1.60 -2.50 -1.09 -8.43 - - -3.77
-4.11 -4.11 -2.24 -3.65 -3.58 -8.52 6.55 36.33 51.49
Benchmark (%) 0.13 0.13 0.38 0.75 1.50 4.58 - - 6.06
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 USD, hedged share class benchmark performance is displayed in CNH.

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 23-Feb-2024 RMB 21,354,343,579
Share Class Inception Date 19-Feb-2020
Fund Inception 11-Nov-2011
Share Class Currency USD
Fund Base Currency CNH
Asset Class Fixed Income
Benchmark (USD)
SFDR Classification Other
Initial Charge 5.00%
ISIN LU2112292250
Management Fee (incl. Distribution Fee, if any) 0.40%
Performance Fee 0.00%
Minimum Initial Investment USD 100000
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 BGCBDUH
SEDOL BK6KTS4
MAS ESG Fund No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Jan-2024 467
Standard Deviation (3y) as of 31-Jan-2024 3.32%
3y Beta as of - -
Yield to Maturity as of 31-Jan-2024 5.47
Modified Duration as of 31-Jan-2024 6.44
Effective Duration as of 31-Jan-2024 4.04yrs
Weighted Avg Maturity as of 31-Jan-2024 6.73
WAL to Worst as of 31-Jan-2024 6.73
5Y Annualised Volatility as of - -
Since Share Inception – Annualised Volatility as of 31-Jan-2024 3.41

Sustainability Characteristics

Sustainability Characteristics

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. 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-2024 0.00%
MSCI - UN Global Compact Violators as of 31-Jan-2024 0.00%
MSCI - Nuclear Weapons as of 31-Jan-2024 0.00%
MSCI - Thermal Coal as of 31-Jan-2024 0.00%
MSCI - Civilian Firearms as of 31-Jan-2024 0.00%
MSCI - Oil Sands as of 31-Jan-2024 0.00%
MSCI - Tobacco as of 31-Jan-2024 0.00%

Business Involvement Coverage as of 31-Jan-2024 44.80%
Percentage of Fund not covered as of 31-Jan-2024 55.03%
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 2.00% and for Oil Sands 0.64%.

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 during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or 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 generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance criteria during post-investment 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, where appropriate.

Holdings

Holdings

as of 31-Jan-2024
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.12 10/25/2052 3.43
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.19 04/15/2053 3.34
CHINA PEOPLES REPUBLIC OF (GOVERNM 3 10/15/2053 2.78
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.43
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.52 08/25/2033 1.40
Name Weight (%)
AGRICULTURAL DEVELOPMENT BANK OF C 2.96 04/17/2030 1.30
HUBEI COMMUNICATIONS INVESTMENT GR 3.93 03/09/2025 1.11
CHINA DEVELOPMENT BANK 3.41 06/07/2031 0.99
AGRICULTURAL DEVELOPMENT BANK OF C 3.01 03/16/2030 0.97
DBS BANK CHINA LTD RegS 4.7 03/24/2031 0.94

Exposure Breakdowns

Exposure Breakdowns

as of 31-Jan-2024

% 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-2024

% of Weight

Type Fund
as of 31-Jan-2024

% of Weight

Type Fund
as of 31-Jan-2024

% 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 NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
D2 Hedged USD 10.22 0.00 0.00 23-Feb-2024 10.22 9.69 LU2112292250
A8 Hedged USD 10.10 0.00 0.00 23-Feb-2024 10.31 9.83 LU2550100692
D6 Hedged SGD 8.36 0.00 0.00 23-Feb-2024 8.54 8.14 LU2325727282
A2 Hedged SGD 10.25 0.00 0.00 23-Feb-2024 10.25 9.86 LU2631410169
A6 Hedged NZD 8.11 0.00 0.00 23-Feb-2024 8.20 7.87 LU2077746340
A2 EUR 13.09 -0.02 -0.15 23-Feb-2024 13.70 12.30 LU2267099674
A8 Hedged HKD 100.83 0.03 0.03 23-Feb-2024 103.15 98.16 LU2550100429
D2 EUR 13.26 -0.02 -0.15 23-Feb-2024 13.83 12.43 LU2290526164
A2 CHF 12.47 -0.02 -0.16 23-Feb-2024 13.66 11.80 LU0969580058
A6 Hedged USD 8.32 0.00 0.00 23-Feb-2024 8.40 8.07 LU1847653141
D6 Hedged USD 8.27 0.00 0.00 23-Feb-2024 8.32 8.01 LU2243824054
D2 Hedged SGD 10.28 0.00 0.00 23-Feb-2024 10.28 9.87 LU2631410243
A6 Hedged EUR 7.44 0.00 0.00 23-Feb-2024 7.66 7.25 LU1847653224
D2 Hedged EUR 9.60 0.01 0.10 23-Feb-2024 9.60 9.21 LU2112292417
A6 Hedged SGD 8.13 0.00 0.00 23-Feb-2024 8.34 7.93 LU1847653497
A6 Hedged GBP 7.97 0.01 0.13 23-Feb-2024 8.09 7.74 LU2077746779
A6 Hedged CAD 8.06 0.00 0.00 23-Feb-2024 8.20 7.83 LU2077746696
D2 CNH 103.49 0.01 0.01 23-Feb-2024 103.49 99.50 LU0827885731
A2 Hedged USD 10.32 0.01 0.10 23-Feb-2024 10.32 9.81 LU2070343392
A6 Hedged AUD 7.97 0.00 0.00 23-Feb-2024 8.17 7.77 LU1852331039
A3 CNH 64.62 0.01 0.02 23-Feb-2024 65.66 62.87 LU0679941160
A2 USD 14.17 -0.01 -0.07 23-Feb-2024 14.60 13.42 LU0679941327
A2 CNH 102.16 0.02 0.02 23-Feb-2024 102.16 98.33 LU0679940949
D6 CNH 84.38 0.02 0.02 23-Feb-2024 86.94 82.30 LU2243823916
D4 Hedged GBP 8.62 0.00 0.00 23-Feb-2024 8.70 8.24 LU2112292177
A3 SGD 12.05 0.00 0.00 23-Feb-2024 12.86 11.67 LU2298379152
A2 Hedged JPY 887.00 0.00 0.00 23-Feb-2024 900.00 865.00 LU2367605297
A3 HKD 70.14 -0.03 -0.04 23-Feb-2024 74.89 67.06 LU0690034276
A3 USD 8.96 -0.01 -0.11 23-Feb-2024 9.55 8.57 LU0679941673
A6 CNH 87.02 0.01 0.01 23-Feb-2024 89.93 85.00 LU1852330734
A6 Hedged HKD 79.91 0.02 0.03 23-Feb-2024 81.68 77.69 LU1963769176
D2 USD 14.36 -0.01 -0.07 23-Feb-2024 14.74 13.58 LU0719319435
D3 USD 9.01 0.00 0.00 23-Feb-2024 9.59 8.61 LU0683067952

Ratings

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Documents

Documents