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.

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 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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This chart shows the fund's performance as the percentage loss or gain per year over the last 3 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

  2017 2018 2019 2020 2021
Total Return (%) 12.8 0.2 -0.6
Constraint Benchmark 1 (%) 15.7 -0.2 0.0
  From
30-Jun-2017
To
30-Jun-2018
From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
Total Return (%)

as of 30-Jun-22

- 10.04 2.94 0.08 -13.53
Constraint Benchmark 1 (%)

as of 30-Jun-22

- 12.76 6.69 -2.50 -13.34
  1y 3y 5y 10y Incept.
-9.67 -3.67 - - 1.30
Constraint Benchmark 1 (%) -9.30 -3.24 - - 2.57
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-9.02 3.97 -3.20 -5.70 -9.67 -10.62 - - 5.77
Constraint Benchmark 1 (%) -9.42 4.98 -0.09 -6.03 -9.30 -9.40 - - 11.63

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 CZK, 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-Aug-22 USD 957,292,583
Share Class launch date 28-Mar-18
Fund Launch Date 01-Oct-04
Share Class Currency CZK
Fund Base Currency USD
Asset Class Fixed Income
Constraint Benchmark 1 J.P. Morgan Emerging Markets Bond Index Global Diversified Index
SFDR Classification Other
Initial Charge 5.00%
Ongoing Charges Figures 1.47%
Annual Management Fee 1.25%
Performance Fee 0.00%
Minimum Initial Investment CZK 5,000.00
Minimum Subsequent Investment CZK 1,000.00
Use of Income Accumulating
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Morningstar Category Global Emerging Markets Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BGMBA2C
ISIN LU1791181735
SEDOL BFZRPH2

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 29-Jul-22 267
Standard Deviation (3y) as of 31-Jul-22 10.58%
3y Beta as of 31-Jul-22 1.047
Yield to Maturity as of 29-Jul-22 8.45
Modified Duration as of 29-Jul-22 6.51
Weighted Average YTM as of 29-Jul-22 8.45%
Effective Duration as of 29-Jul-22 6.66
Weighted Avg Maturity as of 29-Jul-22 12.56
WAL to Worst as of 29-Jul-22 12.56

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.

MSCI ESG Fund Rating (AAA-CCC) as of 21-Jul-22 B
MSCI ESG % Coverage as of 21-Jul-22 93.16
MSCI ESG Quality Score (0-10) as of 21-Jul-22 2.77
MSCI ESG Quality Score - Peer Percentile as of 21-Jul-22 17.55
Fund Lipper Global Classification as of 21-Jul-22 Bond Emerging Markets Global HC
Funds in Peer Group as of 21-Jul-22 416
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Jul-22 951.25
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Jul-22 15.28
All data is from MSCI ESG Fund Ratings as of 21-Jul-22, based on holdings as of 28-Feb-22. 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 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

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.

MSCI - Controversial Weapons as of 29-Jul-22 0.00%
MSCI - UN Global Compact Violators as of 29-Jul-22 4.27%
MSCI - Nuclear Weapons as of 29-Jul-22 0.00%
MSCI - Thermal Coal as of 29-Jul-22 0.00%
MSCI - Civilian Firearms as of 29-Jul-22 0.00%
MSCI - Oil Sands as of 29-Jul-22 0.00%
MSCI - Tobacco as of 29-Jul-22 0.00%

Business Involvement Coverage as of 29-Jul-22 12.18%
Percentage of Fund not covered as of 29-Jul-22 87.63%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 1.38%.

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 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

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2
3
4
5
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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Holdings

Holdings

as of 29-Jul-22
Name Weight (%)
PERU (REPUBLIC OF) 3 01/15/2034 1.48
OMAN SULTANATE OF (GOVERNMENT) RegS 6.5 03/08/2047 1.39
COLOMBIA REPUBLIC OF (GOVERNMENT) 5 06/15/2045 1.38
DOMINICAN REPUBLIC (GOVERNMENT) RegS 6 02/22/2033 1.28
BRAZIL (FEDERATIVE REPUBLIC OF) 5 01/27/2045 1.20
Name Weight (%)
QATAR (STATE OF) RegS 3.75 04/16/2030 1.17
QATAR (STATE OF) RegS 4.817 03/14/2049 1.09
OMAN SULTANATE OF (GOVERNMENT) RegS 6.75 01/17/2048 1.00
SAUDI ARABIA (KINGDOM OF) MTN RegS 2.25 02/02/2033 0.94
SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 2.75 09/29/2026 0.91
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 29-Jul-22

