Multi Asset

BGF Dynamic High Income Fund

  • NAV as of 04-Dec-2025 EUR 8.85
    52 WK: 7.79 - 8.93
  • 1 Day NAV Change as of 04-Dec-2025 EUR 0.02 (0.23%)
  • Morningstar Rating

Overview

Investment Approach

The Dynamic High Income Fund follows a flexible asset allocation policy that seeks to provide a high level of income. In order to generate high levels of income the Fund will seek diversified income sources across a variety of asset classes, investing significantly in income producing assets such as fixed income transferable securities, including corporate and government issues which may be fixed and floating and may be investment grade, sub-investment grade or unrated, covered call options and preference shares. The Fund will use a variety of investment strategies and may invest globally in the full spectrum of permitted investments including equities, equity-related securities, fixed income transferable securities, units of undertakings for collective investment, cash, deposits and money market instruments. Currency exposure is flexibly managed.
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Performance

Performance

Chart

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Distributions

Ex-Date Distribution
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Ex-Date Distribution
  1y 3y 5y 10y Incept.
Total Return (%) 5.46 8.15 2.53 - 2.55
Total Return (%) Base Share Class 8.04 10.60 4.75 - 4.50
Total Return – Max. IC applied (%) 0.19 6.31 1.48 - 1.64
Total Return – Max. IC applied (%) Base Share Class 2.64 8.72 3.68 - 3.82
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 8.32 0.39 1.91 6.66 5.46 26.48 13.31 - 15.54
Total Return (%) Base Share Class 10.67 0.64 2.54 8.12 8.04 35.28 26.09 - 41.10
Total Return – Max. IC applied (%) 2.90 -4.63 -3.19 1.33 0.19 20.16 7.64 - 9.77
Total Return – Max. IC applied (%) Base Share Class 5.13 -4.39 -2.58 2.72 2.64 28.52 19.79 - 34.05

  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total Return (%) 9.01 -21.06 10.36 7.56
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 04-Dec-2025
USD 2,920,163,893
Fund Inception
06-Feb-2018
Fund Base Currency
USD
Benchmark
-
Initial Charge
5.00%
ISIN
LU2127174873
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGDHIAE
MAS ESG Fund
No
Share Class Inception Date
04-Mar-2020
Share Class Currency
EUR
Asset Class
Multi Asset
SFDR Classification
Other
Management Fee
1.50%
Management Fee (incl. Distribution Fee, if any)
1.50%
Minimum Initial Investment
USD 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
EUR Flexible Allocation - Global
Dealing Frequency
Daily, forward pricing basis
SEDOL
BLGM802

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28-Nov-2025
2
P/E Ratio
as of 28-Nov-2025
18.31
Yield to Maturity
as of 28-Nov-2025
-
Effective Duration
as of 28-Nov-2025
0.75yrs
5Y Annualised Volatility
as of 30-Nov-2025
9.80
Standard Deviation (3y)
as of 30-Nov-2025
7.72%
P/B Ratio
as of 28-Nov-2025
2.46
Modified Duration
as of 28-Nov-2025
1.29
Weighted Avg Maturity
as of 28-Nov-2025
1.67
Since Share Inception – Annualised Volatility
as of 30-Nov-2025
10.64

Ratings

Ratings

Morningstar Rating

3 stars
As of 30-Nov-2025

Holdings

Holdings

as of 28-Nov-2025
Name Weight (%)
ISHARES $ SHORT DURATION CORPORATE 5.54
ISH MSCI EM USD ETF DIST 4.19
ISHARES $ HIGH YIELD CRP BND ETF $ 3.52
NVDA BARCLAYS BANK PLC 25.3512/3/2025 1.02
NVDA ROYAL BANK OF CANADA 19.741/16/2026 1.01
Name Weight (%)
NVDA BARCLAYS BANK PLC 26.3912/10/2025 1.00
NVDA MORGAN STANLEY & CO LLC 26.5212/17/2025 0.98
AAPL CITIGROUP INC 14.5512/15/2025 0.96
AAPL BNP PARIBAS SA 14.1612/8/2025 0.96
AAPL SOCIETE GENERALE SA 10.271/14/2026 0.95

Exposure Breakdowns

Exposure Breakdowns

Sorry, sectors are not available at this time.
Sorry, markets/regions are not available at this time.
as of 28-Nov-2025

