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BGF Emerging Markets Local Currency 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. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. 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 investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The fund may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. 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.

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

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Performance

Performance

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Performance chart data not available for display.
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Distributions

Record Date Ex-Date Payable Date
View full table
  From
31-Mar-2016
To
31-Mar-2017
From
31-Mar-2017
To
31-Mar-2018
From
31-Mar-2018
To
31-Mar-2019
From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
Total Return (%)

as of 31-Mar-21

14.49 -3.52 -4.58 -8.37 8.02
  1y 3y 5y 10y Incept.
1.16 -1.53 0.39 0.47 0.76
  YTD 1m 3m 1y 3y 5y 10y Incept.
-2.82 -0.33 -2.52 1.16 -4.53 1.96 4.85 11.45

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

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

Size of Fund (Millions) as of 12-May-21 USD 2,556.522
12m Trailing Yield as of 30-Apr-21 4.15
Number of Holdings as of 30-Apr-21 157
Base Currency U.S. Dollar
Fund Launch Date 26-Jun-97
Share Class launch date 02-Feb-07
Asset Class -
Morningstar Category Global Emerging Markets Bond - Local Currency
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 1.28%
ISIN LU0278457469
Bloomberg Ticker MLLEEA3
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B1PGSZ0
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 5000
Minimum Subsequent Investment -
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Weighted Average YTM as of 30-Apr-21 5.72%
Modified Duration as of 30-Apr-21 4.41
Effective Duration as of 30-Apr-21 4.35
Weighted Avg Maturity as of 30-Apr-21 7.26
WAL to Worst as of 30-Apr-21 7.26

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 07-Apr-21 BB
MSCI ESG Quality Score (0-10) as of 07-Apr-21 4.27
MSCI ESG Quality Score - Peer Percentile as of 07-Apr-21 50.00
MSCI ESG % Coverage as of 07-Apr-21 99.33
Fund Lipper Global Classification as of 07-Apr-21 Bond Emerging Markets Global LC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-Apr-21 427.96
Funds in Peer Group as of 07-Apr-21 240
All data is from MSCI ESG Fund Ratings as of 07-Apr-21, based on holdings as of 30-Nov-20. 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% 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.

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 ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion 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

1
2
3
4
5
6
7
Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 30-Apr-21
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 2.67
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.33
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 2.20
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 2.06
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.13 11/21/2029 1.96
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 1.90
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.79
CHINA PEOPLES REPUBLIC OF (GOVERNM 1.99 04/09/2025 1.74
COLOMBIA (REPUBLIC OF) 7.5 08/26/2026 1.64
BRAZIL (FEDERATIVE REPUBLIC OF) 0 07/01/2022 1.58
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30-Apr-21

% of Market Value

Type Fund
as of 30-Apr-21

% of Market Value

Type Fund
as of 30-Apr-21

% of Market Value

Type Fund
Allocations subject to change.
as of 30-Apr-21

% of Market Value

Type Fund
as of 30-Apr-21

% of Market Value

Type Fund
as of 30-Apr-21

% of Market Value

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.

