Fixed Income

BGF Asian High Yield 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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Distributions

Ex-Date Distribution
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  1y 3y 5y 10y Incept.
10.67 -14.24 - - -10.75
11.82 -13.54 -5.24 - -5.01
5.14 -15.70 - - -12.00
6.23 -15.01 -6.21 - -5.83
Benchmark (%) 21.50 -7.07 - - -4.37
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-9.66 -1.06 -4.74 -9.95 10.67 -36.93 - - -33.87
-9.34 -0.94 -4.65 -9.78 11.82 -35.38 -23.60 - -26.20
-14.18 -6.00 -9.50 -14.46 5.14 -40.09 - - -37.17
-13.87 -5.89 -9.42 -14.29 6.23 -38.61 -27.42 - -29.89
Benchmark (%) -6.41 -1.65 -3.90 -6.93 21.50 -19.74 - - -15.00
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 GBP hedged Share Class Benchmark performance is displayed in USD.

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 28-Nov-2023 USD 1,525,718,721
Share Class Inception Date 11-Mar-2020
Fund Inception 01-Dec-2017
Share Class Currency GBP
Fund Base Currency USD
Asset Class Fixed Income
Benchmark iBoxx ChinaBond Asian High Yield USD Hedged Index
SFDR Classification Other
Initial Charge 5.00%
ISIN LU2125116330
Management Fee (incl. Distribution Fee, if any) 1.00%
Performance Fee 0.00%
Minimum Initial Investment GBP 5000
Minimum Subsequent Investment GBP 1000
Use of Income Distributing
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 BGHYBAH
SEDOL BL4P7B7
MAS ESG Fund No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Oct-2023 328
Standard Deviation (3y) as of 31-Oct-2023 15.85%
3y Beta as of 31-Oct-2023 0.852
Yield to Maturity as of 31-Oct-2023 11.67
Modified Duration as of 31-Oct-2023 3.14
Effective Duration as of 31-Oct-2023 2.73yrs
Weighted Avg Maturity as of 31-Oct-2023 6.06
WAL to Worst as of 31-Oct-2023 6.06
5Y Annualised Volatility as of - -
Since Share Inception – Annualised Volatility as of 31-Oct-2023 15.39

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.


The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics 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 methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of 25-Oct-2023 BBB
MSCI ESG % Coverage as of 25-Oct-2023 83.07
MSCI ESG Quality Score (0-10) as of 25-Oct-2023 4.94
MSCI ESG Quality Score - Peer Percentile as of 25-Oct-2023 29.05
Fund Lipper Global Classification as of 25-Oct-2023 Bond Asia Pacific HC
Funds in Peer Group as of 25-Oct-2023 148
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 25-Oct-2023 546.42
MSCI Weighted Average Carbon Intensity % Coverage as of 25-Oct-2023 85.07
All data is from MSCI ESG Fund Ratings as of 25-Oct-2023, based on holdings as of 30-Jun-2023. 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% (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.

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-Oct-2023 0.00%
MSCI - UN Global Compact Violators as of 31-Oct-2023 0.46%
MSCI - Nuclear Weapons as of 31-Oct-2023 0.00%
MSCI - Thermal Coal as of 31-Oct-2023 0.05%
MSCI - Civilian Firearms as of 31-Oct-2023 0.00%
MSCI - Oil Sands as of 31-Oct-2023 0.00%
MSCI - Tobacco as of 31-Oct-2023 0.00%

Business Involvement Coverage as of 31-Oct-2023 46.13%
Percentage of Fund not covered as of 31-Oct-2023 53.92%
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 2.54% and for Oil Sands 0.00%.

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-Oct-2023
Name Weight (%)
ISHARES USD ASIA HY BOND ETF 2.50
VEDANTA RESOURCES FINANCE II PLC RegS 8.95 03/11/2025 1.60
CHINA CINDA (2020) I MANAGEMENT LT MTN RegS 5.75 02/07/2027 1.19
GLOBE TELECOM INC RegS 4.2 12/31/2079 1.08
TML HOLDINGS PTE LTD RegS 4.35 06/09/2026 1.05
Name Weight (%)
SANDS CHINA LTD 5.65 08/08/2028 1.05
MONG DUONG FINANCE HOLDINGS BV RegS 5.125 05/07/2029 1.01
HUARONG FINANCE 2017 CO LTD MTN RegS 3.8 11/07/2025 1.00
KASIKORNBANK PCL (HONG KONG BRANCH MTN RegS 4 12/31/2079 1.00
GMR HYDERABAD INTERNATIONAL AIRPOR RegS 4.25 10/27/2027 0.99

Exposure Breakdowns

Exposure Breakdowns

as of 31-Oct-2023

% of Weight

Type Fund Benchmark Net
as of 31-Oct-2023

% of Weight

Type Fund Benchmark Net
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-Oct-2023

% of Weight

Type Fund Benchmark Net
as of 31-Oct-2023

% 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%

Pricing & Exchange

Pricing & Exchange

Share Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A8 Hedged GBP 5.10 0.00 0.00 28-Nov-2023 6.24 4.88 LU2125116330
A8 Hedged CNH 49.91 -0.03 -0.06 28-Nov-2023 63.00 47.87 LU1919856309
A8 Hedged HKD 50.76 -0.04 -0.08 28-Nov-2023 63.26 48.61 LU2125116504
A8 Hedged AUD 5.02 0.00 0.00 28-Nov-2023 6.20 4.81 LU1564328737
A2 Hedged SGD 7.68 -0.01 -0.13 28-Nov-2023 8.87 7.33 LU1564328810
D6 USD 4.97 -0.01 -0.20 28-Nov-2023 6.13 4.76 LU1564328497
A8 Hedged EUR 5.02 0.00 0.00 28-Nov-2023 6.15 4.81 LU2125116413
A6 USD 4.69 0.00 0.00 28-Nov-2023 5.80 4.48 LU1564328141
A2 USD 7.72 0.00 0.00 28-Nov-2023 8.79 7.35 LU1564328067
D2 USD 7.93 -0.01 -0.13 28-Nov-2023 9.00 7.55 LU1564328224
A2 Hedged EUR 6.64 0.00 0.00 28-Nov-2023 7.69 6.33 LU2125116090
A2 Hedged HKD 70.44 -0.05 -0.07 28-Nov-2023 81.26 67.13 LU2125116173
A8 Hedged SGD 5.62 0.00 0.00 28-Nov-2023 7.00 5.38 LU2127175417
A2 Hedged GBP 6.91 -0.01 -0.14 28-Nov-2023 7.92 6.59 LU2125115951
A2 Hedged AUD 6.82 0.00 0.00 28-Nov-2023 7.88 6.50 LU2125116256
D2 Hedged EUR 6.27 0.00 0.00 28-Nov-2023 7.23 5.98 LU2250419111

Ratings

Portfolio Managers

Portfolio Managers

Neeraj Seth
Neeraj Seth
Stephen Gough
Stephen Gough
Suanjin Tan
Suanjin Tan

Documents

Documents