Fixed Income

BGF China 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 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 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 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

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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This chart shows the fund's performance as the percentage loss or gain per year over the last 4 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 8.7 -1.5 -3.9 2.5
Comparator Benchmark 1 (%) 0.8 1.9 1.5 1.5

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

  1y 3y 5y 10y Incept.
7.91 0.56 2.66 - 3.27
Comparator Benchmark 1 (%) 1.51 1.50 1.50 - 1.50
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
5.92 1.03 2.25 3.49 7.91 1.70 14.05 - 19.70
Comparator Benchmark 1 (%) 1.13 0.13 0.38 0.76 1.51 4.57 7.74 - 8.69
  From
30-Sept-2019
To
30-Sept-2020
From
30-Sept-2020
To
30-Sept-2021
From
30-Sept-2021
To
30-Sept-2022
From
30-Sept-2022
To
30-Sept-2023
From
30-Sept-2023
To
30-Sept-2024
Total Return (%)

as of 30/Sept/2024

8.20 3.65 -6.22 0.49 7.91
Comparator Benchmark 1 (%)

as of 30/Sept/2024

- 1.73 1.50 1.50 1.51

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 CNH, hedged share class benchmark performance is displayed in CNH.

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/Sept/2024
RMB 18,137,531,314
Fund Launch Date
11/Nov/2011
Fund Base Currency
CNH
Comparator Benchmark 1
1 Year China Household Savings Deposit Rate
Initial Charge
-
Management Fee
0.40
Performance Fee
-
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade Date + 3 days
Bloomberg Ticker
BGCBI6C
Share Class launch date
27/Feb/2019
Share Class Currency
CNH
Asset Class
Fixed Income
SFDR Classification
Other
Ongoing Charges Figures
0.49%
ISIN
LU1940842344
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
China Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
BJK6M48

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30/Aug/2024
397
Standard Deviation (3y)
as of 30/Sept/2024
3.02%
Yield to Maturity
as of 30/Aug/2024
5.22
Weighted Average YTM
as of 30/Aug/2024
5.23%
Weighted Avg Maturity
as of 30/Aug/2024
7.56
12 Month Trailing Dividend Distribution Yield
as of 30/Sept/2024
5.12
3y Beta
as of -
-
Modified Duration
as of 30/Aug/2024
6.66
Effective Duration
as of 30/Aug/2024
5.49
WAL to Worst
as of 30/Aug/2024
7.56

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 during the investment process. In the initial idea generation and credit research process this may include an assessment of each company's positive ESG attributes or material risks or the use of internal sovereign or corporate ESG due diligence templates alongside third-party ESG data. Positive ESG attributes and material ESG risks and their potential financial impact are generally highlighted in credit research reports and may influence investment decisions and security selection by portfolio managers. From a top-down perspective, ESG aggregate portfolio metrics are available for the Fund manager to review through BlackRock's Aladdin system. The Fund manager also considers environmental, social and governance criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include the analysis and discussion of portfolio exposure to material ESG risks, where appropriate.

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

4 stars
Overall Morningstar Rating for BGF China Bond Fund, Class I6, as of 30/Sept/2024 rated against 165 China Bond Funds.

Holdings

Holdings

as of 30/Aug/2024
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 3 10/15/2053 4.34
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.52 08/25/2033 4.20
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.12 06/25/2031 3.51
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.57 05/20/2054 2.96
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.35 02/25/2034 1.85
Name Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.8 11/15/2032 1.73
DBS BANK CHINA LTD RegS 4.7 03/24/2031 1.09
CHINA PEOPLES REPUBLIC OF (GOVERNM 1.91 07/15/2029 1.07
HUAFA 2024 I COMPANY LTD RegS 6 12/31/2079 1.06
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.27 05/25/2034 0.99
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 30/Aug/2024

