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

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Performance

Performance

Chart

Performance chart data not available for display.
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Distributions

Record Date Ex-Date Payable Date
View full table
  From
30-Jun-2016
To
30-Jun-2017
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
Total Return (%)

as of 30-Jun-21

- - 1.60 -0.41 2.04
  1y 3y 5y 10y Incept.
0.59 3.16 - - 0.06
  YTD 1m 3m 1y 3y 5y 10y Incept.
-4.85 1.28 0.13 0.59 9.80 - - 0.20

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 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

Size of Fund (Millions) as of 22-Sep-21 USD 1,537.192
12m Trailing Yield as of 31-Aug-21 3.53
Number of Holdings as of 31-Aug-21 341
Base Currency U.S. Dollar
Fund Launch Date 12-Jun-13
Share Class launch date 02-May-18
Asset Class Fixed Income
Morningstar Category Global Emerging Markets Bond - EUR Biased
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charges Figures 1.02%
ISIN LU1814255391
Bloomberg Ticker BSED5EH
Initial Charge 5.00%
Performance Fee -
SEDOL BG451M1
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment EUR 100,000.00
Minimum Subsequent Investment EUR 1,000.00
Use of Income Distributing

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.


The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings 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 Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of 07-Sep-21 B
MSCI ESG Quality Score (0-10) as of 07-Sep-21 2.76
MSCI ESG Quality Score - Peer Percentile as of 07-Sep-21 23.63
MSCI ESG % Coverage as of 07-Sep-21 88.89
Fund Lipper Global Classification as of 07-Sep-21 Bond Emerging Markets Global HC
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 07-Sep-21 1.00
Funds in Peer Group as of 07-Sep-21 419
All data is from MSCI ESG Fund Ratings as of 07-Sep-21, based on holdings as of 31-Jan-21. 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 covered 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 31-Aug-21 0.00%
MSCI - UN Global Compact Violators as of 31-Aug-21 8.16%
MSCI - Nuclear Weapons as of 31-Aug-21 0.00%
MSCI - Thermal Coal as of 31-Aug-21 0.00%
MSCI - Civilian Firearms as of 31-Aug-21 0.00%
MSCI - Oil Sands as of 31-Aug-21 0.00%
MSCI - Tobacco as of 31-Aug-21 0.00%

Business Involvement Coverage as of 31-Aug-21 9.85%
Percentage of Fund not covered as of 31-Aug-21 90.68%
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 0.17% and for Oil Sands 0.00%.

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

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 BSF Emerging Markets Flexi Dynamic Bond Fund, Class D5 Hedged, as of 31-Aug-21 rated against 718 Global Emerging Markets Bond - EUR Biased Funds.

Holdings

Holdings

as of 31-Aug-21
Name Weight (%)
HUNGARY (REPUBLIC OF) 4 04/28/2051 4.30
PETROBRAS GLOBAL FINANCE BV 6.85 06/05/2115 3.87
UKRAINE (GOVERNMENT OF) RegS 1.258 05/31/2040 2.77
ANGOLA (REPUBLIC OF) RegS 9.375 05/08/2048 2.73
TREASURY NOTE 1.125 02/28/2022 2.34
Name Weight (%)
EGYPT (ARAB REPUBLIC OF) MTN RegS 7.5 02/16/2061 2.23
GABONESE REPUBLIC RegS 6.95 06/16/2025 2.03
OMAN SULTANATE OF (GOVERNMENT) RegS 6.75 01/17/2048 1.98
SENEGAL (REPUBLIC OF) RegS 5.375 06/08/2037 1.87
BENIN ( REPUBLIC OF) RegS 4.95 01/22/2035 1.79
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-21

% of Market Value

Type Fund
as of 31-Aug-21

% of Market Value

Type Fund
as of 31-Aug-21

% of Market Value

Type Fund
Allocations subject to change.
as of 31-Aug-21

% of Market Value

Type Fund
as of 31-Aug-21

% of Market Value

Type Fund
as of 31-Aug-21

% 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

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
Class D5 Hedged EUR - 84.13 -0.35 -0.41 92.32 83.96 - LU1814255391 - -
Class D4 Hedged GBP Annual 84.25 -0.34 -0.40 94.58 83.68 - LU1093538335 - -
Class I2 Hedged EUR None 99.01 -0.40 -0.40 106.28 97.11 - LU1648247721 - -
Class I5 Hedged EUR - 78.17 -0.31 -0.40 85.80 78.03 - LU1781817264 - -
Class I5 EUR Quarterly 85.85 -0.35 -0.41 89.62 83.36 - LU1722863567 - -
Class A2 Hedged SEK None 91.85 -0.37 -0.40 98.97 90.66 - LU1715606080 - -
Class D2 Hedged EUR None 113.22 -0.46 -0.40 121.69 111.27 - LU0949128226 - -
Class A2 USD None 119.00 -0.48 -0.40 127.76 116.69 - LU0940382277 - -
Class D2 USD None 127.06 -0.51 -0.40 135.68 123.74 - LU0949128572 - -
Class D2 Hedged CHF None 94.06 -0.38 -0.40 101.33 92.70 - LU1567862849 - -
Class I2 USD None 126.11 -0.51 -0.40 134.49 122.60 - LU1118028742 - -
Class A2 Hedged CHF None 91.30 -0.37 -0.40 98.93 90.65 - LU1567863144 - -
Class D4 GBP Annual 89.91 -0.14 -0.16 102.40 87.40 - LU0997362164 - -
Class A2 Hedged EUR None 105.32 -0.43 -0.41 113.82 104.25 - LU1072451542 - -
Class A4 Hedged GBP Annual 84.66 -0.35 -0.41 94.89 84.15 - LU1072457747 - -
Class D5 USD Quarterly 91.82 -0.36 -0.39 99.97 91.54 - LU1308276671 - -
Class D5 EUR - 89.44 -0.36 -0.40 93.57 87.04 - LU1800013283 - -
Class I4 Hedged EUR Annual 83.98 -0.34 -0.40 95.08 83.45 - LU1418627409 - -

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz
Sergio Trigo Paz
Laurent Develay
Laurent Develay
Michal Wozniak
Michal Wozniak

Literature

Literature