Fixed Income

BGF Emerging Markets 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.

Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

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 (%) 20.9 10.3 16.7 -5.1 -1.9 15.1 -2.3 5.5 -11.2 12.0
Constraint Benchmark 1 (%) 22.3 12.7 13.4 -3.2 0.6 17.2 -3.4 5.7 -12.4 7.3

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

  1y 3y 5y 10y Incept.
17.87 5.38 3.72 5.17 4.97
Constraint Benchmark 1 (%) 16.90 2.17 1.67 4.76 -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
15.17 3.95 6.25 9.34 17.87 17.01 20.03 65.58 80.85
Constraint Benchmark 1 (%) 13.00 4.01 6.15 9.18 16.90 6.64 8.63 59.18 -
  From
30-Sept-2019
To
30-Sept-2020
From
30-Sept-2020
To
30-Sept-2021
From
30-Sept-2021
To
30-Sept-2022
From
30-Sept-2022
To
30-Sept-2023
From
30-Sept-2023
To
30-Sept-2024
Total Return (%)

as of 30/Sept/2024

-5.53 8.39 -11.81 5.53 16.95
Constraint Benchmark 1 (%)

as of 30/Sept/2024

-5.83 5.59 -10.43 1.80 12.51

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 10/Dec/2024
USD 1,249,473,935
Fund Launch Date
01/Oct/2004
Fund Base Currency
USD
Constraint Benchmark 1
J.P. Morgan Emerging Markets Bond Index Global Diversified Index
Initial Charge
5.00%
Management Fee
0.65%
Performance Fee
0.00%
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGEMD3E
Share Class launch date
13/Sept/2012
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
0.87%
ISIN
LU0827877126
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B875854

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 29/Nov/2024
277
Standard Deviation (3y)
as of 30/Nov/2024
8.82%
Yield to Maturity
as of 29/Nov/2024
6.64
Weighted Average YTM
as of 29/Nov/2024
6.64%
Weighted Avg Maturity
as of 29/Nov/2024
9.44
12 Month Trailing Dividend Distribution Yield
as of 30/Nov/2024
4.87
3y Beta
as of 30/Nov/2024
0.977
Modified Duration
as of 29/Nov/2024
6.44
Effective Duration
as of 29/Nov/2024
6.47
WAL to Worst
as of 29/Nov/2024
9.44

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.

Risk Indicator

Risk Indicator

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

Ratings

Ratings

Holdings

Holdings

as of 29/Nov/2024
Name Weight (%)
PERU (REPUBLIC OF) 3 01/15/2034 1.27
MDGH GMTN RSC LTD MTN RegS 5.875 05/01/2034 1.19
GACI FIRST INVESTMENT CO MTN RegS 4.875 02/14/2035 1.18
TURKEY (REPUBLIC OF) 9.125 07/13/2030 1.09
MEXICO (UNITED MEXICAN STATES) (GO 4.875 05/19/2033 1.02
Name Weight (%)
TURKEY (REPUBLIC OF) 7.625 04/26/2029 1.02
UKRAINE (REPUBLIC OF) A BONDS RegS 1.75 02/01/2034 0.96
ARGENTINA REPUBLIC OF GOVERNMENT 4.125 07/09/2035 0.92
DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 0.88
COLOMBIA (REPUBLIC OF) 7.5 02/02/2034 0.88
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29/Nov/2024

% of Market Value

Type Fund Benchmark Net
as of 29/Nov/2024

% of Market Value

Type Fund Benchmark Net
as of 29/Nov/2024

% of Market Value

Type Fund Benchmark Net
as of 29/Nov/2024

% of Market Value

Type Fund Benchmark Net
as of 29/Nov/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 D3 EUR 8.70 0.05 0.58 10/Dec/2024 8.70 7.72 LU0827877126
Class I4 Hedged EUR 8.27 0.00 0.00 10/Dec/2024 8.55 7.74 LU2075911060
Class D2 Hedged EUR 17.62 -0.01 -0.06 10/Dec/2024 17.66 15.71 LU0827877399
Class I4 Hedged GBP 8.74 -0.01 -0.11 10/Dec/2024 9.00 8.07 LU2075910922
Class A8 Hedged AUD 6.93 0.00 0.00 10/Dec/2024 6.99 6.47 LU0871639893
Class I5 Hedged EUR 7.72 0.00 0.00 10/Dec/2024 7.80 7.19 LU1323999216
Class A3 USD 9.13 0.00 0.00 10/Dec/2024 9.21 8.42 LU0200680782
Class D2 USD 22.97 -0.01 -0.04 10/Dec/2024 22.98 20.13 LU0297941386
Class I2 EUR 19.83 0.09 0.46 10/Dec/2024 19.83 16.77 LU1048586868
Class D3 USD 9.15 0.00 0.00 10/Dec/2024 9.23 8.44 LU0827876821
Class A3 EUR 8.68 0.05 0.58 10/Dec/2024 8.68 7.70 LU0200684008
Class A2 Hedged GBP 12.28 -0.01 -0.08 10/Dec/2024 12.29 10.87 LU1057296771
Class D2 EUR 21.83 0.10 0.46 10/Dec/2024 21.83 18.49 LU0827877043
Class A8 Hedged CNH 85.13 -0.08 -0.09 10/Dec/2024 86.08 79.74 LU1919856051
Class A1 USD 8.82 -0.01 -0.11 10/Dec/2024 8.91 8.14 LU0200680436
Class I2 Hedged GBP 11.10 0.00 0.00 10/Dec/2024 11.10 9.74 LU1806518533
Class I2 Hedged EUR 12.04 -0.01 -0.08 10/Dec/2024 12.06 10.72 LU1057294727
Class A8 Hedged ZAR 78.06 -0.06 -0.08 10/Dec/2024 78.92 72.62 LU1109561420
Class A2 EUR 19.68 0.09 0.46 10/Dec/2024 19.68 16.76 LU0200683885
Class I4 USD 9.08 -0.01 -0.11 10/Dec/2024 9.35 8.35 LU1806518293
Class A1 EUR 8.39 0.04 0.48 10/Dec/2024 8.39 7.45 LU0200683703
Class A6 Hedged HKD 52.44 -0.04 -0.08 10/Dec/2024 53.17 49.52 LU0764619960
Class I2 USD 20.87 -0.01 -0.05 10/Dec/2024 20.88 18.26 LU1180455567
Class A2 CZK 493.75 2.73 0.56 10/Dec/2024 496.72 411.49 LU1791181735
Class A6 Hedged CAD 7.51 0.00 0.00 10/Dec/2024 7.61 7.06 LU1408528054
Class A6 USD 7.30 0.00 0.00 10/Dec/2024 7.38 6.81 LU0764617162
Class I2 Hedged CHF 9.68 -0.01 -0.10 10/Dec/2024 9.75 8.82 LU1618350562
Class A4 EUR 11.96 0.06 0.50 10/Dec/2024 11.96 10.63 LU1072326561
Class A6 Hedged GBP 7.10 -0.01 -0.14 10/Dec/2024 7.18 6.66 LU1408527916
Class A8 Hedged NZD 7.72 0.00 0.00 10/Dec/2024 7.81 7.21 LU1408528138
Class A2 Hedged EUR 16.39 -0.01 -0.06 10/Dec/2024 16.45 14.70 LU0413376566
Class A2 USD 20.71 -0.01 -0.05 10/Dec/2024 20.72 18.25 LU0200680600

Portfolio Managers

Portfolio Managers

Michel Aubenas
Michel Aubenas
Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

Silvio Zanardini
Silvio Zanardini

Literature

Literature