Fixed Income

BSF Emerging Markets Flexi Dynamic 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 may invest in securities whereby the issuing company has a high risk of defaulting on their interest payments, capital repayment or both. In the event of default, the value of the investment may reduce. 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 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. Certain developing countries are especially large debtors to commercial banks and foreign governments. Investment in debt obligations (sovereign debt) issued or guaranteed by developing governments or their agencies involve a high degree of risk. The Fund utilises derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk and volatility. The strategies utilised by the Fund involve the use of derivatives to facilitate certain investment management techniques including the establishment of both ‘long’ and ‘synthetic short’ positions and creation of market leverage for the purposes of increasing the economic exposure of a Fund beyond the value of its net assets. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Fund. 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.

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

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Reinvestments

This product does not have any distributions data as of now.

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 (%) 0.4 3.4 12.8 5.5 -11.3 6.5 14.9 -11.6 -6.4 15.5
Comparator Benchmark 1 (%) 0.2 0.2 0.7 1.1 2.1 2.6 1.1 0.2 1.7 5.2
Comparator Benchmark 2 (%) 0.7 -7.1 10.2 12.7 -5.2 14.3 4.0 -5.3 -14.8 11.9

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

  1y 3y 5y 10y Incept.
14.45 0.04 1.79 2.36 2.33
Comparator Benchmark 1 (%) 5.51 3.07 2.35 1.71 1.59
Comparator Benchmark 2 (%) 8.01 -2.91 0.29 1.00 1.53
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-0.04 0.74 1.01 4.34 14.45 0.12 9.28 26.33 28.53
Comparator Benchmark 1 (%) 2.27 0.46 1.37 2.74 5.51 9.48 12.34 18.52 18.78
Comparator Benchmark 2 (%) -0.49 1.71 0.59 3.46 8.01 -8.47 1.48 10.44 18.06
  From
31-Mar-2019
To
31-Mar-2020
From
31-Mar-2020
To
31-Mar-2021
From
31-Mar-2021
To
31-Mar-2022
From
31-Mar-2022
To
31-Mar-2023
From
31-Mar-2023
To
31-Mar-2024
Total Return (%)

as of 31/Mar/2024

-3.16 13.51 -9.03 -1.85 13.74
Comparator Benchmark 1 (%)

as of 31/Mar/2024

2.38 0.64 0.13 2.82 5.44
Comparator Benchmark 2 (%)

as of 31/Mar/2024

-6.61 14.54 -7.96 -3.83 8.07

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 USD, 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 14/Jun/2024
USD 1,169,273,504
Fund Launch Date
12/Jun/2013
Fund Base Currency
USD
Comparator Benchmark 1
3 Month SOFR Compounded in Arrears
SFDR Classification
Other
Ongoing Charges Figures
1.05%
Annual Management Fee
0.75%
Minimum Initial Investment
USD 100,000.00
Use of Income
Accumulating
Regulatory Structure
UCITS
Morningstar Category
Global Emerging Markets Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BBT33Y1
Share Class launch date
03/Jul/2013
Share Class Currency
USD
Asset Class
Fixed Income
Comparator Benchmark 2
JP Morgan EMBI Global Diversified Index (50%) and JP Morgan GBI-EM Global Diversified Index (50%)
Initial Charge
5.00%
ISIN
LU0949128572
Performance Fee
0.00%
Minimum Subsequent Investment
USD 1,000.00
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BSEFD2U

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31/May/2024
306
3y Beta
as of 31/May/2024
5.173
Modified Duration
as of 31/May/2024
5.53
Effective Duration
as of 31/May/2024
5.50
WAL to Worst
as of 31/May/2024
7.37
Standard Deviation (3y)
as of 31/May/2024
7.98%
Yield to Maturity
as of 31/May/2024
8.41
Weighted Average YTM
as of 31/May/2024
8.13%
Weighted Avg Maturity
as of 31/May/2024
7.37

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

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for BSF Emerging Markets Flexi Dynamic Bond Fund, Class D2, as of 31/May/2024 rated against 1497 Global Emerging Markets Bond Funds.

Holdings

Holdings

as of 31/May/2024
Name Weight (%)
MEXICO (UNITED MEXICAN STATES) (GO 8.5 05/31/2029 5.46
BRAZIL (FEDERATIVE REPUBLIC OF) 6 08/15/2024 5.01
COLOMBIA REPUBLIC OF (GOVERNMENT) 6 04/28/2028 3.39
SOUTH AFRICA (REPUBLIC OF) 8.75 01/31/2044 3.32
PETROLEOS DE VENEZUELA SA RegS 0 05/17/2035 1.85
Name Weight (%)
EGYPT (ARAB REPUBLIC OF) MTN RegS 7.903 02/21/2048 1.76
UKRAINE (GOVERNMENT OF) RegS 7.75 08/01/2041 1.57
ARGENTINA REPUBLIC OF GOVERNMENT 3.625 07/09/2035 1.53
SOUTH AFRICA (REPUBLIC OF) 8.75 02/28/2048 1.36
CZECH REPUBLIC 5.5 12/12/2028 1.28
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31/May/2024

% of Market Value

Type Fund Benchmark Net
as of 31/May/2024

% of Market Value

Type Fund Benchmark Net
as of 31/May/2024

% of Market Value

Type Fund Benchmark Net
as of 31/May/2024

% of Market Value

Type Fund Benchmark Net
as of 31/May/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 D2 USD 128.88 0.17 0.13 14/Jun/2024 129.90 114.17 LU0949128572
Class D2 Hedged CHF 86.79 0.11 0.13 14/Jun/2024 88.26 79.20 LU1567862849
Class A2 USD 118.24 0.16 0.14 14/Jun/2024 119.34 105.29 LU0940382277
Class I2 USD 128.56 0.18 0.14 14/Jun/2024 129.54 113.75 LU1118028742
Class D4 GBP 85.70 0.88 1.04 14/Jun/2024 92.00 79.86 LU0997362164
Class D5 EUR 89.06 1.08 1.23 14/Jun/2024 89.06 80.85 LU1800013283
Class I5 EUR 85.48 1.04 1.23 14/Jun/2024 85.48 77.60 LU1722863567
Class A2 Hedged EUR 98.22 0.13 0.13 14/Jun/2024 99.46 88.60 LU1072451542
Class I2 Hedged EUR 95.03 0.14 0.15 14/Jun/2024 96.06 85.13 LU1648247721
Class D5 USD 83.12 0.11 0.13 14/Jun/2024 84.38 75.73 LU1308276671
Class A4 Hedged GBP 73.35 0.10 0.14 14/Jun/2024 77.75 68.83 LU1072457747
Class A2 Hedged CHF 82.59 0.10 0.12 14/Jun/2024 84.26 75.72 LU1567863144
Class A2 Hedged SEK 85.82 0.11 0.13 14/Jun/2024 86.96 77.53 LU1715606080
Class D2 Hedged EUR 107.75 0.14 0.13 14/Jun/2024 108.96 96.68 LU0949128226
Class I4 Hedged EUR 69.72 0.10 0.14 14/Jun/2024 74.77 66.30 LU1418627409
Class D4 Hedged GBP 72.77 0.10 0.14 14/Jun/2024 77.67 68.48 LU1093538335
Class I5 Hedged EUR 66.41 0.09 0.14 14/Jun/2024 67.96 61.25 LU1781817264
Class D5 Hedged EUR 71.37 0.10 0.14 14/Jun/2024 73.04 65.86 LU1814255391

Portfolio Managers

Portfolio Managers

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.

Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

Literature

Literature