Fixed Income

BGF Global Corporate Bond Fund

Overview

Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held. The fund(s) may invest in structured credit products such as asset backed securities (‘ABS’) which pool together mortgages and other debts into single or multiple series credit products which are then passed on to investors, normally in return for interest payments based on the cash flows from the underlying assets. These securities have similar characteristics to corporate bonds but carry greater risk as the details of the underlying loans is unknown, although loans with similar terms are typically packaged together. The stability of returns from ABS are not only dependent on changes in interest-rates but also changes in the repayments of the underlying loans as a result of changes in economic conditions or the circumstances of the holder of the loan. These securities can therefore be more sensitive to economic events, may be subject to severe price movements and can be more difficult and/or more expensive to sell in difficult markets.

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

To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.

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Performance

Performance

Chart

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Distributions

Ex-Date Total Distribution
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This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 7.0 -2.0 2.9 3.5 -5.3 9.0 5.7 -2.8 -17.0 6.4
Constraint Benchmark 1 (%) 7.6 -0.2 6.2 5.7 -1.0 12.5 8.3 -0.8 -14.1 9.1

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
4.39 -4.47 -1.59 -0.10 1.14
Constraint Benchmark 1 (%) 6.10 -2.02 0.89 2.58 3.82
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-0.26 1.03 0.13 -0.26 4.39 -12.82 -7.69 -0.99 20.81
Constraint Benchmark 1 (%) 0.30 0.69 0.20 0.30 6.10 -5.93 4.53 28.99 87.14
  From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
From
30-Jun-2023
To
30-Jun-2024
Total Return (%)

as of 30/Jun/2024

3.28 2.53 -15.50 -1.17 4.39
Constraint Benchmark 1 (%)

as of 30/Jun/2024

7.15 3.71 -12.88 1.78 6.10

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 EUR, 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 23/Jul/2024
USD 1,617,682,560
Fund Launch Date
19/Oct/2007
Fund Base Currency
USD
Constraint Benchmark 1
Bloomberg Global Aggregate Corporate Bond USD Hedged Index
Initial Charge
5.00%
ISIN
LU0303846876
Performance Fee
0.00%
Minimum Subsequent Investment
EUR 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
MLHEGA4
Share Class launch date
19/Oct/2007
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
1.02%
Annual Management Fee
0.80%
Minimum Initial Investment
EUR 5,000.00
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Corporate Bond - EUR Hedged
Dealing Frequency
Daily, forward pricing basis
SEDOL
B43L3K8

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 28/Jun/2024
547
Standard Deviation (3y)
as of 30/Jun/2024
7.92%
Yield to Maturity
as of 28/Jun/2024
5.18
Weighted Average YTM
as of 28/Jun/2024
5.10%
Weighted Avg Maturity
as of 28/Jun/2024
8.64
12 Month Trailing Dividend Distribution Yield
as of 30/Jun/2024
2.92
3y Beta
as of 30/Jun/2024
1.000
Modified Duration
as of 28/Jun/2024
6.26
Effective Duration
as of 28/Jun/2024
6.13
WAL to Worst
as of 28/Jun/2024
8.64

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 in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 28/Jun/2024
Name Weight (%)
UMBS 30YR TBA(REG A) 1.99
UBS GROUP AG MTN RegS 7.75 03/01/2029 1.03
ROLLS-ROYCE PLC MTN RegS 1.625 05/09/2028 0.94
SES SA RegS 2.875 12/31/2079 0.81
DEUTSCHE BAHN FINANCE GMBH PNC5.5 RegS 0.95 12/31/2079 0.76
Name Weight (%)
TENNET HOLDING BV RegS 2.374 12/31/2079 0.75
WINTERSHALL DEA FINANCE 2 BV RegS 2.4985 12/31/2079 0.75
VODAFONE GROUP PLC 60NC6 RegS 2.625 08/27/2080 0.74
SOUTHERN COMPANY (THE) 1.875 09/15/2081 0.70
MORGAN STANLEY 3.79 03/21/2030 0.68
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

Type Fund Benchmark Net
as of 28/Jun/2024

% of Market Value

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.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A4 Hedged EUR 7.87 -0.01 -0.13 23/Jul/2024 7.90 7.20 LU0303846876
Class A10 USD 10.30 0.00 0.00 23/Jul/2024 10.53 10.00 LU2708803122
Class A2 USD 14.90 0.00 0.00 23/Jul/2024 14.94 13.43 LU0297942194
Class A8 Hedged CNH 87.43 -0.05 -0.06 23/Jul/2024 88.36 81.27 LU1220227653
Class I2 USD 12.35 0.00 0.00 23/Jul/2024 12.38 11.08 LU1181254019
Class A2 Hedged EUR 12.16 -0.01 -0.08 23/Jul/2024 12.20 11.11 LU0297942434
Class I2 Hedged EUR 9.92 0.00 0.00 23/Jul/2024 9.95 9.03 LU1625162489
Class A6 Hedged SGD 8.35 0.00 0.00 23/Jul/2024 8.55 7.89 LU1435395121
Class D2 Hedged GBP 10.22 0.00 0.00 23/Jul/2024 10.25 9.23 LU1222731728
Class D5 Hedged GBP 9.20 -0.01 -0.11 23/Jul/2024 9.31 8.55 LU1814255474
Class A5 USD 10.25 0.00 0.00 23/Jul/2024 10.33 9.48 LU0825403933
Class A6 USD 9.79 0.00 0.00 23/Jul/2024 9.91 9.12 LU0788109634
Class A6 Hedged JPY 964.00 -1.00 -0.10 23/Jul/2024 1,003.00 949.00 LU2725777739
Class A10 Hedged CNH 102.37 -0.06 -0.06 23/Jul/2024 105.07 100.00 LU2708803395
Class A8 Hedged NZD 8.49 0.00 0.00 23/Jul/2024 8.59 7.90 LU1149717313
Class D2 USD 15.98 -0.01 -0.06 23/Jul/2024 16.03 14.36 LU0326960662
Class A10 Hedged ZAR 98.74 -0.03 -0.03 23/Jul/2024 100.47 96.23 LU2725777655
Class A6 Hedged HKD 70.75 -0.03 -0.04 23/Jul/2024 72.17 66.45 LU0788109550
Class A3 Hedged NZD 10.97 0.00 0.00 23/Jul/2024 11.07 10.18 LU0803752475
Class A8 Hedged AUD 9.59 -0.01 -0.10 23/Jul/2024 9.71 8.94 LU0871639976
Class A3G USD 10.21 0.00 0.00 23/Jul/2024 10.35 9.53 LU2620702048
Class A2 Hedged SEK 97.70 -0.05 -0.05 23/Jul/2024 98.00 89.48 LU1162516634
Class X4 Hedged GBP 8.62 0.00 0.00 23/Jul/2024 8.64 7.74 LU0414062165
Class A3 Hedged CAD 9.98 0.00 0.00 23/Jul/2024 10.09 9.29 LU0816460157
Class I4 Hedged GBP 9.26 -0.01 -0.11 23/Jul/2024 9.29 8.35 LU1403442228
Class A3 Hedged AUD 10.55 0.00 0.00 23/Jul/2024 10.71 9.88 LU0816460074
Class D2 Hedged EUR 13.03 -0.01 -0.08 23/Jul/2024 13.07 11.87 LU0326951752
Class A3 Hedged GBP 9.36 -0.01 -0.11 23/Jul/2024 9.45 8.71 LU0816460231

Portfolio Managers

Portfolio Managers

Max Huefner
Max Huefner
Daniel Chen
Daniel Chen

Literature

Literature