Fixed Income

BGF Fixed Income Global Opportunities 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 high yielding bonds. Companies who issue higher yield bonds typically have an increased risk of defaulting on repayments. In the event of default, the value of your investment may reduce. Economic conditions and interest rate levels may also impact significantly the values of high yield bonds. 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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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) -0.9 2.4 4.1 -1.2 7.1 5.8 -0.1 -6.5 6.6

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

  1y 3y 5y 10y Incept.
4.28 -0.47 1.66 1.73 1.69
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-0.77 -1.35 -0.94 4.96 4.28 -1.39 8.59 18.76 18.40
  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

-2.02 12.64 -2.99 -2.56 6.18

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 27/May/2024
USD 6,617,436,592
Fund Launch Date
31/Jan/2007
Fund Base Currency
USD
SFDR Classification
Other
Ongoing Charges Figures
1.19%
Annual Management Fee
1.00%
Minimum Initial Investment
USD 5,000.00
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Global Flexible Bond - USD Hedged
Dealing Frequency
Daily, forward pricing basis
SEDOL
BL25CK3
Share Class launch date
02/Apr/2014
Share Class Currency
USD
Asset Class
Fixed Income
Initial Charge
5.00%
ISIN
LU1051767835
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
BGFIA6U

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30/Apr/2024
3335
as of 30/Apr/2024
4.03%
Modified Duration
as of 30/Apr/2024
4.21
Effective Duration
as of 30/Apr/2024
3.41
WAL to Worst
as of 30/Apr/2024
7.66
12m Trailing Yield
as of 30/Apr/2024
4.10
Yield to Maturity
as of 30/Apr/2024
6.03
Weighted Average YTM
as of 30/Apr/2024
5.98%
Weighted Avg Maturity
as of 30/Apr/2024
7.66

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

3 stars
Overall Morningstar Rating for BGF Fixed Income Global Opportunities Fund, Class A6, as of 30/Apr/2024 rated against 679 Global Flexible Bond - USD Hedged Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - SILVER
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 13/Feb/2024)

Holdings

Holdings

as of 30/Apr/2024
Name Weight (%)
UMBS 30YR TBA(REG A) 20.03
TREASURY BOND 2.875 05/15/2052 2.30
TREASURY NOTE 2.875 05/15/2032 1.97
FNMA 30YR UMBS SUPER 1.26
SPAIN (KINGDOM OF) 2.55 10/31/2032 1.22
Name Weight (%)
FNMA 30YR UMBS 0.55
TREASURY NOTE 1.125 02/15/2031 0.55
TREASURY (CPI) NOTE 0.25 01/15/2025 0.46
TREASURY NOTE 4.5 11/15/2025 0.45
INDIA (REPUBLIC OF) 7.37 10/23/2028 0.45
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30/Apr/2024

% of Market Value

Type Fund
¹Allocations are subject to change. Source: BlackRock
as of 30/Apr/2024