% of Market Value

Type Fund
as of 30/Aug/2024

% of Market Value

Type Fund
as of 30/Aug/2024

% of Market Value

Type Fund
as of 30/Aug/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 I6 CNH 88.50 -0.42 -0.47 27/Sept/2024 88.92 85.80 LU1940842344
Class A2 Hedged USD 10.86 -0.01 -0.09 27/Sept/2024 10.87 9.86 LU2070343392
Class D2 CNH 107.58 -0.05 -0.05 27/Sept/2024 107.63 99.50 LU0827885731
Class I3 USD 9.09 -0.02 -0.22 27/Sept/2024 9.11 8.31 LU1648248299
Class A2 EUR 13.57 -0.05 -0.37 27/Sept/2024 13.62 12.57 LU2267099674
Class I6 Hedged SGD 8.48 -0.03 -0.35 27/Sept/2024 8.51 8.18 LU2325727365
Class D2 Hedged SGD 10.73 0.00 0.00 27/Sept/2024 10.73 9.87 LU2631410243
Class A6 Hedged AUD 8.06 -0.04 -0.49 27/Sept/2024 8.10 7.77 LU1852331039
Class D6 Hedged SGD 8.43 -0.04 -0.47 27/Sept/2024 8.47 8.14 LU2325727282
Class A6 Hedged EUR 7.50 -0.03 -0.40 27/Sept/2024 7.53 7.25 LU1847653224
Class A6 Hedged NZD 8.26 -0.04 -0.48 27/Sept/2024 8.30 7.87 LU2077746340
Class A2 Hedged SGD 10.68 0.00 0.00 27/Sept/2024 10.68 9.86 LU2631410169
Class A6 Hedged USD 8.48 -0.03 -0.35 27/Sept/2024 8.51 8.07 LU1847653141
Class A2 CHF 12.77 -0.11 -0.85 27/Sept/2024 13.04 11.80 LU0969580058
Class I2 EUR 17.41 -0.06 -0.34 27/Sept/2024 17.47 16.06 LU2011139461
Class A8 Hedged HKD 101.61 -0.48 -0.47 27/Sept/2024 102.09 98.16 LU2550100429
Class D6 Hedged USD 8.44 -0.04 -0.47 27/Sept/2024 8.48 8.01 LU2243824054
Class A6 Hedged CAD 8.17 -0.03 -0.37 27/Sept/2024 8.20 7.83 LU2077746696
Class A8 Hedged USD 10.19 -0.06 -0.59 27/Sept/2024 10.25 9.83 LU2550100692
Class A6 Hedged GBP 8.09 -0.03 -0.37 27/Sept/2024 8.12 7.74 LU2077746779
Class D2 EUR 13.78 -0.04 -0.29 27/Sept/2024 13.82 12.73 LU2290526164
Class A3 CNH 65.41 -0.22 -0.34 27/Sept/2024 65.63 62.87 LU0679941160
Class SR2 Hedged EUR 9.81 0.00 0.00 27/Sept/2024 9.81 9.01 LU2319961764
Class I5 Hedged EUR 8.40 0.00 0.00 27/Sept/2024 8.44 8.03 LU2298320776
Class SR2 CNH 102.83 -0.04 -0.04 27/Sept/2024 102.87 95.01 LU2319961681
Class A10 Hedged USD 10.25 -0.06 -0.58 27/Sept/2024 10.31 9.99 LU2708802587
Class I2 Hedged USD 10.87 0.00 0.00 27/Sept/2024 10.87 9.82 LU2112291955
Class I2 Hedged EUR 10.09 0.00 0.00 27/Sept/2024 10.09 9.26 LU2112292094
Class D2 Hedged EUR 10.03 0.00 0.00 27/Sept/2024 10.03 9.21 LU2112292417
Class D2 Hedged USD 10.79 0.00 0.00 27/Sept/2024 10.79 9.76 LU2112292250
Class I4 Hedged GBP 8.74 0.00 0.00 27/Sept/2024 8.97 8.25 LU2112291872
Class I2 CNH 135.95 -0.06 -0.04 27/Sept/2024 136.01 125.55 LU1574463128
Class A6 Hedged SGD 8.18 -0.04 -0.49 27/Sept/2024 8.22 7.93 LU1847653497
Class A2 USD 15.18 0.01 0.07 27/Sept/2024 15.18 13.42 LU0679941327
Class A3 HKD 72.82 -0.23 -0.31 27/Sept/2024 73.05 67.06 LU0690034276
Class SR2 Hedged USD 10.43 0.00 0.00 27/Sept/2024 10.43 9.42 LU2319962069
Class D4 Hedged GBP 8.74 0.00 0.00 27/Sept/2024 8.96 8.24 LU2112292177
Class SR4 Hedged GBP 8.90 0.00 0.00 27/Sept/2024 9.13 8.40 LU2319961848
Class A2 CNH 105.98 -0.05 -0.05 27/Sept/2024 106.03 98.33 LU0679940949
Class SR3 USD 8.34 -0.02 -0.24 27/Sept/2024 8.36 7.63 LU2319961921
Class I2 USD 19.47 0.01 0.05 27/Sept/2024 19.47 17.14 LU1588882974
Class I6 USD Hedged USD 8.95 -0.04 -0.44 27/Sept/2024 8.99 8.48 LU2134542930
Class SR6 CNH 88.90 -0.42 -0.47 27/Sept/2024 89.32 86.22 LU2391915688
Class D6 CNH 84.76 -0.40 -0.47 27/Sept/2024 85.16 82.30 LU2243823916
Class D2 USD 15.41 0.01 0.06 27/Sept/2024 15.41 13.58 LU0719319435
Class SR2 USD 14.73 0.01 0.07 27/Sept/2024 14.73 12.97 LU2391915928
Class A3 SGD 11.99 -0.08 -0.66 27/Sept/2024 12.15 11.67 LU2298379152
Class SR6 Hedged HKD 88.53 -0.40 -0.45 27/Sept/2024 88.93 84.92 LU2391915332
Class A3 USD 9.37 -0.02 -0.21 27/Sept/2024 9.39 8.57 LU0679941673
Class D3 USD 9.41 -0.02 -0.21 27/Sept/2024 9.43 8.61 LU0683067952
Class SR6 Hedged USD 9.14 -0.04 -0.44 27/Sept/2024 9.18 8.66 LU2391915761
Class SR6 Hedged EUR 8.61 -0.04 -0.46 27/Sept/2024 8.65 8.30 LU2391915506
Class A6 Hedged HKD 80.66 -0.37 -0.46 27/Sept/2024 81.03 77.69 LU1963769176
Class A2 Hedged JPY 904.00 0.00 0.00 27/Sept/2024 904.00 865.00 LU2367605297
Class SR6 Hedged SGD 8.86 -0.04 -0.45 27/Sept/2024 8.90 8.55 LU2391915415
Class A6 CNH 87.30 -0.41 -0.47 27/Sept/2024 87.71 85.00 LU1852330734

Portfolio Managers

Portfolio Managers

Yii Hui Wong
Yii Hui Wong
Suanjin Tan
Suanjin Tan
Yingbo Xu
Yingbo Xu

Literature

Literature