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.
Performance
Performance
Chart
Distributions
| Ex-Date | Total Distribution |
|---|
-
Returns
This chart shows the fund's performance as the percentage loss or gain per year over the last 6 years.
Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
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 GBP 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
Portfolio Characteristics
Portfolio Characteristics
Sustainability Characteristics
Sustainability Characteristics
Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.
The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics 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 methodologies behind Sustainability Characteristics using the links below.
To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage 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.
Business Involvement
Business Involvement
Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.
Business Involvement metrics are not indicative of a fund’s investment objective, 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 the Business Involvement metrics, using links below.
Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.
Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.
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.
Risk Indicator
Risk Indicator
Holdings
Holdings
| Name | Weight (%) |
|---|---|
| UK CONV GILT 1.5 07/31/2053 | 1.13 |
| T-MOBILE USA INC 2.875 02/15/2031 | 0.86 |
| TOTALENERGIES SE MTN RegS 1.75 12/31/2079 | 0.83 |
| ABN AMRO BANK NV MTN RegS 5.5 09/21/2033 | 0.72 |
| MORGAN STANLEY MTN 5.148 01/25/2034 | 0.71 |
| Name | Weight (%) |
|---|---|
| SOUTHERN COMPANY (THE) 1.875 09/15/2081 | 0.69 |
| BANQUE FEDERATIVE DU CREDIT MUTUEL MTN RegS 4.125 03/13/2029 | 0.69 |
| UBS AG RegS 5.125 05/15/2024 | 0.69 |
| SES SA RegS 2.875 12/31/2079 | 0.68 |
| UBS GROUP AG 144A 9.016 11/15/2033 | 0.68 |
Exposure Breakdowns
Exposure Breakdowns
Pricing & Exchange
Pricing & Exchange
| Investor Class | Currency | Distribution Frequency | NAV | NAV Amount Change | NAV % Change | NAV As Of | 52wk High | 52wk Low | ISIN |
|---|---|---|---|---|---|---|---|---|---|
| Class I4 Hedged | GBP | Annual | 8.54 | -0.07 | -0.81 | 21/Sep/2023 | 9.12 | 8.22 | LU1403442228 |
| Class A8 Hedged | CNH | Monthly | 83.31 | -0.64 | -0.76 | 21/Sep/2023 | 88.63 | 81.33 | LU1220227653 |
| Class A2 | USD | None | 13.74 | -0.10 | -0.72 | 21/Sep/2023 | 14.12 | 12.68 | LU0297942194 |
| Class A3 Hedged | GBP | Monthly | 8.94 | -0.07 | -0.78 | 21/Sep/2023 | 9.42 | 8.58 | LU0816460231 |
| Class D5 Hedged | GBP | Quarterly | 8.76 | -0.06 | -0.68 | 21/Sep/2023 | 9.28 | 8.43 | LU1814255474 |
| Class A5 | USD | Quarterly | 9.70 | -0.08 | -0.82 | 21/Sep/2023 | 10.22 | 9.23 | LU0825403933 |
| Class I2 | USD | None | 11.33 | -0.09 | -0.79 | 21/Sep/2023 | 11.61 | 10.40 | LU1181254019 |
| Class A6 Hedged | HKD | Monthly | 68.28 | -0.51 | -0.74 | 21/Sep/2023 | 72.32 | 65.74 | LU0788109550 |
| Class A8 Hedged | AUD | Monthly | 9.19 | -0.07 | -0.76 | 21/Sep/2023 | 9.65 | 8.79 | LU0871639976 |
| Class A8 Hedged | NZD | Monthly | 8.11 | -0.06 | -0.73 | 21/Sep/2023 | 8.50 | 7.75 | LU1149717313 |
| Class A3G | USD | Monthly | 9.78 | -0.08 | -0.81 | 21/Sep/2023 | 10.07 | 9.78 | LU2620702048 |
| Class A6 Hedged | SGD | Monthly | 8.12 | -0.06 | -0.73 | 21/Sep/2023 | 8.60 | 7.82 | LU1435395121 |
| Class X4 Hedged | GBP | Annual | 7.92 | -0.06 | -0.75 | 21/Sep/2023 | 8.53 | 7.68 | LU0414062165 |
| Class A6 | USD | Monthly | 9.36 | -0.07 | -0.74 | 21/Sep/2023 | 9.81 | 8.90 | LU0788109634 |
| Class I2 Hedged | EUR | None | 9.25 | -0.07 | -0.75 | 21/Sep/2023 | 9.61 | 8.70 | LU1625162489 |
| Class A3 Hedged | CAD | Monthly | 9.53 | -0.07 | -0.73 | 21/Sep/2023 | 10.03 | 9.10 | LU0816460157 |
| Class A3 Hedged | NZD | Monthly | 10.45 | -0.08 | -0.76 | 21/Sep/2023 | 10.97 | 9.98 | LU0803752475 |
| Class D2 Hedged | GBP | None | 9.44 | -0.08 | -0.84 | 21/Sep/2023 | 9.73 | 8.78 | LU1222731728 |
| Class A4 Hedged | EUR | Annual | 7.38 | -0.05 | -0.67 | 21/Sep/2023 | 7.93 | 7.19 | LU0303846876 |
| Class D2 | USD | None | 14.69 | -0.10 | -0.68 | 21/Sep/2023 | 15.06 | 13.50 | LU0326960662 |
| Class A2 Hedged | EUR | None | 11.39 | -0.09 | -0.78 | 21/Sep/2023 | 11.88 | 10.78 | LU0297942434 |
| Class A3 Hedged | AUD | Monthly | 10.15 | -0.08 | -0.78 | 21/Sep/2023 | 10.74 | 9.79 | LU0816460074 |
| Class A2 Hedged | SEK | None | 91.66 | -0.71 | -0.77 | 21/Sep/2023 | 95.64 | 86.71 | LU1162516634 |
| Class D2 Hedged | EUR | None | 12.16 | -0.10 | -0.82 | 21/Sep/2023 | 12.65 | 11.46 | LU0326951752 |
Portfolio Managers
Portfolio Managers
Tom Mondelaers, Managing Director, is a member of the Fundamental Euro Fixed Income team, where he is the lead portfolio manager for the investment grade credit portfolios.