% of Market Value

Type Fund
as of 30/Apr/2024

% of Market Value

Type Fund
Allocations subject to change.
as of 30/Apr/2024

% of Market Value

Type Fund
as of 30/Apr/2024

% of Market Value

Type Fund
as of 30/Apr/2024

% 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

Pricing & Exchange

Investor Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
Class A6 USD 11.12 0.01 0.09 27/May/2024 11.29 10.67 LU1051767835
Class A2 Hedged EUR 9.79 0.01 0.10 27/May/2024 9.85 9.27 LU0278453476
Class A2 Hedged PLN 17.62 0.02 0.11 27/May/2024 17.69 16.52 LU0480534915
Class I3 Hedged CAD 9.25 0.01 0.11 27/May/2024 9.36 8.84 LU1234671672
Class A5 Hedged SGD 13.73 0.01 0.07 27/May/2024 13.92 13.18 LU0280468637
Class D4 Hedged EUR 8.55 0.01 0.12 27/May/2024 8.59 8.07 LU1340096590
Class D4 Hedged CAD 9.55 0.01 0.10 27/May/2024 9.59 8.96 LU1270847186
Class D2 Hedged PLN 18.68 0.03 0.16 27/May/2024 18.75 17.44 LU0827879684
Class A2 Hedged JPY 983.00 1.00 0.10 27/May/2024 1,004.00 954.00 LU1005243099
Class D4 EUR 12.39 0.00 0.00 27/May/2024 12.56 11.78 LU1085283973
Class D2 USD 16.56 0.02 0.12 27/May/2024 16.63 15.47 LU0278469043
Class I5 Hedged JPY 826.00 1.00 0.12 27/May/2024 855.00 812.00 LU1791183194
Class I2 Hedged AUD 10.92 0.01 0.09 27/May/2024 10.96 10.27 LU1786038098
Class D5 Hedged CHF 8.09 0.01 0.12 27/May/2024 8.27 7.87 LU1681056062
Class D2 Hedged SGD 23.03 0.03 0.13 27/May/2024 23.15 21.75 LU0827879767
Class S5 USD 9.97 0.01 0.10 27/May/2024 10.06 9.46 LU1992159068
Class A8 Hedged CNH 87.20 0.09 0.10 27/May/2024 88.52 83.67 LU1165523371
Class I5 JPY 1,520.00 0.00 0.00 27/May/2024 1,522.00 1,301.00 LU1926936912
Class S2 Hedged EUR 10.28 0.01 0.10 27/May/2024 10.33 9.70 LU1992159654
Class A1 EUR 9.08 0.00 0.00 27/May/2024 9.25 8.59 LU1005244220
Class A3 USD 9.87 0.01 0.10 27/May/2024 9.97 9.40 LU1003076939
Class D4 Hedged GBP 4.52 0.00 0.00 27/May/2024 4.54 4.24 LU1294567364
Class A2 EUR 14.41 0.00 0.00 27/May/2024 14.62 13.31 LU1005243255
Class S2 Hedged CHF 9.88 0.01 0.10 27/May/2024 10.00 9.46 LU1992159902
Class D2 EUR 15.26 0.01 0.07 27/May/2024 15.46 14.03 LU1005243503
Class A5 USD 9.90 0.01 0.10 27/May/2024 9.99 9.40 LU0280465617
Class A4 Hedged EUR 8.52 0.01 0.12 27/May/2024 8.58 8.07 LU0973708182
Class A2 USD 15.65 0.02 0.13 27/May/2024 15.71 14.66 LU0278466700
Class A2 Hedged SGD 21.74 0.02 0.09 27/May/2024 21.88 20.59 LU0278465488
Class D2 Hedged EUR 10.63 0.01 0.09 27/May/2024 10.68 10.03 LU0278456651
Class I5 GBP Hedged GBP 9.45 0.01 0.11 27/May/2024 9.55 8.99 LU1877503935
Class A6 Hedged HKD 81.55 0.09 0.11 27/May/2024 83.28 78.80 LU1051769021
Class S2 USD 11.30 0.01 0.09 27/May/2024 11.35 10.55 LU1992160157
Class D2 Hedged CHF 10.36 0.01 0.10 27/May/2024 10.49 9.92 LU0972027022
Class I2 Hedged GBP 12.14 0.02 0.17 27/May/2024 12.18 11.36 LU0999670564
Class S4 Hedged EUR 9.21 0.01 0.11 27/May/2024 9.25 8.69 LU1992161049
Class A1 USD 9.86 0.01 0.10 27/May/2024 9.97 9.40 LU1003076855
Class A3 EUR 9.09 0.00 0.00 27/May/2024 9.25 8.59 LU1005243339
Class A10 USD 10.08 0.01 0.10 27/May/2024 10.35 9.97 LU2708802827
Class I5 USD 9.69 0.01 0.10 27/May/2024 9.78 9.19 LU1083819141
Class I2 USD 13.27 0.02 0.15 27/May/2024 13.32 12.38 LU0986736956
Class A2 Hedged GBP 10.78 0.01 0.09 27/May/2024 10.83 10.13 LU1181257202
Class D2 Hedged GBP 11.94 0.01 0.08 27/May/2024 11.99 11.19 LU0278463947
Class D5 Hedged EUR 6.19 0.01 0.16 27/May/2024 6.26 5.93 LU0827879841
Class I2 Hedged JPY 1,053.00 1.00 0.10 27/May/2024 1,073.00 1,018.00 LU1005243172
Class I2 Hedged EUR 11.03 0.01 0.09 27/May/2024 11.08 10.40 LU0368231436
Class A3G USD 10.19 0.01 0.10 27/May/2024 10.34 9.77 LU2621334601
Class D5 USD 10.41 0.01 0.10 27/May/2024 10.51 9.87 LU0737136415
Class A5 Hedged EUR 6.17 0.01 0.16 27/May/2024 6.25 5.92 LU0280467159
Class A2 Hedged CHF 9.43 0.01 0.11 27/May/2024 9.57 9.06 LU1121327164
Class A8 Hedged AUD 8.38 0.01 0.12 27/May/2024 8.50 8.04 LU1165522480
Class A4 USD 9.90 0.01 0.10 27/May/2024 9.94 9.28 LU1153584997
Class A2 Hedged SEK 100.73 0.12 0.12 27/May/2024 101.34 95.52 LU1121320748
Class I5 Hedged EUR 8.19 0.00 0.00 27/May/2024 8.30 7.85 LU1129992308

Portfolio Managers

Portfolio Managers

Rick Rieder
Managing Director, CIO of Global Fixed Income

  

Russell Brownback
Managing Director, Head of Global Macro Positioning for Fixed-Income

  

Aidan Doyle, CFA
Managing Director, Portfolio Manager

  

Literature

Literature