% 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 28-Nov-2025

% of Weight

Type Fund
Sorry, maturities are not available at this time.
as of 28-Nov-2025

% 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
A8 Hedged EUR 8.85 0.02 0.23 04-Dec-2025 8.93 7.79 LU2127174873
A6 Hedged CHF 9.90 0.03 0.30 04-Dec-2025 10.34 8.98 LU2655523319
A6 Hedged CAD 7.71 0.01 0.13 04-Dec-2025 7.84 6.86 LU1811366001
A2 Hedged CHF 10.97 0.03 0.27 04-Dec-2025 11.00 9.45 LU1800012988
A10 USD 10.16 0.03 0.30 04-Dec-2025 10.25 8.85 LU2927560891
D2 USD 15.00 0.04 0.27 04-Dec-2025 15.00 12.47 LU1564329206
A6 Hedged SGD 7.36 0.02 0.27 04-Dec-2025 7.54 6.59 LU1564329461
A2 EUR 12.12 0.02 0.17 04-Dec-2025 12.68 10.66 LU2943721642
A8 Hedged NZD 8.15 0.02 0.25 04-Dec-2025 8.24 7.19 LU1811365961
A8 Hedged AUD 7.77 0.02 0.26 04-Dec-2025 7.85 6.83 LU1564329545
A2 USD 14.14 0.03 0.21 04-Dec-2025 14.14 11.82 LU1564329032
A8 Hedged ZAR 101.22 0.28 0.28 04-Dec-2025 102.28 88.34 LU2927560545
A6 Hedged GBP 7.35 0.02 0.27 04-Dec-2025 7.43 6.47 LU1733224965
D5G Hedged GBP 8.88 0.03 0.34 04-Dec-2025 8.88 7.70 LU1940842427
A6 Hedged HKD 76.37 0.19 0.25 04-Dec-2025 77.42 67.99 LU1697837992
A8 Hedged CNH 80.20 0.19 0.24 04-Dec-2025 80.87 70.37 LU1733225004
D2 Hedged EUR 12.64 0.03 0.24 04-Dec-2025 12.64 10.70 LU1811365888
A6 Hedged JPY 974.00 2.00 0.21 04-Dec-2025 1,018.00 880.00 LU2655523236
D2 Hedged CHF 11.61 0.03 0.26 04-Dec-2025 11.63 9.96 LU1800013010
A11 Hedged ZAR 100.72 0.27 0.27 04-Dec-2025 102.18 89.11 LU2971649459
A11 USD 10.08 0.03 0.30 04-Dec-2025 10.22 8.94 LU2971648998
A6 Hedged EUR 6.75 0.02 0.30 04-Dec-2025 6.89 6.03 LU1706154686
A2 Hedged JPY 1,044.00 3.00 0.29 04-Dec-2025 1,046.00 896.00 LU2971650036
A6 USD 8.20 0.02 0.24 04-Dec-2025 8.28 7.19 LU1564329115
A2 Hedged SGD 12.78 0.03 0.24 04-Dec-2025 12.81 10.89 LU1564329628
D2 EUR 12.85 0.02 0.16 04-Dec-2025 13.37 11.26 LU1811365615
A11 Hedged HKD 103.56 0.25 0.24 04-Dec-2025 105.13 100.00 LU3042763477
D6 USD 8.75 0.03 0.34 04-Dec-2025 8.83 7.63 LU1564329388

Portfolio Managers

Portfolio Managers

Justin Christofel, CFA, CAIA
Justin Christofel, CFA, CAIA
Managing Director

  

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Justin Christofel, CFA, CAIA, Managing Director, is the Co-Head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions (MASS) group.  The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally.  Mr. Christofel is a member of the MASS Executive Committee and Blackrock’s Global Human Capital Committee. 

 

Prior to the launch of the Income strategies, Mr. Christofel managed customized asset allocation portfolios for institutional investors. He also managed volatility control strategies, and a multi-asset real return portfolio. Mr. Christofel joined Blackrock in 2007 from Oliver Wyman, a consulting firm specializing in financial services. His projects spanned from retail banking to structured finance.

 

Mr. Christofel graduated from Yale University with a BA degree, with honors, in economics and mathematics.

Alex Shingler, CFA
Alex Shingler, CFA
Managing Director

  

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Alex Shingler, CFA, Managing Director, is the Co-Head of Income Investing for BlackRock’s Multi-Asset Strategies & Solutions (MASS) group. The MASS Income team manages strategies that seek to deliver attractive risk-adjusted income and total return across multiple risk profiles to clients globally.  Mr. Shingler is a member of the MASS Executive Committee. 

 

Mr. Shingler has spent his career investing across equity and fixed income markets.  Prior to his current role, he served as a portfolio manager and research analyst within BlackRock's European and US credit businesses. Before joining BlackRock in 2009 in London, Mr. Shingler focused on special situation equity investments.

 

Mr. Shingler earned an AB degree, summa cum laude, in philosophy from Princeton University.  He grew up in Montreal, Canada and resides in the New York City area with his wife and daughter. 

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