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
Class A3 EUR Monthly 3.09 0.01 0.32 3.29 3.04 - LU0278457469 - -
Class SR2 USD - 10.18 -0.04 -0.39 10.22 9.98 - LU2319963547 - -
Class SR3 Hedged GBP - 10.17 -0.03 -0.29 10.20 9.97 - LU2319963463 - -
Class A8 Hedged AUD Monthly 6.42 -0.03 -0.47 6.80 5.96 - LU1133072774 - -
Class A1 EUR Daily 3.07 0.01 0.33 3.27 3.02 - LU0278461065 - -
Class SR2 Hedged EUR - 10.18 -0.03 -0.29 10.21 9.98 - LU2319963380 - -
Class SR3 USD - 10.17 -0.04 -0.39 10.21 9.97 - LU2319963620 - -
Class D2 CHF None 24.09 0.05 0.21 24.42 22.48 - LU1065150267 - -
Class A1 USD Daily 3.71 -0.01 -0.27 3.92 3.37 - LU0278477574 - -
Class A2 Hedged SGD None 8.56 -0.03 -0.35 8.92 7.50 - LU0358998713 - -
Class D3 Hedged GBP Monthly 6.43 -0.03 -0.46 6.79 5.88 - LU0995345831 - -
Class D2 Hedged CHF None 8.97 -0.03 -0.33 9.37 7.91 - LU1688375184 - -
Class S3 Hedged GBP Monthly 9.75 -0.04 -0.41 10.29 8.92 - LU1911699996 - -
Class I3 Hedged GBP Monthly 6.46 -0.02 -0.31 6.81 5.90 - LU0995336418 - -
Class D2 USD None 26.56 -0.09 -0.34 27.61 23.09 - LU0383940458 - -
Class I5 EUR Quarterly 7.63 0.01 0.13 8.15 7.49 - LU0995350831 - -
Class I2 GBP - 18.89 -0.01 -0.05 20.45 18.51 - LU1741217027 - -
Class A2 CHF None 22.52 0.05 0.22 22.86 21.11 - LU0938162186 - -
Class A2 Hedged EUR None 7.63 -0.02 -0.26 7.97 6.75 - LU0359002093 - -
Class I5 USD Quarterly 9.24 -0.03 -0.32 9.74 8.40 - LU1495982867 - -
Class A3 USD Monthly 3.73 -0.02 -0.53 3.94 3.40 - LU0278470132 - -
Class I2 CHF - 24.18 0.06 0.25 24.50 22.52 - LU1781817694 - -
Class A2 EUR None 20.52 0.05 0.24 21.15 19.75 - LU0278457204 - -
Class A3 HKD Monthly 29.00 -0.11 -0.38 30.55 26.33 - LU0388349754 - -
Class D5 GBP Quarterly 7.76 -0.01 -0.13 8.62 7.61 - LU1694209807 - -
Class D2 Hedged EUR None 7.85 -0.03 -0.38 8.18 6.91 - LU0622213642 - -
Class A4 EUR Annual 12.57 0.04 0.32 13.50 12.09 - LU0478974834 - -
Class A2 USD None 24.83 -0.08 -0.32 25.85 21.69 - LU0278470058 - -
Class D2 Hedged GBP None 14.77 -0.05 -0.34 15.36 12.91 - LU0827885491 - -
Class A6 USD Monthly 8.02 -0.03 -0.37 8.52 7.47 - LU1408528211 - -
Class D3 USD Monthly 15.45 -0.05 -0.32 16.30 14.05 - LU0523291242 - -
Class A4 USD Annual 15.20 -0.06 -0.39 15.83 13.91 - LU0548402170 - -
Class D3 Hedged AUD Monthly 6.10 -0.02 -0.33 6.43 5.58 - LU0827884841 - -
Class I2 USD None 26.66 -0.09 -0.34 27.69 23.13 - LU0520955575 - -
Class A2 Hedged SEK None 90.73 -0.31 -0.34 94.63 80.19 - LU1715605868 - -
Class I2 Hedged EUR None 8.11 -0.03 -0.37 8.45 7.13 - LU0473186707 - -
Class D3 EUR Monthly 12.77 0.04 0.31 13.60 12.58 - LU0827884924 - -
Class A6 Hedged SGD Monthly 7.26 -0.02 -0.27 7.71 6.77 - LU1676225185 - -
Class D4 EUR Annual 12.63 0.04 0.32 13.57 12.11 - LU0827885145 - -
Class D2 EUR None 21.96 0.06 0.27 22.61 21.06 - LU0329592702 - -
Class D3 HKD Monthly 119.96 -0.43 -0.36 126.36 108.91 - LU0827885061 - -
Class A2 Hedged PLN None 10.01 -0.04 -0.40 10.46 8.82 - LU0480535052 - -
Class D2 Hedged SGD None 8.95 -0.04 -0.44 9.31 7.80 - LU0827884767 - -
Class A6 Hedged CAD Monthly 7.84 -0.03 -0.38 8.33 7.34 - LU1408528641 - -
Class D2 Hedged PLN None 10.45 -0.04 -0.38 10.90 9.17 - LU0827884684 - -
Class A2 Hedged CHF None 7.44 -0.02 -0.27 7.78 6.59 - LU0623004180 - -
Class A6 Hedged GBP Monthly 7.35 -0.02 -0.27 7.81 6.89 - LU1408528302 - -
Class A3 Hedged AUD Monthly 6.10 -0.02 -0.33 6.43 5.58 - LU0575500318 - -
Class A6 Hedged HKD Monthly 79.73 -0.27 -0.34 84.76 74.32 - LU1408528484 - -
Class D4 USD Annual 15.27 -0.06 -0.39 15.88 13.98 - LU0827885228 - -
Class A8 Hedged NZD Monthly 8.00 -0.03 -0.37 8.46 7.40 - LU1408528724 - -
Class A2 CZK None 524.24 1.00 0.19 564.52 517.37 - LU1791177113 - -

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

Literature

Literature