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.
0.78 - - - 2.34
-4.26 - - - -1.04
  YTD 6m 1y 3y 5y 10y Incept.
-0.19 0.10 0.78 - - - 3.60
-5.18 -4.91 -4.26 - - - -1.58
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 28-Sep-2021 RMB 57,931.251
Base Currency RMB
Fund Inception 11-Nov-2011
Share Class Currency Euro
Share Class Inception Date 19-Feb-2020
Additional Currencies Australian Dollar, British Pound, Canadian Dollar, Hong Kong Dollar, New Zealand Dollar, RMB, Singapore Dollar, Swiss Franc, U.S. Dollar
Asset Class Fixed Income
Morningstar Category Other Bond
Distribution Frequency N/A
ISIN LU2112292417
Bloomberg Ticker BGCBDEH
Management Fee (incl. Distribution Fee, if any) 0.40%
Initial Charge 5.00%

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity as of 31-Aug-2021 5.03
Modified Duration as of 31-Aug-2021 3.34
Effective Duration as of 31-Aug-2021 2.40yrs
3y Volatility as of - -
5yr Volatility as of - -
Since Share Inception - Beta as of 31-Aug-2021 -1.29

Sustainability Characteristics

Sustainability Characteristics

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. 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-Aug-2021 0.00%
MSCI - UN Global Compact Violators as of 31-Aug-2021 0.00%
MSCI - Nuclear Weapons as of 31-Aug-2021 0.00%
MSCI - Thermal Coal as of 31-Aug-2021 0.51%
MSCI - Civilian Firearms as of 31-Aug-2021 0.00%
MSCI - Oil Sands as of 31-Aug-2021 0.00%
MSCI - Tobacco as of 31-Aug-2021 0.00%

Business Involvement Coverage as of 31-Aug-2021 51.52%
Percentage of Fund not covered as of 31-Aug-2021 48.43%
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 1.08% and for Oil Sands 0.05%.

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-Aug-2021
Name Weight (%)
CHINA NATIONAL PETROLEUM CORP MTN 2.99 03/23/2025 2.00
INDUSTRIAL AND COMMERCIAL BANK OF 4.15 11/16/2030 1.54
CHINA DEVELOPMENT BANK 3.65 05/21/2029 1.53
CHINA DEVELOPMENT BANK 3.48 01/08/2029 1.44
INDUSTRIAL AND COMMERCIAL BANK OF 4.15 01/21/2031 1.37
Name Weight (%)
CHINA DEVELOPMENT BANK 3.45 09/20/2029 0.84
CHINA PETROLEUM & CHEMICAL CORP MTN 2.2 05/28/2023 0.77
CHINA DEVELOPMENT BANK 3.07 03/10/2030 0.75
CHINA DEVELOPMENT BANK 3.18 05/17/2022 0.75
CHINA DEVELOPMENT BANK 4.04 07/06/2028 0.73

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-2021

% of Weight

Type Fund
as of 31-Aug-2021

% of Weight

Type Fund
as of 31-Aug-2021

% 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%

Ratings

Pricing & Exchange

Pricing & Exchange

Share Class Currency Distribution Frequency NAV NAV $ Change NAV % Change NAV As Of ISIN
D2 Hedged EUR N/A 10.23 0.00 0.00 28-Sep-2021 LU2112292417
A2 Hedged USD N/A 10.59 -0.01 -0.09 28-Sep-2021 LU2070343392
A2 CHF N/A 15.24 0.04 0.26 28-Sep-2021 LU0969580058
D6 Hedged USD Monthly 9.59 -0.01 -0.10 28-Sep-2021 LU2243824054
D2 CNH N/A 106.47 -0.02 -0.02 28-Sep-2021 LU0827885731
A6 Hedged GBP Monthly 9.45 0.00 0.00 28-Sep-2021 LU2077746779
A6 Hedged CAD Monthly 9.50 -0.01 -0.11 28-Sep-2021 LU2077746696
A6 Hedged AUD Monthly 9.56 0.00 0.00 28-Sep-2021 LU1852331039
A3 HKD Monthly 88.28 -0.06 -0.07 28-Sep-2021 LU0690034276
A3 CNH Monthly 73.29 -0.01 -0.01 28-Sep-2021 LU0679941160
D4 Hedged GBP Annually 9.68 0.00 0.00 28-Sep-2021 LU2112292177
D3 USD Monthly 11.40 0.00 0.00 28-Sep-2021 LU0683067952
A6 Hedged NZD Monthly 9.50 0.00 0.00 28-Sep-2021 LU2077746340
A3 SGD Monthly 15.40 0.04 0.26 28-Sep-2021 LU2298379152
D6 Hedged SGD Monthly 9.83 -0.01 -0.10 28-Sep-2021 LU2325727282
A6 CNH Monthly 102.74 -0.02 -0.02 28-Sep-2021 LU1852330734
D2 USD N/A 16.48 -0.01 -0.06 28-Sep-2021 LU0719319435
A2 CNH N/A 105.99 -0.02 -0.02 28-Sep-2021 LU0679940949
D6 CNH Monthly 98.53 -0.02 -0.02 28-Sep-2021 LU2243823916
A3 USD Monthly 11.34 -0.01 -0.09 28-Sep-2021 LU0679941673
A2 USD N/A 16.40 -0.01 -0.06 28-Sep-2021 LU0679941327
D2 Hedged USD N/A 10.41 0.00 0.00 28-Sep-2021 LU2112292250
D2 EUR N/A 14.11 0.02 0.14 28-Sep-2021 LU2290526164
A6 Hedged USD Monthly 9.72 -0.01 -0.10 28-Sep-2021 LU1847653141
A6 Hedged SGD Monthly 9.68 -0.01 -0.10 28-Sep-2021 LU1847653497
A6 Hedged HKD Monthly 95.45 -0.04 -0.04 28-Sep-2021 LU1963769176
A6 Hedged EUR Monthly 9.12 0.00 0.00 28-Sep-2021 LU1847653224
A2 EUR N/A 14.04 0.02 0.14 28-Sep-2021 LU2267099674

Portfolio Managers

Portfolio Managers

Artur Piasecki
Artur Piasecki
Eric Liu
Eric Liu

Documents

Documents