% of Market Value

Type Fund Benchmark Net
as of 29-Jul-22

% of Market Value

Type Fund Benchmark Net
as of 29-Jul-22

% of Market Value

Type Fund Benchmark Net
as of 29-Jul-22

% of Market Value

Type Fund Benchmark Net
as of 29-Jul-22

% 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 Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Class A2 CZK None 389.17 -6.12 -1.55 10-Aug-22 444.35 368.50 LU1791181735 -
Class I4 USD Annual 8.25 -0.02 -0.24 10-Aug-22 10.50 7.65 LU1806518293 -
Class I2 EUR None 15.81 -0.15 -0.94 10-Aug-22 17.21 14.86 LU1048586868 -
Class A8 Hedged CNH Monthly 81.26 -0.17 -0.21 10-Aug-22 106.43 75.87 LU1919856051 -
Class A8 Hedged ZAR Monthly 72.17 -0.12 -0.17 10-Aug-22 94.60 67.38 LU1109561420 -
Class A3 USD Monthly 8.05 -0.02 -0.25 10-Aug-22 10.35 7.50 LU0200680782 -
Class I5 Hedged EUR Quarterly 7.19 -0.02 -0.28 10-Aug-22 9.45 6.68 LU1323999216 -
Class I2 Hedged GBP - 8.90 -0.02 -0.22 10-Aug-22 11.05 8.26 LU1806518533 -
Class D3 USD Monthly 8.07 -0.02 -0.25 10-Aug-22 10.37 7.51 LU0827876821 -
Class I2 Hedged EUR None 10.00 -0.02 -0.20 10-Aug-22 12.57 9.29 LU1057294727 -
Class I4 Hedged EUR Annual 8.00 -0.02 -0.25 10-Aug-22 10.37 7.43 LU2075911060 -
Class A2 EUR None 15.96 -0.16 -0.99 10-Aug-22 17.48 15.02 LU0200683885 -
Class A3 EUR Monthly 7.80 -0.08 -1.02 10-Aug-22 8.80 7.37 LU0200684008 -
Class A8 Hedged AUD Monthly 6.42 -0.01 -0.16 10-Aug-22 8.42 5.99 LU0871639893 -
Class D3 EUR Monthly 7.82 -0.08 -1.01 10-Aug-22 8.82 7.38 LU0827877126 -
Class I4 Hedged GBP Annual 8.17 -0.01 -0.12 10-Aug-22 10.45 7.58 LU2075910922 -
Class A1 USD Monthly 7.79 -0.01 -0.13 10-Aug-22 10.00 7.24 LU0200680436 -
Class D2 EUR None 17.46 -0.18 -1.02 10-Aug-22 19.03 16.42 LU0827877043 -
Class A2 Hedged GBP None 10.04 -0.02 -0.20 10-Aug-22 12.54 9.32 LU1057296771 -
Class D2 Hedged EUR None 14.69 -0.03 -0.20 10-Aug-22 18.48 13.64 LU0827877399 -
Class A1 EUR Monthly 7.54 -0.08 -1.05 10-Aug-22 8.51 7.12 LU0200683703 -
Class A6 Hedged HKD Monthly 49.43 -0.11 -0.22 10-Aug-22 64.93 46.13 LU0764619960 -
Class A6 Hedged GBP Monthly 6.70 -0.01 -0.15 10-Aug-22 8.81 6.25 LU1408527916 -
Class I2 Hedged CHF None 8.37 -0.02 -0.24 10-Aug-22 10.49 7.78 LU1618350562 -
Class A8 Hedged NZD Monthly 7.11 -0.02 -0.28 10-Aug-22 9.33 6.64 LU1408528138 -
Class D2 USD None 18.02 -0.04 -0.22 10-Aug-22 22.27 16.70 LU0297941386 -
Class A6 Hedged CAD Monthly 7.02 -0.01 -0.14 10-Aug-22 9.21 6.55 LU1408528054 -
Class A6 USD Monthly 6.68 -0.01 -0.15 10-Aug-22 8.72 6.23 LU0764617162 -
Class I2 USD None 16.31 -0.03 -0.18 10-Aug-22 20.13 15.12 LU1180455567 -
Class A4 EUR Annual 11.02 -0.11 -0.99 10-Aug-22 12.27 10.36 LU1072326561 -
Class A2 USD None 16.47 -0.04 -0.24 10-Aug-22 20.47 15.28 LU0200680600 -
Class A2 Hedged EUR None 13.86 -0.03 -0.22 10-Aug-22 17.54 12.88 LU0413376566 -

Portfolio Managers

Portfolio Managers

Amer Bisat
Amer Bisat
Michel Aubenas
Michel Aubenas
Amer Bisat
Amer Bisat

Literature

Literature