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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.
Performance
Performance
Chart
Performance chart data not available for display.
Distributions
| Ex-Date | Total Distribution |
|---|
-
Returns
This chart shows the product's performance as the percentage loss or gain per year over the last 10 years.
During this period performance was achieved under circumstances that no longer apply
*On , the Fund changed its name and/or investment objective and policy.
*Prior to 30/Sept/2015, the Fund used a different benchmark which is reflected in the benchmark data.
*Prior to 30 Sep 2015, the Fund used a different benchmark which is reflected in the benchmark data.
Previously, the performance history as at 31 October 2022 was quoted on the basis of closing prices. The full performance history is now shown based on dealing prices.
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) GBP | 8.3 | 2.7 | -0.5 | 6.8 | 6.8 | -3.7 | -17.6 | 6.0 | -0.4 | 5.8 |
| Constraint Benchmark 1 (%) GBP | 8.3 | 2.6 | 0.1 | 6.4 | 6.6 | -3.4 | -17.7 | 5.8 | 0.1 | 6.0 |
Missing calendar year returns data
Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
| 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|
| Total Return (%) GBP | 3.56 | 5.02 | -1.51 | 0.55 | - |
| Constraint Benchmark 1 (%) GBP | 3.48 | 4.94 | -1.47 | 0.50 | - |
Missing average annual returns data
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) GBP | 1.06 | 0.83 | 2.56 | 1.06 | 3.56 | 15.84 | -7.31 | 5.67 | - |
| Constraint Benchmark 1 (%) GBP | 0.69 | 0.62 | 2.17 | 0.69 | 3.48 | 15.57 | -7.12 | 5.16 | - |
Missing cumulative returns data
| From 30-Jun-2021 To 30-Jun-2022 |
From 30-Jun-2022 To 30-Jun-2023 |
From 30-Jun-2023 To 30-Jun-2024 |
From 30-Jun-2024 To 30-Jun-2025 |
From 30-Jun-2025 To 30-Jun-2026 |
|
|---|---|---|---|---|---|
|
Total Return (%) GBP
as of 30/Jun/2026 |
-11.49 | -9.59 | 7.82 | 3.74 | 3.56 |
|
Constraint Benchmark 1 (%) GBP
as of 30/Jun/2026 |
-10.97 | -9.74 | 7.34 | 4.05 | 3.48 |
Previously, the performance history as at 31 October 2022 was quoted on the basis of closing prices. The full performance history is now shown based on dealing prices.
The figures shown relate to past performance. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product.
The Fund was previously structured as Common Investment Fund (‘CIF’). On 06 12 2019, the CIF closed and the assets were transferred to a Charity Authorised Investment Fund (‘CAIF’). The CAIF is being run with the same investment objective and policy. Please note that the historical performance shown before 06 12 2019 is indicative and is provided when the fund was run as a CIF.
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
The Fund was previously structured as Common Investment Fund (‘CIF’). On 06 12 2019, the CIF closed and the assets were transferred to a Charity Authorised Investment Fund (‘CAIF’). The CAIF is being run with the same investment objective and policy. Please note that the historical performance shown before 06 12 2019 is indicative and is provided when the fund was run as a CIF.
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 Risks
Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Non-investment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk.
Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political, sustainability-related or regulatory events.
Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.
Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily.
Key Facts
Key Facts
Net Assets of Fund
as of 06/Jul/2026
GBP 37,793,884
Fund Launch Date
24/Nov/1987
Fund Base Currency
GBP
Constraint Benchmark 1
50% All Stocks Gilt (gov bonds) / 50% iBoxx Sterling Non-Gilt 1-10 Yr (GBP)
Initial Charge
0.00%
Management Fee
0.35%
Performance Fee
0.00%
Minimum Subsequent Investment
GBP 100.00
Use of Income
Distributing
Regulatory Structure
PRIIPs KID Required
Morningstar Category
GBP Diversified Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BFBFWK2
Share Class launch date
03/Dec/1975
Share Class Currency
GBP
Asset Class
Fixed Income
Investment Association Category
£ Strategic Bond
Ongoing Charges Figures
0.42%
ISIN
GB00BFBFWK23
Minimum Initial Investment
GBP 500.00
Distribution Frequency
Quarterly
Domicile
United Kingdom
Management Company
BlackRock Fund Managers Ltd
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BRCUBAI
Ongoing Charges Figure ex. Discount
0.42%
The Ongoing Charge may be discounted depending on the size of the fund.
Portfolio Characteristics
Portfolio Characteristics
Number of Holdings
as of 29/May/2026
124
Standard Deviation (3y)
as of 30/Jun/2026
4.93%
Yield to Maturity
as of 29/May/2026
4.71
Weighted Average YTM
as of 29/May/2026
4.67%
Weighted Avg Maturity
as of 29/May/2026
7.22
12 Month Trailing Dividend Distribution Yield
as of 30/Jun/2026
5.30
3y Beta
as of 30/Jun/2026
1.021
Modified Duration
as of 29/May/2026
5.24
Effective Duration
as of 29/May/2026
5.23
WAL to Worst
as of 29/May/2026
7.22
Risk Indicator
Risk Indicator
1
2
3
4
5
6
7
Low Risk
High Risk
Typically low rewards
Typically high rewards
Ratings
Ratings
Morningstar Medalist Rating
Morningstar has awarded the Fund a Bronze medal. (Effective 31/Dec/2023)
Analyst-Driven %
as of 31/Dec/2023
10.00
Data Coverage %
as of 31/Dec/2023
55.00
Holdings
Holdings
as of 29/May/2026
| Name | Weight (%) |
|---|---|
| UK CONV GILT 1.625 10/22/2028 | 5.06 |
| UK CONV GILT 6 12/07/2028 | 4.29 |
| UK CONV GILT 3.25 01/31/2033 | 4.15 |
| UK CONV GILT 4.75 10/22/2035 | 3.47 |
| UK CONV GILT 4 10/22/2031 | 3.32 |
| Name | Weight (%) |
|---|---|
| UNITED KINGDOM OF GREAT BRITAIN AN 4.375 03/07/2030 | 3.24 |
| UK CONV GILT 4.25 06/07/2032 | 3.17 |
| UK CONV GILT 4.25 12/07/2049 | 2.15 |
| FRANCE (REPUBLIC OF) 2.5 09/24/2027 | 2.03 |
| BANK OF AMERICA CORP MTN RegS 7 07/31/2028 | 1.99 |
Holdings subject to change
Exposure Breakdowns
Exposure Breakdowns
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.
Portfolio Managers
Portfolio Managers
Tom Carr
Kieran Lally
ESG Integration
ESG Integration
BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.
